Silverdell Share Discussion Threads

[stegrego] 24/7/2013 08:22

From link above.......

Demolition, scaffolding and asbestos specialist Silverdell is back trading as normal after part of the company was rescued from administration.

The Enquirer understands that the Kitsons Environmental Europe division has been sold by administrators to Silverdell subsidiary EDS.

The deal will see no redundancies as all employees and contracts are transferred.

The move means Silverdell is back trading as normal following a turbulent few weeks.

Administrators from Zolfo Cooper were called-in at Kitsons earlier this month following the suspension of trading in Silverdell shares on the Stock Exchange.

The administration was prompted by a winding-up order after creditors were believed to have been owed £5m by Kitsons.

The Zolfo Cooper team have been working on a turnaround plan which has resulted in the EDS deal.

One Silverdell source said: "It's been a really tough few weeks but hopefully things can get back to normal now.

"But some serious questions need to be asked about why this happened and how the management make sure it never happens again."

[0rb1t] 24/7/2013 08:11

www.constructionenquirer.com/2013/07/24/silverdell-division-saved-from-administration/

[dasv] 23/7/2013 11:19

good guess cestnous

[hvs] 22/7/2013 16:30

lol !!!!!

Best you filter SID

[hvs] 22/7/2013 16:03

lol !!!!!!!

SID is no wher to be seen.

No news from the BOARD of mismanagers. Is very very BAD NEWS

[extrap] 22/7/2013 15:59

I've always expected them to re-list too cestnous - since the share price already took a knock before trading was suspended it may represent a buying opportunity, depending on the terms of the re-list.

[hvs] 22/7/2013 15:26

lol !!!!!!

lol !!!!!!!

SID is nowhere to be seen.

[cestnous] 19/7/2013 13:26

No they didn't nurdin, but I.C. commented that they expected them to take a knock WHEN they re-list; but what do they know? They haven't even altered their buy rec.. I personally am of the firm opinion that they will re-list.

[nurdin] 19/7/2013 09:05

They didn't say anything about relisting..or did I miss that ?

[alter ego] 16/7/2013 16:10

5m shares? And I thought I had lost a lot of money.

[bookbroker] 16/7/2013 15:59

Got to remember Nutley has vested interest here at 5 m. shares!

[rat attack] 16/7/2013 11:57

Depends on what management team is proposed and the business argument. One thing for sure if the phoenix does take off again is the financial controls will be tightened significantly!!

[adamb1978] 16/7/2013 11:33

Assume Kitsons ends up being wound up and they issue half the share cap at 4p to refinance bank debt and that, as a resuult, the share price drops towards 4p on the day they resume trading - how many people on here are going to brave enough to dip their toes in again?!?

[adamb1978] 16/7/2013 11:31

So it looks like the equity will be worth something - questions are what the terms of the inevtable placing will be and whats the impact on the core business (in the eyes of customers and therefore future business opps)?

[ganthorpe] 16/7/2013 10:25

The RNS begs the question of what will happen with Kitsons. Will it be ongoing as a viable company or will it stay in Administration to run off existing contract commitments? Unless it can settle with all it's creditors the Adminstrator will sell it off or run it down.
It may well be that SID if it is restored to listing , will be minus Kitsons. I don't know what impact that will have on SID value.A write off of Goodwill and Intangibles will not leave much in the way of asset value, and if a rights issue is possible it will have to be at a large discount and highly dilutive.
We can only wait and be "patient"
GAN

[erb2008] 16/7/2013 10:10

PJ1 - i agree with your comments - i understand they were told by the administrators they had to pay all the creditors last Friday - therefore need for funding.

Yes credibility/reputation not good.

The Kitsons situation needs to be sorted out and reported ASAP.

[pj 1] 16/7/2013 09:54

I wonder what Marwyn stance will be on resumption of share dealings?

SID obviously does not fit with their investment strategy now.

[skyship] 16/7/2013 09:52

From the Construction Enquirer - FREE website. I daresay it doesn't say anything you guys don't already know - but just in case::

Bank backing Silverdell despite administration:

Grant Prior | Tue 16th July | 7:16

Demolition, scaffolding and asbestos specialist Silverdell has received backing from its bankers at HSBC despite part of the company falling into administration.

Accountants from Zolfo Cooper were appointed earlier this month at the Kitsons Environmental Europe division following the announcement that trading in Silverdell shares would be suspended.

The Zolfo Cooper team is currently working on a turnaround plan for the business.

The Enquirer understands that no redundancies have been made among Silverdell's 750 staff but clients have been cancelling jobs.

Creditors are believed to be owed £5m by the Kitsons division.

An update to the Stock Exchange this morning said: "The Group announced on 2 July 2013 that it had requested a suspension of trading in Silverdell's shares pending clarification of the Group's financial position.

"This followed the appointment of administrators to Kitsons Environmental Europe Limited ("Kitsons"), one of the Group's principal trading subsidiaries.

"The Board is pleased to confirm that discussions with the Group's bankers, HSBC, have reached a satisfactory outcome.

"HSBC has confirmed that it remains supportive of the business and will be providing additional short term facilities to the Group.

"The Board also confirms that Kitsons is the only Group company which is in administration, and that all other Group companies continue to trade as normal.

"The Board is extremely grateful to the Group's employees, customers and suppliers for their patience and forbearance."

[hvs] 16/7/2013 09:49

The Board is extremely grateful to the Group's employees, customers and suppliers for their patience and forbearance

NO MENTION OF SHAREHOLDERS , says it all really.

[dasv] 16/7/2013 09:47

Salpara111 - a poster on iii noted the Kitson's winding up petition prior to Silverdell's share suspension. That was the red flag that those of us who still held missed.

I agree with bookbroker though - I think many remarks today by holders have a very negative bias - it is possible for the company to recover from this and any recovery story is an opportunity for fresh investors. Although I can understand if those that hold choose to bail at first opportunity.

[salpara111] 16/7/2013 09:29

What I guess you can say is that management is totally incompetent that they clearly didn't see that one of their main operating units was about to be placed in administration.
Having said that, it does at least appear that investors will be able to salvage something from the wreckage.
I would imagine that they will take the opportunity for a large deeply discounted placing, say sub 5p.
I don't see a play for me here so I wish holders good luck, it is never nice to get burned this badly and in this instance there were no real red flags prior to the event.

[stevenlondon3] 16/7/2013 09:14

Does anyone know whether Finncap have been speaking to institutional shareholders about a share placing? (IMO most likey outcome - happier than I was 24 hours ago when i was putting zero value on my holding.)

[pj 1] 16/7/2013 08:37

Havn't a clue what's gone wrong at Kitsons or who is to blame. However, in this economic climate you can guarantee that all suppliers to SID will have demanded payment within terms before any more supplies/ services are provided, (and who can blame them) placing pressure on already tight working capital. Hence IMO the need for additional (short) term funding.

Agree credibility half way down the waste pipe here no matter what the outcome.