Legion Group Share Discussion Threads

[lufc5] 06/8/2010 17:34

My sincere sympathies to all holders. I very nearly dived in here, but that cctv asset sale into directors pocket did not bode well with me.
I hope there is something to salvage for you.
Best regards.

[eugene1234] 06/8/2010 17:28

RNS Number : 7207Q
Legion Group PLC
06 August 2010



Legion Group plc

("Legion Group" or the "Group")





Appointment of Administrators



The Board of Legion Group regrets to announce that, having carefully considered the financial position and prospects of the Company, on 06 August 2010 it appointed Paul Williams, John Whitfield and Paul Clark of MCR as Joint Administrators of the Group with immediate effect. MCR were also appointed to Legion FM Limited, a subsidiary company.



On 29 July 2010, the Group announced that it had requested a suspension of trading of its shares with immediate effect pending clarification of the Company's financial position.



The Group had stated that it had been in discussions with HM Revenue & Customs ("HMRC") regarding outstanding PAYE and VAT liabilities. HMRC had positively indicated for a protracted period that these liabilities would be subject to a Time to Pay Agreement. Based on the correspondence with HMRC, the Directors reasonably believed that a payment plan could be agreed. However upon receipt of a payment of GBP1.5m (announced on 14 July 2010) HMRC became less receptive to subjecting the outstanding amount to a feasible payment schedule. The Group received a winding up petition from HMRC, following failure to pay certain liabilities.



The Group had also previously announced that Lloyds TSB had agreed to provide the Group with a new GBP7.5m invoice discounting facility. As a result of the Group's financial difficulties with HMRC and the presentation of the winding-up petition, the Group breached its facilities with Lloyds TSB. The Group cannot pay creditors in the ordinary course of business and the Board agreed the Group was insolvent and could no longer continue trading.



The Board resolved to seek the appointment of administrators to the Group. The Joint Administrators have successfully concluded a sale of the business and certain assets to OCS Group UK Limited, a leading support services provider ensuring the preservation of 2,800 jobs.

[hamidahamida] 03/8/2010 13:02

o



.

[knowing] 29/7/2010 23:44

Hows Terry91 these days?

LOL

[watchout2] 29/7/2010 23:43

Never thought you would answer the question.

Goodnight loner !

[knowing] 29/7/2010 23:42

Err I dumped at a loss prior to the rise numpty....remember?

[knowing] 29/7/2010 23:36

If I am a loner does that mean you are part of a ramping gang?

[watchout2] 29/7/2010 23:31

Knowing.

Do tell me how bad it is to be a loner who has nobody :-))

Because you demonatrate just that on this site with posts like that !

[knowing] 29/7/2010 23:27

watchout do you like rubbing salt into the wounds of holders whom have lost money?

[amazon_woman] 29/7/2010 08:49

Probably from the shareholders who provided the last funding. It looks like a sale via administration as no one will want to take on the debts, not good by the looks of it.

This is the risk buying things that have hit all time lows, high risk high reward.

Not sure if it was planned but they must have had an idea which may be why the shareholders put in temporary funding to keep the business going while they formalised a plan. Nothing we can do.

There is another way which would be via a CVA where all creditors got something and the business survived but that is up to the directors and big shareholders, none of us I suspect.

AW

[eugene1234] 29/7/2010 08:18

I wonder if the 'expressions of interest' are from board members?

[lecks17] 29/7/2010 07:20

yep well and truly
He is going to sell it to his mate for 2 pence
and fu--- the share holders

[loverat] 29/7/2010 06:54

I see investors may have been shafted here.......

[amazon_woman] 28/7/2010 19:59

Like all the other shares I am still in that you claim I have sold, this is why I don't post where you are, look to your own behaviour. At the time of posting the share price was bullish and all looked rosy. You arrived and people stopped posting, not very helpful and to be honest your recent comments are not helping anyone.

AW

[watchout2] 28/7/2010 19:56

AW.

Dont make me out to be the bad guy, you did a blatant pump and dump here
like normal and vanished !

Your arrogance never ceases to amaze me, very obvious you sold the next
morning like normal.

[amazon_woman] 28/7/2010 19:52

keya he is not even in here. He is the one rubbing salt in the wounds going around mentioning it on every BB I have been on. Not happy but tbh it does not seem to make sense. They only raised .8m a couple of months ago, the update was bullish. Lets wait and see what they propose and what the problem is. It is more likely that they need to restructure, it does not appear insolvent. I am sure the creditors would rather agree a plan than take a write off if possible.

A certain person is shooting from the hip without all the information. Yes it MAY be insolvent, but it is a temporary suspension, we will have to wait and see what the problem is.

No one has been posting here mainly due to Watch's presence.

AW

Like most I did not have a lot in here, impossible to trade in volume but even so. I did see the RNS but was in an upbeat mode elsewhere and having a "debate" with Watch was not on my agenda and still isn't.

BEFORE jumping to conclusions, lets see what the next RNS has to say.

Steg looks to have the likely problem nailed. It probably is HMRC and they are not in the habit of winding cos up they prefer to agree payment plans.

[keya5000] 28/7/2010 16:57

Sorry Watchout, did not mean it to come across in a gloating fashion at all, just relieved for myself and very sorry for those who continued to hold after what was a positive RNS.

[watchout2] 28/7/2010 16:11

That's sweet of you to rub salt in the wounds keya !

What happened to amazon woman is what i want to know !

Pump and dumping elsewhere but will not apologise for a one
day pump and dump here will it ?

[andrbea] 28/7/2010 16:10

yes, what happened to the strong order book?

[oldgeezer] 28/7/2010 14:42

I think someone new about this company position ages ago as there has been constant selling bringing the price down. Most people thought the company was doing ok from what the rns`s read and so bought into any dips thinking the price being marked down was just due to market conditions but seems now there was something going on that we should have been informed about.