Your Space Share Discussion Threads

[starwars4] 13/1/2010 08:53

Hey Bobby, what about HELLIUM over £2 million, I can't beleave he,s not putting pressure on them.

[bobby.ifa] 12/1/2010 22:32

They don't care. We must all get mobilised for the next AGM/EGM & vent our feelings just to clear the spleen. I've lost 15k here and struggling to pay my Tax bill in three weeks time because of this debacle. Anyone else care to share their losses?

[3hed] 12/1/2010 09:10

guess the directors and advisors have gotten stuck in the snow!

[starwars4] 10/1/2010 10:18

JUST POSTING A COPY OF THE CVA PROPOSAL FOR YOU ALL TO READ AGAIN....JUST TO NOTE THE CVA REQUIRED THE APPROVAL OF 75% OF CREDITORS AND ----SHAREHOLDERS----..THE CVA WAS PAST AT THE MEETING ON THE 16/11/2008...................RNS Number : 5477B
Your Space PLC
29 October 2009




Your Space plc ("Your Space" or "the Company")


Trading Update and Summary of the Terms of the Proposed Company Voluntary Arrangement ("CVA")


Your Space announces an update in relation to trading and the measures proposed to address the Company's current financial position and to create a stable financial platform for the business.


As a result of the downturn in activity and asset values in the property market, the Company has faced challenges in securing increased occupancy rates to target levels which has ultimately had an adverse effect on the strategy of the Company and its forecasts and cash flow.


The directors of Your Space ("Directors") have taken steps to try and secure further funding for the Company, a strategy outlined in the Company's interim results to 30 September 2008 which were released on 23 December 2008:


*

In June 2009 the Directors sought to obtain additional funding by way of a new convertible loan note from a private investor but the conditions attaching to the funding prevented the Directors from agreeing a deal;


*

The Directors also held discussions with a third party which were at advanced stages with respect to a sale of part of the business but the transaction did not complete due to problems with the purchaser being able to satisfy the company on its ability to transact this deal. This transaction would have seen trade creditors in relation to that part of the business, repaid in full; and


*

The Directors requested an increase and extension of their banking facilities from the Bank of Ireland ("Bank") but in the circumstances this was not forthcoming.



Despite the efforts of the Directors on 15th September 2009, they formed the opinion that the Company did not have sufficient working capital for their present requirements and the Directors therefore requested a temporary suspension of trading of the Company's shares.


The directors of the Company and its wholly owned subsidiaries have finalised the terms of a company voluntary arrangement (the "CVA Proposal") to be put to unsecured creditors of Your Space plc, Workspace (Northwest) Limited and Yourspace UK Limited. The CVA Proposal is in full and final settlement of all claims of unsecured creditors against it. The CVA Proposal document, which contains full details of the CVA, was posted to shareholders and creditors of Your Space and its subsidiaries last night.


The Bank of Ireland, the Group's secured lender, has confirmed its support for the CVA proposal. Her Majesty's Revenue and Customs, the largest unsecured creditor across the Group by value, has reviewed a draft of the CVA proposal and agreed to consider it favourably. The Group's main landlord has also announced its support for the CVA.


A CVA is a formal procedure under Part I of the Insolvency Act 1986 that allows a company to agree a composition or arrangement with its creditors in satisfaction of some, or all, of its debts.


The CVA Proposal requires the approval of the creditors of the Company and its subsidiaries and the shareholders of Your Space. Its main terms are summarised below.


Unsecured creditors with estimated debts totalling £5.5 million will be asked to compromise their claims for payment.


Commencing on 16 February 2010, it is proposed that £1.1 million will be paid into the CVA at a rate of £366,667 per annum for the first three years of the CVA. It is estimated that this will result in a payment of 20 per cent. of the above creditors' debt. In addition, further payments may be payable to unsecured creditors in accordance with the provisions contained in the CVA Proposal document which include a dividend based on surplus net cash flow generated by the Company during the CVA period of up to an estimated further 40 per cent. of the above creditors' debt; and/or if the Companies sell any property owned by them and there is a surplus after the secured creditors are paid in full then any surplus will be paid to unsecured creditors. The requirement to propose an additional trading dividend to unsecured creditors means they are given the opportunity to benefit further once the Company returns to profitability and trading exceeds what was envisaged at the date of the CVA Proposal.


Throughout the CVA process, Your Space and its subsidiaries will continue trading under the control of their respective directors and operate as going concerns. The Company and its subsidiaries are not in, and will not be, in administration as a result of commencing the CVA process.


The CVA Proposal document contains notices of meetings of the unsecured creditors and shareholders of Your Space and its subsidiaries to consider and, if thought fit, approve the CVA proposal. To become effective, the CVA requires the approval of 75 per cent. in value of the creditors present in person or by proxy and voting on the resolution to approve the CVA Proposal; and 50 per cent. in value of the shareholders present in person or by proxy and voting on the resolution.


The Directors, and the Company's nominees, are firmly of the opinion that the CVA proposal and the CVA process in general will result in a better outcome for creditors than would occur if the Company and its subsidiaries were placed into administration or liquidation. However, in the event the CVA is not agreed, there is a likelihood that the Company and its subsidiaries will be placed into administration.


The CVA meetings for creditors and shareholders of the Company and its subsidiaries will be held at 12.30 p.m. on Monday, 16 November 2009 at Deloitte LLP, 1 City Square, Leeds, LS1 2AL.


The detailed terms of the CVA Proposal, including details for the meetings, are contained in the document that was posted to unsecured creditors and shareholders of the Company and its subsidiaries last night by the joint nominees of the CVA Proposal being Daniel Francis Butters and William Kenneth Dawson of Deloitte LLP. Copies of the CVA Proposal document are available for inspection at Deloitte LLP, 1 City Square, Leeds, LS1 2AL during normal business hours on any business day with effect from today and up to and including the day of the CVA meetings. Copies will also be available for download from the Company's website - www.yourspaceplc.com.


Your Space owns 4 freehold properties. The Governor and Company of the Bank of Ireland has a legal charge over each of these properties. The Directors are in discussions to sell these properties and ultimately reduce the Company's indebtedness to the Bank.


Due to the challenges the Companies have faced in securing increased occupancy rates to target levels, the Company has made the decision to surrender certain of its leases in return for a nominal surrender fee. The lease of the Clerkenwell property is to be assigned to an unconnected third party. In place of the leases the Company will enter into owner manager contracts with the respective landlords of each leasehold property. Each of the landlords has agreed to this amended arrangement. The Company will therefore be able to continue with the serviced office business. As far as the contracting business is concerned, the Directors expect to be able to increase their gross margins as a result of their sector expertise and by following an in house approach which means only a small amount of work has to be sub-contracted.


The Directors believe that provided trading levels remain as currently forecast, the Company will return to profitability and will have sufficient working capital to make the payments envisaged under the CVA Proposal. The Directors also believe that the Companies will be able to pay a further dividend to creditors dependent on performance of the Company and the overall commercial property market.


Commenting on the CVA Proposal, Chris Phillips, Non Executive Chairman, said:


"This announcement details the continuing steps we are taking to implement the strategy necessary to secure Your Space's long term future. With the support of the Bank of Ireland and the Company's other secured creditors, the board is strongly of the view that the CVA proposal is in the best interests of the group and its stakeholders as a whole."


Daniel Butters, who is based in Deloitte's Leeds office said: "This CVA allows the business to remain as a going concern and to maintain its trade. It offers job security to employees and certainty to its trading partners."


"The use of a CVA will result in a greater return to creditors compared to alternative insolvency procedures such as an administration or liquidation."


The Company expects to be able to announce its preliminary results to 31 March 2009 and its interim results to 30 September 2009 by 31 December 2009, depending upon the outcome of the CVA.


The Company will release a further announcement once the outcome of the CVA has been determined.



For further information please contact:


Steve Turton, Director, Your Space plc 0151 229 1700


Richard Hughes / Bobby Fletcher, Zeus Capital 0161 831 1512



This information is provided by RNS

[scottie01] 07/1/2010 19:10

Agree with you huggy,cant see this listing again.

[huggy279k] 06/1/2010 11:27

Jim - I've emailed the directors 3 times asking for an update on when the accounts will be published and not a single response from any of them - they have shown complete contempt for us private investors and I think there will be a final sting in the tail - oh and the non-exec director who happened to chair the audit committee has resigned. Cant see much to be postive about. I hope I'm wrong but dont expect to get any return here - and I'm someone not averse to backing 50/1 shots!!

[hermana] 05/1/2010 18:22

Morelike "The White Swallow",lol.

[bobby.ifa] 05/1/2010 18:20

Think you've been in the Star Wars bar Jim!

[huggy279k] 05/1/2010 11:31

my guess is that these wont come back to the market - i expect they'll announce plans to delist later this month. Every day without news suggests this outcome is more and more likely

[prezer] 04/1/2010 08:49

my understanding was Co. had 6 months from yr end to file accounts otherwise would be suspended as listed co. Don't suppose it matters given current position. Might be wrong but thats my understanding.

[bobby.ifa] 03/1/2010 09:47

I thought there were obligations to Companies house/HMRC for showing accounts for Corporation Tax purposes.

[starwars4] 02/1/2010 10:29

Bobby,NONE, they have 6 months to file accounts from suspension b4 they would be wiped of the register of being a plc.I would think that the accounts are ready or near enough but what a silly date in between xmas and the new year,perhaps the appropriate offices for filing them were not open,(although you would have thought they would know that) This is yourspace we are talking about.I am expecting them to be out this week hopefully...., JIM

[starwars4] 01/1/2010 10:56

WELL YOU NEVER KNOW IT COULD BE YSP AND OUR YEAR HERE,S TO A GOOD NEW YEAR TO ALL..............The cost of renting an office in Central London is set to rise this year as the effect of a two-year development drought finally bites.

Rents for prime space have stabilised at £42.50 per sq ft in the City and £75 per sq ft in the West End. Cushman & Wakefield, the property consultancy, said there had been a flurry of lettings in the past three months that had soaked up much of the existing floorspace, leading to greater upward pressure on rents. The 2.6 million sq ft of space that was let in the last quarter of 2009 was the highest quarterly figure for more than two years - since the third quarter of 2007.

In contrast, the 5 million sq ft of floorspace under construction in London is 42 per cent lower than 12 months ago. Cushman said that pressure on rents had "narrowed the opportunity" for tenants to secure new premises at historically low rent levels and to negotiate incentive packages with landlords.

Most property commentators agree that rents will rise again over the next 12 months, after falling from a peak of £65 a sq ft in the City and £130 a sq ft in the West End in December 2007. However, the outlook for capital values for all types of commercial property around the UK is more mixed. Prices have risen by more than 5 per cent since last August but there are fears that a flood of properties coming on to the market from anticipated sales by the banks and the Government, a possible rise in interest rates and further company administrations may offset some of the recent gains.
Related Links

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However, demand from investors is not expected to subside as the threat of inflation pushes those with cash into asset classes that will not see their value eroded.

Michael Marx, chief executive of Development Securities, a developer that specialises in commercial development in the South East, said that the possibility of a return to inflation could persuade those holding cash to put their money into commercial property. Mr Marx said: "In 2010, the big players will be cash buyers, people with a surplus of cash who want to invest. This will be the pension funds, unit trusts and large private investors, as well as billionaires and sovereign wealth funds.

"The big idea might be that inflation is around the corner. That's all you need to create an asset bubble. If you think that inflation is around the corner, you will deploy so that you are not in cash any more. Real estate will be a beneficiary of this switch out of cash."

Mr Marx said that the sheer volume of cash that is being ploughed into UK commercial property is starting to push up the value of "secondary" shops, offices and warehouses - those that are less well located and have less secure and shorter leases.

[jaws6] 31/12/2009 10:56

JIM
Who to blame agagin. Solicitors or accountant !!!!!!!
Wirral
Did pick up PCI today .
Happy new year to all inc YSP board.

[prezer] 31/12/2009 10:16

idiots. Clearly not able to run a public company.

[starwars4] 31/12/2009 09:23

WELL even though they gave the direction to the court the they would produce the accounts buy or on the 31st DEC they haven't,I must say that i really did think that this time they would have kept there word,i am now loosing my patience with them. I was going to buy more if the price dropped to a low level but i don't think i will bother now,lost all faith in the managment. JIM