Eurodis Elect. Share Discussion Threads

[momentos] 10/12/2005 10:00

Interesting. Really need to get in touch with Eaglet, Aberforth and Artemis as well as the administrators to see if they are taking any action. If not then there is no chance.

If there is Directors & Officers insurance in place (a form of professional indemnity) that is what would pay.

[mike012321] 10/12/2005 09:45

Don't know RCT ,but would be interested to know if there is!

Doug Rogers became Chairman in Nov 2003, so before the Trading Update of Dec 03.



Wonder why the FSA announcement has come out now, 2 years on from Dec 03? When did they begin investigating Eurodis?

[realcooltrader] 10/12/2005 09:30

Cheers Mike, good find. Is there any mileage in going after the Directors, who must have PI Insurance?

[mike012321] 10/12/2005 09:22

From today's Times, (Business Section,Page 1) ...

Eurodis Censure
Eurodis Electron,the electronics components distributor, was censured by the Financial Services Authority for misleading shareholders over its cash position in December 2003.

Eurodis,which collapsed into administration in July,would have been fined but for its lack of cash.

8 Dec 2003

Trading Update,inc section on "proposed additional financing"

[mike012321] 09/12/2005 11:56

ti - As you may know, [phone] is Eurodis' number.

From RNS 2/08/2005..

...On 15 July 2005 Neville Barry Kahn and Nicholas Guy Edwards (of Deloitte & Touche LLP ) were appointed as joint administrators of Eurodis Electron PLC...

Enquiries:

.... Financial Dynamics, Tel: [phone]
Jonathon Brill/Caroline Stewart....



Could try Financial Dynamics or Deloitte & Touche?

[ti] 09/12/2005 11:42

i tried contacting the administrators to confirm what 'the singer' posted. phoned this number : [phone].... its persistently engaged.

anyone else had a try ?

[kimmyjones] 08/12/2005 17:44

because its the only one i believe in the electronics sector. their group losses can be utilised towards future profits (nil tax charge), would be useful to a profit making company in the same sector.

[realcooltrader] 08/12/2005 16:50

Yep, you're probably right TK and KJ. Unfortunately, there's loads around, what I wonder will make this one special?

[kimmyjones] 08/12/2005 16:43

thats what i was going to say knowing.

they would have had to settle their creditors.. if that is the case then it would be a simple shell company... i doubt it would be a cash shell (they dont have cash)... but a none listed company may decide to reverse into it to get a listing on the LSE. but that would happen after a major restructuring of the share capital.. which leave existing holders virtually nil.

[knowing] 08/12/2005 16:41

Cash shell ?

[realcooltrader] 08/12/2005 16:39

But what's left, all the good bits have been sold off?

[barrybaker] 08/12/2005 16:33

Really? Possibly all is not lost then, I doubt it, but its a nice thought.

[mike012321] 01/12/2005 10:03

Well put, Barry.

dollyg,don't know unfortunately. Could ask the accountants I suppose.

[dollyg] 01/12/2005 08:57

when do we get some news

[barrybaker] 30/11/2005 23:02

I agree Mike, and as far as I understood from the interim report, things were going to be a little tighter, but there seemed no iminent threat of bankruptcy. So it would be nice to be told why things went so drastically wrong.
I doubt we will be told anything now though, with the exception of a short confirmation when its all over.

[mike012321] 30/11/2005 15:09

Would guess the Accountants will be obliged to give an update at some point? Think it would have been helpful if Doug Rogers could have said more about Eurodis' demise.

ELH's RNS of 14 July:



It looks as if the bank pulled the plug on news that the takeover talks had terminated,or it was some coincidence. I wonder if Eurodis knew in advance it would do that; if so, there was no mention of it in their results. Lots of shareholders showed faith in Doug Rogers,including private investors as well as institutions like Artemis and Eaglet; you would think DR might have felt a moral obligation to give a fuller account as to how Eurodis foundered. I'd have found that helpful. They went into enough detail when they were seeking funds via placings and open offers!

[crt131] 30/11/2005 04:15

Not intending to sound harsh - just realistic

[edward3] 29/11/2005 13:54

CRT131 - no need to be so harsh, the lads asking a question !!!

Mr.oz i am the same as you unsure if we get an update......

[mr.oz] 29/11/2005 11:50

but do you expect an update nonetheless ???
Energis my only such experience , so don't know what to expect actually

[crt131] 27/11/2005 09:33

Update on what? Our money is down the pan. What they get in the fire sale will cover the debts only (if they are lucky)

Add this one to my RTM and LGB black hole

[mr.oz] 25/11/2005 16:52

will there be a subsequent update in due course , anyone?

[mike012321] 10/11/2005 08:42

FWIW, long article on distribution in UK and elsewhere. Comments by leading companies, demise of Eurodis mentioned a few times...

[momentos] 01/11/2005 12:23

So, Abacus went for Detron, eh!