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Sorry to hear that 15Lives.
I know suppliers who lost as well plus of course the shareholders such as me from the old EBC days. Investing in local companies has not done me any good as I lost heavily in Flybe as well.
They say you live and learn but I'm not sure that I do!
Their name that should have read and not there name.
Apologies for lousy spelling. It drives me mad when other posters do it so I have to correct myself.
Eggbasket
Thanks for reply.
Did a quick Google on Carillon and in April 2017 management wanted to go for a rights issue but Morgan Stanley wouldn't underwrite it.
Haven't googled ROK. There name still sends a shiver down my spine as I used to sub contract to them. They went bust owing a colleague of mine who's a sole trader and a tiler over thirty grand and a heating engineer I know over a hundred grand.
All the best.
Yes I knew that and apologies to 15Lives for not giving him the specific information that he requested. I simply tried to give him some general information on a similar situation. (Before Carillion’s final demise, they suspended the dividend and the share price plummeted, thus ensuring that there was no chance of raising further funds from shareholders.)
History rarely repeats itself entirely but similar circumstances usually result in similar outcomes.
The only similarity is they have overpaid CEOs.
To be fair though, both ROK & Carillion are nothing like Sirius. The former both likely traded 'insolvently' for years, although due to the way the finances in construction operate, were able to show a 'solvent' position on their books, thus allowing them to continue trading due to having a positive cashflow. This can however only go on so long, turnover slips, project starts drop back, etc, etc, and simply exposes the business for what it is. Kier anyone …..
ROK was another one like Carillon
Eggbasket - that wasn't the question 15LIVES asked
IN RESPONSE TO 15LIVES
Yes, many companies have collapsed over the years due to lack of working capital. Carillion PLC is probably the most recent and infamous. An internet search will reveal the background and reasons but simplistically, a lack of working capital and a reluctance by lenders to provide requests for more money brought it down. They had loads of “work in progress” which would have had a positive value in the balance sheet but when the lenders lost confidence, that was the end of it. ( I could list many more PLCs that collapsed in similar circumstances)
I asked this question a while back but not sure if I got a reply with the volume of posts at the time:
Are there any companies that have gone to the wall requiring a cash injection to stay afloat and done so not tapping shareholders for required money?
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It's a very good question 15LIVES. And neatly illustrates why there is a significant level of anger towards Fraser and the yes men/women on the Board
I asked this question a while back but not sure if I got a reply with the volume of posts at the time:
Are there any companies that have gone to the wall requiring a cash injection to stay afloat and done so not tapping shareholders for required money?