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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!!
Indeed.
It stinks to high heaven.
I don't think for a minute that trading just happened to reverse.
I've been up to RDC and it appeared to be a busy establishment.
I wonder who were the buyers of the properties?
That you can sell off two properties for millions and a subsidiary for more millions and not pay your electricity bill! This and the previous RNS suddenly switching from ultra-positive to negative indicate that investors are about to get shafted in favour of someone, and we can guess who that will be!
Sadly this is the reality of 'investing'. How many more companies we own that will eventually go to zero, but we just don't know it yet and probably think we are going to make money with these bargain oversold shares etc.
This company perhaps looked like it had prospects, a great rescue story etc but in reality there is nothing special or unique with it's products.
I hope it can come back with some kind of refinance plan but I doubt it. If you are a full time trader the potential loss can be offset against other income, if a regular investor it's a capital loss for the new reduced CGT terms, if an ISA or Pension investor, nothing to offset.
If they can't refinance the company then yes, he'll lose a boat load.
But, I wonder if they go into administration, can TB do some sort of pre-pack f*ckery and sail into the sunset?
does tb not lose **** loads of his investment here
I would say that cash was running out, the sale of Petrel appeared very desperate. I expect they got the court summons for the winding up order, Hastily added FAB as a shareholder, then decided to rejig the executive positions, partly as they couldn't milk any more salary after May (prior year they took 396k between them). CFO resigned as he knew it would go bust, his notice finishes on 10th May. Now they can go bankrupt, but it wasn't on TB's watch as he is now only a NED. He is also not connected to FAB (See holding RNS) as far as companies house goes, so if FAB want to buy it out of admin they can. Whether that is a wise decision or not, well never know. The Chamberlin we knew was systematically drained of cash by the board, maybe it is profitable if run honestly? Game set and match Trevor Brown. I sold out remainder last week at a huge loss.
Would it not have been wise to pay the electricity bill with funds of the Petrel sale?
What the fck have they spent the cash on!
Curtains here?! :-(
With a placing on 12 weeks ago...... knew Trevor could never be trusted
Has he really put all of the money in from his own pocket... mmmm i wonder
Trevor Brown, Executive Director (29.9% shareholder) is intending to subscribe for shares via a direct subscription to maintain at least a 25% shareholding
What a shock.....
So they've not being paying the electric bill?
Am I reading that right?
Ffs
Looks like karma kicking in for old Trev
Someone not paid the electricity bill!
Where the fck is this going?!.... Honestly the last three years investors have been spun a yarn.
Suspended
All valid points, Radagast. We knew the risks and accepted it would take time to turn the Company around. What's not acceptable is an incompetent Board telling us they are steering the ship into positive territory when they have not!
Working capital requirements will be large for the business, payment terms likely to be pushed to 60 or even 90 days. While the price increase is essential it'll take some time to materialise.
I'm worried about the cash flow here, are they paying their suppliers on time if not then it's pro forma invoice and will further distress the situation.
The debt in general is massive, Foundries tend to be low profit margin companies in the UK, the competition from east Europe and India is hammering nails in the coffin quickly. The lessons learned from covid about having a western supply chain are quickly being forgotten.
Uk power prices are uncompetitive coupled with huge renewable obligations, wages are high and the uk supply chain is very unpatriotic with little regard to its ever shrinking capacity.
We’ll see what happens during the rest of this week. There were a few trades yesterday which looked like more accumulation. The MC is tiny now. Despite the curveball RNS I still think we’re undervalued
Yes, Lawrmyer2. Wish other "big boys" would do the same. MC needs to >£3m to make me confident again.
Interesting to see that Armstrong has increased their holdings
Would not surprise me!
I sold half last week. Have I been shafted, guess I’ll find out in due course