Sportsworld Media Share Discussion Threads

[2francs] 10/4/2002 23:03

I'm not going to sing before the fat lady...

[bartbuild] 10/4/2002 21:17

nice post pork

[pork belly] 10/4/2002 20:42

"* to carry on the company's business;"

Now have 3 months to submit a rteport to the Registrar.

There is still a chance that SWD shareholders may get something out of this.

They have NOT gone into liquidation.They have appointed Administrative Receivers to "carry on the companies business" ie sell off parts of the company.So, there is no real change from before the announcement.

All is not lost until liquidators are called in (which is still possible).

As i HAVE said all along, SWD was an out & out gamble.

Personally, i have already written off my SWD investment, although there is still a chance of geting something back.

Cheers,Porky.

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Administrative receivers


The Insolvency Act 1986 sought to set out the powers and obligations of receivers and managers appointed under floating charges, and to impose additional duties upon such receivers to keep unsecured creditors informed as to the progress and likely outcome of receiverships.

Definition

The Act identifies ‘administrative receivers’ as:
(1) a receiver or manager of the whole (or substantially the whole) of a company's property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or
(2) a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company's property.

Appointment, etc. of administrative receivers.

On the appointment of an administrative receiver, a notice must be sent to the company and to the company's creditors.

Statement of affairs

A statement of affairs must be submitted to the receiver. The contents of the statement of affairs are prescribed by s. 47(2) of the Insolvency Act 1986.

Report by administrative receiver.

Within three months of his appointment the administrative receiver must submit a report to the registrar, to any trustees for secured creditors and to the secured creditors themselves. A copy of the report must also go to all unsecured creditors. The administrative receiver's report includes the following:

* the events leading up to his appointment;
* actual or proposed disposals of the company's property and actual or proposed carrying on of business by him;
* amounts of principal and interest due to debenture holders by whom he was appointed; and
* the likely surplus available for other creditors.

The powers conferred are as follows:

* to take possession of, collect and get in the company's property and, for that purpose, to take such proceedings as may seem to him expedient;
* to sell or otherwise dispose of the company's property by public auction or private contract (or, in Scotland, to sell, feu, hire out or otherwise dispose of the company's property by public roup or private bargain);
* to raise or borrow money and grant security therefor over the company's property;
* to appoint a solicitor or accountant or other professionally qualified person to assist him in the performance of his functions;
* to bring or defend any action or other legal proceedings in the name and on behalf of the company;
* to refer to arbitration any question affecting the company;
* to effect and maintain insurances in respect of the company's business and property;
* to use the company's seal;
* to do all acts and to execute in the name and on behalf of the company any deed, receipt or other document;
* to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company;
* to appoint any agent to do any business which he is unable to do himself or which can more conveniently be done by an agent and power to employ and dismiss employees;
* to do all such things (including the carrying out of works) as may be necessary for the realisation of the company's property;
* to make any payment which is necessary or incidental to the performance of his functions;
* to carry on the company's business;
* to establish subsidiaries of the company;
* to transfer to subsidiaries of the company the whole or any part of the company's business and property;
* to grant or accept a surrender of a lease or tenancy of any of the company's property, and to take a lease or tenancy of any property required or convenient for the company's business;
* to make any arrangement or compromise on the company's behalf;
* to call up any uncalled capital of the company;
* to rank and claim in the bankruptcy, insolvency, sequestration or liquidation of any person indebted to the company and to receive dividends, and to accede to trust deeds for the creditors of any such person;
* to present or defend a petition for the company's winding up;
* to change the situation of the company's registered office; and
* to do all other things incidental to the exercise of the foregoing powers.

Status of administrative receiver

An administrative receiver is deemed the company's agent and is personally liable on contracts he enters into in carrying out his functions, subject to an indemnity from the company's assets. An administrative receiver will also be liable for any sum payable on any employment contract adopted by him, provided that:

* the liability is a sum by way of wages, salary, or payment into an occupational pension scheme;
* the amounts are incurred whilst the administrative receiver is in office; and
* the sums relate to services performed after the administrative receiver has taken up office.

[jamiedodger] 10/4/2002 18:44

The good news was that I got out on 28th mar at 4.5p The bad news was that
I was in at the same price on 14th feb and watched it rise to 17.5p within two days only to march right back down to where I began. Moral here is, if it looks to good to be true it probably is.

[pork belly] 10/4/2002 18:22

SPORTSWORLD MEDIA CRASHES

2002-Apr-10 16:26:

UK-based sports and entertainment programming company Sportsworld Media plc has called in the receivers following a failed attempt to find a purchaser for the entire company.

In a note to the stock exchange this afternoon the company announced: "While the company's current debt facilities were to expire on 31 March 2002, the company's bankers had indicated their continuing support beyond this date whilst the sale of parts of the business continued.

"The board regrets to announce that although positive discussions have taken place with several parties interested in acquiring the separate parts of the business, the company does not have sufficient working capital to continue trading while this process continues.

"Consequently, the board was left with no option but to ask its lenders to appoint an administrative receiver to Sportsworld Media Group plc [the parent company]. The company's subsidiaries continue to trade under the control of their existing management."

The news will come as a major blow to advocates of the sports sector, who have seen the company, which was once valued in the low hundreds of millions, plummet into financial chaos.

As one analyst told sportbusiness.com: "What's happened with Sportsworld Media has potentially set back the sports industry on the stock market for a couple of years. It's hurt a lot of institutional investors." The group were the exclusive global media and marketing partner for the Association of Surfing Professionals, owners of the World Surfing Tour and held exclusive international relationships with triathlons, windsurfing and snowboarding properties.

In a joint venture, the company also owned the global rights to the Popstars brand and its intellectual property.

[digital sport] 10/4/2002 17:33

PRIMROSE THE SHARE GURU WILL SORT IT OUT,DON'T WORRY

[cyber investor] 10/4/2002 17:30

rk23 - you will get 0p for your shares

That will learn you - LOL

[rk23] 10/4/2002 17:27

what I want to know is are we going ot get anything back even 1 penny or something

[dogpoo] 10/4/2002 16:43

Here here.
I hope they finally have the decency to state
they were wrong and apologise for any misleading posts
they may have used,especially ones relating to
"ignore people who disagree with my ramps"
when they return from their break!

[insideryou] 10/4/2002 16:38

who was the idiot who didnt stop going on about the imminent 20p bid..
what a tool, i hope no one was suckered into this dog on the back of shameless ramping, with not a stitch of hard facts to back it up....shame on you..you know who you are.nuff said

[snooze] 10/4/2002 16:22

bsg : £12.5k its more than a couple of pints worth to loose dont you think ?

[lukeb2002] 10/4/2002 16:05

blue chips for a while me thinks, had enough of htis high risk stuff!

[the jock] 10/4/2002 16:01

Well I am away to buy a good solid stock now.Anyone got a bid/ask on Marconi

[snooze] 10/4/2002 15:51

Oh well whats another £2.5K ontop of this years £10k loss.... glad its over though to some extent... onward and upward to the next !

[lukeb2002] 10/4/2002 15:51

ca we just post on te other thread, cos this is getting confusing posting on both!

[cyber investor] 10/4/2002 15:50

Birchin,

Sorry mate ! - saw exactly the same thing last year with LLG (Lady In Leisure) - banks pulled the plug - receivers jumped in and took all the good bits - creditors got paid off and the shareholders at the back of the queue got nothing :(

[mhsmith] 10/4/2002 15:48

Sorry about everyone's losses.

IMO the collapse has been a disgrace. There has clearly been much more information available about what was really going on than has been made available to private investors.

My first sniff of what might lie beneath what, on the face of it looked like terrific value at 40p (especially given RNS and press statements about underlying financial health) was a poster on E*Trade who seemed genuine, and who claimed to have industry knowledge of SWD.

His posts of two months ago were spot on the mark about the break-up, and spot on about today's news.

[birchin] 10/4/2002 15:46

cyber investor

Not even one bean ?? :(

Regards Birchin :(

[cyber investor] 10/4/2002 15:42

Birchin

You will get nothing !!! - nowt - zilch - nada - Sweet FA - not a bean


WAIT AND SELL

[jivinjizz] 10/4/2002 15:40

Very good question birchin. From bitter experience, no, but you can always hope

[birchin] 10/4/2002 15:39

Will we get anything ??????