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And dont forget that Adam Vicary who is Castings Plc CEO was MD at RDC before he was driven out of Chamberlin by a new CEO who didnt want someone way cleverer as his deputy ! ! !
The whole thing has been planned behind closed doors and I bet someone has a big brown envelope in their pocket for sorting this. No wonder castings shares are up 5% today. They have literally stole it for 400k. Less than a years profit and don't forget that last years declared profit will be weighed down by subsidising the plc fat cats who have raped this.
Right, well, that was the only value left in this thing.
I was kind of hoping that there was enough cash left in the CMH PLC for one of its dormant subsidiaries to buy RDC out of administration, but that did seem like a long shot.
Yeah this was so obvious, I didnt even bother reading the casting rns when i saw it as I knew it was obviously CMH assets it had taken for a penny pretty much
Absolutely disgraceful.
Sold for less than a years RDC profit.
Funny as well that James Greaves who is joint MD at Castings was formerly operations Director for 10 years at RDC. Clearly knows the business inside out.
Absolute sh*t show from start to finish.
Castings plc announced buying RDC for £400k
Well, presumably this will delist next week, without a NOMAD.
Am still intrigued as to the overall status of the PLC, which is still not in administration and, potentially, may still be holding some cash, as well as a bunch of dormant companies (though also has charges on it from HSBC and the pension fund).
I note that the NPower winding up petition on Chamberlin had been withdrawn, but it remains active on RDC. Presumably because Chamberlin had -7m in shareholder funds (including 4.5m owed to the PLC), whereas RDC was +2m (last year's reports), so the lower ranking creditors of Chamberlin won't get anything?
At least there will be info available on companies house. The only other share I still hold that delisted was channel based (property trust that was liquidated), and is pretty opaque.
AFAIK the plc only holds the shares in the subsidiaryy companies (active & dormant), and any cash that might be remaining from, e.g., the Petrel sale & capital raise.
It also has some charges on it (HSBC & pension fund).
There should eventually be administrators report in the companies house filings, I think.
What actually exists in the PLC then?
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