Metalrax Group Share Discussion Threads

[maltatrader] 02/4/2013 13:33

no info provided on how much the business has been sold for.....looks that these have been sold for peanuts

[simon templar qc] 02/4/2013 12:36

450 jobs at risk..



"It is expected the team at KPMG will try to find a buyer or investor for the business, and will keep it running as a going concern in the meantime.

But Metalrax said today that it had already been working with accountants from KPMG for some time, looking at a possible sale of part of the business or its assets to raise much-needed cash.

This had been unsuccessful and Metalrax's "significantly worsening" working capital situation and the failure to secure further financing for the business has pushed the directors to call in administrators today.

The company has been facing increasing problems for months, particularly after the loss of a major contract to supply bakeware to the Morrisons supermarket chain last summer. No-one at KPMG was available to comment on the situation at Metalrax early today.
"

[simon templar qc] 02/4/2013 12:17

meijiman,

"Can anyone seriously suggest there was a viable long term business making pots and pans in the UK.??"

No!

It was all in the accounts a while back the company just wasn't making enough money. loss of Morrison contract did not bode well.

Debt too high all a bad mix. Wasn't difficult to predict bust imo I am very sorry for all holders.

5 year history on profitability abysmal.

At interim period debt had climbed near £2 million higher and cash outfllow increased 800k.

The outlook was not good. I am surprised there being a large buyer the last few months.

[hastings] 02/4/2013 12:06

No great surprise, but a considerable shame.

[meijiman] 02/4/2013 09:33

good points Charo. I think some of the issues here are more acute in the sense that the same people have been in charge here for some time. Henderson must have seen this shower at least a couple of times a year.They must have formed a view or had the wool pulled over their eyes.
Early intervention to insist on a strategy change could have saved something out of this train crash.
Can anyone seriously suggest there was a viable long term business making pots and pans in the UK.??
Why was debt allowed to get so high?
Best to move on in these sad situations. hopefully this Board incompetence does not result in job losses.
As before these people must never be allowed loose in a plc environment again.

[charo] 02/4/2013 09:07

institutional shareholders are in main completely supine even when offered a reasonable plan for change cant get out of their comfort zone.attention was brought to this situation on several occasions over past two years they always expressed caution lets give them a little longer.why do they care not their money.

[simon templar qc] 02/4/2013 07:12

Writing was on the wall a while back. Lost of a major contract a blow, consumer division was not a good sector to be in and debt too high.

[electronica] 02/4/2013 06:56

That's all folks!

Sorry.

[meijiman] 28/3/2013 08:33

I did think there might be some tongue in cheek with regard to your comment.!!!
Tthe apparent views from the FD did seem to be contradictory.
It is worrying that the company web site does not give any date for the results

[electronica] 27/3/2013 16:50

meijiman

That bit about cancelling the finals release was said (written) with my tongue in my cheek. Irony rarely works in print!

AIM companies have 6 months to release their figures (bi-annually) - after that they are suspended. Perhaps MRX are intent on taking this up to the wire - now that really would be a bad sign.

[meijiman] 27/3/2013 16:34

I find your email a little puzzling. As a public company you have a statutory duty to publish the figures for the relevant trading periods.I also thought a company had to keep its web profile up to date. This company's financial calendar is not up to date as far as I can see.
And you also suggest the FD has a contempt for shareholders.I cannot understand why you would be working for a plc if you held this view.
when Mr Anderson hears of this it will make him more determined than ever to get rid of the deadwood in this company - that includes the Chairman, the ceo, the FD and the two jobsworth non-execs.

[electronica] 27/3/2013 15:37

Why don't one of you holders phone Caroline Green & ask her what's happened to the finals? That's what I did when the January Trading Statement failed to appear.

She is an approachable & pleasant woman & bluntly told me that they had decided not to issue a trading statement this year - but refused to give me a reason for this decision & would not accept my point that the owners of the company have a right to information.

Perhaps they have decided to cancel the finals announcement as well.

Anyway Caroline G did me a favour by being so honest in her contempt for shareholders & I accellerated my already extant process & completely pulled out at circa 4p - with a (very) small profit

[meijiman] 27/3/2013 15:17

its all very amateurish to be honest

[choppa] 25/3/2013 12:03

So when are they going to announce their prelims? The latest date I have it is the 27th March!

[charo] 25/3/2013 09:42

deathly silence on accounts.

[meijiman] 14/3/2013 17:53

another week has gone by and no news from this set of clowns.still its another week of pay, and as someone else pointed out (maybe on iii) these idiots are unemployable anywhere else.
90 year old mr Anderson must be dusted down and made ready for action -he is the only hope here.

[choppa] 08/3/2013 18:08

I think we need news. full stop.

[redips2] 08/3/2013 11:25

Fwiw, this guy Anderson is a canny old bird picking up the co at these prices.

[meijiman] 06/3/2013 15:29

Perhaps the market has heard that the Chairman is going to sack the CEO.

[maltatrader] 06/3/2013 15:14

good volume so far today............might be our friend buying

[meijiman] 01/3/2013 09:40

Mr Anderson is our only hope.
Sad state of affairs and all self inflicted by poor decision making.
This could have been a great turnaround story.
What can Mr Anderson know that the market is unaware of? Perhaps he is in contact with Henderson to put some decent management in here.
Im sure this 90 year old could do a much better job than the incumbents who resemble headless chickens.
I can't think of many companies where the share price goes down year on year and the same people preside over the carnage. It must be a grand way to earn a living.

[redips2] 28/2/2013 18:41

can't be that much free stock left.

[choppa] 28/2/2013 18:24

Deja vu mr anderson. Another purchase.