Silverdell Share Discussion Threads

[c1d] 05/9/2013 09:37

IMV the CEO has to go. He is responsible for running the business and we are not talking about a huge sprawling multinational here.
He should of been aware of what was happening in his businesses or should have ensured he had put the right people in place to do this for him. He failed miserably at one or other or most probably both (IMV).
Glad to see a new FD in place but believed this was inevitable from the moment the administration happened. I can't imagine what a worst failing for an FD than allowing his business to run out of cash!

[kimboy2] 05/9/2013 09:13

Would I expect the CEO to know of the issue - yes.

The Chairman said today;

...his appointment is a further step in ensuring that we have the right leadership team in place for the future.

He didn't say it completes the team.

Personally I don't think that the CEO was very sound on the will they/won't they have a fund raising before the debacle.

It seems to me he made the wrong choice on that question and that is down to him.

As for how long they have been suspended IMV the longer the better. It gives them more time to rebuild their working capital.

[adamb1978] 05/9/2013 09:06

I think the CEO can survive. Would he have realistically been expected to know about the issue with one creditor in a subsid? Its really the CFO's domain. Clearly though had he of had prior knowledge then he should go as well.

Best thing about the announcement was the reference to the suspension being 'temporary'!!! Made me laugh....its over two months now!!!

[kimboy2] 05/9/2013 09:00

The CEO is dead in the water and has been, along with the FD, since this debacle started.

The real question is if/how much cash they need to raise. The new £5m facility they bought Kitsons with is till 31/1/14.

It is always possible that a new team will try and raise loads of cash and blame the previous lot for the problem. However I would have thought it unlikely that they would need more than the £5m that has been extended.

The next question is what price they could get the £5m at. This will depend on the forecasts. The pre existing forecast was for 1.7p I think.

If we said that the EPS was going to be 1p this year then I suspect they would be able to get £5m @ 5p which would be 100m shares to add to the 313m.

Only speculation

[bookbroker] 05/9/2013 07:52

A more suitable appointment, experience in the construction services sector, as opposed to manufacturing which I.J. was, an F.D. is a bean counter at heart nonetheless.

[alexkb] 05/9/2013 07:40

no idea but bat least there have been some changes. i wouldve been v worried if there were none. I was actually hoping this was all resolved by now, but its not to be.

[beep_beep] 05/9/2013 07:33

can the ceo remain? or should he have his head chopped off as well?

[rat attack] 05/9/2013 07:30

Looks like a strong FD appointment - previously FD of May Gurney




Directorate Appointment

Silverdell plc ("Silverdell" or "the Company"), the specialist environmental support services group, announces that Mark Hazlewood will join the Board as Chief Financial Officer with effect from 9 September 2013. Ian Johnson, former Chief Financial Officer, has stepped down from the Board and will leave the Company following an appropriate handover period.

Mr Hazlewood has a strong finance and business development track record, most recently at May Gurney Integrated Services PLC ("May Gurney") which he joined in November 2011 as Group Development Director and of which he was latterly Group Finance Director, until that company's acquisition by Kier Group PLC in July 2013.

Having qualified with Coopers & Lybrand as a Chartered Accountant in 1996, Mr Hazlewood joined South Staffordshire Group PLC in 1997, becoming Director of Finance in 2000. He then joined Homeserve PLC following its demerger from South Staffordshire Group plc, firstly as Director of Group Business Development and latterly as Finance Director. Mr Hazlewood then joined Anglian Home Improvements Group as Group Commercial Director prior to joining May Gurney.

Stuart Doughty, Chairman, commented:

"We are grateful to Ian for his contribution over the four years he has been with Silverdell and we wish him well for the future.

"Mark will bring a wealth of experience to the Board at a time of transition and his appointment is a further step in ensuring that we have the right leadership team in place for the future.

"We look forward to updating the market further on the next steps towards lifting the temporary suspension in trading in the Company's shares."

[bookbroker] 04/9/2013 23:06

Ian Johnson pretty highly respected, came with alot of experience at MCB. amongst others, if he has left he probably just fell on his sword over the Kitsons debacle!

[effortless cool] 04/9/2013 21:49

The simple fact that he let a key operating subsidiary run out of cash is surely ample reason alone for the FD to go.

[pj 1] 04/9/2013 21:02

If the FD has gone then the question lingers as to what other ''creative accounting'' practices the Administrators have discovered, or unearthed.

Not implying anything, just speaking from experience..............

Dark waters run deep.....

[pyemckay] 04/9/2013 20:56

these open back up at 6p. I will be happy to get that back indeed.

[hvs] 04/9/2013 13:49

F.D departed not departed what difference will it make to shareholders ????
They used to be called bean counters in the old days , when they did the job.

Will HSBC not own this now to get back a fraction of what they lent ?

[yupawiese2010] 04/9/2013 12:14

Kimboy2.

Agree totally, just wanted confirmation that the F.D had departed.

[kimboy2] 04/9/2013 10:21

Why are the creditors unlikely to get anything ? SID has/will have paid £8m to pay these Kitson's creditors and that is before we get to the £12m of debtors.

[0rb1t] 04/9/2013 10:11

Confidence in the UK economy and the construction industry has increased a surprising amount recently. In just the two months since SID was suspended the macro-economic outlook has improved. This could leave room for a better outlook even here at SID!

[yupawiese2010] 03/9/2013 20:32

Copied & pasted from Barking Lad at iii.

As we are very unlikely to get any information from the BoD i am aware that Ian Johnson FD of Silverdell plc effectively left the company last Friday and new FD appointed . Jane Kirby no 2 in finance left of her own accord end of August. John Potts MD of Kitsons has also left the company of his own accord. Company states there is little or no disruption, grapevine says it is total chaos as suppliers are unwilling in many instances to supply. Not surprising since there were owed more than £5M pounds and are unlikely to get anything. Dumping in excess of £10M of creditors may enable the BOD may prolongs their lavish lifestyles but the day of reckoning is approaching
End of financial year in 27 days and as there has been little disruption profits should be very healthy !!!! Why am I not convinced ???
In due course they have to communicate with us shareholders and the balance sheet will make interesting reading.

ERB2008 Are you in a position to confirm if the F.D has gone ?

[bookbroker] 03/9/2013 13:28

Yeah, about time the morons running this co. informed long-suffering shareholders of their intentions, and doing the job properly!

[rovers2] 02/9/2013 21:53

ERB2008 8th Aug - RNS and suspension to be lifted shortly. Given your forecast on the 8th, expect an RNS this week.

[rat attack] 02/9/2013 19:19

ERB2008 - thank you for the update

[erb2008] 02/9/2013 18:41

It will probably be the end of this month before suspension is lifted.The board are running the business not banks or administrators - the delay is as a result of getting commitment on spend from clients in order to give some certainty to their forecasts.
I don't necessarily agree that this is the correct way to handle the situation but that is the way it is.
ps don't shoot the messenger!!

[pj 1] 30/8/2013 21:15

bookbroker 22 Aug'13 - 08:53 - 1913 of 1915

Who has managed to speak with a member of the BOD since the administration announcement? Answer. No -one (me included despite numerous attempts)

Why? Answer- The BOD are unable to make any statements without the PRIOR approval of the Administrators or, I suspect, HSBC

So, who is controlling SID, obviously not the BOD with tied hands

[hvs] 30/8/2013 17:22

More like shareholders being written off.

The Board is having a laugh.

[mpilot] 30/8/2013 17:18

This is really boring !!

[bookbroker] 22/8/2013 08:53

how many times does the above post need to be informed that the only people who control Silverdell are the board, the co. suspended its shares at the behest of HSBC until the the Kitsons was resolved, They have subsequently acquired certain assets of Kitsons Environmental Europe Ltd(in administration), however Silverdell is trading normally, so Silverdell is not in administration, read the writing, currently the impact is being assessed and clearly a new financial plan is being drawn up for going forward, but Silverdell currently has the full support of HSBC, otherwise they would be in administration! Being de-listed at the current time does not preclude the business from operating normally.Shareholders just have to be patient, why the debate when the co. had all but been written off.