Mouchel shareholders spurn chance of £1.14m and defeat bid to save firm
Shareholders in Mouchel lodged a protest vote against the troubled motorway maintainer yesterday, failing to back a rescue plan that would have handed them a total of £1.14m, in favour of one which left them nothing.
Just over 28 per cent of investors who voted on the debt-for-equity swap, which would have saved the company and given them a 1p-per-share special dividend, turned the offer down, even though they knew the alternative plan would yield nothing. Because the plan needed 75 per cent of the votes to be carried, the resolution was defeated, albeit on a very poor turnout. Just a fifth of Mouchel's shareholders bothered to vote on a rescue deal for a company which has lost about 99.8 per cent of its value in the past four years.
One analyst said: "It looks like shareholders have taken umbrage at the offer and stuck two fingers up at the company, even if it means coming away with nothing whatsoever. After all, the amounts of money involved at this stage are pretty small."
Mouchel will now move on to plan B. This is the same as plan A, except that the shareholders won't get anything and therefore it does not need their approval. Since it has the agreement of the lenders, plan B is expected to go through. "No employees, customers or suppliers are expected to be materially affected," a Mouchel spokesman said.
Mouchel has been hit particularly hard by government spending cuts.
Apple agrees deal with Visa on contactless payments
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Perez Hilton apologises for Jennifer Lawrence naked photo leak
Ariana Grande nude photos leak: 'These are completely fake' say singer's representatives
A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Kate Upton nude pictures leak: Model's representatives 'looking into' authenticity of naked images
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...
£650 per day: Harrington Starr: .NET Developer C#, Win Forms, WPF, WCF, MVVM,...