As if Mouchel didn’t have enough woes already! Now it’s shareholders have refused to approve the Board’s proposed restructuring plan which would see control ceded to the company’s lenders and leave investors with the princely sum of a penny a share (see Mouchel spends a penny to lighten debt). This, for a company that a couple of years ago spurned bidders offering up to 260p a share. Can you believe it? The company is all but in its death throes (at least as a listed entity) yet shareholders are resisting having a stake driven through their still beating collective heart. How uncooperative of them!
(Ed's note: It was since announced that administrators are to be appointed. Investors will now forgo their 1p a share. Indeed they will get nothing.)