Embattled doorstep lender Cattles Plc has told shareholders that an offer could be made for the business. However, it warned them not to expect more than one pence per share.
It has revealed that one of the options being discussed with representatives of its key creditors includes a proposal under which a newly incorporated company, formed and managed by a corporate service provider and ultimately owned by a charitable trust, would make an offer to acquire the entire issued share capital of Cattles (which would be effected by a shareholder scheme of arrangement).
In a stock exchange announcement, Cattles said: “Given the existing deficit in shareholders’ funds and the significant losses Cattles’ financial creditors will incur