Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I’m hearing they are out of administration but unsure who the buyer is. Not sure what the hold up is but could be to do with the new owner getting their ducks in a row. I’ve know delays like this before. Share placing? I doubt it
Blockchains, your source may well be right but forgive me for not giving it too much reliance. What you said is very vague - the company hasn't said it is out of admin, is the would-be buyer purchasing shares or assets, vagueness around the delay.
Maxi19 post. You are to the point, like posters like you.Excellent observation mate.
Pardon?
Yeah well done Maxi19. Superb observation. Shame you were trying to pick holes in something that had weight to it. Expecting the new owner to make their announcement in the next week or two. Time zones are now a bigger factor than before
Having thought about this some more, I actually think this is done here. Obviously hope I'm wrong and that Blockchains isn't a wind up merchant but I'm struggling to see it. Apologies in advance for having given anyone false hope.
Have heard they have been bought by a tier 1, but def 2nd hand info.......
If true, wouldn't surprise me if it was Padmini as they'll v.likely have the right to buy the 49% JV stake.
I saw that on 18 April Hilco launched an auction for everything at the Sunderland factory.
Hilco may have started selling saiettas assets auction started 22/04/2024 ends 29/04/2024 can be found on Google (hilco auction)
Some of the assets in Sunderland that is. Not clear what's happened or is happening to everything at Silverstone.
Will shareholders get any info on the winding up?
Not expecting any return but still perplexed why despite an environmentally useful product and apparently sane management no one has bought the company. Surely some Indian billionaire would be interested in transforming the tuk tuk in their country.
So assume the business plan was wrong or is it just we aren’t American!
A real shame this co failed not just the investor losses but the inability for engineering skills to develop.
Yes, the administrators have to release proposals for the creditors 8 weeks after entering admin, so we'll get that by next Monday.
Just because there's been no news doesn't mean the main assets haven't been sold. The company isn't listed anymore so there's no need to update the market.
Like you I'm not expecting anything but curious as to how the assets could be worth so little if that is the case. If, against the odds, there is a surplus then I'll be delighted.
Shareholders are the last group to receive payments,
after fully paid secured and priority creditors.
Yep. Which is why administrations very rarely end in shareholder returns.
Correct. I know who the new owner is now
Who is the new owner
I can’t say who the new owner/owners are. What I can say is their financial muscle blew Padmini, and others, out of the water. Backed by one for the top 5 automotive manufacturers
What is this likely to mean for us shareholders?
I don’t know. Sorry
Shareholders may be entitled to receive payments.
I've received a letter from my broker today that the shares cannot be held in Crest account because company delisted.
so they are going to issue me share certificates.
usually they despair when delisted,
it's happened to my (iog) shares in September last year.
but this time why they're issuing share certificates is that mean it's not over yet.
If anyone has account with Jarvis must have received a letter like myself.
Ha this is all getting interesting.
Blockchains, if you're right that the buyer's financial muscle "blew the others out of the water" then that sounds like there's a decent chance shareholders will get a return. On my analysis the total debts of the company upon a winding up wouldn't be more than £7-10m so if there's an 8 figure payment there should be some kind of return.
But I should add I'm still expecting nothing on the basis that administrations very very rarely end in shareholder returns. I think I didn't grasp that point originally, and although I can still in theory see a way how this does result in a return I'll only believe it when I see it.
I’d say the encouraging part is the fact that there was competition. Padmini trying to pick them up for peanuts backfired