Ensor Share Discussion Threads

[strathroyal] 05/4/2017 13:58

My shares are still with a broker but nothing has been credited to my account yet. Certainly appears a disappointing amount considering that most of the assets are held as cash.

[tiswas] 05/4/2017 11:23

I am surprised it has gone so quiet here as I thought there were some serious issues outstanding and I can not be the only one who has received a cheque this morning for the first distribution of 30p!

I understand there will probably be some tax issues to be addressed before any further distribution.

Is the conference call going ahead or have I missed out like last time? Hopefully someone will be good enough to share any info if the latter.

Cheers.

[tiswas] 04/4/2017 11:16

Good point, probably also explains why no longer responding to emails.

Hmm, not sure I like the way this is going, the only consolation being that I have a fairly small holding.

[strathroyal] 04/4/2017 09:46

tiswas - Registered address is now given as that of the liquidator (BDO) so presumably the website is now defunct.

[tiswas] 04/4/2017 08:14

David, any luck with the conference call?

I wonder how they are going to announce news if the website is down. Anyone else hear of rumours of a distribution this week?

[tiswas] 03/4/2017 20:52

To add to the intrigue I am now getting this message on Ensor.co.uk

This page is generated by Parallels Plesk, the leading hosting automation software. You see this page because there is no Web site at this address.

[cockerhoop] 02/4/2017 10:55

Pavey Ark,

Have you read the Declaration of Solvency document? I only ask because your comments above suggest not.



Whilst I would like to see an explanation of how ESR's cash figure got to only £14.4m from £10.3m when in the period it received at least £6.2m for the sale of Ellards and was also operating (presumably profitably) the document appears to be a complete statement of the company balance sheet.

[pavey ark] 01/4/2017 09:04

First of all thanks to all the posters who have given info/updates.
I've just calculated my average price here and like a number of others I come in at 65p or an approximate 9% loss.

Just one (hopeful ?) point : the liquidation /distribution was to take place in two part 1. 1. the larger part soon
2. the smaller part in a year when all the odds and sods were added in.

Is it possible that the filing shown was for assets to be distributed now ?

There is the additional point that if you make a distribution you must lowball the assets as you can't ask for the money back if you get it wrong.

Not clutching at straws (I'm a great believer in "you win some, you lose some")but it is possible that this estimated total for assets was being filed to allow a distribution now.

Very pleased to see that we are being represented and very grateful for the efforts shown by davidosh.

[tiswas] 31/3/2017 08:38

Thanks David. How do I get in on that call?

[davidosh] 31/3/2017 08:12

I am going to try to arrange another CC so that all the questions raised can be explained to shareholders by those who will know the answers.

[cockerhoop] 30/3/2017 22:23

I don't think so as the £2.094m figure in the liquidation document I believe includes the £1.725m that Christine Harrison has yet to pay. She may not have even paid the £400,000 due on completion yet as the full figure is remarkably close to £2.125m - expenses.

[3500sr] 30/3/2017 22:06

Check the winding up circular of 21/2. It states Christine Harrison will have £1,725,000 deducted from her share of the distribution as settlement for Woods. Could this account for the discrepancy?

[cockerhoop] 30/3/2017 16:28

Tiswas,I think they have received the £800,000 contingent consideration from Ellards due March with a further £300,000 not yet received.

[eezymunny] 30/3/2017 16:02

Dir payoffs. Head office closure?

[tiswas] 30/3/2017 15:44

davidosh seems to have the ear of the directors so I would be interested in his take on this and whether we can expect a letter setting out the final numbers.

Certainly at 30/9/16 they reported £10.37m cash and they should have received £6.2m cash for Ellard with £1.1m deferred and/or subject to performance whilst for Woods they received £0.4m with £1.725m to be deducted from proceeds.

So quite a difference between £16.970m and the £14.473m shown in the filing, I hope we receive an explanation.

[eezymunny] 30/3/2017 15:30

I suspect people think the NAV is the upper limit for VLE, but that is, of course, nonsense. Rightmove is valued 800+ times tangible NAV!!!!

[cockerhoop] 30/3/2017 15:25

:-) That's true EezyMunny. The penny doesn't seem to drop to people valuing VLE they'll sell a subsidary above NAV and the share price will go up by the increase in NAV. The market doesn't seem to take the extra step to say 'what else have they got and what's it worth when sold' Very reactive!

[eezymunny] 30/3/2017 15:05

VLE has subidiaries turning over £33.2m pbt £2.63m which are being valued at £4.5m at 600p. Not a struggle at all.... ;)

[cockerhoop] 30/3/2017 14:51

3800,

I can only guess that they weren't buyers available at the time willing to take the whole concern so they were forced down the piecemeal route.

You will though struggle to find a quoted company turning over £36m at 9% op margin for £18m

[cockerhoop] 30/3/2017 14:44

Simso,

I agree this doesn't quite stack up in Sept they had £10.3m in cash, they should have received £7m (£6.2m + 800,000) from Ellards and yet they state they only have £14.4m in cash?