Silverdell Share Discussion Threads

[barnes6] 10/12/2013 18:24

I agree with many of the recent posts, this is a company with a bad attitude, no mention of the support of share holders, if we have anything left to sell I'm out, do not wish to be associated with this type of company. Let's hope the next RNS surprises us, do not hold your breath!!

[pj 1] 10/12/2013 18:15

Stegrego
Nice thought !!

Was only in luckily for £3.5k so is it worth it? No guarantees of winning v costs?

[briangeeee] 10/12/2013 18:06

So, they need to be voted out of office.

[17paddy] 10/12/2013 18:04

I judge this as follows

Shares issued /placings sincve 2006.... £60m
Bank Debt £16m
Dumped creditors and lease financers £14m
TOTAL £90M

Value
Redhill £1
Silverdell plc / EDS Estimate £4.2m

LOSS £86M

Verdict If you cannot work with these sums of money in a specialised industry it can only equal ...... TOTAL INCOMPETANCE OF SENIOR DIRECTORS

Winners SENIOR DIRECTORS

Losers SHAREHOLDERS
CREDITORS
BANK

Are we likely to get any explanation from any of the plc Directors? NO

[dasv] 10/12/2013 17:19

That's why there's no info on suspension or what happened to the co.: the management know full well there is zero value for shareholders so the whole issue of lifting the share suspension is now purely academic. The shares would be worthless on lifting the suspension anyway.

[adamb1978] 10/12/2013 16:54

"conducting a review to further understand the cash requirements of the remaining Silverdell Group"... I missed that bit in my figures above.

So re-hashing my numbers.....



H2 EBITA last year was about £3.3m (trading statement said EBITDA was £6m) - looking at the full year is meaningless given H1 didnt have anything from EDS

So previous run-rate EBITA: £3.3m * 2 = £6.6m
EBITA sold: £1.5m
EBITA left: £5.1m

Assume the business declines by 20% due to reputational damage - leaves £4.08m EBITA

Previously traded on about 7.5x EBITA. Lets say that drops to 6x

Means an EV of £24.48m

Debt of £10.5m however thats too much so assume that RCapital subscribe for 300m more shares at 2p, so raising £6m and in order that debt comes down to less than 1x my EBITA figure above

313m shares current rises to 613m
Debt drops from £10.5m to £4.5m

That leaves £20.0m equity value

However the increased number of shares implies a share price of 3.3p!

[pj 1] 10/12/2013 16:48

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 £4.3m, equivalent to 6.47p per ordinary share in the Company.

[androyd] 10/12/2013 16:45

Check the Marwyn RNS that followed, they've written this one off.

[norbert colon] 10/12/2013 16:35

What a disgrace - I am lost for words (as well as seriously out of pocket). I really hope the more influential / well connected of us (not me i'm afraid) on this BB can get hold of Nutley / HSBC and make it clear that Shareholders demand (and are entitled to) answers.

[adamb1978] 10/12/2013 16:26

Thats a really poor announcement - zero mention on what the plan is re the suspension of the shares!! Gobsmacking

[effortless cool] 10/12/2013 16:26

That's a disgraceful announcement. There is no attempt to explain why the company has ended up in this disastrous situation and, hence, why this action is in the best interest of shareholders. Perhaps the lack of an opinion from finnCap is telling?

[dasv] 10/12/2013 16:21

outrageous lack of explanation in that opportunity to come clean. criminal. also no visibility on share suspension status.

[pj 1] 10/12/2013 16:18

Going to be honest...what does that mean for SH's or do we not know yet, no mention of trading?

[cestnous] 10/12/2013 16:14

Notice that idiot Nutley has still got his finger in the pie.

[davr0s] 10/12/2013 16:12

You'd think they would have the decency to explain what has gone one rather than people trying to figure it out for ourselves. So make a note of those names and never get associated with them again - I won't

[fft] 10/12/2013 16:12

looks like SID have swapped 1.5m of profit for equity to reduce debt by 5.5m to 10.5m. Doesn't seem like the greatest deal in the world.

Interesting that Finncap havnt given an opinion.

Looks like HSBC have stitched up SID.

[cestnous] 10/12/2013 16:09

Not good news out

[bookbroker] 09/12/2013 21:27

That above article makes extraordinary reading, in that Nutley and watts have been involved with Silverdell so long, and through all the upheavals, mergers, acquisitions, capital re-organisations seem to end up back at square one every time, they don't seem to be able to maximise their experience of the asbestos remedial industry whatsoever!