Dyson Share Discussion Threads

[sharw] 02/9/2010 10:08

Circular arrived this morning. I am still wading through the 150 pages but the first impression of the a/cs to 9/09 (a lot has happened in the 11 months since) is that it was not the operating companies (pre-exceptional they all made a profit) but the pension scheme that brought DYS to its knees. The actuarial loss of over £22m is the largest single item in turning the balance sheet from £38m to -£15m.

The EGM is 28th Sept. in London.

[jamrol] 23/8/2010 09:32

response to an email sent last week, at best we will get small change...

Dear Mr xxxxxx

Thank you for your email. We are receiving general enquiries from a number
of shareholders, and hopefully this below answers your own enquiries.

. Shares were suspended at circa 16.5 p in July 2009 and have now been delisted from London Stock Exchange

. The company is still pursuing capital reorganization - in which
existing shareholders will only end up with 12% of the company. The banks
will effectively own 51% and the Pension Protection Fund 33%, new management
about 4%

. As such, shares have little or no value at present - they may have some value in the future (2-3 year's time)

. Full details on the financial reorganization will be sent out
shortly - in a second circular

. The Board is still working on proposals for matched bargain
facilities and details will be in the second circular.

. If shares are held in nominee accounts communications (primarily the circular and company accounts etc ) will be sent to the registered holder in the usual way.



Kind regards
Carol
Carol J Kay
Secretary to Richard P McQuinn, Company Secretary

[jamrol] 20/8/2010 09:46

so quiet, other BB have removed DYS threads 8(

any views on shareholders getting anything?

[derekhess] 09/8/2010 07:55

Any news since June?

[jamrol] 27/6/2010 19:18

its so quiet, would have expected something by now even if its a closing order.

[jamrol] 19/5/2010 14:39

it might not be trading on the stockmarket but is still a viable company - it hasn't actually gone bust. There will be another vote as to how much we as stockholders will get - approx 12% of the original amount with the rest going mostly to the banks and also the pension fund etc. There will then hopefully be a facility for matched trading where buyers are matched with sellers. How easy it will be to sell is anybody's guess...

[varies] 04/5/2010 12:02

I reckon (after an initial misreading)that we should end up with 12% of the equity.
This would, however, be 12% of a company with a greatly improved balance sheet, the banks and pension fund trustees having converted most of their claims into equity.
Whilst we are unlikely to see a return to the market for a year or two, our shares should have some value.
My guess (out of the sky) is that they will be worth the equivalent of about 10p each in the old form.

[jamrol] 04/5/2010 00:53

so best case for return on our investment would be 10% of original holding?


By John Collingridge City Reporter
SHAREHOLDERS in materials technology company Dyson Group have backed its de-listing.


Shares in the Sheffield company will today cease to trade on the London Stock Exchange.

Dyson entered the recession with a heavy debt burden and significant exposure to the slumping automotive industry.

The 200-year-old company said de-listing was necessary as its capital reorganisation would mean it no longer meets stock market rules.

The next step should see its banks Lloyds TSB and Svenska Handelsbanken take a 51 per cent stake in return for wiping out £35m of its debt. Shareholders would be left with 12 per cent of the company's equity.

Some 91.5 per cent of shareholders voting at the meeting yesterday approved the de-listing, while 8.5 per cent were against it.

Dyson warned the alternative was insolvency, leaving shareholders with nothing.

The debt-for-equity swap will also see banks issued with £5m of redeemable preferred shares.

The company's pension fund is due to receive 33 per cent of Dyson's equity in non-voting shares, and an employee benefit trust will receive the remaining four per cent

[mrbt] 27/4/2010 07:25

RNS Number : 8190K
Official List
27 April 2010

NOTICE OF CANCELLATION OF LISTING FROM THE OFFICIAL LIST

27/04/2010 8:00am

CANCELLATION

DYSON GROUP PLC

The Financial Services Authority ("the FSA") cancels the securities set out
below from the Official List effective from 27/04/2010 8:00am at the request of
the company:

+-----+---------------+------------------+----------------+--+
| | Ordinary | Premium Equity | (GB0002905007) | |
| | Shares of 25p | Commercial | ? | |
| | each | Companies | | |
| | fully paid | | | |
| | | | | |
+-----+---------------+------------------+----------------+--+

This notice has been issued by Listing Applications - 0207 066 8333 Option 3.

Notes

- Notices issued by the FSA in respect of cancellation of securities from the
Official List must be read in conjunction with notices issued by the relevant
Recognised Investment Exchange.

? Denotes the security is also being cancelled from trading on the London Stock
Exchange, a recognised Investment Exchange.
- SEDOL numbers which are allocated by the London Stock Exchange as a Stock
Exchange identifier may be found on their dealing notice.

| Denotes the security is also being cancelled from trading on PLUS Markets
Group, a recognised Investment Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange
END


Gone but not forgotten.

[jamrol] 27/4/2010 07:07

"The detailed terms of the Restructuring were not progressed to a
sufficiently advanced stage to allow these accounts to be published before the
end of the month. However the Board will endeavour to publish the audited
accounts for the 18 month period to 30 September 2009 as soon as possible."


why do they keep delaying ? should make interesting reading once released.

[jamrol] 23/4/2010 14:36

I'm thinking knock two zeros off your total, then again I wrote these off as a lesson never to invest in a micky mouse company.

[derekhess] 22/4/2010 20:34

Complete wipeout

[jamrol] 22/4/2010 13:36

any guesses on shareholder damage next week?

[jamrol] 12/4/2010 09:01

"Following De-listing, the Company will no longer be required to comply
with the disclosure regime for companies whose shares are admitted to the
Official List contained within the Listing Rules and the Disclosure and
Transparency Rules."


so basically we fiddle the books, the banks got wise and we delist to avoid explaining to shareholders the dodgy book-keeping. In the meantime the board will be 'pleased' to offload more of the business to their mates as part of the cost cutting messures.

might bring some eggs to the meeting in London

[sharw] 06/4/2010 21:43

I do not believe it! I have been feeling Victor Meldrew-ish all day. This is a crime - a crime of neglect. The pellets absorb neutrons and so I presume are used in reactors generating electricity - a market that should have been relatively less affected by the financial turmoil of late. What is more, nuclear energy is now seen in some quarters as the 'new green' in view of global warming.

We are given a profit of $630k to 9/08. We are given no figure for the following 6 months and then told that there is a loss of $302k for the 9 months to 12/09. Why has this plunged into loss? The answer is probably neglect. Here is a subsidiary the other side of the Atlantic that obviously feels forgotten - witness the fact that the latest news hot off the press on their site is to welcome Patrick Lammars as the new Ch. Exec. If you are in that situation then do you care whether you make a profit or loss for someone thousands of miles away that you feel has forgotten you? No - you couldn't care less.

[jamrol] 06/4/2010 16:51

or....

"pleased to announce" the sale of assets of $722k for only US$10

OMG someone please call crimestoppers!!!

[mrbt] 06/4/2010 06:08

They got $10 for Millenium.............How can they call it an MBO?

B4C PELLET PRODUCTION BUSINESS

Dyson Group (LSE:DYS), the materials technology company, is pleased to announce
that, as part of its ongoing restructuring process, its subsidiary Millennium
Materials Inc (based in Knoxville, Tennessee USA) has exchanged contracts with
Millennitek LLC and completed the sale of its B4C pellet production business for
a nominal sum of US$10. This business, among other things, is engaged in
providing services, equipment and advanced materials to nuclear and industrial
customers. Millennitek LLC is a company that has been established and is
controlled in part by the existing management of the B4C business. The
transaction was completed during the evening of Friday 1st April.

The B4C business had gross assets of $1,240k at 30 September 2008 and made a
profit of $630k in the 6 months to 30 September 2008. The interim results to 30
September 2008 are the most recent published results for Dyson Group plc. The
unaudited management accounts for the 9 months to 31 December 2009 show a loss
of $302k and gross assets of $722k for the B4C business.

As a result of the transaction all 14 employees employment with MMI will
terminate but it is expected Millennitek will immediately recruit 12 of the same
employees.

CLOSURE OF OPERATIONS ATDYSON CERAMIC PRODUCTS (TIANJIN) CO.

A decision has also been taken to cease production of artificial coals and log
as used in domestic gas fires at Dyson Ceramic Products (Tianjin) Co., Ltd based
in Tianjin China and, as such, an application will shortly be made to apply to
the relevant authorities for approval to liquidatethat company which it is
anticipated will be done on a solvent basis.

[jotoha2] 05/4/2010 21:26

Its known as legalised theft , what a sham , and to think these guys are known as Directors, more like common crooks.

[jamrol] 05/4/2010 08:12

dare I say the board are a kind to criminals, invested based on RNS and it seems I didn't calculate that the board would sell off assets at well below market value.

[garth] 04/4/2010 06:29

Varies,

"to £35m"

Latter IMO. Banks not Charities, Muggers not mugs.... Those £1m+ share sales at the top by the old management team look fortuitous now don't they....

Thanks for your work and posting on these. Had massivley sold down my position but still an unhealthy balance in my ISA....

Regards,

G.

[varies] 03/4/2010 18:43

CORRECTION
On re-reading the circular I find that my first understanding was wrong.
I thought that existing shareholders would be left be 1.92% of the capital (12% x 16%. It looks as if we should get 12%.
The banks get 51%, the Dyson Group Pension Fund 33% with the remaining 16% to be held " as to 12% for the existing shareholders with the remainder to be issued to an employee benefit trust".

On the other hand the balance sheet will be burdened with a new secured loan instrument to the value of £6m and £7.5m of new prefs.
Can anyone offer an explanation of the phrase used in 3(a) :
"The company's banks ..........would impair their existing debt to £35m in return for shares etc" ?
Might it mean they will forgive £35m worth of debt or, perhaps, that they will reduce their debt to £35m ?

[varies] 03/4/2010 17:31

sharw
As you say, it is all utterly perplexing.
What would have been useful from Dyson was a a Pro-Forma balance sheet but they are not yet in a position to draft one. As I understand the circular, the parties concerned will put their heads together again after the shares are delisted; for this purpose shareholders hardly count at all.
It should be that we end up with 1.92% of a company with a better balance sheet, the banks and various pension fund trustees having converted their claims into equity, but I do not bank on it.
I too have DYS shares in my ISA as well as elsewhere.
We can only wait (without much hope)on further developments; certainly I see little point in suing anybody.

[sharw] 03/4/2010 14:48

The circular arrived today and I have tried to make some sense of it.

The first message is stark and obvious: if shareholders do not vote for de-listing we will put the company into administration and they will get nothing.

The second message for shareholders is also grim – everything is organised so that the suspension will not be lifted before de-listing. That means you can't sell your shares. This is bad enough for shareholders with certificates who are promised a 'matched bargain' facility at some future point but a nightmare for others. For example, some of my shares are in ISAs and will not be allowed there when not listed. My only option will be to transfer them out at some nasty broker's fee, which could well be more than their value.

It is impossible to say what that value could be because of the paucity of information. Indeed, the overall impression is that shareholders are being given the absolute minimum information necessary, and looking at what there is makes me realise that keeping shareholders in ignorance has been the policy for years. Consider this:

We are told that (by April 2010) the group will primarily consist of Saffil and some investment properties.

We have been told of the following disposals:

16/12/09: sale of farmland for £2.3m. When were we ever told the company ran farmland? Can anyone tell me?

24/12/09: Kiln Furniture business based in Stoke-on-Trent with gross assets £2.4m is sold for £1.

8/2/2010: Precision ceramics business based in Dewsbury with gross assets £1.8m is sold for £100k.

So what of Millennium Materials? – after the Carolite project was closed it was left with its neutron absorber pellets business – does that still exist?

What of the Builders' Centre in Sheffield?

What of Dytech at Stopes Rd., Stannington?

What of Dyson TT at Baslow Rd. Totley?

What of the works at Wear View Co. Durham?



I am both angry and confused.