Amazing rise. Anyone brave enough to buy this am will be laughing! |
Will do, when get a bit of time. Anyway - glad for folks. GLA |
Read the link provided!! |
Cuse me sir?
I thought this company was screwed? |
And restoration day! |
The shares will be re-admitted to AIM on 24th December - Happy Christmas |
1) Administrators' report shows deficit for unsecured creditors of Adventis Group plc = -£11.4m. Wow!
2) Creditor Deficit over -20p per share. Told you the shares were worth 0p ages ago.
3) Unsecured creditors can expect to recover 0p; or 1p in £ if a CVA is approved.
4) Administrators sold bChannels for £500,000 on 23 July 2012. They decided not to tell the market. No sure about AiM Rule 11 when price suspended.
5) They put Second2 Ltd into Administration and dont expect any recovery for the unsecured creditors from that company (but the secured creditor grabs the proceeds of its asset sales).
6) Book value of investment in Second2 Ltd £6,116,308. Estimated value £nil. Pure class!
7) Directors only buried Adventis -£11.4m underground so one can see how easily they could have thought they could get it above £0, all the way along. Those devious £11.4m of liabilities hid but then lept out of the woodwork by surprise. Could happen to anyone.
8) Awesome job Adventis Directors! |
Loverat, thank you. |
A fairly decent case study for the forthcoming 'Directors From Hell' style website.
Some good research too Silkstag - one has got to wonder in light of your findings concerning the liabilities whether the RNS mentioned above was intended to be deliberately misleading. |
RC have appointed Administrators to push through the tech siphon to their backed companies. This is exactly what they did on Plowman Craven & Associates Ltd. Nomad resigned. Shares will be delisted within one month at latest. |
Hopefully someone will go to prison for this lie just 2 months ago:
"Having tried, unsuccessfully, to persuade investors to back our efforts to raise new equity to pay down both bank and vendor debt, we are now working with our bank to find an alternative solution. We have two profitable and highly promising technology businesses which will now have to be sold to pay this historic debt. We believe that these businesses should be sold for an amount that is greater than that owed to the bank." |
Big lessons learnt here. I hope some of the 'Silkstag bashers' are still watching.
Add the names of the BoD, who are buying the profitable elements of this company for peanuts, to the 'do not touch with a bargepole' list. Anyone know if this Winks character has robbed shareholders of any other companies? |
 Gents, exactly as expected, subject to shareholder approval:
1) Adventis has sold bChannels £500,000; Second2 £750,000 and Property £10,000.
2) The buyers of bChannels and Second2 are controlled by RCapital. The subsidiary management also have shares.
3) That £1.25m is less than the £1.5m owed to RCapital.
4) All of the £1.25m goes in a loop back to RCapital. That leaves Adventis owing RCapital £0.25m.
5) £511,000 out of £1.4m earnout liabilities to management are wrapped into the deal. It apparently implies the £0.9m balance is written off but the RNS is not explicit [probably just poor drafting]
6) No metnion of earnout liabilities being wrapped into the Second2 deal. Maybe as its operating profit collapsed from £742,000 in y/e 31-12-2010 to £155,000 in y/e 31-12-2011.
7) Outrageous breach of AiM Rule 10 for Winks/Pearson to conceal that profit-collapse disaster from the market in their 10-5-2012 RNS when they said "We have two profitable and highly promising technology businesses which will now have to be sold to pay this historic [bank and vendor] debt. We believe that these businesses should be sold for an amount that is greater than that owed to the bank"
8)Unsecured creditors left in Adventis Group plc and its remaining subsidiaries are in huge trouble. They may get a % in £ recovery from any remaining debts if not all taken by RCpaital.
9)The directors finally admit that ATG shareholders are stone-cold-dead "the Directors now consider there is no value in the Company's ordinary share capital."
10) I infer that there will be an EGM in the next month and presumably that meeting will also approve the company being placed into insolvent liquidation straight after the transactions are approved. |
The Adventis duck's life has apparently been tortured and shortened by acts of bestiality by its Directors. Not sure I have ever called someone a dirty-duck-fuc*er. Further, such acts apparently continued post mortem hence a dirty-dead-duck-fuc*er. The Insolvency Act calls that Wrongful or Fraudulent Trading. Lets see what happens to trade creditors whose liaility arose during the past 1-15 months. I predict they will only receive 25-50% of what they are owed. If so, they may feel they have been a victim of rapey-dirty-dead-duck-fuc*ers. Clearly, if such creditors are paid in full, then no such allegation can be made.
The 2011 Adventis accounts, if ever published, will disclose the net asset deficit, the scale of unsecured creditors and what fees directors received. Then maybe we can revisit these topics.
I note that we will pass 30 June 2012 without the 2011 accounts published, the Adventis shares suspended and a 13 June RNS including "It is now clear...net proceeds will almost certainly not be sufficient to repay in full the Company's bank debt and other liabilities and therefore the Directors consider that it is probable that there is no value in the Company's ordinary share capital...Directors will reconsider the position taking account of the ability of the Company to pay all creditors which will include consideration of an insolvency process". Horror signs for unsecured creditors.
We need to see how the facts outturn to assess if Stinky Winks and Porkies Pearson are, or are not, 'rapey-dirty-dead-duck-fuc*ers' under s213-214 IA 1986. |
Ducks die in many ways. Some just fall out of the sky. Some of them cease to be in a BOOOOM!! and a red mist and cloud of feathers.
Others fly more and more slowly, then land for a rest, waddle a bit, and sit down. Gradually the eyes close and the head sinks onto the downy back. It takes a while, but eventually observers get suspicious. Someone may take the duck's temperature and discover that it's stone cold, and deduce that it is not going to move again. In this case, the exact moment of death can not be ascertained, but it remains indisputable that it is a dead duck. |
27howard, I don't see how. Expect tech goodwill and key assets to be sold to a company backed by RCapital on the day an Administrator is appointed. Then he will collect any remaining debts and get the Court to allow him to act as liquidator. Expect liquidation deficit ballpark -6p per share. Unsecured creditos getting 25-50p in £. Could be worse if RCapital really mutilate them in the above pre-pack Administration. This seems to be a long way away from shareholders getting anything other than 0p. Need to have a miracle which generates £3m extra cash.
Adventis looks like a duck lying on its back, doesnt quack, so I infer its a dead duck. |
I had 100k of these, tiny punt, is there any hope left ? |
Do those main insiders have other Directorships?.... |
SS has inspired me to not be such a banana and research more before buying, rather than after...ahem |
Gents, thanks to all. "If ever published I expect the accounts to show: a) 2011 loss ballpark £10m (best case £8m loss); b) Consolidated Group net liabilities ballpark -£3m. Hence about -6p per share liquidation deficit, made worse by liquidator and other fees. Maybe they will never be issued but instead Porkies Pearson will sign a Statement of Affairs and hand it to an Administrator, who will sell the Tech division assets to a company backed by RCapital". I am waiting to compare the numbers to Winks/Pearson 20-1-2012 and 10-5-2012 RNSs! |
Justified praise for SS from Lucian Miers. Hope you made a decent profit on your excellent research SS. |
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