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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Silverdell | SID | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 12.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 12.75 | 12.75 |
| Top Posts |
|---|
Posted at 28/3/2014 00:12 by kazoom I'm slightly confused by all of the comments about negligible value status, so wonder if someone can clarify.I thought that generally HMRC declared a stock to be negligible value across the board rather than responding to individual requests,but once they had done so I thought it was up to individual investors to decide when they crystallise that loss [ie offset it against gains]. Have I got that wrong? |
Posted at 01/3/2014 16:35 by hedgehog 100 From the 10th. January 2014 "Investors Chronicle" (extracts only) -"Silverdell bows out After losing the support of its banker, Silverdell has been bought by turnaround specialist Rcapital partners ... Silverdell issued an update on New Year's Eve admitting that trading conditions in the group's subsidiaries had been extremely challenging, reflecting the impact of one of the group's operating arms, Kitsons, entering administration. This, in turn, led to a serious deterioration in the group's working capital position. ... The IC first tipped shares in Silverdell on 6 January 2011, at 7.25p, and over the next two years the share price more than doubled. We renewed that advice on 31 January 2013 at 17p, when the shares were still modestly rated with an earnings multiple of eight. Gearing at that time was 29 per cent, and there was nothing to indicate that the group's business model would not continue to drive better returns. Then came the resignation of the finance director, following serious accounting issues, but it was the decision of HSBC not to support the group that finally precipitated its downfall." |
Posted at 24/1/2014 16:31 by bookbroker Interesting, I will contact after the end of the month, rather busy I guess, but there is enough information in terms of the break-up that's taking place and statements from Marwyn Value Investors. |
Posted at 16/1/2014 17:46 by phoenix1234 and even worse with another shocking revelation of Nutley lyingwww.shareprophets.ad |
Posted at 13/1/2014 12:04 by extrap hxxp://www.investors'There has been plenty of hindsight comment around the warning signs for Silverdell but there was nothing to suggest that this substantial business with revenues of £82m in the prior financial year and a blue chip client base would ultimately collapse 'overnight'. The company issued no comment for 20 days relating to a winding up petition made against key operating subsidiary Kitsons, yet during that period was happy to announce the positive news of new contract awards. Silverdell senior management, the company's auditor and nomad surely have serious questions to answer! While many private shareholders are clearly enraged, leading institutional investors seemingly appear unfazed, at least publicly! Marwyn Value Investors Limited, the largest single shareholder in Silverdell, simply issued a statement confirming that it had "written down the value of our investment in Silverdell to zero" with the impact being a reduction in value of £4.3m.' |
Posted at 11/12/2013 16:25 by pyemckay I lost a few K too but it was a very small part of my portfolio.I am very angry for the holders losing a lot more than me. Hearing fellow investors losing tens of thousands is sickening. Silverdell have misled us all. I personally couldnt sleep at night if i was Sean Nutley. Although the majority of us subscribe to a capitalist society, it is becoming ever a more selfish society and Sean nutley was not equipt for this job.Lying to investors to keep his position and share price higher than it should have been before suspension. Even more galling is the fact he has now the chance to invest in the new venture. Sickening, he has took from us all. The lesson I have learned from all of this is that I now have news alerts set on all my companies and their Subsiduaries. Kitsons was highlighted as in trouble before Silverdell suspension and that should have been the red flag. luckily this year has been good for equity markets and hopefully we can absorb this loss and learn some kind of lesson form this shambolic episode. p. |
Posted at 11/12/2013 12:51 by brileyloucan From Marwyn - write off:TIDMMVI RNS Number : 2042V Marwyn Value Investors Limited 10 December 2013 10 December 2013 MARWYN VALUE INVESTORS LIMITED (THE "COMPANY") STATEMENT REGARDING SILVERDELL PLC The Company notes the announcement released earlier today by investee company, Silverdell plc ("Silverdell"), providing an up-date following the suspension of its shares from trading on AIM on 2 July 2013 pending clarification of the Silverdell Group's financial position. As stated in the announcement, a turnaround investor is conducting a review to further understand the cash requirements of the remaining Silverdell Group. Given that HSBC has not received the full face value of its debt, we anticipate that the outcome of that review may result in the loss of the entire equity value of Silverdell and accordingly the general partner of Marwyn Value Investors LP has written down the value of our investment in Silverdell to zero. As at 22 November 2013 (being the latest date in respect of which the Company has published a NAV for its ordinary shares), the impact on NAV is a reduction in value of GBP4.3m, equivalent to 6.47p per ordinary share in the Company. |
Posted at 10/12/2013 16:48 by pj 1 10 December 2013MARWYN VALUE INVESTORS LIMITED (THE "COMPANY") STATEMENT REGARDING SILVERDELL PLC The Company notes the announcement released earlier today by investee company, Silverdell plc ("Silverdell"), providing an up-date following the suspension of its shares from trading on AIM on 2 July 2013 pending clarification of the Silverdell Group's financial position. As stated in the announcement, a turnaround investor is conducting a review to further understand the cash requirements of the remaining Silverdell Group. Given that HSBC has not received the full face value of its debt, we anticipate that the outcome of that review may result in the loss of the entire equity value of Silverdell and accordingly the general partner of Marwyn Value Investors LP has written down the value of our investment in Silverdell to zero. As at 22 November 2013 (being the latest date in respect of which the Company has published a NAV for its ordinary shares), the impact on NAV is a reduction in value of £4.3m, equivalent to 6.47p per ordinary share in the Company. |
Posted at 05/7/2013 18:01 by cockneyrebel Boros10:"It may be too early to draw lessons about SID but it has not stopped some people looking to scapegoat Mello, the private investor group who arrange meeting on an ad-hoc basis with small cap management teams. The central argument appears to be that meeting managers is at best a waste of time and at worst leads to private investors being duped by unscrupulous directors. The statistics show otherwise. Companies which have presented at either Mello Beckenham or Mello Central are up on average 40% year on year over the last five years and this includes the bad ones which most of those attending the meetings are likely to have avoided. True, there have been some staggering outperformers including LOQ and Judges Scientific but it would seem that meeting and questioning management is usually effective and is an important part of a value investor's tool kit in the small cap arena. I'm not sure that stat is valid. As most of the co's featured there are companies that are already performing well then the weighting of the performance there should be well into the positive zone by some way imo. If they selected random performers and then in some way picked a number that then rose 40% p.a. that would be more impressive. I suspect tho a co that isn't doing well isn't going to want to be invited and is less likely to be invited. What's happened to RGD's visits there and the 'lovely yum yums' they brought with them to shmooze investors at Mello? The dogs tend to slide off the radar there imo and replaced by a new hottie - that enhances the stats imo. CR |
Posted at 04/7/2013 22:56 by boros10 I was a SID shareholder for a short time last year but decided to sell after meeting the management team at Mello Central in June 2012. I was particularly annoyed by management's assertion that they operated in niche markets with high barriers to entry when the business was clearly only capable of delivering low single digit operating margins. I also disliked managements' use of EBITDA as its preferred measure of probability given the Company's need to spend significant sums on plant and machinery each year. I generally try to avoid the pitfalls of value investing by borrowing from the quality investor's toolkit. I try and steer clear of low margin, cash consuming, low return on capital businesses operating in highly competitive markets. As a contracting business SID has many if not all of these features. I was also concerned about the acquisition of EDS which I believed involved significant execution risks given its size relative to the rest of the business (although it would appear the current problems have largely been in the UK legacy business which might of itself indicate that management was overstretched). More recently I heard Sean Nutley the CEO give a brilliant presentation at Mello in Beckenham. I was tempted to buy but in the end I was not prepared to ignore the one-off exceptional charges, challenging trading conditions in the UK and the pressure on working capital as reported in the two trading updates in March and April 2013. A few weeks ago I went to a presentation given by management to a large group of private investors at FinnCap following the release of the half year results and the Edison report which hinted the Company might need to raise additional working capital to support business growth. A lot of the discussion centred on whether SID could grow without raising new capital. Sean argued the business could grow by as much as 15% without the need for more cash. Given the poor working capital characteristics of this business I was surprised he thought he could squeeze out so much growth without more money. I asked a question about capital expenditure (CAPEX) which had been incurred and was on the balance sheet but did not appear in the "cash flow from investing activities" section of the cash flow statement. It would appear the Company has been netting off most of its CAPEX against the movement in finance leases in the "cash flow from financing activities" section of the cash flow statement. Why does it matter? Well it has the effect of flattering Free Cash Flow (FCF) a very important metric which Sean Nutley referred to a number of times in his presentation to reassure those present of the Company's cash generating prowess. In the six months to March 31st, 2013 CAPEX is showing at just £278k in the cash flow statement. In reality the Company spent around £4.5m funded largely by finance leases. The same happened in 2012, CAPEX is shown at just £544k but the Company actually spent close to £3.4m. The Company added £6.5m in new borrowings between the year-end and the half yearly report; however the cash flow statement shows new bank loans of only £2.5m and a repayment of £450k. This accounting approach has masked the Company negative FCF. Based on my calculations in the six months ended March 31st 2013 FCF was approx. -£3.5m and in the year ended September 2012 FCF was approx. -£3.3 (2011:-£1.7m). I am not sure if this accounting treatment is IFRS compliant but I have checked Stagecoach's accounts (it uses finance leases to buy most of its buses) but it does not appear to net off its CAPEX funded by finance leases in the cash flow statement. Given the events of the last couple of days I have to wonder whether the Company has been playing fast and loose with some of its covenants (including the cash flow ones) and this may have been a contributory factor in HSBC taking action. Interestingly, a private investor using a competitor website to ADVFN beginning with letter "S" and ending with the letters "DIA" might have been able to spot trouble early on. According to this superior competitor to ADVFN, the Company scores a very low Piotroski F score, of just 2. This low rating is attributed to the Company's declining ability to pay short-term debt, trade without raising more funds from shareholders and its reduced pricing power. It may be too early to draw lessons about SID but it has not stopped some people looking to scapegoat Mello, the private investor group who arrange meeting on an ad-hoc basis with small cap management teams. The central argument appears to be that meeting managers is at best a waste of time and at worst leads to private investors being duped by unscrupulous directors. The statistics show otherwise. Companies which have presented at either Mello Beckenham or Mello Central are up on average 40% year on year over the last five years and this includes the bad ones which most of those attending the meetings are likely to have avoided. True, there have been some staggering outperformers including LOQ and Judges Scientific but it would seem that meeting and questioning management is usually effective and is an important part of a value investor's tool kit in the small cap arena. However, we should all be mindful of Warren Buffett's very apt quote, "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact". |
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