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.
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.”
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???