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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
OEM | LSE:OEM | London | Ordinary Share | GB0006572241 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOEM RNS Number : 3876X OEM PLC 03 December 2010 OEM Plc The Directors regret to report to the Shareholders that, having taken advice, the Company must be placed into a Corporate Voluntary Arrangement (CVA). This type of Arrangement is designed to provide a solution for the creditors of the company and to also try and deliver up the best possible outcome for the Shareholders, assuming the arrangement is successful and a desirable outcome can be achieved. In view of their successful assistance with the recovery of funds previously misappropriated and prior to 2005 by the Company's former Finance Director, UHY Hacker Young, a leading turnaround and recovery specialist have been appointed. Shareholders will also be aware that the Company's principal asset was its interest in the development of Ham Yard ('the Development') in which London & Newcastle ('L&N') funded by HBOS, were to be a joint venture partner. By virtue of loans and services supplied to the joint venture partners, the Company had established a 20% interest in the Development. During 2006 and 2007 the Company was extremely hopeful of a successful outcome. Regrettably, HBOS, the principal funder of L&N failed and very shortly thereafter L&N withdrew from the proposed venture. Without L&N's involvement, servicing Bank Leumi's debt became problematic for the site's owner. Consequently, the Directors decided that, in view of the Company's potentially significant financial interest in the Development, it was in the Company's best interest to support the debt service to avoid the adverse financial consequences of Bank Leumi re-possessing the property. The Directors believed that such financial support would facilitate the necessary time for an orderly sale of the project to be completed. This additional investment in the Development was made possible by the earlier recovery of funds as referred to above. The Chairman undertook the majority of the negotiations concerning the investments and eventually authorised the release of the support in an attempt to keep the Development on track for a successful outcome. In addition, further investments were made into a series of smaller projects also linked by associated party rules to the owners of the investment in the Development and this largely accounted for the disbursement of the majority of the recovered funds. The company also disposed of its interests in its subsidiary companies during this period. During 2007 the Company permitted the release of a charge over security on two properties in London on the basis of recovery of a debt. The funds generated were also authorised for further investment into a variety of schemes and projects which have also resulted in failure to generate a return for the Company. However, as a result of the dramatic falls in property values and disposals at unprofitable levels in conjunction with lengthy delays and the inability to continue to service the debt, Bank Leumi, who were the principal lender to Windmill Developments Ltd the owners of the Development at Ham Yard, re-possessed the property along with other supporting properties giving rise to a Receivership notice being posted at Companies House . Upon initial enquiries the Company had been informed by Companies House to desist from supplying them with information which had apparently become the responsibility of the 'Receiver' The Ham Yard property was subsequently sold by Messrs Allsops, as LPA Receivers, for a figure which was insufficient to discharge Bank Leumi's loans and accumulated interest, consequently the Company was unable to recover loans made to the property's owner Windmill Developments Ltd which has since been liquidated. There being no other assets available in the Company, the daily operating expense of OEM Plc has been personally supported by the Chairman whilst all of these matters were being resolved. In making the arrangements for a CVA the Directors have been able to ensure that the creditors of the company derive some comfort from a proposal to clear all or part of their debts, whilst also restoring the status quo with Companies House and HM Revenue & Customs, who at this stage are not owed any payments, but equally have not had the opportunity to examine Company accounts and therefore raise any questions and satisfy themselves of that situation. The Directors have also endeavoured to keep the London Stock Exchange Authority up to date with information leading to a way forward for the Company. It is the intention of the Directors to continue to seek out opportunities that may exist to preserve the fully quoted status of the Company and by completing these current processes hopefully deliver a satisfactory return to the Shareholders, whose extended patience has been fully appreciated by the Directors, in the fullness of time. Chairman OEM Plc . This information is provided by RNS The company news service from the London Stock Exchange END MSCFSUFWDFSSELE
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