Welcome to CattlesShares.co.uk
Update 11th May 2012
WFSL DISTRIBUTIONS
The Word is that the distributions are not made precisely on the Distribution Dates set out in Schedule 2 to the WFSL Scheme as the Scheme provides some latitude as to the payment date and the distributions are typically paid a few days in advance of the Distribution Dates. A letter is sent to Scheme Creditors receiving the distribution when each payment is made. The next Distribution Dates are 29 May, 26 June and 30 July 2012 – the Distribution Dates have not been amended from those set out in the WFSL Scheme.
Now it may be that the necessary adjustments cannot be made in time for the next distribution scheduled for 29 May in relation to those claims which have recently been adjusted so the “catch up” payment will not be made until the 26 June distribution.
If that is the case the May distribution will just be of the Originally stated Ascertained Scheme Claim.
MARGARET’S TRAVELS
Margaret has been very active since last report enjoying the splendid grass in Yorkshire and also parading herself around Smithfield on more occasions than she really ought to have. Unfortunately Noodle got a little carried away with excitement and there was a spillage which caused a little communication difficulty as power was interrupted. However, these minor mishaps apart, Margaret is now restored to her home stable and appears quite content, unphased by the luxury ofSmithfield quarters.
THE SEARCH FOR LUCY CONTINUES
Alas the signs of Lucy have not been encouraging. There was a suggested sighting of her grazing in Winsford inCheshirebut this was illusory. There is talk of her being seen depastured in a builders merchant’s yard but nothing more has been traced in that direction. One spotter reported having heard that Sean the Sheep had been exported into the EEC where having a lot of wool on the back is considered a benefit. Whilst on the subject we do not know where all the other sheep are although it is thought that a couple have recently been sheared and one is in the pen complaining that it has not got enough wool to share with Farm Suppliers Association- a co-operative which looks after sheep.
APPEALS
I understand that a significant number of appeals in the WFSL Scheme have been dealt with on terms which might be considered satisfactory to those concerned. There is little news of some others and the position in relation to appeals in the Cattles Scheme remains optimistic.
The objection of the Scheme Supervisors to admitting claims in relation to shares purchased after 20 February 2009 remains a matter of deep concern to those who are affected. It does appear mysterious that shareholders now are supposed to have known then that the shares were not to be touched with a barge pole after that date when the directors of the companies appeared quite content for trading to continue until 23 April 2009.
Doubtless, when all the dust has settled, it will be made clear to the uninitiated how such a seeming double standard can, or could, be justified.
RIGHTS ISSUE
News from the camp of those contemplating taking action in relation to the 2008 Rights Issue is sparse.
BUCKET
This is the new word now appearing in everything related to Cattles. Pronounced by our beloved leader at the 2010 AGM when she told us of finding “buckets” of loans in branches everywhere ( or words to that effect) we now gather that the same receptacles are used to transport or hold funds within the Schemes.
So claimants, polish up and put out your bucket, ready for it to be filled on the next Distribution Date.
NOTE: EEC Dairy Regulations require that all buckets be made of non corrosive or non-degradable materials. Former shareholders may this use stainless steel- available from most good agricultural suppliers. Directors and former officers, accountants, solicitors and consultants, who have no agricultural sundriesmen nearby, ought really to patronise messrs Garrard who do an excellent range in silver and a special chairman’s model in 24k gold. No plated models are available.
UPDATE 30 APRIL 2012
REDMAYNE BENTLEY
A number of Redmayne Bentley clients are making contact saying that they have only just found out about the Schemes. If they would like to be put in contact with each other I will gladly do so but need individiual permission so respond and say "put me in touch with others".
Shareholders sticking together are stronger than individual shareholders.
SMITHFIELD
Margaret spent rather longer at Smithfield than was expected but she is now back at home. Noodle was so pleased to see her that she decided to interrupt telephonic communication with the outside world. Aparrently there is some good new grass in Yorkshire so she may be going out for a bite today to make up for others having holidays.
Lucy still has not turned up so searching has to continue. This leads seamlessly into........
WHERE ARE THEY NOW?
Asked one shareholder upon reading of the new appointment of one Da*** P*****gs, where his period with CTT appears to have been omitted from his history.
Any news, sightings or other factual information may be of interest.
ROGUES GALLERY
Entirely unconnected but it appears some of our followers prefer pictures to words. If I had any pictures of rogues I could add them here.
I could also add a page of Holiday Snaps!
UPDATE 22 APRIL 2012
APPENDIX 2 for KPMG WFSL Claimants only
If you want your beer tokens send back Appendix 2 from your adjuducation letter to KPMG .
Without your confirmed details they cannot issue the necessary.
SMITHFIELD
Margaret is off today to the Big City and will show her face at Smithfield just for fun. She is not stopping with Noodle and returning North for some decent grass now the rain has started.
FSA
More develoments here to report in early course.
MORE APPEALS
Apparently some old claimants have got a window through next week to lodge appeals in court agianst hte WFSL adjudications. I do not know who this affects but good luck to all is what I say.
UPDATE 19th April 2012
FSA DECISIONS
Apparently these have not become as widely known or read as I thought. To assist those who might want to read how those who might have been considered responsible have and have not been named/shamed/punished or had their pay, bonus, pension etc (derived from letting our investment get to where it did) removed from them, the PDFs are linked below:
Cattles Ltd
Welcome Financial Service
James Joseph Corr
John Blake
Peter Douglas Miller
Private Eye uses the term Fundamentally Supine Authority. I could not possibly imagine to whom they refer.
No livestock movements to report and furious filling in of Appendix 3's to receive bounty from WFSL!
UPDATE 16th April 2012
WFSL SCHEME PAYMENT
Tomorrow, 17th April 2012, WFSL will be making a scheme payment in respect of Ascertained Scheme Claims of 12.4478343%. Much joy and rejoicing perhaps for the larger claimants who suffered significantly and so perhaps the tears of 2009 can be replaced by an ironic smile that at least something has been recovered.
Future payments will be made approximately every month but of a much smaller % and then only when a payment of £100 is due.
F S A
A number of shareholders are very unhappy about the decisions of FSA, primarily because it appear that several names are not mentioned and several more appear to have escaped sanction.
Steps to remedy this are in hand by some of the more determined. It might even be that Mr Plod might be convinced that matters referred in 2009 could have the dust blown off them and a little gentle collar feeling undertaken.
MARGARET
Dissention arose over weekend and it now looks like Lucy is going to have to be found quickly. Noodle is not going to be quiet without a cow to cuddle.
RIGHT ISSUE
Unsubstantiated rumour has it that Edwin Coe are well advanced in their preparations for action on the 2008 Rights Issue. After Mrs Young declined my invitation to join the party I felt unable to stay without her excellent company in litigation so I am leaving it up to the experts.
If you want news or to join in contact Dominic de Bono at Edwin Coes in Lincolns Inn.
APPEALS
There are a number ongoing apparently and those who are involved know where things are at. It is unlikely, I gather, that there will be a speedy outcome.
OLD NEWS
THE PRESENT POSITION
ADJUDICATION OF SCHEME CLAIMS
A number of shareholder creditors have intimated to the Scheme supervisors that they wish to appeal the adjudications.
How far things will go remains to be seen.
The long awaited FSA decision comes too late for many who might have taken advantage of it to press claims in the Schemes.
First distribution from Welcome expected this month to the lucky ones.
Cattles will be a long long wait.
You may be pleased to hear that Margaret, our upside down emblem, is fit and well and may well find a new home as there are two young ladies worthy of her awaiting delivery. As she is to move to a germ free environment a Brucellosis test is in order. When Smidge has Margaret we will have to go and find Lucy in the long grass to keep our spirits up whilst we await whatever comes out of CTT.
13.04.12
HISTORY NOW
If you lodged claims in the Cattles (CTT) and Welcome (WFSL) Schemes of Arrangement, you should now have received letters adjudicating on your claims from the respective Scheme Supervisors- Zolfo Cooper (ZC) for CTT and KPMG for WFSL.
This is an attempt to simplify what they have done.
Claims for less than £20,000 were adjudicated some time ago and the time for appealing against the decisions is now past.
Claims for more than £20,000 have only recently been adjudicated and there is still time to appeal against the adjudication. The time for doing this is 21 days from when you received their letters,
In both Schemes claims have been rejected for shares purchased on or after 20 February 2009. This is something that shareholders may feel aggrieved about if they bought thereafter and before suspension and still relied upon the misleading information which had been published, by CTT particularly, and the continued market for the shares. If you fall into this category you have nothing to lose by lodging an intent to appeal: it does not commit you to doing so.
Interest at 8% p.a. has been added to claims from date of purchase of shares after 22.09.05 but dividends received have been deducted. This appears to be a simple approach to a difficult problem, though some shareholders think otherwise and consider that gross dividends which they have been taxed on should not be deducted.
The most contentious thing is that a further discount of either 15% or 30% has been deducted from claims (apart from shares acquired in the 2008 Rights Issue) because they claim that shareholders have not “provided sufficiently clear documentary evidence of reliance on misleading information” when shareholders made the decision to buy, sell or hold shares.
Documentary evidence is not the be all and end all of any dispute and most legal cases turn on evidence given in writing or in person by a party to a dispute.
Only you as the individual shareholder can say what information you used to make a decision in relation to an investment and that evidence can be received by a court making a decision on a dispute. As one of the shareholder representatives on the scheme committees I am pursuing this argument actively on your behalf, and asking for justification for the discounts which they have calculated.
KPMG have offered a one off settlement at a further discount.
It is a decision for each one of you as to whether you accept the single payment- it is money in the hand and an end to it so far as WFSL is concerned.
If you accept the one off payment you will not share in any fruits of the “Outward Litigation” where CTT and WFSL have taken preliminary steps in bringing a case against the former auditors- PricewaterhouseCoopers. I have no idea where that case will go and whether it will produce any return for either CTT or WFSL.
No similar option is offered by CTT and we will have to wait for years to get our possible 1p in the £ from ZC, or possibly more if action against PwC succeeds.
ACTION POINTS
1 You can accept the adjudicated amount from ZC and KPMG and still dispute all or part of the Disputed Scheme Claim. They have Ascertained an amount of your claim in the Schemes and that is fixed. To be certain you should write them and confirm that you acquiesce to their delayed adjudication of your Ascertained Scheme Claim and return the form (from KPMG only) saying whether you accept the lump sum settlement or how you want monthly payments to be made in future.
2 You can dispute all or part of the Disputed Scheme Claim and it would be useful for you to write both ZC and KPMG saying that you intend to do so. This does NOT commit you to do doing so, nor to any expenses which might be involved.
The legal mechanics of this are set out in the letters but if you make contact with Nigel Milburn, our disputes coordinator; [ nigelmilburn@btinternet.com ] he can simplify matters for you.
3 You can dispute one adjudication without disputing the other.
Those of you who have registered with me or for whom I have an e mail address will be getting a more specific e mail in the next few days.
If you have not got anything by Sunday check your JUNK e mail folder or contact me directly through this site or dredd@cattlesshares.co.uk
