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Metalrax Group Share Discussion Threads
Showing 1351 to 1374 of 1375 messages
|Dividend for unsecured creditors, but as they won't be paid in full there will be no distribution to the shareholders. :-(
See above link if interested.|
|no pennies left for us small shareholders?
|Non as the criminals have taken the lot.........|
|no pennies left for us small shareholders?|
|Perhaps you are right. The board is, or was, clearly criminally incompetent ........|
|How on earth can it be that we get nothing back here from the administrators when NTAV at the last count was around£8.3m / 8.5p per share particularly when Specialist Engineering with almost ¾ of turnover was making a health operating profit?
There's something that doesn't smell quite right here IMO.|
|If I ever come across any of these clowns in the real world i will certainly endeavour to scupper their chances of gainful employ. They are little short of hopeless incompetents. On a par with the idiots at HBOS.|
|She's doing a great job, according to her LinkedIn profile (which is strangely silent on recent corporate developments at Metalrax...):
Group Finance Director Metalrax Group Plc Public Company; 201-500 employees; MRX; Mechanical or Industrial Engineering industry
January 2012 Present (1 year 4 months) Alvechurch,Worcestershire
AIM listed Metalrax Group PLC is a midlands-based supplier of specialist engineering and consumer durable products with turnover of £63m and EBIT of £2.4m. Since 2008, I have been a member of the executive board that has restructured the group from over 20 trading entities to 7, returning the group to profitability, having reduced borrowings from over £24m to £8.5m as at June 2012.
As a member of the Metalrax Group PLC Board, responsible and accountable for the success, direction & governance of the Company
Responsible for the financial well-being of the Company
Relationship management with key stakeholders including the pension scheme, share holders and bank
Driving financial performance, strong financial control and Acquisitions/Divestments
And there you were thinking she had messed up...|
|wonder if Caroline Green is up for the CFO of the year award.......|
|Yes. I've heard nothing more and frankly don't expect to. It has been sold off, vanished without a trace as though it never existed. The website was whisked away into oblivion within hours. You could contact the Administrators, but my guess is they would just tell you "It has been sold. We are no longer involved.".
It is good to know that at least businesses_ were saved and people still have employment, but as to we 'owners'(sic), well we obviously counted for nothing. Wouldn't surprise me there are still some shareholders who don't even know about it. Makes you wonder about the status of 'shareholders' in companies. The reality is, when it comes to it, we just don't seem to be relevant.|
|no news........is this a 100% write off?|
|But its all very cleverly worded so they are always off the hook....statements are worded in such a way it can have various different meanings/outcomes....its how one inteprets/understands it...|
|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.|
simon templar qc
|Were the directors under a duty to advise the market of the likely breach of the banking covenants, their actual breach, the lenders' refusal to waive, and the appointment of PWC?|
|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.
|good points. The biggest issue for me is why the incompetent clown Richardson was allowed to continue running this into the ground. What an utter waster that man is.
the chairman is a spineless incompetent.
The FD a self serving loser. She should never get a plc FD job again.
Ho hum onto the next recovery story.........|
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.|
simon templar qc
As goes MRX today so goes EKT tomorrow.|
|Interesting Comment by 'goldenboy' on a DT article here:
But is this E J Bowman (Birmingham)? Not a new co. AFAIK.|
|Nearly went under in 2009
"In 2009 Metalrax announced a refinancing deal after chief executive Andrew Richardson had previously warned it would have been 'unable to continue as a going concern' without new banking facilities"
simon templar qc
|easy, dont pay creditors walk away from pension deficit reduce costs through redundancy,refuse to fulfill uneconomic orders,exit unoccupied properties, all with the security that you can collect 80% minimum of debtor book screw customers in short term then sell the assets as going concern shorn of liabilities and excess costs ,for a mammoth fee,protected by law.great scam and anyone with the legal protection could do same.administrators know nothing about management and lots about debt collection and debt avoidance it is an industry that needs cleaning up.especially since the growth of the prepack.|
|Here we go:
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-headquartered Metalrax has been sold out of administration to a group of companies headed by Bowman Birmingham Ltd.
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."|
simon templar qc
|It still means we'll get nothing or maybe a few buttons as the way the system works - the Administrators pay themselves first and have a vested interest in maximizing their own costs. So the 8p per share in NTAV will end up dribbling away.
This courtesy of Wiki:
"There is a general concern that the pre-pack administrator, in agreeing to the pre-pack in consultation with the company's management team (and usually its secured creditors), favours the interests of the managers and secured creditors ahead of those of the unsecured creditors. The speed and secrecy of the transaction often lead to a deal being executed about which the unsecured creditors know nothing, and which offers them little or no return. "|
|Sounds like a pre-pack administration.|
simon templar qc