Scs Upholstery Share Discussion Threads

[still waiting] 23/6/2008 09:14

The director buy of 3/12/07 was well timed :-) NOT

[ju1cester] 23/6/2008 08:49

does this mean we won't get back even a penny

That is exactly what it means. By the time the lawyers and advisors have taken their cut, there will be b*gg*r all left.

[stallone10] 23/6/2008 08:41

does this mean we won't get back even a penny

[trojan] 23/6/2008 08:34

Directors just looking after themselves..............again!!!

Bad news for LAN as they really needed SUY to go under to give them a bit of a breather, if both survive short term then I feel one will still go to the wall by Xmas regardless of any takeovers IMHO.

[isis] 23/6/2008 08:31

What a surprise - not.

[still waiting] 23/6/2008 08:24

won't do anything to help sell their sofa's when this gets on the mainstream news later.

[dreggspicker] 23/6/2008 08:22

They knew all along, just breaking it to their shareholders gently!!!

[still waiting] 23/6/2008 08:15

However, as these discussions have developed, it has become clear to the Directors of ScS that the extent of the additional working capital funding required may result in only negligible value being attributed to the shares in ScS Upholstery PLC.


so directors didn't know how bad it was until they opened their eyes.

Unbelievable, how do some people get to run companies?

[safman] 23/6/2008 08:09

RNS Number : 2629X
ScS Upholstery PLC
23 June 2008




For immediate release 23 June 2008



ScS Upholstery PLC ('ScS' or 'the Company')



Suspension of shares



The Company announced on 15 June 2008 that it was in discussions with a number of external parties to address the working capital requirements of its suppliers, and therefore its own working capital position.

During these discussions, the directors have received an approach from one of the parties to acquire the entire share capital of its sole trading subsidiary. This approach would see the trading subsidiary being provided with substantial working capital facilities that would fully resolve the working capital issues and ensure all suppliers have a strong and ongoing relationship with the business.

To enable discussions to be progressed to a speedy conclusion the Company has entered into exclusive discussions with the external party, and due diligence is underway.

However, as these discussions have developed, it has become clear to the Directors of ScS that the extent of the additional working capital funding required may result in only negligible value being attributed to the shares in ScS Upholstery PLC.

As a result, the Directors of ScS have requested a suspension in the trading of the Company's shares with immediate effect.



A further announcement will be made in due course.



Enquiries:

David Knight 0191 5146054

ScS Upholstery PLC

Nicola Cronk 020 746 65000

Buchanan Communications



This information is provided by RNS
The company news service from the London Stock Exchange

END


SRSPUUPUQUPRUMW

bye, bye..

saffy..

[still waiting] 23/6/2008 08:08

there you go, existing shareholders left with NO VALUE.

Management will probably do a deal to keep their own jobs!!

[still waiting] 23/6/2008 07:58

Oh dear,

no rent money, GAME OVER for current shareholders.

[trojan] 23/6/2008 07:58

Buy out on the way!!!!! Methinks.

[dreggspicker] 23/6/2008 07:57

Looks like the game is over, can't see them coming back

[warrenc] 22/6/2008 19:38

Companies & markets
'Moment of truth' on credit crunch
Dan Atkinson, Mail on Sunday
22 June 2008, 9:33am
Thousands of businesses struggling to cope with the credit crunch and general economic turmoil face a midsummer nightmare this week as key payment dates loom.
A triple whammy of rent, bank interest and VAT bills could sink weaker companies, particularly retailers.
'There are three sucker punches coming towards struggling businesses this quarter-end,' said Peter Sargent, vice-president of the insolvency practitioners' professional body R3.
Tuesday is one of the four 'quarter days' on which commercial rents fall due, and one week tomorrow, quarterly bank interest payments are due from businesses.
In many cases, firms will be working out quarterly VAT payments on the same day - and whether they can afford them.
'I know of certain cases where people are going to see their landlords this week and next week to get terms for extended payment,' said Keith Goodman of insolvency practitioner Leonard Curtis. 'This is going to be a difficult midsummer for some.'
Sargent said: 'If a firm has had a bad quarter - if it is in the retail or leisure sectors, for example - this could be the moment of truth.'
Despite buoyant figures last week for retail sales in May, major uncertainty hangs over retailers. Furniture group Land of Leather is raising fresh capital and rival ScS hopes to do the same.
The British Retail Consortium's next monthly sales monitor, due on July 15, may give a clearer indication of conditions on the High Street. 'We advise members to stay in with their bank manager and landlord,' said Stephen Alambritis, head of public affairs at the Federation of Small Businesses.
'Most landlords would be aware of the economic situation and be fairly understanding. But some could be looking for an opportunity to foreclose and sell the property.'
Company liquidations are rising in England and Wales. They stood at 3,210 in the first quarter of this year, a 4% increase on the first quarter of 2007.
Tuesday's midsummer quarter rent day and the quarterly bank interest due on June 30 affect all businesses, while quarterly VAT payments are due depending on when the firm registered for VAT. Firms then have 31 days to pay.

[matt c] 22/6/2008 11:12

"As The Observer went to press the situation at ScS was said to be changing on an 'hourly' basis but insiders suggested a sale of the business could come as soon as next week"...mmmm?

[trojan] 22/6/2008 07:58

DSG going bust LOL!!!!!!!

It is a tough time out there for sure but a comment like that just shows inexperience imho!!

The main issue here for LAN and SUY is that they both need each other to go under for a stay of execution and to give one of them the chance to trade through to next years peak but that still may be a tall order!

But as we all know anything can happen and someone may look to come into the market and pick one of them up on the cheap to get the space and extend the range beyond sofa's, BWTFDIK! ;)

[warrenc] 21/6/2008 22:20

I guess its crunch time for SCS this week . They've got to announce something with regards to fund raising or administration , with month end looming . Looking at LOL i can see there fund raising failing if the share price stays sub 5p .

[csmwssk1] 20/6/2008 23:28

dixons wont go, new management are too good, they will most likely sell out to best buy, however i think best buy will wait as they will fall further yet, woolworths needs to go a good old fahioned asset strip, it is the amazing stock of the 20th and now the 21st century as it just seems to keep going (albeit nowhere fast, and most recently in reverse), dont know a thing about jessops or punch, although I do know that jessops have a hell of a lot of store leases available for re-assignment.

[honiton] 20/6/2008 21:28

they are both going down. followed by punch taverns, jessops, woolworths and dixons.

imho.

[loganair] 20/6/2008 17:19

How did the week finish in the sofa's first to the losing post race.

LAN @ 4.2p is pulling away from SUY @ 6.5p and is now ahead by a good length!!!

[csmwssk1] 20/6/2008 00:57

na they wont make it, their own info shows they cant make it past the end of this month, unlike lan, scs have been reasonably honest over the lat few months as to how bad the situation has been.

[csmwssk1] 19/6/2008 20:04

hey l&g didnt sell out of lan and switch to scs did they, would be about right for them!

[csmwssk1] 19/6/2008 20:03

honiton, its not a nervous months for suy its days, the june rent bill is due!