Norman Hay Share Discussion Threads

[pldazzle] 14/1/2021 08:26

Don't hold your breath. Could end up being nothing after lawsuit(s). Either way, I don't see a payout anytime this year, maybe not next year either.

[0rb1t] 14/1/2021 08:00

With the bonus shares that probably leaves 85p a share for ordinary shares

[0rb1t] 07/1/2021 07:51

There is 16.9m Gbp left! About 1Gbp per share. Unfortunately there are two legal actions (one for and one against) - so no payout for some time.

[pldazzle] 06/1/2021 15:23

Unlikely we will know for some time, IMHA

[0rb1t] 06/1/2021 14:38

Liquidators' statement of receipts and payments to 29 October 2020 - just filed at companies house. We should see soon how much is left to be distributed

[royaloak] 02/9/2020 16:41

Ditto, many thanks.

[davidosh] 01/9/2020 14:20

Forensic.....many thanks for keeping us all posted.

[forensic] 01/9/2020 11:45

Some good news - Quaker Houghton's quarterly results to 30 June 2020 show an additional payment of £2.5m in relation to the Norman Hay acquisition, for post closing adjustments. I calculate that this is worth an additional 16p per share, with a total estimated distribution of £4.77. (£3.71 paid to date).https://investors.quakerhoughton.com/index.php/static-files/efbb9771-621d-4b4d-9b4e-a3147998eff0(Page 8).

[myopia] 26/7/2020 09:03

I know there's still some disruption caused by Covid and all that, but presumably a company like BDO are still working remotely. Surely, if there was an extra payment to come, they would have been able to distribute it by now. Don't get me wrong, very pleased with the distribution we've already received, but would like closure on this now really, one way or the other.

[ed 123] 05/4/2020 17:17

Thank you for your good wishes, 3800.

Fwiw, BDO have emailed me. Paraphrasing, there will be another distribution but not until the resolution of certain matters, the timing of which has been impacted by the CV19 situation.

Keep safe.

[ed 123] 05/4/2020 12:05

Hi 3800. I don't think anyone can know the split between the payments atm. That information can only come from the liquidator and if the liquidator knew the figure, then surely they would have done the second (and final?) distribution?

Regarding uncertainty and tax returns, in the past I've included a statement setting out as much as I know and how I've accounted for it in my tax return. They've always accepted that. You can only do your best.

While replying, has anyone gained access to the BDO portal? I've been given a user name and password but they don't work and I'm still waiting for BDO to come back to me about it.

This liquidation process seems very slow.

Hope you are all keeping safe. I'm certain I've had CV19, btw. Day 19 for me and well past the worst of it but more recovery to come.

[3800] 05/4/2020 08:59

As all share holders are in the same position over this, doe's anyone know how the 1st distribution payment will be accounted for regarding CGT? As we all know the usual way of calculating gains is what you sell for minus your purchase cost. I have no idea what is going to apply here as we have more money to come at some point.
3800

[ed 123] 25/12/2019 18:47

No total mentioned but there'll be a second payment and possibly a third. We've got the bulk of it now. Maybe another £1 per share to come?

[moneybags] 25/12/2019 12:47

Question.........Is there a second and third payment due to us all.........?

Regards , Moneybags

[ed 123] 24/12/2019 13:33

The first payment landed in my bank account today, approximately £3.70 per share. More to follow. :-))

[royaloak] 20/11/2019 13:54

Thanks for the information guys, much appreciated.

[davidosh] 19/11/2019 16:57

Forensic....that is very helpful thanks

[forensic] 19/11/2019 16:31

Having looked at the documents filed at Companies House, my conclusions are as follows:

(1) There were 976,150 share options exercisable at 62.5p. However, these were covered by shares held in Treasury. Therefore, no affect on issued share capital when they were exercised. Indeed, there should have been a cash inflow into the Company of £610k.
(2) The issued share capital of 14,865,318 included 40,000 A1 shares and 10,000 A2 shares, which were performance related.
(3) Based on an enterprise value of £80m, the performance related payments would be £5,872,500 and £3,750,000, total £9,622,500.
(4) 80,000,000 less £9,622,500 = £70,377,500. This compares with the figure shown on the liquidation statement of £70,244,583 for balance at bank, so appears to tie in.
(5) Excluding the A1 and A2 shares that appear to have been paid out, the remaining ordinary shares were 14,815,318, which gives a figure of £4.84 per share.
Hope this helps.

[1tx] 19/11/2019 12:09

According to Companies House David the last update on 15 Aug 2018 indicated 14,865,318 shares in issue.I have seen no update prior to liquidation that the 976,150 share options outstanding have been issued and I am assuming that the estimated net value of these options has been awarded to holders prior to liquidator being appointed as I do not think it is possible now to issue new shares as if new shares had been issued Companies House would have had to being advised.
I am assuming that the estimated surplus shown on Declaration of Solvency will be divided between the 14,865,138 shares in issue.However I am not certain that the options have been paid out but I would have thought the cost would have had to be shown in Declaration.

[davidosh] 18/11/2019 16:20

How many shares are there in issue?

[moneybags] 18/11/2019 14:09

Thanks for the info.....The registrars have our wrong postal address so we were not aware of most of what has been going on.

Regards , Moneybags,IOM

[gengulphus] 15/11/2019 09:11

I had a letter from the liquidators yesterday - presumably most of you will have had the same, but just in case anyone hasn't kept the company up to date about their postal address, it gives the email address [e-mail] for contacting the liquidators.

Gengulphus

[forensic] 13/11/2019 16:46

Many thanks for the info 1tx