i) Here are the latest Siteserv (SSV:ID/LN) developments:
ii) Siteserv directors looking mighty pleased with themselves here in an Indo pic:
iii) The directors continue to maintain the fantasy that they’re in control of the sale process… I’m sorry, in what universe does a company get to conduct its own sale when the secured lender is taking a EUR 100 mio+ write-down?! One of the directors even comes out with this little gem (per the Indo)!
‘Mr Dix said the chances of the Atrad (sic) approach staying at the €60m level if the company opened its books to the bidder were slim.‘
Way to sell the company, guys. What, oh…you already sold it..?!
iv) But who can blame them, where the hell is IBRC in this entire sale process, EGM etc.? Other good questions for IBRC might be:
Were they informed about all documentation, discussions, bids, etc.?
Specifically, were they immediately informed about Altrad’s interest/bid (plus a higher hedge fund bid)?
Why on earth didn’t they run the sales process themselves?
Why didn’t they step in and insist the sale process be re-opened to maximize a final bid?
v) Some excellent discussion opening up on Political World:
Wexboy joins the thread here: http://www.politicalworld.org/showthread.php?t=11369&page=6
You’ll note Namawinelake joined the thread there also, and has taken up the cudgel with some of his recent tweets.
vi) But what it all boils down to, of course, is these 2 key questions:
To Min. Michael Noonan & Mr. Mike Aynsley:
a) IBRC’s taking a write-down on its secured Siteserv debt, so why is it permitting a EUR 5.0 mio payout to Siteserv shareholders – funds that rightly belong to the Irish taxpayer?
b) Despite the contradictory statements from the Siteserv board, there’s clearly a potential EUR 60 mio bid from Altrad on the table – why is IBRC not trying to secure an additional EUR 15 mio for the Irish taxpayer?
Well, I wondered if Pearse Doherty’s question to Min. Noonan would be answered…well, I guess it wasn’t…:
this debacle with the under the counter sale of siteserve to bully obrien is an indication of how business has been done in ireland for the past 10 years .the share holders were presented with a done deal and not allow a vote on any alternative proposal as it involved the act of due diligence and did not appeal to the directors for obvious reasons .consequently the shareholders lost a 33 pc better price per share. will irish stock exchange investigate , not a hope.this is the normal method of biz is done in ireland .beware