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Thanks for your detailed summary Pro. Does give me some hope.
If we get 1.4p a share I will be doing cartwheels :)
Aklee,
While that is correct, shareholders do rank last, the PLC, the company you have shares in is not in administration in this case. It is a subsidiary of the PLC, MDL (Made.com Design ltd), that is. This company structure changes things significantly for shareholders and even though shareholders rank last, the PLC has no significant creditors or payments to make.
Also note that the PLC is actually the largest unsecured creditor of MDL (With over 50% of total monies owed, circa £87m), so will get a chunk of cash (if anything is left over - current estimate of 1.6% puts this figure at circa £1.4m, or 0.35p/share).
The last accounts viewable on companies house show that the PLC has £5,803,990.78 of cash in the bank as of Jan 2024. They have no significant outgoings, no creditors to pay so they only payments that will need to be paid will as part of the liquidation process. During Jan 23 - 24, this amounted to circa £125K.
According to the declaration of solvency their best estimates of cash left at the end of the process, when the PLC entered the MVL (Members voluntary liquidation), was £5,659,997. Trade creditors settled for approximately 50% of the total owed, and the cash is now in an interest bearing account hence the slightly higher figure of cash in the bank at Jan 24.
It is, therefore, highly unlikely that the cash left for shareholders will be under the original estimate of circa £5.66M as the remaining cost of the liquidation should amount to less than £150K as there is very little for the liquidators to do. Therefore, shareholders should receive at least 1.4p/share. Note, that this 1.4p excludes any payment as a creditor of MDL, so the actual figure paid to shareholders is likely to be higher than this.
The company structure has, somewhat, saved investors here and will provide them with something. Although for most, the payment of 1.4-1.75p will still result in a massive loss. But the figures the company have provided, indicate the payment will be higher, not lower, than the 1p originally stated.
"Shareholders / members will be the last class of creditor to receive a distribution and they will only receive a distribution after everyone else has been paid in full. "
Not holding out much hope even for 1p tbh.
I think that the 1p/share is an underestimate based upon the latest evidence, with 1.75p possible if there are no surprise costs.
The Declaration of solvency issued when Made.com PLC went into MDL (23rd Jan 2023, viewable on companies house), showed estimated value after debts paid of £5,659,997. This included the estimated costs of winding up and was all cash at bank.
Payments from MDL administration were not included in these projections. The PLC is the largest unsecured creditor of MDL, with approximately £80m being owed (approximately half). If we assume 1.6% is paid to creditors, we can assume the PLC to be paid circa £1.28m from the administrators. Note 1.6% is the current estimate from PWC, viewable on their website as well as their latest update issued in November 2023.
In total, the PLC should have circa £6.94m after payment from administrators. Divide this by 395m shares in issue, we reach a payment of 1.756p/share to shareholders of the PLC.
This has omitted unexpected costs that may have accrued, but also interest payments on the cash balance. So it is reasonable to presume shareholders will receive more than the 1p initially outlined.
Dates of payments to unsecured creditors has not yet been issued, however, secured creditors have already been paid in full and preferential creditors are due to be paid on the 15th March. I would expect payment to be made to unsecured creditors towards the middle of the year. Once paid to the PLC, it should not take long for this to be distributed to shareholders.
Would we not get a letter saying that there was no money left for shareholders?
Anyone got any news or links to share? So hard to find anything out
it has gone to the sfa court of approval.
“sweet **** all”.
i will be surprised if i got a grand back, if it is a penny.
them feckers should have been jailed.
What were the estimates again? 1p?
9 months now…
7 months and counting...
The waiting game!
Any news worth mentioning or still very quiet? :)
Does anyone have an idea on how long it will take? Would be nice to get 1p for my shares some time in 2023!
I would prefer 5 p but 1 p would be good as well for take away order family of 6
The sale of stock in the UK is still on-going (as of yesterday, Thursday 9th Feb). I'm sure the rest of the assets of Made Design Ltd, as well as the PLC are in the process of being liquidated. The creditors of the PLC will need to be established and paid in full before shareholders receive anything.
It is likely that the situation with MDL will need to be resolved prior to shareholders finding out how much they will receive. There may be several payment tranches as new funds are found.
https://www.nozarrivages.com/made-com-a-70-chez-noz/
So Made have sold all their furniture now, so how long should we have to wait to find out if we get 1p a share or nothing at all?
Liquidation and shares cancelled from trading on main market from 18.january. any thoughts what shareholders can get.
The latest auction finished on Sunday, although I am unsure if that was the last one.
Not too sure, but I'd imagine an expected timeline will be provided when the liquidators have been officially appointed. The MVL noted that shareholders are expected to receive no more than 1p/share. Although this is not guaranteed. It may be the case that there are less assets and after costs, shareholders receive less or even nothing.
Shareholders could also receive more than this if the assets are sold for more than expected. (principally the stock being auctioned and the subsequent debt owed by MDL to the plc). The auction seems to have lost traction and the items appear to be selling for less than the first batches. They were selling for approx. 50% rrp initially but this has approximately halved.
So 1p/share seems plausible.
Any thoughts on how long shareholders will have to wait and what might be offered back per share if anything? Maybe 1-2p a share?
As expected, the MVL has been approved by shareholders. Now it's a waiting game to find out how much value there is left for distribution.
If the MVL is approved, the company will be de-listed from the stock exchange. You will continue to hold your shares for the time being, but this will be in a de-listed company; however, any shares will essentially be worthless. The liquidators will then come in and proceed with selling the assets the company own. Finally, the company will be wound up, shares will be cancelled, and any residual value will be distributed to shareholders as a dividend.
What will happen to our shares? Is it gone now
Hope we will not get wonga example. He he
Yes,no idea feeling sad, alternative for 1 p would be if we would get some percentage from delivery costs. What is cashed in