Share Name Share Symbol Market Type Share ISIN Share Description
Mar City LSE:MAR London Ordinary Share GB00BH2RFN56 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 36.25p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 24.8 3.2 6.5 5.6 39.98

Mar City Share Discussion Threads

Showing 926 to 949 of 950 messages
Chat Pages: 38  37  36  35  34  33  32  31  30  29  28  27  Older
DateSubjectAuthorDiscuss
16/11/2016
13:17
http://www.shareprophets.com/views/24069/dear-aunty-about-that-aim-fraud-radio-programme-last-night http://www.shareprophets.com/views/22080/why-aim-s-woeful-regulatory-environment-makes-it-a-hotbed-of-fraud
lbo
15/10/2016
13:45
It's about time someone told the PIs what is happening, I suspect the Ryan's have suffered no financial hardship through all of this.
a2584728
15/10/2016
12:02
Yet another AIM disaster! The link to the accounts is not working. How bad are they? The warning signs were indeed flashing for a while as I pointed to on here many times. So much for the previously reported NAVs!
lbo
14/10/2016
08:36
I was one of the lucky ones who sold out at a profit and now will try to obtain information where ever it might be. Could easily have held on and lost a tidy sum. http://www.marcityhomes.com/ Current Board of Directors: http://www.marcityhomes.com/board-directors/ MAR CITY HOMES LIMITED - Company number 07444737 https://beta.companieshouse.gov.uk/company/07444737 Registered Address: Ground Floor Ts1, Pinewood Business Park Coleshill Road, Marston Green, Solihull, Birmingham, England, B37 7HG 13 Jul 2016 Full accounts made up to 30 June 2015 https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/ECavyB7ohmFrlUN0g199rP2d4koDxfD9788ZQCPNe4Y/application-pdf?AWSAccessKeyId=ASIAJL62UO45F5HOVDNA&Expires=1476434645&Signature=Tq1FZYpiuLGGV2YwC16JjlMFFCg%3D&x-amz-security-token=FQoDYXdzEJz%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaDAfqxo%2BebWeHxYLmTiKcA26TWePr5mRgRGkinNdspxUO%2BdVYlTg%2FkyE9akrWShu1%2F6NrXT%2Buj2n04XxDmjeYRm6AENB5ikxB5hUu5FFGbMFcwZXFH8KEAw0jxvkE21OgtaXChGvkJMvfZQI6t%2BINYPZe27YBcDAtuLNFtMliAHg%2Fnm4cwoue6ZZfSpX%2FhEH3OfnSOnZ7ci4O8aLRjN76mCKZQleJIUe2JYGLWYcdg0IXL%2Fr2DppzCTUh6JN5sjc9ZLrKuH6ABz54A4w2HqobkgEXemOQ0HeCQlQZysvcW9vz3%2BDdxiDb%2B8ul%2FeggFNsB1oJ%2F3zrWiRpTPaaG9Qto3MCMAzlMOPzHX2CnT%2Fc55S4%2Fzg0DaFjtR8IYXRZ%2FtRGPOb1IiYjhdlASag%2FZgXzry5c7YMktj3mM4dZwEChytk4R%2FOtBYb5%2BM8dxEF2z%2BbJ2G9NoYZTYK1%2BmRMFQvOTI4QAg53PI%2BZO0cspDvmBsUR4b%2BtCe%2Ft%2Fi1%2F8Ls5cU56lqaqxDAX2QL7UCR%2FY1mhTvlT3ziKYBAsXHhFr951%2BgeZrkwCAyKbE0iGi%2F9eMogZyBwAU%3D
noirua
01/9/2016
13:36
Reading the new Chairman's comments and the recently published accounts, it wouldn't be a surprise if the net was closing on those who have acted improperly.
grahamburn
01/9/2016
13:12
http://uk.advfn.com/cmn/fbb/thread.php3?id=24153078 remember these were 0.75p when they did this deal....three quarters of a penny. Built this business and then ran off with the booty. Has anyone been arrested etc?
barnetpeter
01/9/2016
09:22
I hold no position but I think it goes something like this. There will be some who will want to sell so that they can crystallize their capital gain loss. They may well be prepared to sell for just a few pence as they believe the company is worth nothing or without a way to trade the shares they might as well take a few pence rather than have the money sitting doing nothing for the next 5-10 years. There will be vultures who will be prepared to pay a few pence and sit on the shares for 5-10 years. Maybe they will get a return, maybe they won't. You could start at 50p and every fortnight drop the price by 5p until you find out where the buyers are?? I suspect they are in the very low pence.
cc2014
01/9/2016
09:02
Hang your heads in shame BOD.
a2584728
01/9/2016
08:41
I contacted Capita to see if it is worth using the service however they refuse to give me any idea of the price trades are matched at (if any); the only price they will quote is the suspension price. So how would I know if shares are changing hands (if at all) for 50p or 0.5p ?? There no point me asking for a match at the suspension price if no-one is buying at that price. Seems a waste of time unless they will give me an indicated price which they won't. Why would anyone want to buy anyway?
ed gasket
31/8/2016
13:11
Not a shareholder but was in Colindale on the Edgware road on the weekend and noticed that the big Mar City development there and is finished and wondering what's happening with this company since the shares got suspended but it seems some of the projects are now finished and waiting to be occupied?
football
31/8/2016
12:41
Any idea what an expected 'matched price' might be? I would imagine everyone wants to sell and there aren't any buyers except for pennies which makes the exercise too expensive in admin costs (I am assuming I would have to get share certificates from nominees, then pay 'matching' fees). I have 8400 shares across a nominee ISA and a SIPP.
ed gasket
09/8/2016
10:34
Mar City PLC Ground Floor TS1 Pinewood Business Park Coleshill Road Marston Green, Solihull Birmingham BH37 7HG T-0121 2007260 F-01212334095 Dear $hareholder 5 August 2016 Matched Bargain Service -Capita Asset Services Arising from the cancellation of the Company's listing on AIM in May 2015, I am writing to you to inform you that Mar City PLC has appointed Capita Asset Services to provide its shareholders with a Matched Bargain Service ("MBS"). This service will provide shareholders with a confidential off-market trading platform to trade their shares. The service will be open between 0900- 1700 daily from Monday 8 August 2016. This service is postal based. To request a dealing form or to enquire further about the service, please contact Capita Asset Service's dedicated MBS Team using the details below. Please note that as the shares of Mar City PLC are not trading on a regulated market, there may be a significant delay before any transactions in these shares are completed as there may not be sufficient demand from buyers or sellers. This also means that it may be difficult to adequately assess the value of any investment in the shares. Buyers and Sellers are 'Matched' if their respective price expectations coincide. If you are unsure or require guidance on the price of your shares, the dedicated MBS Team will be able to assist. While Capita can assess whether the service is appropriate for you, they are unable to provide investment advice. If you have any doubts about whether to act, you should seek advice from an appropriately qualified financial advisor. Please remember that the value of shares may fall as well as rise and you may not recover your original investment. This service is only open to you if you live within the EEA, The Channel Islands or The Isle of Man. MBS Dedicated Team Contact Details: E-mail: mbs@capitadeal.com Telephone: 0203 170 0234 Calls are charged at the standard geographic rate and will vary by provider. Calls made from outside the United Kingdom will be charged at the applicable international rate. Capita's MBS team are contactable between 09:00 -17 :00, Monday to Friday excluding public holidays in England and Wales. This letter does not, nor is it intended to, constitute any recommendation to buy or sell shares. Yours sincerely Andrew Styles Finance Director and Company Secretary Capita Asset Services is a trading name of Capita Registrars Limited and Capita IRG Trustees Limited Share registration and associated services are provided by Capita Registrars LImited (regIStered In EnglaOO and Wales, No 2605568) Regulated services are provided by Capita IRG Trustees Limited (registered in England and Wales No 2729260), which is authorised and regulated by the Financial Conduct Authority and is authorised to conduct cross-border business within the EEA under the provisions 01 the EU Markets", Financial Instruments Directive Not all share plan activity is regulated.
david77
18/7/2016
20:42
I did very well on Mar City.....from the lows to when it was just a shell. I sold my last shares when this dubious "arrangement" became public. "It also entered into contracts to purchase additional sites that the Group could not, as it transpired, fully fund and, consequently, lost £4.4 million in cash deposit payments that had been made". All that money given away.... Not coming back to the mkt with current holders is it? I guess it may get bought out by someone for a few pence per share in time.
barnetpeter
10/7/2016
11:27
I do not have a holding but there really should be someone or advisers taken to court over the way shareholders seem to have been shafted here. Has any shareholder contacted ShareSoc (www.sharesoc.org) about the options but it will need a strong backing from shareholders to do something. What have the large institutional shareholders done ?
davidosh
10/7/2016
09:55
Page 6 Strategic Report for the 18 months ended 30 June 2015 (continued) These include property leases, plant and equipment rentals, general expenditure incurred on MCDl owned sites and management recharges. Detailed work has been undertaken to try to analyse, quantify and reconcile the precise amounts involved, their validity and, thus, establish the true extent of the monies owed by MCDl to the Group. At 31 December 2013, the Group reported net debtor balances of £12.3 million as being due from MCDl and, by 30 June 2014, these had reportedly increased to £31.2 million. During the latter part of 2014 and early 2015, attempts were made to try and settle this debt: there was a payment of £9.85 million in February 2015 but a proposed transfer of property assets from MCDl did not proceed. Consequently, as at 30 June 2015, the gross debtor balance with MCDl stood at £33.1 million. However, our detailed analytical reviews of the myriad of underlying transactions and historic payments are not yet fully complete and this number may be subject to change. As part of these debtor balances MCDl had a liability to the Group of £8.9 million, which relates to the 'Get Britain Building' (GBB) funding received by MCDl from the Homes and Communities Agency (1HCA') together with interest thereon on the sites acquired by the Group along with Mar City land in December 2013. Pursuant to an agreement entered into by MCDl, these monies were to be repaid by MCDl as and when the Group became obliged to repay the HCA. As shareholders will be aware your Board had genuine concerns as to MCDl's ability to satisfy its obligations to the Group. These were sadly proved correct when administrators were appointed at MCDl on 24 May 2016. While the Group will be MCDl's largest creditor there is little likelihood of any meaningful recovery of monies owed to it. Provisions have, therefore, been included giving rise to MCDl-related exceptional costs of £22.3 million. The agreement secured by the Group to ensure that it received all remaining sales proceeds from the Green Point, Colindale development is not expected to be unduly impacted by MCDl's insolvency. While some delays have been encountered prior to the insolvency, £4.4 million has so far been received and a further £6.3 million is forecast to be recovered. Such receipts will, obviously, fall far short of the construction costs incurred and, indeed, the monies that had been received by MCDl prior to my appointment. A decision has been taken to write-off the historic intangible goodwill of £0.7m associated with the acquisition of the housebuilding business/employees from MCDl in November 2010. In December 2013, Mr & Mrs Ryan were each granted options over 2,757,323 ordinary shares at an exercise price of 80p per share pursuant to an equity-settled unapproved share option scheme. While these entitlements have now lapsed, at the period end a share based charge of £1.8 million has been recognised and treated a$ an exceptional item, although this will be reversed in the next accounting period, in line with accounting standards.   Page 7: Strategic Report for the 18 months ended 30 June 2015 (continued) Other Trading Matters ! During 2014, the Group made some significant investments totalling £11.4 million in acquiring development land. It also entered into contracts to purchase additional sites that the Group could not, as it transpired, fully fund and, consequently, lost £4.4 million in cash deposit payments that had been made. The Group also committed funds and resources in pursuit of its modular construction initiative both through a third party collaborative arrangement and attempting to create an in-house capability. Excessive quantities of modular housing units and materials were purchased but not utilised or deployed and this has given rise to exceptional costs of £0.8 million. As the Group experienced ever increasing liquidity pressures during the latter part of 2014 through to June 2015, there was inevitably an impact on and severe disruption to the Group's build programmes on the sites that it owned, with many of those sites falling idle. Board and management overhaul The Group's Finance Director left at the end of December 2014 and the Group issued a profits warning in February 2015. Indeed, throughout the organisation there was an appreciable turnover of staff and demoralisation. These events and other issues culminated in the Company's Nomad and its Chairman both resigning in April 2015 with the Company's listing on AIM being cancelled in May 2015. The Group's secured lenders issued reservation of rights letters in respect of their loans asserting various events of default and thereby entitling the lenders to demand repayment. The Group was, consequently, reliant on the continuing support of its secured lenders to continue in operational existence as its borrowings effectively became and remain repayable on demand. As at 30 June 2015, the Group had borrowings totalling £36.2 million of which £12.2 million related to the HCA GBB funding largely inherited along with the Mar City Land acquisition. These have been categorised as current liabilities as at 30 June 2015 given their 'on demand' status. The HCA GBB debt figure includes additional site drawdowns made of £3.8 million and accrued interest over the period under review. These drawdowns include £0.9 million claimed by and paid to MCDL in February 2014, even though the HCA GBB facilities had by then been transferred across to the Group. Given these events, there was a clear priority to strengthen both the Board and the overarching corporate governance and controls within the business to enable the Company and the Group to return to a more stable qnd focused operational platform. The instigation of this process of change resulted in my appointment as the Group's Executive Chairman in June 2015 to lead a Group wide restructuring. The Board was further strengthened by the appointment of Paul Underwood as Chief Operating Officer on 21 September 2015 and Andrew Styles as Finance Director on 10 December 2015.   Page 8: Strategic Report for the 18 months ended 30 June 2015 (continued) Mr & Mrs Ryan also resigned as directors and relinquished their executive responsibilities within the Group on 10 December 2015 but, as stated, remain as major shareholders. Separately, the Company's remaining non-executive director, Alan Birks, resigned on 16 September 2015. As previously advised, your Board has also been looking to recruit a suitably experienced non- executive director and is pleased to announce the appointment of Jim Meredith. He is currently non- executive chairman of Augean pic, has considerable experience in a variety of business environments and will make a worthwhile contribution to Mar City's turnaround. His appointment will commence on 4 July 2016. Employees Much has been demanded of the Group's employees over this period and the Board would like to recognise and pay tribute to their commitment, resourcefulness and loyalty in often difficult circumstances. The Future I said earlier that, despite the difficulties faced by the Group, the Board believes that the business has a viable future. The Group's three-year business plan envisages a gradual measured increase in build rates over the next two years towards an annual output rate of 300 to 400 plots, as long as demand levels hold. Our existing land bank provides sufficient development opportunities for the next two years and any sites considered unsuited to the Group's strategy will be sold. We will look to begin reinvesting in site acquisitions later in the calendar year. The Group's expertise in brownfield land remediation and reclamation techniques undoubtedly broadens its scope for future investment opportunities. Our goal is to safely build high quality, energy efficient homes tailored to the needs of our customers -many of whom are first time buyers - adopting primarily traditional construction techniques and focusing on a manageable range of house types that we can build efficiently. We will also continue to collaborate and partner with local authorities and housing associations to deliver both much-needed housing and sustainable communities. Geographically, the Group will also be more focused on its strong presence in the West Midlands extending in the future along the M40 and M1 corridors towards London and the South East. Following completion of the Colindale Green Point development, the Group will no longer be active in the London market. Rigorous cash flow forecasting and monitoring disciplines have been implemented along with a strengthening of corporate governance and controls. Decisive action has also been taken to cut overheads, largely derived from headcount reductions across the board with the cost run-rate being dramatically reduced from £7.3 million to £4.2 million on an annualised basis. The Mayfair office has been closed in favour of a small satellite operation based in serviced offices in Staines, expensive modular build and site servicing facilities have been terminated and the Company's head office has now also moved to more suitable premises in Solihull. As revenues recover in line with its business plan the Group's overheads to sales ratio should likewise improve towards more sector average levels.
david77
09/7/2016
19:35
Seems like the Ryan's have been running a PLC like a private company for their own gain.
a2584728
09/7/2016
19:16
Can you please post the rest is there any hope for us shareholders ?
the shuffle man
09/7/2016
19:12
Page 5 Strategic Report for the 18 months ended 30 June 2015 (continued) Business review This reporting period commenced on 1 January 2014 shortly after the Company had in December 2013 both raised £34.5 million by way of a share placing and completed the acquisition of Mar City Land in a related party transaction with Mr & Mrs Ryan for a further £28.0 million, financed mainly through the issue of shares. The Group, thus, began 2014 with cash balances of £27.3 million, its own land bank of seven residential development sites and construction contracts then worth a reported £36.5 million with Mar City Developments Limited ('MCDL'), a private property development company ultimately owned by Mr & Mrs Ryan. Mr & Mrs Ryan, it should be noted, were at the time directors of the Company with the respective roles of Chief Executive and Operations Director and were also and still remain the Company's largest shareholders. Eighteen months later the Group has recorded operating losses of £23.0 million on revenues of just £39.3 million, incurred exceptional costs of £31.1 million and witnessed a cash outflow from operating activities of £40.9 million, all of which starkly evidence the extent of the problems that have affected the Group and the need for a profound restructuring and refocusing of its activities. Related Party Trading Issues In November 2013, alongside the Mar City Land acquisition, the Company also entered into a conditional purchase agreement to acquire a site at Radford Road, Nottingham for £2.8 million with the trustees of the pension scheme of which Mr & Mrs Ryan were both trustees and beneficiaries. This proposed purchase received shareholder approval on 16 December 2013 and on 18 December 2013 the Company paid across the sum of £1.2 million to the trustees on a non-recourse basis even though the contractual purchase conditions had not been satisfied. Indeed, such conditions, relating to the removal of a legal restriction on title, had still not been satisfied by March 2016 when the Company decided to terminate the purchase contract following a reappraisal of its development value and prospects. This has given rise to an exceptional cost of £1.2 million. Over the period, considerable working capital was absorbed in undertaking construction work for MCDL, in some instances seemingly without all of the requisite supporting contractual documentation. In the eighteen months ended 30 June 2015, the Group incurred expenditure on such construction and related projects totalling in excess of £20 million. The largest single project undertaken for MCDL was on the Green Point development in Colindale, North London. In addition, there had been a pattern over some years of related party trading, billing and other arrangements between the Group and MCDL both outside of the scope of construction activities and also with other companies owned by Mr & Mrs Ryan. Many of these ancillary transactions have seemingly not been appropriately documented or approved. -------------------- This ought to be on the Company website. I will telephone them on Monday.
david77
09/7/2016
18:55
Report and Accounts 18 months ended 30 June 2015 Page Item 1 Contents 2 Company information 3 Strategic report 10 Directors' report 15 Report of the Independent Auditor 17 Consolidated statement of comprehensive income 18 Consolidated and company statements of changes in equity 19 Consolidated and company statements of financial position 20 Consolidated and company statements of cash flows 21 Notes to the consolidated and company financial statements Page 3 Strategic Report : for the 18 months ended 30 June 2015 Principal Activity Mar City PLC through its two trading subsidiaries undertakes housebuilding and related construction and residential development activities. Chairman's Statement Overview The Group's listing on AIM was suspended on 20 April 2015 and, subsequently, cancelled on 21 May 2015. I was appointed Chairman in June 2015 to lead a wide-ranging restructuring and was confronted by a business beset with a number of complex challenges, many of which were connected to the related party trading matters covered in these financial statements. A priority, following my appointment, was the institution of controls and strengthening of the Board and management team with the appointment of a Chief Operating Officer and Finance Director. On 10 December 2015 Mr & Mrs Ryan, who remain as major shareholders, resigned as directors and relinquished their executive responsibilities. Your Board is continuing to actively examine a number of issues and transactions involving the Group, Mar City Developments Limited ('MCDL') and other companies under the control of Mr & Mrs Ryan, some of which feature in the material related party debtor balance referred to below. Prior to my joining, a decision had already been made to extend the Group's reporting period by six months and consequently this report covers the eighteen months to 30 June 2015. Since 30 June 2015, the new management team have endeavoured to resolve severe liquidity pressures, extricate the Group from the related party arrangements with MCDL and restore stability. The Group's build programme has been refocused to concentrate on its own sites and existing core product offering, where demand levels remain strong, and together with operational efficiencies will allow the Group to restore margins to sector average levels. The very recent outcome of the 'Brexit' referendum has, as yet, not had any discernible impact on trading. Despite the financial distress that has come to light, culminating in dire results, the Board believes that the Group has a viable future and I later set out our strategy to recover and eventually rebuild some value. Page 4 Strategic Report for the 18 months ended 30 June 2015 (continued) Results & Dividends The Group has reported a pre-tax loss for the period of £56.1 million (twelve months ended 31 December 2013: profit of £3.2 million) as shown in the consolidated statement of comprehensive income on page 17. The scale of the losses and value accretion that have largely occurred within the Company's two trading subsidiaries has necessitated a write down in their investment carrying values at the period end totalling £49.4 million. As a consequence, total equity in the Company has reduced from £62.5 million to £10.1 million. No interim dividends have been paid and no final dividend is recommended. Financial KPis The financial KPls inherited are listed below. , In the eighteen month period to 30 June 2015, these financial KPls for the Group were measured as follows, with comparatives relating to the year ended 31 December 2013: Revenue 2015: £39.3 million 2013: £24.8 million Underlying operating (loss)/profit before exceptional items 2015: £(23.0) million 2013: £3.6 million (Loss)/profit before tax 2015: £(56.1) million 2013: £3.2 million , Net assets 2015: £12.2 million 2013: £65.7 million
david77
09/7/2016
18:31
-- Mar City Homes Ltd Ground Floor TS1 Pinewood Business Park Col.eshill Road Solihull B37 7HG Tel: 0121 2007260 Fax:01212334095 www.marcitvhomes.com 8th July 2016 Dear Shareholder I Please find enclosed Report and Accounts for Mar City Pic for the 18 month period ended June 2015. Mc.r (',1j PLC . For and on behalf of Mar City Pic Company Registratiof1 No.7444737
david77
18/1/2016
18:44
Sorry, a couple of weeks old but only just spotted this in my former local rag http://www.surreymirror.co.uk/Developers-Redhill-s-stalled-Liquid-Envy-site/story-28379158-detail/story.html
sf5
25/12/2015
10:24
From hxxp://www.marcityhomes.com/news/corporate-update-letter/ Corporate Update Letter December 22, 2015 21st December 2015 Dear Shareholder, Corporate Update Firstly, your Board must apologise for the extended period since the Company’s last formal communication. There have bee a number of challenges and much to accomplish since the shares were officially delisted from AIM and it did not want to provide partial or conditional information in the intervening period. Mar City PLC’s listing on AIM was suspended on 20 April 2015 and, subsequently, cancelled on 21 May 2015 and at that point the Company was intent on seeking a relisting on AIM. However, given the corporate and operational issues confronting the Group as outlined below, the Company is not yet in a position to determine when it might be able to seek any such re-listing of its Ordinary Shares. During 2014 the Group made significant investments in development land and work in progress as part of its ambitious growth strategy. It is evident that the Group has suffered because the corporate governance regime and financial controls framework have not proven sufficiently robust to handle rapid growth on the scale and volume of the developments undertaken. Given these events, it was a clear priority to strengthen both the Board and the overarching corporate governance and controls within the business to enable the Company and the Group to return to a more stable and focused operational platform. The instigation of this process of change resulted in the key appointment of Martyn Everett as Executive Chairman of the Company in June 2015 to lead a Group wide restructuring. He brings with him considerable experience in exercises of this nature and in this sector. The Board has since been further strengthened by the appointment of Paul Underwood as Chief Operating Officer on 21 September 2015 and Andrew Styles as Finance Director on 10 December 2015. Additionally, Robin Johnson has been appointed as Group Secretary on an interim basis, in order to support the governance controls’ process and assist the Board in stabilising and refocusing the business. Measures are also being undertaken to bolster the Group’s finance and IT functions. Meanwhile, Tony and Maggie Ryan resigned as directors and relinquished their executive responsibilities within the Group on 10 December 2015 but remain as major shareholders. In addition, Alan Birks resigned as a non-executive director on 16 September 2015. Your Board is looking to appoint a suitably experienced non-executive director in the near future and will provide further details once available. A number of other initiatives have been actioned or are underway, which can be summarised as follows: Refocusing the Group’s build programme to concentrate on its existing core product offering, where demand levels remain strong, and introducing further operational efficiencies. Regrettably, as the Group refocuses and reduces the near term scale of the number of products, a sizeable number of positions have become redundant with a consequent loss of jobs; Reviews of other cash regenerating oppotunities including through the sale of surplus sites and rental portfolio properties; The implementation of robust short term cash flow forecasting and monitoring; Strengthening of corporate governance and controls; Extending the Company’s accounting reference date and commencing preparation of the audited financial statements for the eighteen months 30 June 2015; and Formulation and adoption of a new 3 year business plan and the funding proposals to support it. The Group’s secured lenders have been supportive of the actions and initiatives being taken and have provided further funding to the Group on a secured basis since June 2015. The Board is working with them to secure longer term funding to support the Group’s 3 year business plan. A further key imperative for the Board has been the need to reduce the Group’s unsecured debtor exposure to Mar City Developments Limited (“MCDL“) (a private property development business ultimately owned by Tony and Maggie Ryan), which featured in market announcements earlier this year. On 20 February 2015, the Company announced an update on the repayment of the net debtor balance owed to the Group by MCDL. The announcement stated that the net debt owed by MCDL to Mar City Homes was at the time approximately £19.5 million (following cash repayments received from MCDL in February 2015 totalling £9.85 million). As part of the restructuring exercise, detailed work is underway to analyse, quantify and reconcile the precise amounts owed by MCDL to the Group (the MCDL Debt). This work, which involves reviewing transactions going back over some years, is on-going. In the short-term, the Group has secured agreement that all remaining sales proceeds from the Colindale development will be paid directly to the Group in reduction of that receivable, which should amount in aggregate to approximately £12.0m of which approximately £3.0m has already been received. In addition, MCDL has a further liability to the Group in an amount of £8.9 million, which relates to the GBB grant funding received by MCDL from the HCA in relation to the properties acquired along with Mar City Land by the Group in December 2013. Pursuant to an agreement entered into by MCDL, these monies must be repaid by MCDL as and when the Group becomes obliged to start repaying the HCA (expected to commence in 2016 and to end in 2018) (the MCDL HCA Liability). As a consequence, the Group continues to actively examine ways of further reducing the amount of the MCDL Debt and extinguishing the MCDL HCA Liability, recognising that there are genuine concerns as to MCDL’s ability to satisfy these obligations in full. Yours faithfully, Martyn Everett Chairman
david77
13/12/2015
16:06
Thanks Skyracer
david77
13/12/2015
15:34
Further progress : On 10 December 2015 the appointment of Tony and Maggie Ryan as Directors of Mar City plc was terminated. Additionally on the same day Andrew Styles was appointed Finance Director. For Mar City to progress, and give confidence to investors and creditors, Tony and Anne really had to withdraw. Its the typical situation of the founders eventually holding back the growth of their creation. Hopefully the conflicting activity between Mar City plc and Mar City Developments Ltd is now basically over too. So we have the basis of a proper Board of Directors now. I don't know if Martyn Everett is going to stay on or they recruit a CEO. So we await the Results. Maybe Spring/Summer 2016 to return to AIM ? Placing after the results because the expanding business will be cash hungry ?
skyracer
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