Widney Share Discussion Threads

[timanglin] 03/4/2007 08:51

the situation is opaque to me - the sale of pressings and land and the move to put cabs into administration should theoretically be good news as it potentially frees up the ?more profitable parts of the business and reduces debt. However at what cost? and what is the present debt after the sale? How can we make decisions without this information? A set of interim accounts would be useful? DYOR - or does anyone have any thoughts?

[charo] 02/4/2007 17:26

info on further sales sure to follow.with the closure of cabs the integrated build assembly component strategy was dead.could be sale of property is close that would eliminate debt and leave cash for expansion on slides and windows.
the sale was at a substantial profit as will the land sales at levels indicated.will be interesting if interims say why caterpillar bailed.industry wire says cat in disarray and the move has been disastrous,and was not supported by those in the know in uk but forced through by world purchasing.jcb is lapping up cats problems and working at record levels.problem is cat is so big and profitable that the loss of say $75 million at desford would be covered by provisions elsewhere.but it has been very costly all round.

[a0148009] 02/4/2007 16:14

Sale of Widney Pressings

RNS Number:2480U
Widney PLC
02 April 2007



Widney PLC
("Widney" or "the Company")


Sale of Widney Pressings


Widney has exchanged contracts for the sale of Widney Pressings Ltd to AY
Engineering, an Indian based group, for #1.4 million, including Widney
Pressings' borrowings at completion, subject to shareholder approval. A Circular
will be sent to shareholders shortly.

Widney has also sold surplus fixed assets from its Northampton site for #750,000
to AY Engineering, payable in equal instalments over three years.

Commenting on the transaction, Joe Grimmond, Chairman, said:

"Widney Pressings does not fit with our strategic plans for the future of Widney
PLC. We believe the sale is in the interest of shareholders. The proceeds will
be used to reduce the Company's borrowings."

2 April 2007


They could have been more helpful by giving and indication of the borrowings the acquirer has assumed. Pretty sloppy lot this management.

[callumross] 02/4/2007 16:14

"Widney has exchanged contracts for the sale of Widney Pressings Ltd to AY
Engineering, an Indian based group, for #1.4 million, including Widney
Pressings' borrowings at completion, subject to shareholder approval. A Circular
will be sent to shareholders shortly.

Widney has also sold surplus fixed assets from its Northampton site for #750,000
to AY Engineering, payable in equal instalments over three years.

Commenting on the transaction, Joe Grimmond, Chairman, said:

"Widney Pressings does not fit with our strategic plans for the future of Widney
PLC. We believe the sale is in the interest of shareholders. The proceeds will
be used to reduce the Company's borrowings."

not good news IMHO - a very curt statement - how can WP not fit in with their strategy when they have not long purchased the business!!!! Feel that the banks are behind this sale.

[loverat] 28/3/2007 18:01

Looks poor.

[loverat] 28/3/2007 15:06

And no wonder no one is interested anymore.

Just look at that spread - 17p to buy, 13p to sell.

[loverat] 28/3/2007 15:03

Oh dear!

Down yet again!

[loverat] 27/3/2007 20:58

Going down and down, day by day.

Has everyone here sold out now?

[loverat] 26/3/2007 21:31

I now predict that this will go bust this year.

[loverat] 26/3/2007 19:45

Oh dear!

Down it goes again.

[loverat] 25/3/2007 11:29

Still very poor.

50% down over a 1 year period...

Now 80% down over a 2 year period...

What will we be saying this time next year?

[loverat] 21/3/2007 19:05

danski

Pop on to my popular thread (nearly 10,000 posts already)anytime...

[loverat] 21/3/2007 19:02

Quite amusing. I have posted twice today and whenever I do TargetSetter
responds straight away.

Now, I think there are several possible reasons why he does this:

1/ TargetSetter is on this site 24x7.
2/ TargetSetter gets angry when I post.
3/ Both of the above

[loverat] 21/3/2007 18:48

He has held TGP since 24p and WDNY since a £1.00.

[loverat] 21/3/2007 18:44

danski

Don't worry about TargetMisser.

It sounds like he is getting desperate. His main holding, TGP tanked today
also.

[callumross] 21/3/2007 16:05

moving up on the biggest volume for months - nearly 10% of the company traded today already!!

[arnold7] 21/3/2007 15:16

there are some serious deals going through