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People held Northern Rock to the bitter end hoping for a rescue buyout.
It's called capitalism. Next get to pick up some useful scraps. Cineworld shareholders (not Cineworld itself) are going to get wiped out as well, and there's a someone on that board who held MADE and holds Cineworld. Unbelievable gamblers some people are, keep buying the same crap and playing with fire.
sold for pennies
NEXT plc (the "Company")
Acquisition
9 November 2022
The Company announces that it has agreed to acquire the brand name, domain names and intellectual property of Made.com Design Ltd from administrators for consideration of £3.4m.
https://www.londonstockexchange.com/news-article/NXT/acquisition/15708489
Do vultures leave any meat on the bones? PwC will make sure its costs are covered and that's about it.
Of course the BOD will be ok
Not a chance
NEXT Get everything
No
Sabah Meddings and Katie Linsell, Bloomberg News
3h ago
SHARE
(Bloomberg) -- Made.com Group Plc has appointed PwC as its administrator with Next Plc in pole position to snap up the struggling online furniture company, according to a person familiar with the situation.
FTSE 100 retailer Next, which sells fashion and homewares, was braced Tuesday evening to buy Made.com, said the person who asked not to be identified.
Next, Frasers Group among those looking to rescue Made.com
Mon, 7th Nov 2022 08:13
(Sharecast News) - High-street stalwart Next and Mike Ashley's Frasers Group were reported to be among the frontrunners looking to rescue the teetering online furniture retailer Made.com Group over the weekend.
According to the Sunday Times, PwC was consulting Made on securing a rescue deal in the coming days,
look like there is still hope, for shareholders where there was none, a few days ago
and if Mike Ashley is throwing his hat into the ring, and he is not short of a few quid
he must can see a lot of value here
I.m hopeful that i will see my £550 again
that was just a punt on MADE cash position
and stock, with £2m MC
yes it's quite possible to see an 11 hour reprieve
to save 700 jobs or what they can, in the spirit of Christmas
and avert administration
drinks all-round if that happens
If the board is rejecting offers as recently as this morning, administration is yet to happen. When In administration, the board cannot and will not accept/reject offers. This is the job of the administrators.
Until a RNS is out stating PWC are appointed, then I would say they are only acting on an advisory capacity at best, currently.
It was probably rejected as it offered too much value to shareholders
Ning LI stated to staff that he tried to save their jobs after making a last-ditch attempt to get back to the front lines of the business.
Mr Li, who was still one of Made.com’s largest shareholders said that he made an offer to PwC and the Made.com board last week, but it was rejected Monday morning.
https://www.share-talk.com/made-coms-founder-ning-li-fails-in-11th-hour-rescue-bid/
In my experience of administrations creditors are lucky to get anything. Shareholders are behind creditors so pretty much no change of anything, especially in this scenario. Any buyer will want to buy it out of administration, not before, as it clears them of the liability for any debts.
Let's face it though Made.com will be bought for little other reason than for some website traffic. The brand is now totally shot and the business model proved to lose money. All their suppliers will be totally done over with the administration.
•fate
We will most definitely have the date confirmed today. Administrators appointed or last ditch bid to save.
Lost £1500 here. But we learn.
You will not be proven wrong as from years of experience once administrators appointed which is now happening they suck any money left and shareholders receive nothing
Let's see mate.
If we expect nothing and get a small bonus back then it will be nice.
If not in administration then there would certainly be a chance
GLA
Oh nice, so glad I and many PIs lost £000s here so that Next can grab the company for pennies. Absolutely disgraceful behaviour! Call it naivety/stupidity but I believed they would have the shareholders' best interests at heart. I broke one of my own fundamental rules which is to never trust any CEO or BoD. That's when you always lose money. I should have taken some profit and got out. I guess I got caught up in all the nonsense on this board that the company would be sold for much more than 10p etc pffft!! Couldn't believe my eyes when the price dropped 93% in a day. Totally shocking! That did sting and really affected me for a few days until I snapped out of it. Investing/trading is a tough game so you'd better be on your toes all the time. Definitely a very expensive lesson for me!
Neil, I didn’t think they were in administration yet, which is 10 days from last Monday 1st so it should be the same deal as if they were bought in October for what we all hoped for 15-20p per share. I also could be wrong…
I very much doubt it BumBum as I think they are getting bought out of administration so no money for shareholders but I'd be happy to be proven wrong
If Made is sold for 2m-3m and the firm doesn’t go into administration, does this mean that the outstanding shares in issue will receive circa 0.5p per share, which is the current SP and market cap of 2m?
Really not sure how this works, any guidance or words of wisdom gratefully appreciated.
Next has launched a dramatic bid for Made.com, which collapsed last week.
The High Street fashion giant is the frontrunner to snap up the online furniture retailer, with a buyer to be announced as early as Monday.
Next, run by Lord Wolfson, is understood to have made a bid worth around £2million to take control of Made's website, customer database, branding and other intellectual property.
It is one of a number of interested parties – Frasers Group are also believed to be in the running – with bids worth £2million to £3million.