Meriden Share Discussion Threads

[mister md] 12/9/2008 08:08

replace "when" with "if" and I'd agree ;)

[sagem] 11/9/2008 21:54

Mister MD ...Certainly enough to make a very good profit when they are re-listed.

[mister md] 26/8/2008 18:15

how many are you holding SAGEM ?

[zinyowem] 24/8/2008 19:45

Sagem


we have both been here a while and i have benn in situations like this before & lost. I hope you are right.

[sagem] 23/8/2008 08:24

zinyowem -.i have a very spooky feeling that things will be good....no news is good news

JUST A REMINDER TO ALL MRD INVESTORS

RNS Number : 3147A
Meriden Group PLC
31 July 2008




MERIDEN GROUP PLC


FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007

Meriden Group plc, the investing company, announces its final results for the year ended 31 December 2007.


Highlights

· Pre-tax losses of £207,427 (2006 - loss of £1,577,358)
· Loss per share of 0.06 pence (2006 – loss of 0.46 pence)
· Negotiations ongoing regarding an acquisition which, if consummated, would constitute a reverse takeover
· Directors do not recommend payment of a dividend



Enquiries

Rick Payne, Chairman Tel: [phone]


CHAIRMAN'S STATEMENT

Introduction

I am pleased to present my Chairman's report for Meriden Group plc for the year ended 31 December 2007.

Results

During the period the Company made pre-tax losses of £207,427 (2006 - loss of £1,577,358) representing a loss per share of 0.06 pence (2006 - loss of 0.46 pence)

Events during the year


On 16 August 2007, Russell Stevens resigned as a director in order to pursue other business interests. I and my fellow Director, Stephen Black, joined the board on that date and we would like to thank Russell for his contribution to the Company and wish him every success in the future.


On 9 June 2008 the Company announced that it was in detailed negotiations regarding an acquisition which, if consummated, would constitute a reverse takeover under the AIM Rules. The acquisition would be subject to the approval of shareholders and the granting by the Takeover Panel of a waiver of the obligation on the Company to make a general offer under Rule 9 of the City Code on Takeovers and Mergers.

Since the Company had been unable to complete a reverse takeover prior to 9 June 2008, being 12 months after the Company became an investing company pursuant to the AIM Rules, trading in the Company's shares on AIM was suspended on that date. Restoration of trading will occur upon publication of the Company's circular and AIM admission document relating to the acquisition.

European Commercial Trust Limited, a substantial shareholder in the Company, has made funds available to the Company to enable the Company to continue the search for a suitable candidate for a reverse takeover.



R Payne


30 July 2008



DIRECTORS' REPORT


The directors present their report together with the audited financial statements for the period ended 31 December 2007.


The financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union, applied in accordance with the provisions of the Companies Act 1985 and present financial information on the Company only.


Principal activity


The principal activity of the Company is that of an investing company quoted on AIM.


Business review


The Company did not trade during the year under review. The Company incurred administrative expenses during the year of £207,550, of which £155,981 related to payments made to Russell Stevens as compensation for loss of office and in lieu of his notice period.


On 7 September 2007 the shareholders and creditors of the Company were informed that the Creditors Voluntary Arrangement ('CVA'), entered into on 11 December 2006, had been completed and that the Company had complied fully with the terms of the arrangement and any claims against it had been completely extinguished.


European Commercial Trust Limited, the Company's significant shareholder, has provided the Company with total funds of £253,430 during the year to cover administrative expenses.


The Directors will preserve the Company's existing cash resources while actively pursuing acquisition opportunities. To help this, European Commercial Trust Limited has made further funds available to the Company to continue the search for a suitable candidate.


The Directors are unable to recommend the payment of a final dividend.


Financial risk management


Despite its limited activities, the Company is exposed to a number of financial risks, which are outlined below. Risk management is carried out by the Directors.


Interest rate risk - the Company is exposed to the risk of interest rate fluctuations on cash reserves. However, with only limited cash reserves available, the Directors do not consider this area is a significant risk to the Company.


Liquidity risk - the Company's existing cash resources may not be sufficient to cover the costs of a potential transaction or to cover any working capital requirements of a new group. Accordingly it may be necessary for further funds to be raised before a transaction occurs.


Directors


The membership of the Board and the interests of the directors and their families in the shares of the Company as at 31 December 2006 (or date appointed if later) and 31 December 2007 were as follows:





Ordinary shares of 0.1p each




31 December 2007


31 December 2006








Richard Payne (appointed 16 August 2007)




150,000


-

Stephen Black (appointed 16 August 2007)




-


-

Russell Stevens (resigned 16 August 2007)


-


84,500,000


Richard Payne and Stephen Black received no remuneration for their services to the Company during the year.


Substantial shareholdings


The only interests in excess of 3 per cent of the issued share capital of the Company, which have been notified to the Company as at 12 June 2008, were as follows.





Ordinary shares of 0.1p each




Number


Percentage

European Commercial Trust Limited


84,500,000


24.49%

Pershing Nominees Limited


33,274,206


9.64%

Raven Nominees Limited


26,005,889


7.54%

Barclayshare Nominees Limited


18,475,655


5.36%

TD Waterhouse Nominees (Europe) Limited


15,805,698


4.58%

Hoodless Brennan plc


11,725,406


3.40%

LR Nominees Limited


10,807,326


3.13%


Payment to suppliers


It is the Company's policy to agree appropriate terms and conditions for its transactions with suppliers by means ranging from standard terms and conditions to individually negotiated contracts and pay suppliers according to agreed terms and conditions, provided that the supplier meets those terms and conditions. The Company does not have a standard or code that deals specifically with the payment of suppliers.


As the Company did not trade during the year, no disclosure of creditor days outstanding on trade purchases is possible.


Statement of Director' responsibilities


The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.


Company law requires the Directors to prepare financial statements for each financial year. In accordance with company law, the Directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. The financial statements are required to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that year. In preparing these financial statements, the Directors are required to:


- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will
continue in business.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company to enable them to ensure the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the Company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.


The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions.


Disclosure of information to the auditors

In the case of each person who was a director at the time this report was approved;

*

so far as that director was aware, there was no relevant audit information of which the Company's auditors were unaware; and
*

that director had taken all steps that he ought to have taken as a director to make himself aware of any relevant audit information and to establish that the auditors were aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s234ZA of the Companies Act 1985.

Auditors

A resolution to reappoint Charles Lovell & Co Limited as the Company's auditors will be put to the members at the Annual General Meeting.

[mister md] 22/8/2008 12:20

well they've got until December, otherwise its another cancellation on AIM...

[zinyowem] 21/8/2008 19:30

Please what excitement? It's a grave yard here.

[sagem] 21/8/2008 07:31

News must be very soon...how much longer can we wait..the excietment is driving me mad

[sagem] 01/8/2008 08:25

zinyowem ...Perhaps we will get a good surprise and a new company with a good future....we can only hope.

[zinyowem] 31/7/2008 11:19

Tomorrow August and not even a whisper.

[sagem] 06/7/2008 06:52

Takeover target is in the business
services sector....should hear some news soon

In "detailed" talks for a potential reverse acquisition.( So they must have a potential company and may well pull this off..........the shares price could double.)


Shares in Meriden Group suspended

Jun 9 2008

AIM-listed cash shell Meriden Group saw trading in its shares suspended as it has failed to come through with an acquisition.

But the group, previously based in Halesowen, said it was in "detailed" talks on a potential reverse takeover and that due diligence investigations were now underway.

Meriden has previously said that it was interested in acquisition targets in the business services sector located in the UK, Europe or North America.

Under AIM rules the investment company, now based in Northwich in Cheshire, was required to complete a reverse takeover by Sunday.

But as it has not been able to finalise any deal, the junior market's rules required trading in the cash shell to be suspended. Meriden now has a further six months to make an acquisition or its shares will be cancelled.

Meriden said in a statement: "Since the company has been unable to complete a reverse takeover prior to 8 June 2008, being 12 months after the company became an investing company pursuant to the AIM Rules, trading in the company's shares on AIM has today been suspended.

"Restoration of trading will occur upon publication of the company's circular and AIM admission document relating to the acquisition."
Meriden Group formerly had interests in IT in the Black Country, with a base in Halesowen.

It transferred its registered office to Cheshire last year.

Former director Russell Stevens left last year "to pursue other business interests".

Two new directors were appointed - Richard Charles Payne, a chartered accountant and corporate finance director at management consultants Bennett Brooks & Co, and Stephen Howard Black, principal of law firm Stephen Black Solicitors.
/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

9/6/2008

Shares in cash shell Meriden Group Plc. were
suspended Monday morning as the company has yet to finalise the takeover
required under AIM rules, although in a statement Meriden said it is now in
"detailed" talks for a potential reverse acquisition.
Meriden, which has previously said it was seeking a company in the business
services sector, said in the statement that it is currently undertaking due
diligence.
Under AIM rules, the company has a further six months to make an
acquisition, else its shares will be cancelled.

[dd776] 03/7/2008 11:22

speak to us company

[mister md] 13/6/2008 16:44

got quite a few of these a few months back. emailed the directors + advisors a few times but got no response whatsoever..pretty poor and I rate this as purely a gamble

[zinyowem] 13/6/2008 16:41

I would never buy more n this company till there was a sustained recovery in whatver business model they decide to choose that gives some sort of recovery in what we have invested....if ever.

[sagem] 13/6/2008 14:46

Meriden said in a statement it is now in
"detailed" talks for a potential reverse acquisition.

Meriden, which has previously said it was seeking a company in the business services sector, said in the statement that it is currently undertaking due diligence.
..............................................................................

Should not be long before we hear something..pity because I would like to buy more
but of course they are at present suspended

[zinyowem] 10/6/2008 18:42

Well would be nice..lets wait and see then.

[sagem] 10/6/2008 11:23

I think it will be announced very soon...forget the 6 months

[zinyowem] 09/6/2008 15:16

So what they want to drag it out another 6 months? Well lets hope it's a Merry Christmas and not a Merry Death.

[hatto] 09/6/2008 15:10

Meriden in talks for reverse takeover; shares suspended




LONDON (Thomson Financial) - Shares in cash shell Meriden Group Plc. were
suspended Monday morning as the company has yet to finalise the takeover
required under AIM rules, although in a statement Meriden said it is now in
"detailed" talks for a potential reverse acquisition.
Meriden, which has previously said it was seeking a company in the business
services sector, said in the statement that it is currently undertaking due
diligence.
Under AIM rules, the company has a further six months to make an
acquisition, else its shares will be cancelled.

[zinyowem] 09/6/2008 14:47

Agreed if you were in talks and found a reverse candidate you would not suddenly announce on day of suspension. They have had plenty of time to speak up. Anyone know how much time after a suspension you have to pull you finger out before you get delisted.

[jubsiejay] 09/6/2008 08:14

Why didn't they get it resolved sooner if it was good news? why stall and put the shares back into suspension? WHY WHY WHY????

[sagem] 09/6/2008 07:26

COULD BE GOOD NEWS EVENTUALLY.....REVERSE INTO NEW COMPANY AND THE MAKING OF MERIDEN :-

RNS Number : 1879W
AIM
09 June 2008







NOTICE

(354)

09/06/2008 7:00am

TEMPORARY SUSPENSION OF TRADING ON AIM

MERIDEN GROUP PLC

Trading on AIM for the under-mentioned securities has been temporarily suspended from
09/06/2008 7:00am, pursuant to AIM Rule 15.


Ordinary Shares of 0.01p each (3288847)(GB0032888470)
fully paid

[zinyowem] 28/5/2008 21:16

Oh well shall we close the door? Oh and turn off the lights?