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Dipford Share Discussion Threads
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|RNS Number : 8143Z
Dipford Group PLC
24 July 2008
Dipford Group Plc
Further to the announcement of 2 July 2008 of the appointment of Joint Administrators to
Dipford Group Plc ("Dipford" or "the Company")
on 30 June 2008, the Joint Administrators of Dipford have confirmed they have sold the
Company's business and assets as a going concern to
BBTA Limited with effect from 10.30am on 11 July 2008.
None of the former directors are involved in or are in any way connected with the sale.
No further information is currently available as to whether there will be sufficient funds
available to enable a distribution to be made
to unsecured non-preferential creditors and shareholders.
A further announcement will be made following the report from the Joint Administrators
which is required to be prepared and sent to
creditors by 25 August 2008, that is within eight weeks of the date of their appointment.
For further information, please contact David Osborne,
MCR Corporate Restructuring,
11 St James Square
Manchester M2 6DN
Tel: 0161 827 9000
This information is provided by RNS
The company news service from the London Stock Exchange
|Glad I sold all of mine for 8.5p now. At least I got the tax loss last year. Good luck to those that remain, but can't honestly see much value left in these markets. I suspect someone will be able to buy these businesses for a very low price...probably the directors!?|
|Of course it's precarious. I'm suggesting we might to be able a bit more than zero. I was expecting administration so this is better but it could still end up zero.|
|Looks fairly precarious if you ask me. Some good companies going bump at the moment...credit crunch is starting to bite! I would never have thought that Premier Direct would have ended up in administration so quickly, but it did.|
|Not in administration yet, then. Could be some value in these yet. Scotland hasn't been hit as hard as the rest of the UK. I'll bet they could sell off the Scottish business to pay off the debt, i.e. get £600k for a business bought for £3.6m.
Dipford, which operates in the business broking market, announces that it has appointed Deloitte & Touche LLP ('Deloitte') to assist in the process for the procurement and consideration of indicative offers for all or part of the trade and assets of the Company.
For further information please contact Roger Esler at Deloitte on 0113 243 9021.|
|It was on the cards with the current business climate and after the EGM fiasco I sold mine|
|Oh dear...the end!|
|Dipford Group PLC
06 June 2008
Dipford Group plc, which operates in the business broking market, announces that it has
requested that trading in its shares on AIM be
suspended with immediate effect pending clarification of its financial position. In recent
weeks the level of completed sales has fallen
sharply with a consequent reduction in the company's cash inflows and, therefore, its working
capital position. The company is presently
discussing its position with its bank.|
|I don't suppose anyone made it to the EGM?|
|Rather late - still gives totally inadequate disclosures compared with the EGM notice. Is their NOMAD totally useless or what?|
|I see my email has had a response and the RNS for the EGM has been issued|
|Aleman-I,m also going to stick it out because as you say it,ll be hard to move
them anyway,Bloody annoying that the placing was,nt put out on an RNS though,
but if they are committing might work out in the medium term|
|LSE showing it down 13.5% at present, but, no trades at all that I can find - Hmmm !|
|Ken - I understand your wish to know earn out costs. My point still stands about the cash in the accounts. Each balance sheet statement usually contains about £500k of customer deposits included in the cash balance.
Cash and bank overdrafts at beginning
of period 353,106
Cash and bank overdrafts at end of period 456,682
Cash and cash equivalents include client
account balances of 548,000
I assume the company has an overdraft of 90k and no cash, hence the very low share price and fundraising. There looks to be a basically very good business here that is struggling with interest and earnouts. Possibly a fundraising and renegotiation of earnouts could produce a substantial advance in the shares although I an still very much in the dark about details. It is damn frustrating waiting to see an email and posted notice, neither of which has turned up yet. It reminds me a bit of JCR who had buyout cost worries that were overcome, although they didn't have the credit crunch affecting their market.|
|What was never clear to me was the amount paid to - Buy out the Redwards Agents. and there was never an admission of a managerial bog up.
That is when the rot set in.
I imagine the company was virtually on its knees when Aleman made his recent purchase and the proposed fund raising is the best we can hope for.|
I was talking about the earn out for this aquisition
The acquisition of Bruce & Co. will give Dipford comprehensive coverage
throughout Great Britain. Once fully absorbed, the acquisition is expected to be
a significant contributor to the Group's future profitability.
The consideration for the acquisition, which is primarily debt-funded, will be
satisfied as to #250,000 in Dipford shares (a total of 406,504 ordinary shares
issued at 61.5 pence per share), #1.5 million in cash plus an amount equal to
the net cash balance in the company. In addition, there will be a cash earn out
of up to #1.25 million, calculated over the four years following completion,
depending on the performance of Bruce & Co. The total consideration payable
will be a maximum of #3.6 million. An application has been made for the vendor
consideration shares to be admitted to AIM and dealing is expected to commence
on 9 January 2006.
Bruce & Co. was founded in 1988 and is the leading Scottish licensed trade
business broker. The two principals, and all the staff, will remain and drive
the future expansion of the business. The existing strength in the hotel, pub
and retail markets will be broadened to include other Group specialisations such
as day nurseries and care homes, while providing the rest of the Group with
detailed knowledge and experience of the hotel and leisure markets.
For the financial year ended 30 September 2004 Bruce & Co generated a profit
before tax of #611,990 on a turnover of #955,495 and as at 30 September 2004 had
net assets of #997,066 of which #654,006 was cash.|
|I agree with you guys. There is a false market in these shares without news being announced to the full market. It's a disgrace. Aleman - good point!|
|Almost all of that cash will be purchase deposits. I don't see quite why it should be listed on the company balance sheet if it is somebody else's.|
I would of wanted the answers to a few questions before I bought if I,d of known what was happening,One being whats happened to the £548k in the accounts
in December(I take it some money has been used as payment for the aquisition
although I have,nt checked it out)I,ll await outcome of EGM (If they tell anyone)|
|Thanks Aleman,I,ve emailed Mike Coe at Blue Oar and give him a rollicking|
|I didn't get the promised EGM notice email. It seems their system is down which accounts for the website difficulty. Phoned again today and was put on to Blue Oar who are going to post me the notice. They didn't seem to think an RNS was necessary because all shareholders have been notified, even though I have been missed out. I pointed out that I thought the company should have a duty to notify the market to avoid potential new shareholders dealing without information that others have. I was asked to reserve judgement until I read the statement. Dipford and Blue Oar were both polite but I'm still in the dark which doesn't seem right. I have bought shares not knowing about some kind of potential capital raising and I presume you did, too, although it seems we may have dropped lucky in our timing.|
Did you get any joy with your phone call?|
|Sold all of mine today. A tax loss is better than holding these for me..more value from that! May buy back after the results.|