Silverdell Share Discussion Threads

[adamb1978] 08/12/2013 20:36

Interesting. SO they've bought out HSBC loans, presumably will now look for some form or debt for equity swap or get some form or warrants/convertible securities from SID. If they bought the HSBC debt for say 25p in the pound, managed to get some equity on top and were able to keep the company alive, they could make some pretty handsome returns.

Means that shareholders would be left with something, albeit a lot, lot less than we had before. Anything would be upside though given that I'm sure that most people marked their SID holding down to zero like I did

[phowdo] 08/12/2013 12:08

Added the key directors involved here into the "don't touch with a bargepole in the future" list.
I expect some investments to go to the wall but there is a smell of at least gross incompetence around the management of this situation.

[stegrego] 08/12/2013 11:52

Zero chance of this coming back to market now, as less than a month to do so.

I would doubt any value left for shareholders anyway.

I'd really like it to, as I want the tax loss, but it looks like it will be in limbo for ages.

[onlyonestorm] 08/12/2013 11:21

Guy's,

My request was sent out of frustration, not holding my breath on a reply!

Stormy

[bookbroker] 08/12/2013 09:49

Well and truly curtains for existing shareholders it looks, could have done with the tax loss on this one, now we'll be in limbo for another three months most likely! Be nice to have closure on this dog!

[alter ego] 08/12/2013 09:25

thanks bigbigdave, at last something factual to think about.

[bigbigdave] 08/12/2013 08:12

Bit of news for you boys.....

Jobs saved at asbestos firmMORE than 1,000 jobs at Silverdell, an asbestos clean-up specialist, are to be secured by a rescue deal.

Rcapital, a turnaround fund, stepped in as the troubled company's bank prepared to pull the plug.

Silverdell was plunged into turmoil in July when trading in its shares was suspended. Listed on London's junior AIM market, it specialises in clearing asbestos from old industrial sites.

Rcapital has taken control after it bought out loans held by HSBC, Silverdell's bank, and will begin work on a survival plan over the coming weeks. The deal could be announced to the stock exchange this week.

The share-trading suspension, triggered when one of Silverdell's subsidiaries was put into administration, is expected to remain in place after the deal with Rcapital. Shares in Silverdell last traded at 12.9p, valuing the company at £40.4m.

It is understood Rcapital will look at a range of options, including a refinancing, fresh capital, and a break-up. The acountancy firm PwC advised Silverdell.

Rcapital has backed 35 companies since setting up in 2004. Its most high profile investment was Little Chef, the roadside dining chain, which it sold earlier this year.

www.thesundaytimes.co.uk/sto/business/Industry/article1349937.ece

[cnx] 05/12/2013 18:05

is the NOMAD still being paid?

can he speak?

[adamb1978] 05/12/2013 14:27

ONLYONESTORM - you wont get a reply. How can they say anything to you about trading, the refinancing, the suspension etc without announcing it?

The only way that anyone could really find anything out would be to speak to an employee of the company, who might well have heard things internally

I fear that this one is dead

[17paddy] 05/12/2013 08:45

I'm expecting two storms, the first has already hit Scotland and is travelling south. The second started in London and will spread in all directions.
The first is caused by nature and the second by total incompetance.They have to make a statement soon and I really feel we are in for bad news,I shudder to think what great scheme the BOD will come up with to protect us shareholders.

[alexkb] 05/12/2013 04:58

i emailed them a month ago - still heard nothing, so dont hold yer breath.

in terms of the listing as they are still "listed" but shares are suspended normal rules apply as far as im aware, EG they still need to report as they would normally have done. its the one certainty we have to look forward to.

Once it hits 6 months then they have to either unsuspend or withdraw from the exchange altogether ive read before. tick tock...

[onlyonestorm] 04/12/2013 22:55

No reply as yet!

As Diana Ross sang "I'm Still Waiting"!!

Stormy

[hvs] 04/12/2013 16:59

The "CITY" stinks.

[bookbroker] 04/12/2013 16:56

Deal was results last year posted on 05.12., as not listed any more no obligation to post anything, bizarre situation, but shareholders last people to be informed in this situation, in fact they are totally irrelevent as far as the banks are concerned, surprised that this co. has survived this long!

[onlyonestorm] 04/12/2013 13:00

Well I have emailed the Co asking for an update:-), "should" I receive a reply I will let those interested know its content!

Not holding my breath!

Stormy.

[bookbroker] 04/12/2013 11:59

Only way to find out is ask the employees of the co., should anyone actually know any, find out what contracts they are currently undertaking and the order within the co., either this co. is a going concern or it is not, frankly I haven't a clue, co. has been under suspension for six months and barely a whisper in the last three, what I think most investors would wish to understand is what exactly caused this catastrophe, and where the responsibility lies, be nice to know whether any of the executive board have even the faintest sense of humility towards the ordinary shareholders who believed in the tosh they spouted up until June!

[muckshifter] 02/12/2013 12:31

Unfortunately for shareholders, if this does go bang in the end, it usually takes a year or two for the IR to declare it of nil value, which I think they only do when the whole receivership is finished. There is a page on IR (I think they now call it customs & revenue rather than IR) where they tell you which shares have achieved "nil Value" status.

This does not help in terms of offsetting the loss against known current profits if you currently are potentially exceeding your capital gains allowance, but I've always thought that if I was in that situation, I would sell the shares privately to a friend for £1 (might have to buy him a pint to make up for the £1), and use the loss. Although dealing in the shares would be suspended, ie. the registrar would not be interested in changing the share ownership on the register, I believe that a document signed and dated by both parties indicating a change of ownership between you and a friend would confirm a sale at the stated date and allow you to create an offsetting loss. I've always intended to do this if I ever need to, and would happily take on the IR if they wanted to fight that arrangement.
PS. Not a shareholder but wish you all luck. I suspect that either the subsidiary had been cooking the books - fairly easily done and hidden for a year or two in the construction industry, or there was a huge unforeseen contractual liability which came up and couldn't be faced - something like a huge find of asbestos on a fixed lump sum job where they had taken on the quantities risk, or having to deal with something like that at great expense while trying to get paid for it in a protracted claim, which is the usual "cashflow killer" in construction.
Regards.

[gnnmartin] 29/11/2013 16:34

If you want to sell your shares in order to create a loss, then you can give them away: just don't give them away to a connected party. There are organisations that accept charitable gifts of shares, eg , though I haven't tried using any. If you give the shares to charity, then HMRC may well accept that for CGT purposes the shares were worth nothing when given to charity. If not, then you can still claim tax relief on the value that HMRC consider you gave to charity. See
Nigel Martin

[17paddy] 28/11/2013 19:50

Not a tax expert by any means but my understanding is that it can only be treated as a tax loss when it is an actual loss which could be very soon or years away, all depends on what action the bank decides to take The business could be placed into liquidation (unlikely) sold (mmm unlikely ) or the bank could sell the debt. In the latter case, shares could be worthless for years but unfortunately no tax loss as shareholders will still own the company but the value of shares would in all probability be of nil value.

[penpont] 28/11/2013 00:22

I'm inclining towards agreement with the general drift that this one is well and truly shafted.

Assuming we do find this out for certain in the current tax year, can any kind soul remind me exactly when we can use it as a tax loss?

TIA

[bookbroker] 27/11/2013 23:23

Mind you I'm expecting an announcement imminently, and it will more than likely be about the results and existing situation, they've got a month left and it is unlikely to happen in the last week of Dec., so at some point the gory details of what exactly went wrong will out itself, does amaze me that CE. retained his role, maybe it was because the job had become a poisoned chalice, and at the same token why replace someone into a position when the future was so uncertain.

[ir35] 27/11/2013 21:39

What has happened here is beyond belief. Just quite how they let Kitsons go into administration is a mystery. To follow that up with another complete and utter disaster (buying Kitsons back and not honouring all of their commitments) is just too hard to believe. I wonder who advised them that it was a good idea not to pay all of Kitsons creditors in full - and what sort of person acts on that advice? Have none of these people ever heard of reputation? If they haven't then I just wonder what they are doing running a business or advising others.

I had a reasonable amount invested in these. At first I was a bit optimistic of getting some money back but having seen how they behaved in acquiring Kitsons have come to the conclusion that the shares will never relist and think this sums the situation up quite nicely:

[stegrego] 27/11/2013 21:10

It looked fairly promising for coming back with the RNSes a few months ago, but now I think this won't come back and we are all screwed here.

Totally impossible to see this coming though I reckon. Directors need screwing over if this ends badly.