Silverdell Share Discussion Threads

[tdpix] 03/7/2013 07:49

No RNS yet. Is anyone expecting an announcement to be made today?

[hastings] 03/7/2013 07:03

hxxp://www.constructionenquirer.com/2013/07/02/silverdell-suspends-share-dealing/

[patrick9092] 03/7/2013 01:09

I note that John Matthews a NED bought 150,000 shares on 6th June 2013 at a cost of £21,500....not a huge amount of money in terms of director buying but still a painful hit....All strange going on whichever way you look at it..

[sirmark] 03/7/2013 00:06

Not a good time to be holding but who knows what's round the corner, I'm hoping for good news

[sirmark] 02/7/2013 23:30

Not sure if I actual did post my sale on this board, feel free to validate what I'm saying by checking the trade I will dig out my sales docket for the time and date if anyone is really interested.
150k bought @ 13.75 sold about 6 days later (look at last spike a few weeks ago) and sold for 15.11

[sirmark] 02/7/2013 23:20

I was a shareholder and champion, whilst not owning any shares sold a few weeks back (as per my previous post sold @ 15.11p 150,000)I will still lose a considerable amount as a creditor !I have some friends who stand to lose a small fortune of there own money as creditors.There is still a chance of getting some money back as business will continue and it's my understanding they are waiting for a lot of money to come in(but aren't they always(any company I mean))The only thing keeping me slightly sane is I sold (at avery small profit from buying at 13.75p) however lost more than I made by buying at the top and selling at 17pI wish everyone good luck, but the only thing we can wish for is a saving placement

[bookbroker] 02/7/2013 22:45

Understand that, but news probably leaks faster on the web., so far only news I've read is in construction industry journal, but little info. other what already stated here.

[rat attack] 02/7/2013 22:37

bookbroker - takes between 4 - 7 days before administration published in London Gazette.

[bookbroker] 02/7/2013 22:23

One must remember that this co. still has seven days with which to act on this petition, off course the bank is going to haul the co. over the coals when one of their main operating businesses has had its assets frozen hence the suspension, but at the moment there is no word of administrators being appointed, this would be apparent through research, there would be a High Court notice, of which I haven't seen.

[kimboy2] 02/7/2013 22:21

I understand that banks are inclined to look for winding up orders and are inclined to freeze accounts prior to a hearing to prevent shenanigans going on. I would have doubted that this was the case here.

It may be that the petition itself was a breach of covenants and therefore needed a negotiation with the bank. They may take the opportunity to increase rates if they see increased risk for example.

This in effect is a withdrawal of facility and would have produced the clarification RNS and perhaps the comment from the barrister.

It may be that suppliers want instant payment as they see greater risk, which may need a greater facility.

Who knows ? Perhaps we will know more tomorrow. I think the fact that administrators weren't in tonight is positive. Some small comfort.

Even if the company survives I can't see the CEO & CFO doing so.

[briangeeee] 02/7/2013 22:03

Yes, I agree it seems strange. I don't know the point in time at which they settled. Perhaps it was too late to stop the hearing commencing.

Also, despite the winding up petition being advertised, no other creditors came forward, so that would imply there wasn't a general problem with paying bills.

I don't really want to speculate significantly, but the only thing it leads me to believe is that the GPM Group winding up petition contractually gave HSBC the opportunity to apply for administration, and they possibly did so because they felt the business was being run too hard for growth, without sufficient care for cash. So, if I were looking through my special rose tinted glasses, I might think the Bank have taken temporary control in order to install their chosen management, and it will continue to run as a going concern. I'm not banking on that however.

At our meeting a couple of weeks ago, management seemed to imply they weren't going to let HSBC constrain their growth, so I could understand some how some control related tensions might arise.

[dasv] 02/7/2013 21:52

CR - I don't think your argument that the Motley Fool lures PI's into a false sense of security is valid.

Just a cursory glance at digital look demonstrates that consensus professional analysts forecast high growth and a return to form for this company. I.e. professional analysts are no more accurate fortune tellers than amateurs.

In hindsight there were warning signs I just thought the chart/sp was pricing in potential fund raising but clearly I was wrong. It's not TMF's fault - it's my own.

[kimboy2] 02/7/2013 21:43

Hi Brian
It is always difficult to determine what has happened when we only have partial facts. However I would have thought if the creditor had been paid that this would be an end to the winding up process and the court procedure would be short.

I don't really see why a barrister would announce to the court about HSBC. It hardly seems relevant, even if true.

[briangeeee] 02/7/2013 21:29

Kimboy2, I don't personally know whether the company is in administration. However in terms of what was said in court, I don't want to name names, but I was told early this morning, by someone competent who was in court, that HSBC planned to put 'the group' into administration within a week.
It's possible to speculate why, but I take the reported comment to be close to factual.

[tdpix] 02/7/2013 21:27

Just to confirm Sir Mark, who specifically at Silverdell said that? (As in, name and department)

Will ring them tomorrow to confirm. Would be amazed if so. Clearly something's not right though.

[bookbroker] 02/7/2013 21:27

Sir - Please quote your source, that is unless you were waiting outside their offices!

[sirmark] 02/7/2013 21:14

Silverdell is in administration, as of today 1pm 3 administrators entered the offices and are going through the process

[phowdo] 02/7/2013 21:10

Speculation is rife...

I suggest we wait for signs of life before conducting the post-mortem.

[cockneyrebel] 02/7/2013 20:47

Hi PP.

I thought my post was pretty fair really.

"I find the TMF bb's probably the most honest but also the most naïve when it comes to listening to directors and where punters do write ups like broker notes. It's nice to see the detail but it can lead others to believe that the writer is a bit more clued up than perhaps they are imo."

"My only point was that when write ups are done in such an authoritative way, almost like a broker note, it also can mislead the reader into thinking the author has done all the research for them, when it may well be lacking - if unintentionally."

I put that I think the TMF bb the most honest but I do think many lurkers that may be shy to post take a lot of the 'deep research' as gospel rather than very articulate amateurs making a best guess when the posts are written with a broker note style. I don't think there's any attempt to mislead from that but I do think it lures some into a false sense of security and may lead them not to do the digging they should do. I'd cite MUBL and the adulation for the co was getting. LNG, TSE etc. I made it very clear it was unintentional.

I do think many on TMF over-rely on what directors say and ignore charts to their peril imo. I've seen plenty of posts where there's been a meeting at Mello and the feed back was that 'this CEO was a sharp cookie' or stuff to that effect. Again I'm sure that lures punters into a false sense of security - in my opinion the pre-requisite of a director of a plc is to be able to be a good liar imo, and at best to be able to avoid telling the truth. How many times have I heard about 'off the cuff or off the record comments by directors to investors who talk to them that really should be for an RNS? If a director is telling you someing off the record one week he's telling someone else something the next week that you aren't hearing imo. Last director I spoke to - FD at FCCN - misled me no end and I had broken my rule not to chat to directors.

Charts also tell you a lot imo. A chart is an homogenisation of the knowledge in the market most of the time. Very often a sustained drop despite good news means there is something wrong, tho not always. But it seems to me on TMF a chart is regarded by most as something like Old Moores Almanac and any reference to chart over directors words is breaking some sacred rule. I wouldn't mind a little competition with you actually, you pick 5 stocks on fundies, I'll pick 5 just on the chart, see who does best over 12 months.

I know many overlap from TMF to here and I didn't say that all ADVFN were liars or cheats. But without a doubt the posts on ADVFN get far more dishonest and crooked ramps than on TMF and everyone knows on ADVFN you are in a snake pit where a few good souls exist. When you know that then you are on your guard more imo.

I'm sure there are a number of self made millionaires on TMF that do know there stuff - but there are some that like to think they know their stuff and are a tad lacking imo. I'd say there's some that aren't 'street-wise' imo or 'Book Smart, Street Stupid as they say. You learn a lot of theory reading a book but you often get the real practical stuff doing Romford Market, three card tricks and all that imo. The snakes on ADVFN are very streetwise imo - it keeps you on your toes if you know what you are doing and while I dislike them that's a good thing.

Why didn' you post that you felt uneasy about the directors and that you had sold out when you did may I ask?

Cheers - wasn't wanting to offend, was just speaking as I find, sorry.

CR

[kimboy2] 02/7/2013 20:47

If the creditor was paid then the winding up petition would not have been successful.

IMV I think it unlikely that the barrister said that. I don't think it would have been relevant to the present hearing, especially if already paid, so why say it.

[dasv] 02/7/2013 20:29

Kimboy2 - depends what is meant by "group" and if facts in post below are accurate.

----

BrianGeeee - 02 Jul 2013 - 12:17:20 - 1440 of 1488
bookbroker, we won't know any real details until the company updates. The creditor who brought the winding up petition yesterday has been paid his �60k.

There were apparently a few strange things however. The company could have settled such a small sum earlier, so no petition would have been brought, and indeed the petition wouldn't have been advertised. Almost like it was a small matter in the midst of much larger problems, and Silverdell just overlooked it.

At the start of the hearing, apparently the company barrister requested that the hearing was adjourned as HSBC were due within the next week to put 'the group' into administration. I know that sounds very strange, but apparently that's what was said.

How this could all be going on with nothing released seems amazing, but as I say, we don't know the full facts yet.