Interserve’s biggest shareholder issues fresh demands for rescue deal which increases investor value March 4, 2019 Struggling outsourcer Interserve’s biggest shareholder, which last week threatened to sue the company over its handling of a rescue deal, has written to the board to propose new terms for the restructuring. Coltrane Asset Management, a US hedge fund and 27 per cent shareholder, has been railing against Interserve’s suggestions of a deal with its [...]
My way or the highway: Interserve stock plunges again as chairman says revised rescue deal is ‘only viable option’ March 4, 2019 There was more misery for Interserve investors on Monday as shares plummeted nine per cent in morning trading, after chairman Glynn Barker said the firm’s controversial proposed rescue deal is the “only viable option”. The debt-laden outsourcer put forward a renewed rescue plan last week which doubles investor control, with five per cent of the [...]
Top Interserve shareholder threatens to sue outsourcer over ‘terrible’ rescue deal February 27, 2019 Interserve's hopes of appeasing rebel shareholder Coltrane Asset Management with an amended rescue deal have been dashed, with the hedge fund instead threatening to start legal proceedings against the firm. As it announced its full-year results, the outsourcing giant this morning updated its rescue refinancing deal, giving shareholders five per cent of its total value, up [...]
Interserve improves investor stake in rescue deal as losses narrow to £111m February 27, 2019 Interserve shares fell 14 per cent this morning as it updated its rescue refinancing deal to hand more control to shareholders, as well as confirming 2018 losses of £111m. The troubled outsourcer will hope the concessions are enough to change the minds of directors at its rebellious lead shareholder, US hedge fund Coltrane Asset Management, [...]
Decision time: Interserve gives shareholders date to vote on rescue plan which could decide its future February 26, 2019 Outsourcer Interserve has announced the March date of its all-important general meeting in which it hopes shareholders will vote in favour of its divisive rescue refinancing deal. The company announced the meeting will be on 26 March shortly before trading closed for the day, but it still saw shares plummet nearly 10 per cent in [...]
Hope of renewed Interserve rescue refinancing plan gives investors second wind February 26, 2019 Shares in outsourcer Interserve were up 16 per cent this afternoon as investors continue holding their breath for a rethink of its emergency financial rescue plan. The firm is expected to publish an updated version of the plan tomorrow morning after its biggest shareholder, Coltrane Asset Management, demanded it make changes on Thursday night. Read [...]
Interserve lenders to increase shareholders’ stake in £500m rescue plan February 22, 2019 Interserve lenders are set to increase the stake that shareholders would own in the company from 2.5 per cent to 5 per cent under new terms for the £500m rescue package. Lenders, which include hedge funds such as Angelo Gordon and Davidson Kempner as well as banks like RBS and HSBC, are discussing doubling equity owned [...]
Serco seeks to capitalise on Brexit contract chaos as financial turnaround continues February 21, 2019 Outsourcing giant Serco said it could benefit from Brexit in the coming months if the government “needs help quickly,” raising its sales forecast for the coming year. "If we’re going to take back control, we’re going to need people to do the taking-back and the controlling,” chief executive Rupert Soames told City A.M.. “The government [...]
Interserve’s rebel shareholder Coltrane ups stake in struggling outsourcer February 20, 2019 The rebellious shareholder trying to thwart outsourcing giant Interserve’s rescue deal has upped its stake in the firm, "putting its money where its mouth is" and piling more pressure on the contractor. Coltrane Asset Management, a 27.3 per cent stakeholder which previously owned only 17.5 per cent through shares and 9.8 through other financial instruments, launched [...]
Government to take on more risk on public contracts to protect outsourcers, says minister February 20, 2019 Private outsourcing firms carrying out public services will be exposed to less risk when taking on government contracts in future, the Cabinet Office (CO) has said. The department today published a new set of guidelines for how the government should procure public services, a process which has increasingly come under fire this year after the [...]