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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Merchant Hse | MHG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.0425 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.0425 | 0.0425 |
| Top Posts |
|---|
Posted at 19/4/2013 10:59 by the ross So with this gone am left with pretty much small holdings and am calling it a day. George, Mo, Z & Lov, GP and everyone else it's been sadly a very long 4 years. After contacting the company over the years and speaking to people at different levels. Sadly never JH but a number of others we're now left with Admin. Mike thanks for the nod for investment on this one back in the day and when that swift U turn of yours came I should have thought better of it and decided to walk away with my shirt. These are the decisions we live to regret but that's life. The updates following from MHG and all involved only lended themselves to the friends exiting at levels so they could get out as we know now. CW .. there's another story entirely. Even many of my IFA mates thought they'd recover when they bought Clarkson hill and then when BEIA came in.. but all in all a step too far. I only hope everyone whose involved in companies such as Worthington Group and others run by Holmes look out for the next company to arrive. We're not the only ones who've lost on this one.. sadly, all the product holders and BEIA did try and have lost money on this. I know this because I spoke to them. All the best with your investments in the future, for me a loss too far and a valuable lesson learned in AIM. even if it took 4 years and averaging out ok and then trying to salvage. It's to the HRMC pages now and section on registering loss. Genuinely all the best to everyone who gave balanced view, sorry for your losses here also. Mr R signing off for good. |
Posted at 16/4/2013 08:09 by the ross Yep on both counts.. but there's been plenty of people caught up in this. BEIA weren't part of MHG. They came in to assist with a bailout and provide funding. So have also been effected.Z, as for your question... would have only made a difference after creditors had been dealt with. As you say, the likelihood is there's nothing anyway. |
Posted at 16/4/2013 07:59 by officerdigby Weren't Beia a front in all this. People connected to MHG management I doubt whether the money was ever there. |
Posted at 15/4/2013 15:56 by the ross After my conversation with BEIA it was clear MHG was next on the folding list after MHFS was sold off. yep lets all take a look tomorrow but I doubt there's anything left. Apprently people got 50p in the pound for holdings in Merchant Cap. |
Posted at 15/4/2013 13:31 by zitec Yep, if its liquidated shareholders will be last on the list and likely to get nothing. All depends what they are holding on the books and what if anything was pushed into MC and MHFS before their liquidation(eg. Reyker debt)In theory the £2m that Beia put in should be their somewhere as assets, this is the only chance that shareholders stand to get anything back is if MHG remains intact and relaunches as perhaps a cash shell on GXG or AIM maybe. There should be a publication of the verdict tomorrow maybe on London Gazette, or perhaps Cameron McKenna may say if the above ref is quoted today. |
Posted at 15/4/2013 13:02 by the ross And you can support it as i've looked into this but if they decide to liquidate MHG itself.. Creditors obviously first then us.. But as there's no assets anyway...Advice given was the only thing to raise, was the way in which the debenture was dealt with before MHFS was bought. But the FSA and others aren't bothered. |
Posted at 24/3/2013 12:32 by zitec No other way I'm aware of. MHG could pay Reyker what they owe which would stop the winding up order or the courts may deem that the Reyker debt is owed by MC and not MHG. The only beneficiary from a winding up order would be Whyte who would get first dibs on anything from his secured loans over the years. Shareholders are last on the list after everything else, pay a £1 and have a look at the MC liquidator report on Companies House/Webcheck and you can see where shareholders end up on the payment list.They still own 30%+ of Merchant Corporate Recovery, Merchant Strategic Renewal and Merchant Turnaround although they will be worthless really as those poor bondholders will end up with a pence in the pound long term. There was word in the last month of MHG setting up a new structured products business in partnership with a London asset management company so there is still stuff going on. Don't wish to give out any false hope, I also think this is all finished but there is still that glimmer of hope and vested interest with Whyte and the other directors. |
Posted at 24/3/2013 12:06 by george57 I am so sorry that decent people like Ross, Sirraman, Monkey puzzle, Daicaprice, moormoney and countless others seem to have lost their money here.I did a few quid (which i can live with) when i got out of here a while ago when it just didn't look "right". The Directors of MHG should hang their heads in shame the way they have treated PIs. Imo they purposely ramped the shareprice at times (remember the proposed dividend?) to allow others to depart at high prices. Every director of MHG should be charged imo, and it is clear that the FSA are a toothless organisation who basically dont give a toss about the likes of us. Can anyone seriously believe any RNS that gets released from companies these days? Companies on AIM seem to go bust on a daily basis, and half the time there is never a warning, and Directors just seem to go on their merry way with a nice few quid.. A shameful episode. |
Posted at 15/3/2013 16:04 by zitec Makes you wonder how many billions shares would be in issue if MHG was still listed.Check out MTV, just hit 10bn shares. Shocking whats gone on there in the last week. Just look at that chart and RNS timeline. Like a clone of MHG. Two examples showing the damaging effect on share price of compounded dilution mixed with shareholder dismay. |
Posted at 31/5/2012 18:49 by zitec Article from the latest issue of Private Eye below. Check out the bottom half, just highlights how much influence and power Craig Whyte has had and still has over MHGThe latest saviour of Rangers, Charles Green, suggests that some of the members of his syndicate of overseas will come from the Middle East as well as Singapore and Malaysia - perhaps the rich Gulf state of Qatar. Green certainly knows a little about Qatar, as he was a onetime reported "deputy chairman" of Panceltica Holdings, a Jersey-registered but Qatar-based construction company that had a short and, for investors, unhappy life on the AIM market. Although not listed as a director of the Jersey parent, Green, then living in Dubai, was very much involved in the promotion of Panceltica. Panceltica was floated in March 2008 with a placing of 10m shares at 100p, providing a market capitalisation of £230m. It was touting a new technology using lightweight, steel-framed buildings to build houses and apartments. "It's like putting together a Meccano kit," Green told the Daily Telegraph. Clearly there were some missing pieces. By June 2009 problems with its main contract for low-cost housing in Qatar - which was on behalf of its major local shareholder, the government-linked Barwa Real Estate - had delayed the accounts and threatened the survival of Panceltica. A month later Barwa terminated the contract. In August the Qatar subsidiary went into liquidation and Panceltica shareholders were told there would be nothing for them. The shares were delisted. Panceltica and two Jersey subsidiaries were wound up in 2010. Rangers shareholders and fans will be hoping that the Green-backed company voluntary arrangement to be sent out to creditors this week has much better luck. Meanwhile, more light was thrown by last week's BBC Scotland Investigates documentary on the murky dealings leading up to the acquisition of Rangers last year by Craig Whyte, which resulted in administration in February. The programme showed the October 2010 "comfort letter" provided to Rangers owner Sir David Murray's lawyers by Whyte's now ex-lawyer, Gary Withey. It referred to an unidentified "UK financial institution" - previously identified here as Merchant House Group - which had confirmed that Whyte had "up to £33m" available for the deal. So desperate was Murray to sell that he never asked to see the MHG letter. Withey blamed MHG, telling the BBC it had confirmed Whyte's resources as being in excess of £33m to his then law firm, Collyer Bristow. "I have no reason to doubt their bona fides," wrote Withey of MHG. But what he did not reveal was that at the very time MHG was vouching for Whyte, Whyte's Liberty Capital was (and had been since 2009) its major financial lifeline. Liberty Capital first became a major shareholder in MHG in November 2008, when it surfaced with a 9 percent stake, costing around £120,000 follwing a share placing earlier that year. In December 2009, Liberty transferred £500,000 of preference shares in another Whyte company, Tixway, to Merchant Capital, an MHG subsidiary, to enable it to meet capital requirements for Irish regulators. Libery received a £500,000 unsecured, no-interest convertible note from MHG due in 2015. Around this time, Merchant Capital agreed to push all its investment fund business through Prichard Stockbrokers, where Whyte was company secretary and a major shareholder. In February 2010, Liberty provided another £100,000 to meet capital requirements in Ireland in return for almost 42m shares in MHG. This took Whyte's stake to 29.9 percent. The following month, Liberty sold 35m shares at a big profit for £175,000 ahead of a deal whereby it acquired another 50m new shares for £250,000, restoring the Whyte stake to just below the bid-trigger level of 30 percent. But by July 2010, Liberty had managed to unload 59m shares on to a falling market which could have realised as much as £3m, thereby more than recouping its investment. However, MHG was still in need of Whyte's help. In June 2010 Liberty had agreed to "provide financial support" for at least 12 months. So Whyte agreed in August to pump in £617,000 by way of 400m new shares and a new convertible loan. This pushed Whyte's stake in MHG from 5 percent to over 20 percent, making him again the biggest shareholder as well as its main financial backer. And that was the position at the time Withey wrote his "comfort letter". No wonder Withey did not identify the "UK financial institution". MHG would have no doubt been prepared to say anything Whyte wanted - especially so long as it was not identified. Had MHG been named the warning signs would have been flashing even to the desperate Murray. As for Whyte, Liberty sold some MHG shares and convertible before dealings in MHG were suspended in April - due to concerns about its financial condition. But it is likely to take a six-figure hit on the remaining shares, convertible and preference shares. But then nothing a supposed "billionaire" like Whyte could not afford. |
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