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No surprise. Best Ronen keep a low profile. If I read about him starting a new venture with the remnants of Bagir then he best walk the plank!
Surprised they haven't RNS'd this.
Perhaps they'll only RNS just ahead of the AIM listing is being terminated, whenever that might be and assuming it is.
I guess there's a tiny possibility that the AIM listing somehow won't be terminated eg a legal entity for that online sales business that they're talking about maintaining could take ownership of the AIM listing now.... very unlikely I'd guess of course, not least as AIM listing, relatively speaking, isn't cheap to maintain... but continuing this grasping at straws angle; let the creditors get what they can from the production business legal entity assets sales - up to 5m owed and if any surplus sales proceeds that 'might' arise would go back to whatever separated legal entity is left of Bagir going forward - and for eg use any Israeli government aid that might be available to support that Israel based with Israeli employees only - Isreali government aid package would better support Isreali employees than Vietnamese and African for eg - separated legal entity online sales business and keep the AIM listing to raise again in the future to help grow that business out. But that online sales business instead being a private entity is much more likely I'd guess.
Yep. Appears they seem to be keen to liquidate. Wonder if the SH will get any pennies after liquidation
On May 12, 2020, the District Court of Beer Sheva, Israel, ordered the liquidation of the Bagir Group, Ltd., a company registered with the Israeli Companies' Registrar under registration number 51-399480-6. The Court appointed Advocate Shavit-Stricks of Haim Zadok & Co, Law Offices, Israel, as trustee for the company in accordance to the provisions of the Insolvency and Economic Rehabilitation Law, 2018. The company's liquidation is supervised by the District Court of Beer Sheva (Liquidation File Number – 11925-04-20).
I dont think its coming back from the announcement on their website :-(
https://www.bagirgroup.com/
I think the only hope will be Bob!
I won't exactly be doing the hi fives if they take it private and all the existing board etc are still employed. And to think that the bent Ronen took a fat bonus!!!
Good spot God Willing and thanks for posting..
I was expecting an awful RNS yesterday afternoon or this morning, in truth.. but none has come ..
So some small hope still I'd offer.. and its never over until it's officially over.
Better late than ever....small hopes to buy us some time....YET, as I wrote my punt here off already I have not changing my thoughts as yet....will find out soon enough...GL to all holders.
Good spot GW.
Israel late to COVID business support party.
Just a chance it might make a difference.
Wish it had come a bit earlier !
Thanks GW.
Prime
Think the BOD should be blamed more than Covid. They should have had funds for a few months esp since having Ruyis deposit.
O well it is what it is, painful that iv lost so much!
Wass Mo will be saying I told you so lol
(If delisting etc..)
shafted by Co-Vid 19 more than anything?
many, many other businesses in many industries the same I'd guess.. very sadly
Who'd have predicted this co-vid 19 situation in advance ..
The main regret I'd have is not selling out a week or three ahead of the AIM suspension... because the mess to come was at least somewhat foreseeable then..
and not doing that is my own bad... so I suffer the consequences.. and hopefully get some wins elsewhere to make good on this, likely - but not yet certain ? - punchy hit
Agree Daytrader17, NicetoMichu, GodWilling
This is a knock down for me but not a knock out.
Really feel so miss-led and a bit depressed.
Small compensation is I had reduced my holding a bit before.
All shareholders have been absolutely shafted.
The Ruyi deal falling through should have been the biggest red flag.
However there was a good chance the company was going to continue on it's own two feet.
And now this......
On reflection, total Debt of $5m doesn't strike me as redicuolous from my hazy memory of last accounts.
Altogether, I'm guessing that means they'll delist the company from AIM because of an 'administration process' asset sell off up to / including outright sale of Bagir production business including Brands, Production IP etc
Bagir still maintaining a small online sales operation is unlikely to be basis for maintaining the listing on AIM, I guess ...and may indeed be that private business angle of Israel based directors and key staff maintaining some sort of employment for themselves. (Put existing stock into that entity and keep away from asset sale process as a starter position maybe :-) )
And, if delisting, only if more cash realised from that sale(s) of plant / machinery / raw material stock / design IP etc in those bagir clothes producing countries than that $5m outstanding debts would shareholders get anything back whenever well further down the line... I guess
I have no idea how much the plant / machinery/ IP / brands value - peckham rye is a catchy name for eg ? - etc will sell for in total but guess it's less than $5m, especially in this environment?
So a total write off of my full bet here extremely likely.. but maybe some small chance of some small pence in pound back some ways down the line.
Or great if by some miracle they maintain the AIM listing and the asset sales come in at over $5m and the online business that now becomes the basis of the AIM listing business does very well in the future ?
Debt of 5 million??? How?
No official RNS out yet?
Back into private hands, albeit in some guide, with the board probably doing fine and dandy out of this!
Two fingers to us, the shareholders.
So an RNS tomo???....
The Trustees are required to submit their findings to the Court on 10 May 2020. It is anticipated that a Court hearing will take place at 10.00am (Israel time) on 12 May 2020 to assess and agree the next steps to be taken by the Company
Apologises for the terrible grammar and typos, (was using my phone). Totally agree, PPE clothing would be a great avenue to go down, don't think their current machinery would do this as its designed for wool/cotton and not plastic, but if the BOD weren't so lazy then avenues could have been explored. Hopefully that this will come good (but with 15k invested, I have to be hopeful!) Gl all
GW, Perhaps they should be a tad more inventive and look at producing PPE clothing as this is hugely in demand. As you quite rightly point out, the existing machinery and material might not be suited (boom boom!) for the diversity.