Silverdell Share Discussion Threads

[17paddy] 28/10/2013 14:03

Sorry but we are at crossed purposes. Kitsons is in administration , I was talking about Silverdell plc

[kimboy2] 28/10/2013 13:02

The company (SID) is not under administration.

[pj 1] 28/10/2013 12:56

Incorrect
The Co is under administration and therefore shareholders do not ''own'' the Co.

If anything it is ''owned'' by the creditors

[17paddy] 28/10/2013 12:17

Kimboy, yes I accept that there is a £3m payment due to the administrator although as it was announced as a deferred payment I am not in a position to say whether or not this has yet been paid.
There are however many additional costs that will be incurred as a result of the administration, bank charges and legal costs will be high , the bank will have insisted on mamagement changes and the introduction of a turnaround team. All these come at a cost.
Based on the only announcements made, the Group's view is that " there is minimum disruption , order book is healthy and year end profit will be unaffected by a £2.5M provision due to write off on a bad contract".
I consider that the group have had apple opportunity to provide some updates, we all appreciate that detail discussions will be taking place with clients and there will be ongoing negotiation with the bankbut silence is unecessary.
They should remember the company is owned by the shareholders and in due course they have to make announcements. If they survive until the AGM it will be an interesting meeting.

[17paddy] 28/10/2013 09:35

Waynesoton, Well I'm not yet convinced that we will get any results in Decemeber, if the news is as bad as I expect they could delay the publication by extending the financial year, thus delaying the bad news.
Mu understanding is that for the shares are to trade again they must do so by January i.e. within six months of the date of suspension.
I think the whole things rests on them convincing the bank that they have a plan that allows the bank to get their money back.The plan is easy ,just another set of figures but the test is working in accordance with the plan.
The word on the street is that they are once again struggling to pay creditors.Speaking to one over the weekend he tells me that they were so desperate to be able to purchase that he has upped their credit limit substantially based on guaranteed payment terms only for them to have failed to pay on time on the last four payment.
Bearing in mind that they have just dumped £10m of creditor costs and I assume have still to pay the Administration costs we can only hope that the bank are in a very good and charitable mood.
One thing is however certain , they wont tell us anything until they are forced to.

[pj 1] 28/10/2013 07:55

Usually the administrator has 6 months, it can be extended with Shareholder approval (as I expect will happen). However I believe the Administrator must supply a full report of progress, status to date. So some sort of News should not be too far away

[waynesoton] 28/10/2013 07:42

I can understand where you are all coming from but like I said months ago we are unlikely to see any meaningful news or have the shares traded again until the full years results are ready which won't be until December.I admit the lack of news is frustrating but at the end of the day this all has to be sorted before they relist and with any luck they are working towards that but we will just have to wait for the end of year results.

[bookbroker] 25/10/2013 18:58

Although a holder here, I simply can't be bothered to telephone the co. as I know I'll be stonewalled, knowing full well that the silence is for a reason, but I almost think that a class action law suit should be pursued against the management of this co. as regards the suspension for mis-informing the market at its results back in June about the trading statement issued, this was a rampant lie concerning the forward guidance, not so much the figures, but the actual tone of the statement, it is impossible to believe that they were not aware of the consequences of the winding-up petition issued against Kitsons going against the holding co. The fact that they are an AIM co. is irrelevent, the facts are written in black and white by Nutley and his chairman, what has befallen this co. appears to have been apparent before that statement was written! Those two characters have practically indicted themselves!

[hvs] 22/10/2013 10:34

Its all demoltion.

Very very KOSHER

[bookbroker] 22/10/2013 10:21

Looks like the clock is ticking on this one!

[17paddy] 21/10/2013 18:42

Yes they are working. Word on the street is dont hold your breath for any news shortly.Personalopinion is that the whole thing rests with the bank, how best to get their money back ? If this is correct it maybe that they are no longer in control and unable to make any meaningful statement
Plenty of people leaving and more and more information becoming available as to what has and is happening in group.
Allegation of massive losses in EDS in the UK, Australia and Canada. Doubt these will be announced to PI's. Even suggestions that they put the wrong company in Administration !!! Bit early for pantomine season, but this is an unusual act

[17paddy] 21/10/2013 18:42

Yes they are working. Word on the street is dont hold your breath for any news shortly.Personalopinion is that the whole thing rests with the bank, how best to get their money back ? If this is correct it maybe that they are no longer in control and unable to make any meaningful statement
Plenty of people leaving and more and more information becoming available as to what has and is happening in group.
Allegation of massive losses in EDS in the UK, Australia and Canada. Doubt these will be announced to PI's. Even suggestions that they put the wrong company in Administration !!! Bit early for pantomine season, but this is an unusual act

[hvs] 21/10/2013 17:29

ZILCH for shareholders and ITS

ALL KOSHER

[yupawiese2010] 21/10/2013 17:25

hippo

6 months is the maximum period a share can be suspended for.

Yes they are still trading & picking up contracts, Prince Wales hospital & Billingham Community Centre are a couple of contracts they were awarded last month,in what volume / size are the contracts being obtained, is the million dollar question.

[hippo] 21/10/2013 15:54

I find it remarkable that they can suspend for this period of time, and not have to update the market. Does anyone know for sure, they are still doing any business ?

[hvs] 21/10/2013 13:46

Its all demolition .

lol !!!!!

With shareholders to pick up the tab.

lol !!!!!!

[hippo] 21/10/2013 13:32

So Mr Palin drew the short straw lol.

[drewz] 18/10/2013 14:57

Palin departs EDS

Group managing director leaves by mutual consent.

DemolitionNews.com can exclusively reveal that EDS Group Holdings managing director Darren Palin has left the company. The announcement comes just weeks after EDS owner Silverdell's shares were suspended at the company's request before being reinstated on 18 July 2013.

Palin is a veteran of the UK demolition industry, joining EDS from Controlled Group just over seven years ago and masterminding the company's increasing overseas activities. Palin was at the helm when EDS was bought out by asbestos giant Silverdell in May last year for around £20 million.

He was also instrumental in EDS winning the prestigious contract to decommission and demolish the massive Port Stanvac refinery in Australia, and is understood to have been exploring other opportunities in both North and South America.

Although it is as yet unconfirmed, industry speculation suggests that Palin will be replaced in the lead role at EDS by Dave Jameson who joined the company earlier this year from Lee Demolition where he had been managing director.

Neither Palin nor EDS and Silverdell's communications team were available at the time of writing.

Posted: October 18th, 2013 under General.
Comments: none

[kieranf] 18/10/2013 14:49

hxxp://www.demolitionnews.com/

[kimboy2] 18/10/2013 14:30

SID's bank indebtedness has reduced as a result of the administration and purchase of Kitsons.

[kinbasket] 18/10/2013 14:20

I don't expect it to be a rights issue. A placing yes. RI is too expensive for a company of this size and in this situation.