Trackwise Designs Share Discussion Threads

[tomboyb] 25/7/2023 13:20

its over -

Sorry to all shareholders in this -

[tomboyb] 25/7/2023 13:20

TRACKWISE DESIGNS PLC



("Trackwise", the "Company" or the "Group")



Notice of Intention to Appoint Administrators



On 24 July 2023, the Company announced the decision of the Board to pursue a sale of the Company's trading operations.



Whilst this sale process has just been initiated, due to the Group's current financial uncertainty and in light of increased creditor pressure, following discussions with its advisors the Board has resolved to today file a notice of intention to appoint administrators to the Company. Unless circumstances change, the Board intends in due course to appoint administrators in accordance with statutory requirements.



Trading in the Company's ordinary shares on AIM remains suspended pursuant to the notice of 03 July 2023.



Further announcements will be made in due course.



Enquiries

[ales dange] 24/7/2023 22:35

Welive, I agree, something about this whole situation stinks. I think there should be an investigation into the dealings of the group. How can a company who claimed to have so many pipelines and a massive order, mysteriously now have nothing. Also the Stevenage situation is just unbelievable, a business established over 50yrs ago, but now losing money and on the brink of closure. There really is a bad smell coming from all of this, Mr Bukake employed and less than a year later it’s on the verge of collapse. Incompetence from TWD at all levels and sadly it’s us investors left to pick up the pieces. There’s many questions that need to be answered about this company and the decisions it’s made with it’s appointments are just the start.

[weliveliketrumpatstonehouse] 24/7/2023 18:33

Kinwah.

Yeah you know its going that way don't you or goes bust and reopens.

Will be something close to your suggestion. I'm sure BOD, CFO and CEO will be OK.

[kinwah] 24/7/2023 10:39

My totally random guess is two of the directors will purchase the good bits of the business via a pre-pack leaving shareholders with nothing. FRP Advisory will try and ensure a level playing field so that competing bids are properly looked at in the interests of fairness.

[jotoha2] 24/7/2023 08:00

The PCB industry had it good in the 80's , it's a poor profit margin business with high capital costs , amazed they manage to float this .

[weliveliketrumpatstonehouse] 24/7/2023 07:57

Trackwise now up for sale.

Wow. BOD and management must of worked over the weekend to decide.

Stitch up

[bagpuss67] 24/7/2023 07:05

That's shareholders wiped fully now. Company may possibly survive but expect a £1 type deal if it does. What a f up....

[weliveliketrumpatstonehouse] 23/7/2023 09:11

Sclgoffer.

Let's hope for your sakes you are purchased. Regardless of what certain individuals have done to your business the accounts don't read well. Our powers that be have not released the latest ones. Guess these are worst to be honest.
Those that have bid if true will be looking at the books. Can they get a deal done before you run out of cash is the question.

If you do survive it's pretty clear the current management team have to go. A year ago you got a new MD Christine Bukeke and it's gone downhill rapidly since then.
Good luck

[weliveliketrumpatstonehouse] 21/7/2023 17:40

Sclgoffer

3 bids???? Really. Good luck with that my friend. We will all be out of work.

It's done.

[sclgoffer] 21/7/2023 17:17

We have got 5 in our sales team. Re the sale, three very interested parties.I do agree that the our MD that was installed by TW , has made some very bad decisions.

[ales dange] 21/7/2023 17:09

Scl goffer, this is bad news all round. SCl has been losing. Lot of money especially over the last 12 months, you need to hope and pray that you get sold, and from what I was told that is highly unlikely. The management structure there has systematically destroyed the business and according to sources close to TWD, you have lost your whole sales team, if this is true then my friend I would not be counting my chickens just yet. As you say they have lied to you, what makes you think you’re going to be told the truth now. Looking from outside in, the whole thing will collapse and sadly for all involved it’ll close. If you want to vent your frustration I would not look any further than your glorious MD for the dismissal performance he has over seen. If it wasn’t then you’d not be up for sale and someone by now would have purchased you.

[sclgoffer] 21/7/2023 16:51

What goes around , comes around…..after bleeding us dry here at SCL….all I can say Farewell TWD, was nice knowing you..Not.

👋👋👋👋

[weliveliketrumpatstonehouse] 21/7/2023 16:18

Not good is it Bagpuss.

Be afraid. Could be nothing from eV contract and Stevenage still not sold. That management at Stevenage team have a lot to answer for. They had full support and still can't meet targets.

We live in hope

[bagpuss67] 21/7/2023 15:18

That's curtains I'm afraid.

[ales dange] 20/7/2023 16:57

Could it besomething to do with Glancy prongay & murray investigation why the EV update has gone silent?

[weliveliketrumpatstonehouse] 18/7/2023 13:47

Ales, it seems its all gone quiet. I have read the lse site and hope surely most of those posts are incorrect. I don't believe Stevenage is sold yet but think a new management team will be called for if it is sold. They were given funding, staff and full support from twd but it's tanked. I just can't see twd getting what they paid for it which is pretty bad given they were industry leaders at time of purchase I was told. Just shows doesn't it you need a good team and that starts from the top. Looking forward to the accounts being published and Stevenage getting dumped so we can move on and get orders in at twd.

[ales dange] 17/7/2023 10:35

What's going on?
I have been reading the comments over on the LSE platform. Very worrying if they are to be believed. Does anyone know of any news in relation to TWD contracts or the sale of the Stevenage site? We're coming close towards the end of July and cash must almost be dried up, and with no news being posted (due to suspension), all is not looking good!

[weliveliketrumpatstonehouse] 09/7/2023 11:51

Ales, I'm sure plenty feel this way. I certainly do and I brought in 5p!!!!! Can only imagine what those poor people that purchased at 1, 2 or 3 gbp. Very angry, hurt and frustrated with TWD decisions. As far as Stevenage, this money from sale would certainly help but it's losing money. There's a pattern growing here isn't there. I'm not aware of the MD Mr Bukeke your refer to but surely this is not right?? You would not put a guy in charge of a 6.5 million output company with no experience. Makes no sense. Who would do that. The longer it goes on at Stevenage with no sale then surely the writing is on the wall and TWD will get nothing back. So potentially nothing from EV compensation and nothing from Stevenage. This would be a disaster.

[ales dange] 07/7/2023 09:29

Welive, by some standards it’s small, many investors have lost more with this deal. One cannot imagine how they’re feeling when all we are getting is the same story with a different spin. No contact of significance reported and the loss making Stevenage site still not sold, how bad is it going to get! Reading previous RNS TWD appointed mr Bukeke and was doing a “good job” well that wasn’t exactly a successful appointment either. I just wish I had of done my research a bit better, rather than buying on impulse!!!

[weliveliketrumpatstonehouse] 07/7/2023 09:07

Ales, you won't be the only one. Hope that chunk is not too big. So many in same boat. Sad sad times indeed