Mark Kleinman: Interserve is left to clean up its own mess March 15, 2019 What’s this? A public voting process punctuated by angry disputes about the terms and timing of a deal; feverish talk of ousting the top team orchestrating the agreement; and potentially dire consequences if the vote is blocked. It sounds a lot like events in Westminster, but today might instead mark the denouement of another of [...]
Public sector outsourcing giant Interserve stares into the abyss, 14 months on from Carillion’s collapse March 14, 2019 Interserve, one of the government’s biggest providers of public services, faces the possibility of going into administration tomorrow, as the firm holds a crunch shareholder vote on a potential rescue deal. The public sector outsourcing giant has been plunged into a brutal power struggle in recent weeks with its lead shareholder, US hedge fund Coltrane [...]
Interserve’s top shareholder warns administrator against selling off to lenders March 12, 2019 Interserve’s largest shareholder has warned the outsourcer’s would-be administrator against arranging a pre-pack insolvency deal that would hand total control to the firm’s lenders, in the event the firm goes bust on Friday. Coltrane Asset Management, a US hedge fund that holds a 27.7 per cent stake in the outsourcer, has written to EY, which [...]
Coltrane Asset Management: What do we know about the hedge fund ruffling Interserve’s feathers? March 12, 2019 Outsourcing giant Interserve has taken a hammering in recent weeks from a very rowdy shareholder: Coltrane Asset Management. The New York hedge fund has done its utmost to derail a rescue deal designed to save the outsourcer from administration, even threatening to sue Interserve’s board last month. Coltrane may have caused a ruckus, but what [...]
Interserve battles to avoid administration as shareholder vote looms on Friday March 10, 2019 Interserve is facing a battle for survival with less than five days left to convince shareholders to save the business from administration, with the added threat of legal action hanging above its directors. The board, including boss Debbie White, face an uphill battle trying to balance the interests of biggest shareholder Coltrane Asset Management on one [...]
Interserve wins over major shareholder as rescue deal vote looms March 7, 2019 A major shareholder has thrown its weight behind Interserve’s board in the their ongoing struggle for control of the outsourcer against US hedge fund Coltrane Asset Management, City A.M. can reveal. Aberdeen Standard Investments (ASI), which controls 4.6 per cent of Interserve’s shares, on Thursday endorsed the firm’s rescue deal designed to to stop it going into administration. [...]
Interserve inches closer to safety as second proxy adviser embraces rescue deal March 7, 2019 Interserve scored a second victory on Thursday in a long running feud with its biggest shareholder, Coltrane Asset Management, as Europe’s largest independent shareholder advisor backed a rescue deal designed to save it from administration. Pensions and Investment Research Consultants (PIRC) has followed another advisor, Institutional Shareholder Services (ISS), in throwing its weight behind the [...]
Biffa shares jump as it remains on track for full-year growth March 6, 2019 Shares in waste management firm Biffa jumped more than five per cent this morning after the company said it is on track to post underlying revenue growth in its full-year results. In a trading update the firm said trading for the second half of the year is expected to be in line with the board’s [...]
Snubbed: Interserve rebel shareholder’s rescue deal demands ‘would risk future’ of the firm, says outsourcer March 5, 2019 Outsourcer Interserve has rebuffed attempts by its biggest shareholder to hijack a rescue deal designed to stop the firm going into administration. Coltrane Asset Management, US hedge fund which owns 27.7 per cent of Interserve, on Monday put forward a counter-proposal to Interserve’s own controversial rescue deal which suggests handing 95 per cent control of [...]
Interserve shares soar as it ‘considers’ rescue deal demands from lead shareholder March 5, 2019 Shares in debt-laden outsourcer Interserve surged 27 per cent on Tuesday morning on the news it was considering a counter-proposal on its controversial rescue deal made by its biggest shareholder. The alternative plan was put forward on Monday afternoon by Coltrane Asset Management, a US hedge fund which owns 27.7 per cent of Interserve. It demands [...]