Nmcn Share Discussion Threads

[jwball] 05/1/2022 15:17

Should they be listing companies twice on the statement of affairs for differing amounts?
M2 Civils £600k and £800k respectively!
I have also informed the Administrator that they are listing debts that are not owed yet they haven't bothered to update the SOA.

[jwball] 11/10/2021 10:27

So they've purchased a division turning over £200 million (but making little to no profit) for a million.

[turbocharge] 07/10/2021 14:45

7 October 2021
Acquisition of nmcn's Water business from nmcn plc (in administration) ("nmcn") and nmcn Sustainable Solutions Limited (in administration)

The Board of Galliford Try is pleased to announce that it has agreed to acquire substantially all of nmcn's Water business including the specialist water process and control businesses Nomenca and Lintott (together, "nmcn Water" or the "Water Business") for an aggregate consideration of £1.0 million in cash (the "Transaction").

[sahina123] 05/10/2021 14:31

Sorry it was typing mistake

[jwball] 05/10/2021 12:49

Sorry to hear that, I read your comment as uninvested.

[sahina123] 05/10/2021 12:45

No.i had purchased on 22 june and it was suspended on 29 june.so lost everything

[squeamish1] 05/10/2021 10:49

A brutal industry that takes no prisoners. As soon as you look even slightly weak people stop paying you, stop giving you trade credit, which makes you weaker still. Not that NMCN wasn't apparently doomed anyway but that must have been the final straw.

I got sucked in by the water story and the cash on the balance sheet, lost 30% but managed to get out with some dignity after initially failing to read the writing that was on the wall when Homer and Taylor left under clouds. An expensive lesson for sure. Sorry to any holders remaining, in my view you have been victims of fraud.

[jwball] 05/10/2021 09:31

@Sahina123 I thought you'd sold out 2 days before suspension?
If not then you will receive nothing in return for your holding.

[cc2014] 04/10/2021 14:03

Indicative offers have been received from certain parties for the acquisition of certain of the trading operations and/or subsidiaries of the Company on a going concern basis, and discussions are ongoing with further parties which may lead to indicative offers on a similar basis.

Following discussions with its advisers, it is expected that this process will be conducted out of administration, to safeguard the continuity of operations and employment, and consequently the consideration receivable by the Company is unlikely to result in any value for equity shareholders.

[sahina123] 04/10/2021 13:59

So we will get 0 for our holding.am i right ? Or is there any chance?

[eclair] 04/10/2021 13:47

Held these in varying amounts for 25 years. What a sad way to end.

[sahina123] 04/10/2021 13:06

Just uinvested before 2 days of suspension .and now 0 value.

[jwball] 04/10/2021 12:39

Surely Homer and Taylor should be investigated for malpractice?

[eezymunny] 04/10/2021 12:19

It´s all over.

Commiserations to anybody who got sucked in by some of the awful posts on this board.

[cc2014] 04/10/2021 12:01

NMCN in administration. Shareholders wiped out. I cannot work out what happens to Svella's bridging loan and whether that is forfeit.

Sorry for all holding this share.

[nutkinlemanse] 04/10/2021 11:22

hxxps://www.constructionenquirer.com/2021/10/04/nmcn-confirms-another-delay-in-releasing-latest-results/

[squeamish1] 27/9/2021 14:47

Same old story, family gave over a conservatively run firm to outsiders and rewarded them on short term performance. Homer and Taylor cleared very nice bonuses for a few years off totally fictitious profits.

[cc2014] 27/9/2021 10:51

I was quite sad to read this news Friday because it appears Homer and Taylor destroyed this company. Homer by chasing work at apparently negative margins and Taylor because he had no grip at all on the accounts.

Because there are no accounts it's impossible to guess what's going on or even if the company will survive. I guess what I do know is that anything that takes this long rarely turns into good news.

I see they continue to take Furlough money from the government, in June taking an amount between £50-100k.

[squeamish1] 27/9/2021 10:29

I had diarised to check in on NMCN today... not remotely surprised they've failed to deliver their accounts yet again. At least they've resisted the urge for another increase in loss estimate.

[jwball] 24/9/2021 10:33

Missing the accounts deadline of 27th September, now looking like November.
Looking to move from a premium listing to standard on Main Market.
Can't say I'm surprised given the shambles of publishing a set of accounts on time.

[jwball] 12/8/2021 14:42

At least they've employed Louise Pavitt from Highways England, who worked on the hugely successful smart motorways project......

[cc2014] 04/8/2021 07:41

I'm guessing they cannot substantiate variations to the auditors and the auditors are demanding they take a very prudent view on losses on contracts which are still running.

As I've said in an earier post I find the re-financing package the minimum possible requirement. This isn't going to help available credit from the supply chain.

[wadders5] 03/8/2021 07:49

Looks like they are just kitchen sinking everything at 2020 figures, then they can show a recovery for 2021.Just a thought.They did say to expect losses for 2021 as well, but lets see how that pans out.

[cc2014] 02/8/2021 15:43

Wonder if given another month they can make it £50m?

[cc2014] 02/8/2021 14:01

Ouch. Another RNS.

The Group is now expecting to report GBP43m of aggregate losses identified since the position reported in the 2019 financial statements, this figure remains subject to audit.

Last time I think they said significantly in excess of £24m

What a mess