Eurodis Elect. Share Discussion Threads

[momentos] 20/7/2005 19:21

Reminder

PRO FORMA GROUP BALANCE SHEET IN STERLING (m)
(Unaudited)
as at 31 March 2005

Fixed assets

Intangible assets: Goodwill 2.3
Tangible assets 21.5
Investments 0.1

23.9

Current assets

Stocks 34.0
Debtors 45.9
Cash at bank and in hand 3.0

82.9

Creditors - Amounts falling due within one year

Finance debt (24.6)
Other creditors (39.3)

(63.9)

Net current assets 19.0

Total assets less current liabilities 42.9

Creditors - Amounts falling due after more than one year

Finance debt (15.1)
Provision for liabilities and charges (1.4)

Net assets excluding pension liabilities 26.4

Pension liabilities (7.8)

Net assets 18.6

Capital and reserves

Called up share capital 22.8
Share premium account 101.4
Share capital redemption reserve 15.1
Unpaid preference dividends 1.9

Reserve for own shares (0.4)

Profit and loss account (122.2)

Shareholders' funds* 18.6

* Shareholders' funds are represented by:

Equity interests 3.4
Non-equity interests 15.2

[momentos] 20/7/2005 19:16

Urm, no its not.

Supply and demand. More bidders = more money. One bidder = absolute cheapest price.

The secured debtors may be happy to transfer the debt to a say, Arrow / Avnet. We are in the land of the theoretical there though....

[clarendon] 20/7/2005 19:08

Its irrelevant how many bidders there are - the Administrators are working for the Secured creditors an therefore so long as the sale of the assets cover the Administartors fees and the secured debts why would anyone want to offer anything more (or take onm a load of debt?)

[clarendon] 20/7/2005 18:56

Momentos

Who in their right mind is going to take on all of the creditors when a deal could be struck with the Administrators to acquire the assets debt free, pension liability free, contingent liability free etc etc

Don't anyone try to fool themselves, Administration is bad news for us shareholders. Powerhouse, Allders, Courts, MG Rover (?) were all sold as going concerns but the shareholders got nothing!

[momentos] 20/7/2005 18:36

Clarendon there is no such misconception (unless you count notalotuptoppie). But in the event of the sale of the whole business as a going concern it can actually be sold INCLUDING items 2-5. So anything paid, less administrators fees goes to the shareholders.

Although the likelihood here is it wont. Or it could be sold as such for £1.

Thanks for re-iterating though.

[spectrum7] 20/7/2005 18:08

Clarendon
I got caught like this with CRT last year and I am afraid you are right.......the PI comes at the very bottom of the pile when the assets are divided. The truth is that if there was enough money to pay out to the PI's...even a small % of there loss, the company would prob still be trading......IMO

[clarendon] 20/7/2005 18:03

There seems to be a fundemental misunderstanding here as to what the Administrators function actually is.

The Administrators will have been appointed by the Bank (or other lender) at the invitation of the Board. The Administrators function is to realise as much as they can from the sale assets for the secured creditors who appointed them. Obviously the assets will realise more if "the business" is sold as agoing concern. The proceeds from the sale of the assets is applied as follows:-

1. Administrators costs and expenses
2. Secured creditors (Holding fixed charges)
3. Preferential creditors (Employee claims etc)
4. Secured creditors (Holding floating charges)
5. Unsecured creditors (Suppliers, PAYE/VAT etc)
6. Preference shareholders
7. Ordinary shareholders

Don't get confused with the term "sale of the business" which means the assets including goodwill and the sale of the company which means the sale of the shares.

[crossfirecssf] 20/7/2005 17:47

POWERHOUSE SAVED

Published: 03/9/03

The joint administrative receivers of PowerHouse, Nick Dargan and Neville Kahn of Deloitte & Touche, have concluded a deal to sell the electrical retailer as a going concern to Pacific Retail Group (PRG). PRG has taken over 142 sites, a majority of the operating infrastructure and staff and intends to retain the PowerHouse brand.

Pacific Retail Group (PRG) is a substantial publicly listed New Zealand company operating in consumer retail, consumer finance, property and apparel. PRG operates the largest appliance retail group in NZ trading under the brands Noel Leeming, Bond and Bond, Big Byte.

Nick Dargan said, "We are exceptionally pleased to have sold this business as a going concern, which was our prime objective, and to have preserved over 2000 jobs. Most commentators believed a break-up of the business was the most likely scenario, which would have generated less value for creditors."

PRG's UK representative on the acquisition, Peter Halkett said, "PRG is extremely enthusiastic about the PowerHouse acquisition and is absolutely confident that the stores included in the acquisition together with the operating infrastructure and staff can be pulled together into a strong and growing UK retail group."

ENDS

[katie price] 20/7/2005 16:17

LOL

Glued to your monitor???

LOL

WHY..........???

I can tell ya these aint going nowhere for a long time.....THEY BEEN TAKEN OFF DA MARKET...I WONDER WHY??

Someone says the administrators are in...hmmmm

Maybe they are going to be wound up?

Katie

[chiansaw] 20/7/2005 14:02

Knank mate - knank

[edward3] 20/7/2005 13:42

kinda strange trying to find others things to do now that i'm not constantly glued to my monitor......

[katie price] 20/7/2005 13:42

;-000

Is this thread still going?

LOL

Katie

[westernedge] 20/7/2005 13:21

not one to ramp stocks but a small cap worth checking out is BES..
i hold from lower..supposedly for long term but ill have to ignore elh disaster to be happy with holding anything again for more than a few weeks...anyway..good statement out today from them...

dyor bla bla....

[momentos] 20/7/2005 13:17

Level 2 0v6.

[edward3] 20/7/2005 13:00

well com'd's limits are -

offer 0p max 0m
bid 0p max 0m

close spread.........

[momentos] 20/7/2005 10:57

One fat lady singing

Still waiting for the other one...

(For those interested it is Maria Callas singing J'ai perdu mon Eurydice)

[momentos] 20/7/2005 10:38

Lol, oops!

Yes, they sold down 17m since rule 8.3s required, but reduced to 2.99% at 20 Jan, previously about 5% I think.

[nineoneone] 20/7/2005 10:26

werent aviva selling eurodis and sold their entire stake recently.

well they bought 557k shares in Abacus before yesterday's warning.

[momentos] 20/7/2005 09:44

yawn......zzzzzzzzz...

[galleon] 20/7/2005 09:36

yawn......zzzzzzzzz...

[nonlottie] 20/7/2005 09:25

Not at all Chiansaw.................although wasn't sure where the monthly losses came from.........incidentally if anyone really thinks there's a chance of a sale of the legal entity as opposed to an asset sale it's well worth speaking to the Administrators.......they're usually quite helpful on this sort of thing.

[chiansaw] 20/7/2005 09:19

Nonlottie - where are all of the regulars....not exactly a lot to talk about - its out of our hands.

Thanks for giving us something to read though.

[nonlottie] 20/7/2005 09:14

Momentos..... sort of celebrating a 60 bagger but private equity and can't get your sort in on that......anyway..you don't follow tips.........you dream on....but here's another Don't eat yellow snow.

Hope the iii posts are useful to you...a touch more realism there