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SID Silverdell

12.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Silverdell LSE:SID London Ordinary Share GB00B12XK814 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 12.75 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 12.75 GBX

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Date Time Title Posts
23/7/202014:40Silverdell - Asbestos Removal2,287
02/7/201323:06Silverdell PLC 2009112
31/10/200612:06Siilverdell- where there's much there's brass!2

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Posted at 14/2/2015 22:07 by kazoom
As promised - here is the report I got from the liquidator. Hardly riveting but hopefully of some interest to some of you.



Some pages are blank btw because part of the document was printed double sided and part was not.
Posted at 12/2/2015 17:46 by kazoom
As I was actually on the share register I received a note directly from the Liquidator at BDO.

If I get a chance over the next few days I'll post a copy of it.

In short though the important gist of it - if I read correctly - was shareholders will get nothing. Much as expected I'm afraid.
Posted at 28/3/2014 16:47 by stegrego
Reading the admins report, it seems that EDS killed SID with revenues and losses being much lower and higher than purported.

Didn't the EDS boss cash in a shed load of shares and make a fortune by selling what appears to be a lemon to SID...??
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 13/1/2014 15:13 by bookbroker
It beggars belief that there are no civil proceedings being issued against certain directors of SID when I read the response of one of the employees of EDS, almost appears that there were even accounting issues prior to the transaction between EDS and SID, clearly the finances were considerably worse than any shareholder may have believed, difficult for Marwyn to be anything other than sanguine about the turn of events, a non-exec director of SID was a senior figure in Marwyn, one would have assumed he was aware of the dire situation prior to the winding-up petition against Kitsons, I can understand why HSBC lost patience with the board of SID!
Posted at 04/11/2013 09:17 by kimboy2
I am afraid I don't understand your point.

EDS is owned by SID. For an outlay of £8m, (£5m debt and £3m cash), they acquired (amongst other things) £10.3m of trade debtors and £3.1m of stock and work in progress.

Unless something goes very wrong this must be a large cash injection into SID, and its subsidiaries over the months following the acquisition.

My basic point is that the administrator is showing a £17.5m deficit in Kitsons after the payment for Kitsons by SID. Is there any reason why this isn't a straightforward benefit to SID.

Some of that benefit is in the form of a cash benefit and some in the form of reduced debt.

The effect on business is still to be determined but the fact that most of the business is in the form of long term contracts should help to mitigate the damage.

I am just wondering what anyone else thinks of that argument, or whether I am talking rubbish.
Posted at 13/9/2013 15:17 by stevenlondon3
Apologies if this has been mentioned before but Marwyn(major shareholder) reported its interims on the 29th august.

On SID it commented

"In early July, the Company requested a temporary trading suspension of its shares on AIM, following one of its subsidiaries (Kitsons Environmental) being placed into administration. The Company has subsequently announced that the trading business of Kitsons will be transferred to another group subsidiary and the Company's bank has provided its continued support to the group prior to seeking a lifting of the suspension from trading of its shares.

Investment Performance:

During the six month period to 30 June 2013, SID's share price decreased from 15.1p to 13p. The Company was valued at the Master Fund level using the last available share price as at the 30th of June 2013, prior to the temporary trading suspension."


It would have been more prudent, I think, to mark it down to zero than using the last available share price - assuming they know little more than is in the public domain.
Posted at 06/8/2013 14:37 by adamb1978
Clearly shareholders will lose part of their investment however the question is simply how much of an equity raising will be done and what the value impact of that is plus how much you should discount the company due to management's credibility being shot to pieces.

The fall in the share price leading up to the suspension meant that it was only trading on a PE of about 6x going into it which partially limits the fall from here. However first we need to know the scale/price of equity raising, adjust for that and also assume that the share price falls to the placing price. Only then can anyone judge what the new SID looks like and whether it would be worth a punt, worth hanging on to or should be sold
Posted at 05/7/2013 09:16 by owenski
Very good post from Boris post 1640.

I was at the same Mello event. I don't always meet management. I was at that particular event to review JDG, which is a slick and class business.

SID was not in that league, I thought the managers (CEO & FD) were a couple of builder types who were out of their comfort zone and depth and the cash flow model of the business did not appeal to me.

What I couldn't understand was how they picked up EDF in the first place, I understand the rationale but it seemed a superior business and if it was so good why did the 'owner' of EDF then dump his 'new shares' PDQ, I don't accept the - 'to fill institution demand' nonsense.

I traded SID profitably because in part because post EDF I gave SID the benefit of the doubt and a move toward prime contractor status seemed to be the future for SID and therefore improving the cash flow model, plus for trading - not investing, there was momentum in the share price

However the continuing share price fall from 20p downwards gave a message, I don't know fully whats going on here, but something stinks.

Nutley recently presented to say that growth could be achieved on existing resources, if he didn't know this was in the wings then it was gross incompetence, if he did then its rank dishonesty. Either way in the fullness of time my impression remains confirmed a couple of scammy builder types out of their depth.

I truly am sorry for any who have lost here and hope for some resolution for you all, I have an associate who has lost here and it sucks.

Share-Soc could be of use here to help put together some shareholder action.

Best wishes and commiserations.
Posted at 02/7/2013 10:13 by rat attack
Clearly we need to be reading all BBs given the issues were known by someone for the last month:


From a post by barkinglad on iii on 12-6-13

It was very interesting to read the notes of your meeting with SID and there is no doubt that there are some excellent opportunities for the group but it is beginning to read like a worldwide list of opportunities which is easy to develop for marketing prurposes but SID are a long long way off being an truly international contractor and will face severe competition in developing these opportunities. EDS do have expereience in working in Canada and have secured a contract in Austrlia but SID will need to be much stronger financilally and add to their experienced personnel to seriously challenge these markets.

I was most innterested to hear that Mr Nutley is saying that there is NO financing necessary for the flagged 15% growth, this is very comforting provided it is achieved but needs to be considered against other facts/ rumours and it would be interesting to know if any of the following was discussed.

1. The downgrading of Kitsons Rating by B & B following a winding up partition by G.P.M. Group on the 10.05.13
2. A warning of winding up action issued by HMRC in April
3. Suppliers claiming that they have not been paid for services/goods supplied late 2012.
4. The resignation of a number of senior directors.

Any information that you have would be helpful as I consider that if SID are forced to go back to the market for additional funding the share price could take a serious hit
Silverdell share price data is direct from the London Stock Exchange

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