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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Metalrax Group | MRX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 3.125 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.125 | 3.125 |
| Top Posts |
|---|
Posted at 03/4/2013 22:02 by simon templar qc There were a number of warnings at the interims but maybe not enough. Investors need to look carefully at the statements as if at any point they were misled they can hold directors responsible. |
Posted at 02/4/2013 22:38 by hastings It happens oh too often and there is a familiar theme, many cases are foreseeable, others less so.We all know the outcome for the private investors and protestations inevitably fall on stony ground. It would appear that only when bigger fish get hooked do the ripples begin to spread.An interesting read here,for those interested in an appalling story, the full trail of which remains intact on line from some years previous to the article below. |
Posted at 02/4/2013 19:28 by simon templar qc Electronica,I agree with most of your comments apart from last one. You look at EKTs 5 year history they have generates considerable cash but its gone on excepetionls. Pre exceptionals EKT made good profits overall. MRX just wasn't making it at the most basic level. Cashflow wasn't good and debt was too high at MRX. Also a pension deficit at MRX where as EKT has nothing to worry about on that level. Lots of things Elektron can do as you know one of their worst operations is under offer. I did predict this a while ago now, I do not want to gloat over investors losses. Sorry to all investors here who have lost their money. |
Posted at 02/4/2013 15:14 by simon templar qc Here we go:Home ยป Midlands Almost 400 jobs saved by Metalrax rescue deal Last updated: 2nd Apr 2013 at 14:47pm By Edward Devlin, Midlands Correspondent "Almost 400 jobs have been saved as Birmingham-headquart The group announced in a statement to the Stock Exchange this morning that it had suspended its shares from trading on AIM as it prepared to enter administration. The company employs about 450 staff. Will Wright and Mark Orton from KPMG were today (2 April 2013) appointed joint administrators to AIM-listed Metalrax Group plc and its subsidiaries Metalrax Engineering Support Services Ltd, Metalrax Specialist Applications Ltd and Down & Francis Industrial Products Ltd. On appointment, the administrators sold the business and assets of the niche engineering group to Bowman Birmingham. The group will trade as Arc Specialist Engineering and is backed by specialist private investors which have committed to a significant investment programme in the company. In addition, as part of the transaction, solvent share deals were completed for two companies within the group, both of which were not affected by the insolvency process: Metalrax Housewares Ltd, which was sold to Cable Capital Partners Ltd and Metalrax Overseas Holdings Ltd, which was also sold to Arc Specialist Engineering. The deal has secured 387 jobs. Will Wright, joint administrator from KPMG said: "The group has experienced difficult trading conditions for some time, primarily within their consumer durables division. While the group's management team has divested in recent years to focus upon niche areas, trading in this division has led to a significant drain on the group's financial situation. "Being able to sell the business and assets, together with shares in solvent businesses within the group, has been a great solution to securing a future for the business and more importantly just under 400 jobs." |
Posted at 02/4/2013 13:36 by simon templar qc 450 jobs at risk.."It is expected the team at KPMG will try to find a buyer or investor for the business, and will keep it running as a going concern in the meantime. But Metalrax said today that it had already been working with accountants from KPMG for some time, looking at a possible sale of part of the business or its assets to raise much-needed cash. This had been unsuccessful and Metalrax's "significantly worsening" working capital situation and the failure to secure further financing for the business has pushed the directors to call in administrators today. The company has been facing increasing problems for months, particularly after the loss of a major contract to supply bakeware to the Morrisons supermarket chain last summer. No-one at KPMG was available to comment on the situation at Metalrax early today. " |
Posted at 05/2/2013 22:00 by meijiman Indeed. Where is the stock coming from? normally with a big buyer in the market you might expect the share price to rise. However in the complete absence of any news investors are chosing to fear the worst. I think the company has been ill advised in this policy of non-communication. Maybe things are truly dire. Equally Mr Anderson may be convinced that things are not so bad. However the market is usually more right than wrong. |
Posted at 28/1/2013 11:23 by meijiman Indeed well done Electronica. When a company is struggling or thought to be, investors are more likely to assume the worst -maybe more than might otherwise be warranted.I don't like the sound of this Board meeting. Comes across like another cosy get together.Presumably at Severfield a meeting took place between the relevant exec and non-exec directors without the ceo-who was duly fired. I can't see how this present lot can continue. This failure has been going on for two years or more. First motion Congratulations to CG on her appt to the Government quango. Second motion. We must upgrade the biscuits at the board meeting. I propose chocolate coated rather than these plain ones from ASDA. Third motion A new incentive scheme for the Board to recognize our achievements in these difficult times. Fourth motion New service contracts for the top management. Anyone losing their position to receive three years salary as a minimum. |
Posted at 23/1/2013 10:47 by imastu pidgitaswell Followed this from historical interest, in the days when they were 80-90p a share with a good yield. It does seem that they have no viable plan and are just prolonging it (and taking the remuneration) for as long as they can.The Directors Remuneration report in the most recent set of full year accounts (page 26): doesn't she much light - CG was only appointed to the FD role after the year-end and remuneration is not disclosed. The CEO doesn't do too badly, best part of £300k including pension and benefits (£500k the year before). The non-exec chairman, on £70k for a few days a year is taking the mickey, as you would expect. They say (in the Remuneration Policy) that "The Company is in a turnaround phase and operates in highly competitive markets. It is therefore essential to the Company's recovery to recruit, retain, motivate and reward executives with the capability to devise and deliver a strategy that will return the Company to satisfactory levels of financial performance over time." Make of that what you will. The FD "joined the Group as Director of Corporate Development in August 2008 with responsibility for non-core asset disposal to reduce gearing, growth initiatives, investor relations, group communications, the property portfolio and the Group's future M&A strategy. She was appointed to the Board as Group Finance Director in January 2012. Prior to Metalrax, Caroline has eight years' Private Equity experience, initially at 3i PLC and spent ten years at Xerox in a variety of roles." The usual short-sightedness - flog off the assets to reduce the short term debt (and increasing real long term debt) at the expense of sustainability, guaranteeing long term failure. Kicking the can down the road, keep getting the remuneration. Hey-ho... |
Posted at 23/1/2013 10:07 by electronica meijiman"Im not sure what communication with investors can be undertaken at present" How about an end of year Trading Statement? Last year we got one on the 13th Jan, this year we've had nothing! |
Posted at 23/1/2013 09:53 by meijiman Thats all very well but major issues have been apparent for months if not years.Its not as though the company has suddenly hit problems. I don't think this outfit has the backbone to see through the hard decisions that are necessary. Im not sure what communication with investors can be undertaken at present-the company must be in a close period ahead of the next results. |
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