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
vi) But what it all boils down to, of course, is these 2 key questions:
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?