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Started: fusiontech, 30 May 2020 02:52
Last post: GodWilling, 2 Jun 2020 23:46
Got this on my Halifax share dealing account today
BAGIR GROUP LIMITED - Important Information
Liquidation.
And:
Potential Cancellation of Listing on the Alternative Investment Market of the London Stock Exchange.
Important Information & Other Key Dates:
On 3rd April 2020, Bagir Group Limited (Bagir) announced that as a result of the limited visibility on future revenues and payments by customers, particularly in key markets in the UK and US and, because of its cash balance, the Board anticipated that the Company had insufficient cash resources available to operate as a going concern.
On the same date, because of the uncertainty of Bagir's financial position, the Board requested an immediate suspension of trading in its shares on the Alternative Investment Market (AIM) of London Stock Exchange.
On 14th May 2020, the District Court of Beer Sheva, Israel, placed Bagir into Liquidation and appointed Ilan Shavit-Stricks Adv, Head of Firm and Senior Partner of Haim Zadok & Co. as sole Liquidator.
Subsequently, on 18th May 2020, N+1 Singer informed the Liquidator that it had resigned as Nominated Adviser and Broker to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's shares will be cancelled on AIM.
In the interim, the Company's ordinary shares remain suspended from trading on AIM and you are unable to trade in them on that market.
Should we receive any distributions from the Company, we will notify you at that time. Please note, however, that there can be no certainty that such a distribution will be made.
We will update you on receipt of any further information from the Liquidator.
Should you wish to find more information about the Liquidation, please visit http://bagirinvestors.com/.
Over and out.....shame it comes to it but the nasty covid seems to give this long established company the final kiss of death ...wrote off my little punt here few weeks ago...you win some and lose others...lucky for me I have more of the former....signing off here so good luck to you all in your other investments and perhaps meet again on other forum boards.
ATB.
Its a shame , who would have thought a company turning over 50m will go down under . Hope we all make our money back elsewhere
Palestinians should have taken over the board.....they so resourceful, and would have made it work!!!
My hl account took a big hit today due to this
Started: GodWilling, 20 May 2020 23:11
Last post: GodWilling, 20 May 2020 23:11
Was just looking through my pics and came across a screenshot from 21st May 2019 showing the SP at 2.5- I whatapped my friend telling him to buy some as it was a cert 3.5 by end fo year (Slap myself emoji :-!)
This is dead and gone!
Started: draft, 15 May 2020 14:05
Last post: bidnolid, 20 May 2020 11:25
I think that could be explained as 'pining for the fjords' .. it may sound like there's some life left, but it is in fact dead.
It is what is it! Only invested thinking this Aim companies been around for half a century this should be ok!
Have no idea. Assume it's all lost!
Sorry for all who lost their bets here, including myself, of course.
AIM is hard core gambling. I place my bets in the knowledge that I could lose the lot.
But time is a healer and hopefully I see the many of you who stay playing the game posting on other BB's in the future.
yup another one bites the dust, rapidly ending up with no portfolio left due to the corruption in the stock game
stay safe
Started: isthistheone, 18 May 2020 16:56
Last post: GodWilling, 19 May 2020 00:12
What else have you got? Il stay away lol
Iv got GWMO and boohoo, both seem solid. But wtf do I know i put my 6, months salary in this expecting 3p by July! Lol
Think I'm getting the hang of picking crap shares. Must start looking for a pattern in my methodology.
Started: obone, 16 May 2020 09:30
Last post: obone, 16 May 2020 09:30
A lot to blame Shandong Ruyi for reneging on huge deal over last two years.
Action ?
Started: draft, 15 May 2020 17:35
Last post: philg65, 15 May 2020 18:35
I'll get some friendly Palestinians in on the act...... :)
He bloody fully in on this. Change of control. Hope they do actually go bust so he loses all his money.
Started: GodWilling, 13 May 2020 04:12
Last post: philg65, 15 May 2020 14:03
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/
Started: Daytrader17, 12 May 2020 16:39
Last post: GodWilling, 12 May 2020 20:41
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
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?
Started: obone, 12 May 2020 20:15
Last post: obone, 12 May 2020 20:15
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.
Started: Dbopp, 12 May 2020 00:20
Last post: philg65, 12 May 2020 08:25
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
Started: Daytrader17, 22 Apr 2020 12:19
Last post: GodWilling, 5 May 2020 01:38
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.
Buying suits could be long way of waiting
Never saw the news, but so many huge companies getting hit, and quite a few have already gone into admin.
Online companies such as Boohoo and ASOS will do will.
Who is going to by suits now when there work, events, weddings are all on pause??
Bagir needed to be more proactive and diversity. Could they still do it? Unlikely but not impossible. Rather than suits could they make other clothing objects?? (not sure how difficult it is with machinery etc)
Will find out soon enough...
Did anyone see the news last night will all cancelled clothes orders for many companies. This is not coming back I'm afraid.
Started: primesymian, 23 Apr 2020 09:39
Last post: primesymian, 23 Apr 2020 10:12
Thanks P65, it must be a kick in the teeth for him as well, buying in at 3.5 pence !
P.
Prime, good point about saving the company in 2016. Just maybe, he's here to do it again but I still think he might take this privately with much fewer legal challenges/hurdles to overcome.
Ironic that we were all doing the hi fives about Ruyi taking a majority shareholding over a year ago and potentially transforming the company......ah what bliss that would have been if it had taken place!
Does anyone know much about our largest shareholder ?
He saved the company in 2016 from heavy debt. here's hoping he does it again !
P.
Started: gaf11, 22 Apr 2020 14:06
Last post: GodWilling, 23 Apr 2020 02:50
Such a shame, I think my average is around 1.3. At this moment 1p sounds amazing! Still hopefully that we walk away with something from this...
Looks like everything maybe lost. Such a shame I invested heavily thinking that there was huge potential in this. 1.5 million shares pretty much gone
Going private might be a lifeline. But this will just disappear like they all do. Private companies do not come back to the market. Frr atc never came back and folded.
Started: gaf11, 22 Apr 2020 17:01
Last post: gaf11, 22 Apr 2020 17:01
I feel you for. I lost 5k on this. And thought we were on to a winner. After covid clothing companies will start up again. Not us. But factory will be bought by the Chinese for pennies not 16 million
Started: primesymian, 14 Apr 2020 08:45
Last post: NicetoMichu, 22 Apr 2020 12:18
still alive at least.. a very tricky one this though and I instinctively feel it's definitely less than 50/50 on this surviving in the short term... and even if it does then surviving thru remainder of 2020 will be very tricky too. ( but just getting the chance to worry about the second part of that sentence would be a fine thing in itself at this stage perhaps )
Ps; Ezry built that stake here very mostly BLIND of looming co-vid consequences and whatever his plans were prior to covid they might easily be different / very different now.
Also, prior to this possible insolvency situation, if he wanted to cause whatever delisting effect then whatever offer that had to be voted through by existing shareholders would have a better and better chance of passing the more shares he had accumulated prior to that vote
Generally, you could argue that with decent skin on the line his mind will be very focused on this co. avoiding administration in the short term.. but that might easily include him being involved in taking this private and like the rest of us taking the loss of all/most all bets placed monies on the chin .... but him doing so in the knowledge that he might still make that and more back in the long term here. Or, less brutally for the rest of us, hopefully he might just help arrange a loan/revised business plan from somewhere for Bagr.l to survive. ( the value of the base assets here will be far greater in a years time than a forced sale in the coming months and creditors will get that very well too and so maybe facilitate bagr.l surviving this situation at least )
Geng, good point but it's not uncommon for an investor or investors to buy shares in the public domain and then take the said company privately. It involves less regulatory hurdles. Ezry might be doing this as a belief that the company is wholly undervalued at the current SP.
He may look to relist at a later date.
If it was the plan - why would have needed to buy any shares ?
Prime, maybe I'm the cynical type but I can't help thinking that this is all a play and the scene is still set for going privately with the existing board members and this Ezry bloke as the main benefactor.
I agree Dan, hopefully more time bought while the world unlocks.
P.
Started: obone, 14 Apr 2020 11:50
Last post: cgm3100, 14 Apr 2020 11:57
Seeing all these people making scrubs for nhs. Surely Bagir could get funding from government to do this???!!
With their big manufacturing bases why not turn their hand to ppe.
Must be able to make face masks in huge volume ?
Started: obone, 7 Apr 2020 10:32
Last post: dnd2136, 10 Apr 2020 16:14
Yup not good plus lockdown will be extended. No orders no money and no money for materials. This is gone. Buying gold stocks myself now. Hope everyone gets there loses back elsewhere
I don't think they have any intention of exploring other avenues of assistance. They knew damn well that the new investor wanted this private hence this BS about going bust.
As I mentioned the other day, this might not be curtains for Bagir.
DYOR
Thanks Obone.
P.
I emailed and received this reply.
"The Board is exploring all options and will update all investors in due course through an RNS announcement."
Does n't enlighten but atleast they replied.
Started: gaf11, 7 Apr 2020 21:55
Last post: mdle4, 9 Apr 2020 09:51
there was a system problem and all share prices showed trades as 13 Feb, since been solved but guess this will stay showing this until suspension lifted.
Why is it showing buys only till 13 February?...
The rns were good. Great revenue. This was going somewhere for once. Then the deal fell through. Crashed from 3p to .050 now admin basically. these directors and boards are crap at there jobs. And they get shed loads of money. Skilled men in there fields. Laugh out loud.
Started: gaf11, 3 Apr 2020 11:20
Last post: aquazi, 8 Apr 2020 08:46
You're not the only one - i bought in here on the Ruyi deal - av something like 2.2p.
Even topped up on the dips.. since then this has been one big dip... game over :(
You can speculate. but they new this was in a good way before this shut down. That's why the deal didn't happen.
I lost money then. And again now. Game is pretty much over. I'm a sucker.
Started: gaf11, 3 Apr 2020 12:26
Last post: GodWilling, 6 Apr 2020 12:39
Yep. Director’s have taken the ****, and SH get screwed over. It’s fairly common in AIM but I thought it would be different in a company thats been around for 50 years.
Hopefully we walk away with some of our money
Only if I had deep pockets as I would possibly sue the directors.....they're probably sitting at home , smug with the fact that they're counting the queen's heads!!!!
Same in many stocks especially ones operated abroad.most go private or bust
They put no efforts to RAMP the share up (like most other AIM dogs), they could of done a placing then, but NO they just kept milking it.
I feel for all the employees and hard working staff.
As for the dollar , I can make it back, but many can't in this C19 crisis.
Prime.
Thanks for that GW.
It's shocking the directors have milked the cow , it's criminal.
So dumb they milked it so much to nil and I hope they all go down with the ship.
Prime.
Started: obone, 3 Apr 2020 17:53
Last post: obone, 3 Apr 2020 17:53
Started: draft, 3 Apr 2020 12:59
Last post: myguess, 3 Apr 2020 13:54
May force a few hands and finally get some clarity - whichever way that pans out.
DT, let's hope so. Like NicetoM, this is one of my bigger bets so was banking on some good returns even over the med to long term.
Looks like I need another shot in my expresso!!!!
Agreed Draft - suspension is the best thing the company have done lately. This might not be over yet.
DYOR
he clearly knows whats going on. ultimately he will need a public listing to sell his shares again
it wont surprise me if he bankrolls these guys for a few months and once C19 passes, this relists
maybe theyve done this to stop ezrys stake declining due to covid
at least they suspended this.
Started: draft, 3 Apr 2020 09:45
Last post: philg65, 3 Apr 2020 12:08
Maybe Ruyi will provide a rescue plan....... and there flys a pig!!!
Live in hope...
There's still a chance of funding ... unprecedented support for business at moment.
Do they put staf on furlong in Ethiopia and vietnam this is over
I hope so nicetomichu, just needs emergency funding to keep it on life support.
This will happen to many outfits, hope Ethiopia has a plan for all its' private businesses !
Prime.
shocker.. and one of my bigger bets too.. just hope for something good to still happen here.. but it may not of course.. still think there's a semi decent chance its not all over here yet.. some emergency funding from somewhere, somehow.. maybe some government backed bank emergency lending scheme somewhere.. a million or two funding might do it.. shutter factories for three months and put the staff on furlough on part pay so they can survive..
Started: gaf11, 3 Apr 2020 11:04
Last post: gaf11, 3 Apr 2020 11:04
4 companies I've had go private. And never come back to market. We have all lost our money. They do not give you anything back.
Started: draft, 3 Apr 2020 08:57
Last post: primesymian, 3 Apr 2020 09:44
It's all odd. why did he keep buying then right up to last minute.
He could of just waited for it to fold.
Prime
Not exactly doing the hi-fives but if it is taken over privately as a going concern, I'm hoping that us Shareholders will get something......
Ben knew exactly what was going on but is he generous enough to allow us to get even a sniff!!!!
This might not be the end.
Trousers haven't been pulled down just yet.
Company isn't in administration.
-Big Ben Ezry could come up with a deal and this could remain on the stock market.
-Payout from Ruyi following court proceedings however that could take ages.
-Another large invested may get involved
DYOR
we will just have to wait and see.
nothing we can do now.
prime.
I've been saying this for a while now. Going private shareholders will get nothing imo