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It's amazing how everyone has simply assumed that shareholders have lost everything here.
Of course, going into admin is never a good thing and I was disappointed by this morning's RNS.
However, I bought in last week on the belief that there might be a takeover, and if not there would be a good chance of a return from the administration.
Firstly, it's still possible that there will be a share sale. Companies that go into administration can still be sold as a company. Saietta isn't insolvent yet so if the administrators receive a suitable offer they can accept it.
Second, the business and assets of all or part of the group can be sold.
Third, all lines of business can be discontinued (apart from the JV) and everyone made redundant, and a sale of the remaining assets takes place.
All three of those outcomes could return value to shareholders. It's impossible to know how much the IP is worth, but if a party offered £5m plus for it you are quite possibly looking at a return to shareholders. I'm definitely not saying that it's worth that amount, but I definitely wouldn't bet against it let's put it that way.
So I advise everyone to wait for the eventual outcome here as it's not a company saddled with debt and creditors and until we know how much its assets are really worth it's impossible to know how this will end.
Theoretically correct, but extremely unlikely
I agree Maxi although I think this move albeit not ideal has bought them time and space to actually reorganise themselves and within administration there’s still the ability to raise cash and accept offers. I’ve had a similar situation then an offer from out of the blue came in and off they went it went ballistic! It’s a good business and not masses of debt so all to play for. We could even see some sort of RTO here. IMHO DYOR
Is it serious that you guys expect to get any money out of this?
Did you actually read the numbers from the last year and can you really understand them?
Is no one wondering what exactly happened to Propel? Propel was the only branch through which there has been another big funding, first there were big turnovers by Propel and now it is deadly quiet around Propel. When NL and Sunderland are sold there is no nig assets left at all, the assets of NL and Sunderland were the largest. The debts to government, personnel and creditors are too big, also the there are the administration costs on top of that. If there really are actually 95 people still employed as Linkedlin makes believe, then it is quite a lot of salary costs for the next month. You as a shareholder are on the back foot.
If you look at VNA and ConMet, these are just promised turnovers. Look well there so far nothing at all in terms of revenue created. 2 years ago Propel would sell thousands of units in 2023/2024, where is the income of that? Please dont believe the RNS anymore. And if someone would want to buy Saietta, it would only be the good parts of it, not the junk and debt. Then the shareholders will get nothing at all.
Look at the cash-out in recent years, all the money went through very quickly and wonder if the management enjoyed it well.
" It's amazing how everyone has simply assumed that shareholders have lost everything here. "
Perhaps you shouldn't assume it's an assumption Maxi. It might save you some typing, if nothing else.
RGhost is absolutely right - just Google the rights of shareholders. Naturally you could take this a set further and suggest that it was managed in to administration on purpose, it is not hard to imagine the reasons why......but of course I'm not say it was!!