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You would imagine that ultimately some homes will go under the hammer
Southern Cross Healthcare Group PLC ('Southern Cross', 'the Company' or 'the Group') Clarification re Media Comment Southern Cross, the UK's largest care home operator, wishes to make clear that there have been no decisions taken regarding the closure of any of its care homes. The Company remains in discussions with its landlords and banks to ensure the continuity of care for all residents. As both the Company and the Government have stated this week, no residents will find themselves homeless or without care; everyone involved in the restructuring process is, and remains, committed to the continuity of quality care for all of our 31,000 residents. Christopher Fisher, Chairman of Southern Cross, said: "No decision has been taken to close any of our homes. We recognise that the current situation and continued media speculation will have caused concern to residents in Southern Cross care homes, and their relatives, and we apologise for this. Our primary concern in this matter remains the welfare of the residents living in our homes. The financial restructuring will not affect the provision of quality care in any of our homes."
RNS http://www.investegate.co.uk/Article.aspx?id=201106101408002550I
Southern Cross plans to surrender control of 132 care homes as part of a financial restructuring package aimed at saving the struggling group. In documents distributed to landlords and seen by the Financial Times, Southern Cross outlined a two-pronged exit strategy from almost 20 per cent of its 752 care homes. The company, the UK’s largest care home operator with 31,000 elderly residents, has been hurt by lower fees and occupancy rates, says the Financial Times.
lots of buys at this rate - lifes a gamble and its only money and no much money at these rates ...
Out and Out gamble, now it doesn't have the safety net of the government.
Southern Cross to cut 3,000 jobs Date: Wednesday 08 Jun 2011 LONDON (ShareCast) - Struggling care home operator Southern Cross is to cut up to 3,000 jobs as it seeks to stay afloat. Southern Cross, which looks after about 31,000 old age pensioners, has been hit by higher rent prices for the homes it operates. The company, whose shares are higher after today’s announcement, said it can still improve care while reducing staff levels. “Resident care, in particular, has continued to improve and clinical governance has been strengthened,” the company said. “Annualised turnover of staff has reduced from 33% (in late 2009) to 21.5%.” The latest staff reductions are part of Southern Cross’s ongoing ‘New Horizons’ programme. Southern Cross currently has 44,000 staff.
Worth buying??
The Daily Telegraph BLACKSTONE LOOKS TO BUY SOUTHERN CROSS DEBT Private equity group Blackstone (BX.N) could buy a new interest in Southern Cross Healthcare (SCHE.L) by acquiring debt secured against the company's care homes
I had another bad share, ASSETCO, which has 20 years contract for fire services, then you would not think they are going to collaps at all. the share price goes down and down until there is little left , a big lesson, but worrying same happens to SC (already lost a lots). thank you for good advice. should have done something earlier
It's difficult to say and I'm an ex-employee of the company. The Southern Cross management are doing what they can to avoid going under by selling off what assets they have left and agreeing terms with their landlords, but whether it will be enough I don't know. Without any news at all this SP could fluctuate as MM's try and make profit. But before you sell keep in mind what happened to Connaught shares. Their SP was going up and down for a good month or two while they were threatened with bankruptcy, and were 18p when the creditors finally pulled the plug on them, and that was a day after the share price had RISEN. I won't advise what you or any investor should do, but if I had shares in SC I would hang on to them.
I am writing to ask experienced knowledgable trader like Milledwine, whether i should sell the share to cut loss further or should we still keep it with hope for this very troubled care-home? advice is urgently needed, my friends
Southern Cross in the intensive care unit? “Sources close to the UK’s largest care home group have revealed the company is working on a plan that could see it lose up to 180 of its 750 homes. The plan emerged after renewed criticism of former managers and owners who made millions from a company that is now close to collapse. Reports over the weekend suggested four former managers pocketed £35m by selling shares in the company at the top of the market. Former private equity owner Blackstone has also come under fire. It is estimated the company made £1bn from buying, growing and selling Southern Cross,” says the Telegraph on Sunday.
The weekend press seem's to be quite for SC,
.30p sorry mm's stuff that i,m not interested thanks,if i put 6 grand in here and then sell you want a £300 pound cut weather i make or lose,sorry go and find another mug,greedy gits.
The man who made £13m from Southern Cross believes that ministers should let the care home business fail and says that board directors must share blame for the company’s plight. In an interview with The Times, Philip Scott, who built the company into the biggest elderly care provider, also accused its new bosses of scaremongering. He said that directors, including Baroness Morgan of Huyton, the new head of Ofsted, who had been brought on to the board because she had been Tony Blair’s policy chief, were partly responsible for the decline, reports the Times.
Is worthless to shareholders as only after SCHE had folded would gov step in because they have to find places for gov funded elderly & their not so generous offer to take on the people who pay their own way is a no brainer.
What's the guarantee worth? Someone will surely run the homes - yes. But if landlords get a chunk of the equity at give-away price and/or there is a 2p placing what'll happen to the SP?
They just been guarantee by the government? Shouldn't the sp rising??
Social services are poised to step in to protect the welfare of elderly people paying their own way in homes run by the embattled Southern Cross chain. As central and local government moved to quell rising anxiety over the future of Southern Cross’s 750 care homes, and the 31,000 people who live in them, a social services leader gave the first assurance that councils would go beyond their strict, statutory responsibility only to publicly-funded residents, reports the Guardian.