WHAT BIG TEETH YOU HAVE! Bigger, sharper teeth than our ramblings in the on-line Oldham Evening Chronicle, which are being strangled by ever increasing censorship or moderation as they call it. We, the people of this town have no collective public voice to shout on our behalf, willing to question and challenge the lunacy visited upon us by the numpties in The Tower Of Babble, various thieving MPs, the legions of PC police at GMP, PAT'S, PACT'S, academy lovers, transport 'experts', vastly overpaid Council Officers from Charlie Chuckles downward, quangoes, placemen, do-gooders, do-badders, tree huggers, Brussels and Alcock! You get the idea? We intend to remedy this via the revamped Pigsticker. Now with added fibre. If any of you out there want to join us in restoring the town to it's former pleasant aspect, please feel free to submit articles. No moderation on this site!

Saturday, August 25, 2012


Mouchel's restructuring deal leaves shareholders with nothing

Crisis-hit services group Mouchel has gone into administration, enabling it to sell the business to its lenders and management in a deal which will leave shareholders with nothing.

 On Friday night Mouchel appointed KPMG as administrators to oversee the deal after shareholders voted against the very same proposals which would have left them with 1p a share.

Royal Bank of Scotland, Lloyds Banking Group and Barclays will write off £83m of debt in exchange for an 80pc stake in the new, delisted company, while management will own the remaining 20pc.

RBS, Lloyds & Barclays!!! Fuck me what a gang of thieves have moved in there. Why would the Banks want to take this on? Their one hope is that the company can be turned around and sold at a profit. But who would want to buy a company that has been a loss maker for several years now and is operating in a shrinking market. Who would want to employ a bunch of losers to run their organisation when they can't even operate their own company successfully? 

 Chairman David Shearer said the deal had safeguarded the future of Mouchel. “Ultimately, the only losers are the shareholders themselves who have lost out on the 1p a share special dividend. 
Oh that's OK then! When people come back on Tuesday after the bank holiday Mouchel will be restructured and sorted and that’s it.” 

That's it?? Aye that's it for the shareholders but what about David Shearer???
Well, he stands to pocket a £400,000 bonus for his work in restructuring the support services group.
Under the debt-for-equity rescue deal, which was announced last week and practically wipes out shareholder investment in return for cutting the company’s huge debts, Mr Shearer will be paid a total of £650,000, a document circulated to investors showed. Of this, £150,000 is Mr Shearer’s yearly fee for being chairman, a further £100,000 is paid to Buchanan Shearer, a consultancy he created two weeks before he was appointed to chair Mouchel, and the remaining £400,000 is an additional fee paid “in the event of a capital restructuring” taking place before the end of the year. So...No incentive to sell the whole shooting match down the river then???

Mr Shearer, a turnaround specialist who led the successful restructuring of house builder Crest Nicholson, was appointed Mouchel’s chairman on January 9. That's January 9 This year folks. For THIS he gets £650,000??  What a fucking obscenity!!!  228 days "work" @ £2850 per day!  If this is a turnaround I'd hate to see one of his outright failures!  

 Mr Shearer said the money which would have been paid out to shareholders, amounting to a total of £1.14m, would now go towards costs associated with administration. That's a kick in the balls ain't it shareholders? They killed your investments and now you are paying for the funeral.  With the transfer of ownership completed on Saturday. Mr Shearer said the administration process should be viewed “purely as a restructuring mechanism.”  Which is extremely fortuitous for him as a restructuring mechanism just happens to have netted him £400,000. Nice work if you can get it.

Speaking at a company extraordinary general meeting on Friday, one shareholder described the offer of 1p per share as “a slap in the face”. Shareholders ultimately failed to back the resolutions in sufficient numbers to vote them through, leading to the administration process which has left them with nothing.
 The company which was carrying £170m of debt, with gross liabilities of £220m after pension costs were included is  now worth just £5m after being valued at £537m four years ago and rejecting a £330m takeover bid from VT Group in 2010.

 On Friday night chief executive Grant Rumbles, who will remain at the helm of the company, said: 
“The financial restructuring is critical for us. I’m very proud and very happy.” Can the gormless fucker tell us what he has to be proud of? He's no doubt happy because he has managed to get his feet into the golden trough!  He said management had already implemented a plan to return Mouchel back to profitability.If it were that easy why, by all that's fucking holy, didn't they implement this wonder fucking plan before the shit hit the fan??   Couldn't have been making a bid for the payoffs could they???

Mouchel has already incurred fee costs associated with the restructuring process of almost £18m, with the list of advisers including Goldman Sachs. Well there's a fucking ginormous surprise!!!

So, What the fuck has all this to do with us? Well, you all know Mouchel or under the alias they use in the town The Unity Partnership. They are the unnecessary level of administration in the Godawful running of this town. The Council, (who couldn't run a bath), handed over the running of a large part of our council services to the twats who couldn't even run their own show. (losses for this year are over £10 Million) The Council also hand over a large wedge of your money each year and it seems mostly to have ended up in the deep pockets of the directors of this dubious company.

What has happened to all the people who used to do the jobs taken over by the Mouchel Mob? Pretty much nothing as far as we can see. We are running double manned. 

Do we want these tossers, (who seem to be about as bright as the average Oldham Councillor), running our town and draining large amounts of our money away from the area?  They are going to be trying to get every penny they can out of us. Do you trust the Twats in The Tower to exercise due diligence? Half the pricks couldn't understand a bus ticket never mind complex accounts. 

You have been warned - watch 'em like a hawk -Then get rid before they do a runner!!!

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