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Scrub that, there was an NPower WUP against RDC as well
Looking back at the caseboard link someone shared, the wi di g up petition was against the subsidiary, not the the PLC. Son unless there was another petition too, that 7 May RNS that said it was against the holding co. PLC seems odd?
Interesting, in that RDC was in a fairly solid position I think, but Chamberlin less so.
There are cross guaruntees between the group and its subsidiaries, but presumably not on everything. {Mainly HSBC & the pension scheme?). Seems rather complicated. The two different subsidiaries have their own filings in companies house.
WTAF
That is correct, the entities that we are appointed over are subsidiaries of PLC (one is an indirect subsidiary). PLC therefore primarily acted as a holding company, which held the shares in the trading entities. As far as we are aware, none of the trading assets (plant and machinery, stock etc) reside within PLC.
Thank you for your email. We have now been appointed as administrators of the Companies, but our appointments do not extend to Chamberlin PLC, the entity which I presume you are a shareholder of. The directors of Chamberlin PLC remain in control of that entity at present
Thank you Kevin.
You managed to do something right today.
Do we know who the administrators are?
Usual form.
Quick thought. At 78 is this all some kind of inheritance manouver?
Also, did someone move into the cookware sector?
Over at braveheart
Following this review, a decision has been made to write down the value of the Company's equity investments in Paraytec Limited ("Paraytec") (book value at 31 March 2023: £3.04m) and Kirkstall Limited ("Kirkstall") (book value at 31 March 2023: £1.67m) to zero in the FY2024 Accounts, subject to finalisation of the audit.
They have trousered all the money as already explained. Director wage bill £394k pa.
Perhaps worth a look at Tasty eateries, for how they dealt with running out of money. Not saying it is similar, but it did catch my eye a few weeks ago, they also had debt to HMRC etc.
https://www.lse.co.uk/rns/TAST/trading-update-restructuring-plan-and-loan-69zmqpdzw2suoit.html
The Company has entered into the Loan Agreement with Will Roseff (the ''Lender''), a UK-based high net worth investor, Chartered Accountant, and Director and shareholder of bet365. Ultimately allows him to convert the loan to shares, which would be about 26% of company from memory.
The ability for the Court to 'cram down' dissenting creditors is a key feature of the Restructuring Plan, however, as set out above, it requires any dissenting class(es) to be no worse off than in the Relevant Alternative and the Court to be satisfied that the Restructuring Plan is fair.
Why not FAB books lend Chamberlin money, and convert in to 50% ownership or the like?
Either way, I think its clear that TB is not on your side here, and ultimately has the tools and connections to beat you and take your money. Uninvestable, and to be fair it has been for a while.
This needs independent investigation asap
Here's one for you.
Customer waiting for products, nothing manufactured for months.
Raw materials not purchased, because.....?
Damn right, we need to know what happened to the money!
So they had 3 million quid in cash only weeks ago from the petrel sale plus 700k from a recent share issue plus over 2 million from walsall site freehold sale not long ago .......... and they are being liquidated due to not paying the electric bill ??
Seems to me like someone has an agenda and a plan behind the scenes here and if not then wtf have they done with all that money ???
Absolutely despicable conduct from the company.
Everything is moving in the right direction and the recovery is on track.
Then, we can’t pay our energy bill so we’re going insolvent.
Given the capital raised through the sale of assets and the several placings this absolutely stinks
Morning Guys
404x many thanks for the heads up on the winding up petition. it stinks to high heaven.
Looks like the receivers are on the way to RDC this morning.
How it's not the scam to place all people's into pension funds to pump money to British companies and then just leave everyone with nothing... And we are talking in UK there is very low corrupt???? This corruption is massive.. utility companies, pension funds,costs of infrastructure projects somehow is most expensive in entire world..just look how much your railroads cost, nuclear new station..massive overpayment compared with same station in France... and all other places...it's just all UK is spoopy wrong
This winding up petition was filed on 26th April, so any holders left in this might want to know why market wasn't notified until 7th May.
https://caseboard.io/cases/9856350f-b50d-4912-82b7-85bbab7d4b78
This isn't their first time, another one was filed at in December 2022. That time they didn't inform the market at all, instead doing a raise a month later to "support the continued delivery of the Group's growth strategy". Price action since December 2022 speaks for itself.
https://caseboard.io/cases/e8d10b15-7fea-436a-ac41-4236530ebd19
I actually called RDC yesterday, and it was business as usual.
However, I was led to believe that it was a different story at Walsall.
So, the not so million dollar question - who's going to buy the assets free from debt in some pre pack deal?
Absolute bunch of lying.....
Nothing else to say
It hit home when I looked at the director remuneration. If they genuinely cared about the company they wouldn't have bled it dry. When you think the remuneration was 50% of the last placing. 396k all in. Even TB took 75k salary, so I can only conclude that the insolvency is deliberate, therefore they have a plan. When I sold I was expecting it to delist, that was my worry. But looks like they came up with an even better way to shaft every one. Dont forget the lies in the placing RNS, invest in this technology etc etc. They just wanted their wages until May.
A great, big SCAM!!