Scum Annoucement -

I've no inside info on what it the announcement is, but as the statement is due at 6.00am tomorrow I fear the worst.

What I suspect will be announced is either a takeover of a restructuring of their debts.

As one of the major creditors is Norwich Union, parent company AVIVIA, any such announcement is normally to made to the market out of hours so those who make a market in AVIVA shares (ie set a buy and sell price as seen in the papers), can adjust the price as a result of the news.

I think the news will be a direct write down of the debt relating to the £25m Norwich Union Bond, in lieu of shares in ITFC as it's all they can offer. This will side-step the 10 point deduction as administration (I think) needs to be agreed with the majority of creditors, not just one.

I hope I'm wrong btw

Posted By: KentonCanary, Apr 3, 23:16:06