Silverdell Share Discussion Threads

[bookbroker] 16/7/2013 08:30

Negative and probably misplaced remarks here once again, why can poaters not wait for more clarity, if the writing is on the wall then we as investors have virtually accepted our fate as holders, what we do know is that a winding up petition was issued against Kitsons by a creditor, does that mean that they cannot work through these issues, as before time will tell, the main thing is that HSBC is prepared to support the holding co., something positive from a what appeared a clear write-off may emerge!

[rat attack] 16/7/2013 08:20

I think that is just wishful thinking. To me sounds like HSBC just bridging until sale of business achieved - zero for shareholders.

[jeanesy2] 16/7/2013 08:11

I read it as investors will get something back once new terms are sorted, may be wrong though.

[dasv] 16/7/2013 08:00

my guess is they want more time to clear up Kitson's - e.g. to explain to the market what the financial impact of all of this is. I expect at the moment the BoD at Silverdell still don't know themselves. However this RNS was an opportunity for them to put their cards on the table and I am disappointed in the lack of detail - both in terms of the chain of events leading to Kitson's administration and also the trading and balance sheet impact of events. It could be worse though: it could have said HSBC are withdrawing support from the group (as some of us thought).

[hippo] 16/7/2013 07:56

What makes you think we will get anything back ?

If everything was rosy they would have lifted the suspension.

[jeanesy2] 16/7/2013 07:53

Investors should think themselves lucky to get anything back, great news . I remember buying shares in a company called infonic, i got zero back, so think of this news as glass half full !

[hippo] 16/7/2013 07:44

I would happily kiss my stake goodbye in return for the public flogging of this board of directors. I hope their losses are significant.

[erb2008] 16/7/2013 07:38

I understand there are "interested investors" - whether that means a sale of the group,investing in the group in its current format (pre Kitsons admin) or in a new co. i have no idea.

[knigel] 16/7/2013 07:34

I suspect a significant placing on relisting?

[m1das_touch] 16/7/2013 07:31

This RNS raises more questions than it answers! Most of what is said, shareholders have already got from other sources anyway!

So HSBC has confirmed that it remains "supportive" of the business - not "fully supportive" I note! And what business? Kitsons or Silverdell? I'm particularly concerned that the additional facilities to the Group (i.e. Silverdell) will only be provided "short term". Why??? If they're supportive of the group...why are they not committing themselves to providing long-term support?

"...all other Group companies continue to trade as normal." Really???!!! If that is true then fantastic, but seriously, no impact from the suspension of dealings, no concerned customers, no delayed orders, no problems with suppliers? I have my doubts...also how many probable or likely orders in the pipeline will now be delayed or cancelled?

No mention of shareholders' patience says everything I need to know about the board, which has lost all credibility. We still have no idea of how long before the suspension will be lifted.

What a fiasco!

[techno20] 16/7/2013 07:19

Nice to see the patience of shareholders is recognised!(not).

[hippo] 16/7/2013 07:06

Interesting RNS this AM, problem is what is the long term damage, will they ever recover from this ?

[owenski] 16/7/2013 07:06

Looks like investors might be ok here??????

[bookbroker] 15/7/2013 14:25

Well I'm led to believe that the co. and subsidiaries are trading as normal, at least apart from Kitsons maybe, however they have obligations to fulfil to their other creditors, and I wouldn't necessarily state that the current state of affairs is unprecedented with regard to a listed co., but then I don't know the precise state off the financial situation at the overall holding co. and offshoots, so it is simply a waiting game, I think that if the situation was terminal then it is likely that an announcement would most probably have been made by now, one can only assume that many of the contracts in progress are being appraised in terms for flaws or the like in terms of viability before conclusions are drawn!

[hippo] 15/7/2013 14:05

bookbroker, I would love to think I had a chance of saving my investment, even if it got hammered on any lifting of suspension. But for me, a Company can't cut off to the world for several weeks without it being terminal imho.

Like you, I'm probably hoping for a miracle. I personally think it will be sold with no return for investors.

[bookbroker] 15/7/2013 13:54

Yeah, you are correct Hippo, my mistake, well if at the end of this debacle these directors are still operating this co. through its troubles, then it is more likely to survive and a re-listing does remain a possibility, I think if investors managed to salvage anything it would be seen as a bonus, although I'm not holding my breath on that one!

[hippo] 15/7/2013 13:46

A change of plc director would result in an rns.

[hippo] 15/7/2013 13:45

There is a PLC website and the same directors are in place, if you look at any of the group companies they have separate directors, but they don't seem to have changed either.

[bookbroker] 15/7/2013 13:33

Unfortunately what there is no evidence off is any relevance to investors, the website exists primarily for the use to the new co. as a marketing tool as a going concern.

[bookbroker] 15/7/2013 13:26

Interesting to see key people on the Silverdell website, total board overhaul, clearly some faces have been with the co. for a while, but one sees a new interim managing director and finance director, gone are old board, makes one believe that a possibility exists that there is more to play for, as for re-listing along with a re-financing, that remains to be seen.

[hippo] 15/7/2013 13:12

I think the minute HSBC put the administrators in at Kitsons it was all over. As bankers they would know the irreversible damage that would do to the Company. My bet is they are simply ensuring they secure what they can.

Shareholders will get nothing back here, otherwise there would have been some updates, the Company have cut off all forms of communication to the world.

The minute we were not updated with the first couple of days, I wrote this one off. How the law allows for Shareholders to be left in the dark in this manner is really unbelievable, but as others have said we are dealing with cesspit aim.

[hvs] 15/7/2013 12:47

Could it be to The Board of Directors ????

Like at ROVER ?

[bookbroker] 15/7/2013 12:42

Is anyone up with events on this one, any likelihood of an announcement in the near future concerning the financial health of this co.! Had enough hot air from contributors her over the last two weeks, but still no statement to the LSE. as regards fund raising, etc. Looks rather more likely that the sum of parts are undergoing due diligence towards pre-pack sale!

[erb2008] 12/7/2013 21:31

They (kitsons)are doing several contracts that i am in touch with and there are no ( not quite that black and white) issues - work,operatives,their supply chain,insurances,asbestos licence - a few hiccups but at the start of a month with a company who's credit rating is zero what would you expect!!

They have continued trading past month end when payments due,the guys are still getting paid,the VAT was due at the start of July/period 4 - they have all been paid - that is my point it does not make sense!!!