Cattles (Welcome Finance) shareholders vote for company to wind up

ricky9

Shareholders of the troubled consumer lender Cattles voted on Wednesday for the company to seek a winding up, the company said, despite the opposition of directors.
"We do not believe that the pursuit of any such petition to wind up the company would be in the interests of any of our stakeholders," the company said, quoting Margaret Young, executive chairman, at a meeting of shareholders held on Wednesday.
"Having taken advice, it is the directors' view that such a petition would be highly unlikely to succeed," Cattles said.
The resolution proposed by a shareholder, and passed on a show of hands, asks the financial creditors to grant up to 500,000 pounds to fund the petition to wind up the company, Cattle said. It said last month that it had agreed a standstill agreement with its creditors which could stabilise its position and allow for a restructuring.
The doorstep lender is saddled with 700 million pounds of bad debt after being hit by the credit crisis, its reliance on expensive wholesale funding and poor impairment provisioning which led to the sacking of its finance director and senior executives.

[Deleted User]

cattles has been on its last legs for yonks now,its beyond saving imho

Sol00

Yep it definitely looks as though it is going to go in the next 2 or 3 years. Just been slower than some of the other companies that've went into administration.