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Started: xxProInvestorxx, 13 Feb 2024 09:38
Last post: Aklee, Today 09:31
Still nothing heard back. Surely they have sold off the remnants by now....where's our money??
I have emailed PWC asking about timelines and they have forwarded my email to the relevant department dealing with this. Been 2 weeks now and heard nothing back. The waiting continues.
The stock remains visible in my ii account which gives me some sort of comfort haha
Hi ProInvestor,
Is there any timeline on when this will be finally settled and any payment made to shareholders? I’ve all but written off everything, but still come back to check every 3 months to see if theres been any developments.
Thanks in advance.
Thanks for your detailed summary Pro. Does give me some hope.
If we get 1.4p a share I will be doing cartwheels :)
Aklee,
While that is correct, shareholders do rank last, the PLC, the company you have shares in is not in administration in this case. It is a subsidiary of the PLC, MDL (Made.com Design ltd), that is. This company structure changes things significantly for shareholders and even though shareholders rank last, the PLC has no significant creditors or payments to make.
Also note that the PLC is actually the largest unsecured creditor of MDL (With over 50% of total monies owed, circa £87m), so will get a chunk of cash (if anything is left over - current estimate of 1.6% puts this figure at circa £1.4m, or 0.35p/share).
The last accounts viewable on companies house show that the PLC has £5,803,990.78 of cash in the bank as of Jan 2024. They have no significant outgoings, no creditors to pay so they only payments that will need to be paid will as part of the liquidation process. During Jan 23 - 24, this amounted to circa £125K.
According to the declaration of solvency their best estimates of cash left at the end of the process, when the PLC entered the MVL (Members voluntary liquidation), was £5,659,997. Trade creditors settled for approximately 50% of the total owed, and the cash is now in an interest bearing account hence the slightly higher figure of cash in the bank at Jan 24.
It is, therefore, highly unlikely that the cash left for shareholders will be under the original estimate of circa £5.66M as the remaining cost of the liquidation should amount to less than £150K as there is very little for the liquidators to do. Therefore, shareholders should receive at least 1.4p/share. Note, that this 1.4p excludes any payment as a creditor of MDL, so the actual figure paid to shareholders is likely to be higher than this.
The company structure has, somewhat, saved investors here and will provide them with something. Although for most, the payment of 1.4-1.75p will still result in a massive loss. But the figures the company have provided, indicate the payment will be higher, not lower, than the 1p originally stated.
Would we not get a letter saying that there was no money left for shareholders?
Anyone got any news or links to share? So hard to find anything out
it has gone to the sfa court of approval.
“sweet **** all”.
i will be surprised if i got a grand back, if it is a penny.
them feckers should have been jailed.
What were the estimates again? 1p?
9 months now…
Started: northwestbathroo, 13 May 2023 08:45
Last post: Becinthenorth, 30 Jun 2023 05:51
7 months and counting...
The waiting game!
Any news worth mentioning or still very quiet? :)
Started: Notlucky, 18 Jan 2023 17:34
Last post: mytwocents, 30 Mar 2023 16:50
Does anyone have an idea on how long it will take? Would be nice to get 1p for my shares some time in 2023!
I would prefer 5 p but 1 p would be good as well for take away order family of 6
Liquidation and shares cancelled from trading on main market from 18.january. any thoughts what shareholders can get.
Started: BumBum, 8 Feb 2023 12:13
Last post: xxProInvestorxx, 10 Feb 2023 08:35
The sale of stock in the UK is still on-going (as of yesterday, Thursday 9th Feb). I'm sure the rest of the assets of Made Design Ltd, as well as the PLC are in the process of being liquidated. The creditors of the PLC will need to be established and paid in full before shareholders receive anything.
It is likely that the situation with MDL will need to be resolved prior to shareholders finding out how much they will receive. There may be several payment tranches as new funds are found.
https://www.nozarrivages.com/made-com-a-70-chez-noz/
So Made have sold all their furniture now, so how long should we have to wait to find out if we get 1p a share or nothing at all?
Started: xxProInvestorxx, 16 Jan 2023 09:35
Last post: xxProInvestorxx, 17 Jan 2023 09:46
The latest auction finished on Sunday, although I am unsure if that was the last one.
Not too sure, but I'd imagine an expected timeline will be provided when the liquidators have been officially appointed. The MVL noted that shareholders are expected to receive no more than 1p/share. Although this is not guaranteed. It may be the case that there are less assets and after costs, shareholders receive less or even nothing.
Shareholders could also receive more than this if the assets are sold for more than expected. (principally the stock being auctioned and the subsequent debt owed by MDL to the plc). The auction seems to have lost traction and the items appear to be selling for less than the first batches. They were selling for approx. 50% rrp initially but this has approximately halved.
So 1p/share seems plausible.
Any thoughts on how long shareholders will have to wait and what might be offered back per share if anything? Maybe 1-2p a share?
As expected, the MVL has been approved by shareholders. Now it's a waiting game to find out how much value there is left for distribution.
Started: LuckyBear12, 29 Dec 2022 20:13
Last post: xxProInvestorxx, 29 Dec 2022 21:30
If the MVL is approved, the company will be de-listed from the stock exchange. You will continue to hold your shares for the time being, but this will be in a de-listed company; however, any shares will essentially be worthless. The liquidators will then come in and proceed with selling the assets the company own. Finally, the company will be wound up, shares will be cancelled, and any residual value will be distributed to shareholders as a dividend.
What will happen to our shares? Is it gone now
Hope we will not get wonga example. He he
Yes,no idea feeling sad, alternative for 1 p would be if we would get some percentage from delivery costs. What is cashed in
Notlucky, what would your alternative be?
The board have unanimously recommended shareholders to vote for the resolution, thus I would assume it will be passed. The board would, most likely, have the support of the larger shareholders. As the circular states, this would be in the best interest of shareholders as a whole.
Also note "On the basis of the information currently available, it is not expected that any final distribution would
exceed 1p / Share." So this falls within my prediction.
Last post: Notlucky, 8 Dec 2022 21:27
Looked on auction site. Would nice to hear how far they are with selling stock. Not the earnings but how much stock left or when is expected last day or week for auction. PEOPLE!!!!!! there should be at least 1 person in warehouse who investing in stock and maybe left with long nose on made.com. SNO....N IS THAT YOU.
Started: Notlucky, 25 Nov 2022 11:11
Last post: HeresHopin, 27 Nov 2022 15:36
Very interesting prices. If people will buy those items for those prices it's possible to get back more. But delivery costs absolutely incredible 71£ for sofa
Last post: Notlucky, 25 Nov 2022 10:52
Started: Notlucky, 20 Nov 2022 23:13
Last post: Notlucky, 25 Nov 2022 10:51
Very confusing 1 article saying 14 million worth stock will be sold in auctions now next article saying 40 million
Ha ha maximum 1,5 £ million from auction
I must clarify, although I believe shareholders may get something, most will be significantly under-water and it is near impossible to predict the residue value that will actually be left for shareholders. I'd suggest that some reasonable assumptions to make would be that there is a few million left within the Plc (realistically, I can not see more that £5 million here). Trouva is another unknown and the board did not disclose the amount paid back in May, nor do we know how the current climate will affect the valuation. However, if we assume another £5 Million, the total value will be £10 million. These figures are extremely crude, but can provide some rough conclusions to be made.
- Those who bought at above 5p (approximately £20 Million valuation) will almost certainly not receive their full investment back.
- It is possible that there would be 2.5p/share (approximately £10 million) left but even this is likely to be on the high side.
- Likely scenario is that there is a few £Million left, providing shareholders with between 0.25 - 2p/share.
- It is also possible that at the end, there is nothing left for shareholders at all.
They won't get much for it and I think you're being pretty generous at 10 million, I'd imagine that they'd do very well to get that. It is irrelevant to shareholders anyway as it was obvious that there will be nothing left in MDL, even if they got the retail price (44 million) for the stock as they owe too much to creditors.
There is, however, still hope that shareholders will receive something from Made. As I have previously stated the parent Plc (the company shareholders own directly) is not in administration and there has to be assets and cash in the bank, otherwise the company would not be able to continue and would be in complete administration.
The total value of assets still owned by the Plc is unknow, and the value of Trouva is also unknown. Trouva and other assets could be sold, although there is no guarantee of a sale and as far as we're aware Trouva is still loss making.
Alternatively could the company continue to run Trouva, un-suspend on the stock exchange with a name change to trade as 'Trouva plc' or similar? Of course this scenario is highly unlikely, and may not even be possible but it poses interesting questions.
But the likely senorio, as per the RNS's, is that the company will be wound up, involving a sale of Trouva and other assets not affected by the administration of MDL.
Started: Notlucky, 15 Nov 2022 06:58
Last post: Notlucky, 15 Nov 2022 07:01
Like I said next didn't want to sort garbage
Last post: Notlucky, 10 Nov 2022 21:22
Looks like didn't wanted to sort mades garbage.it seems to me that he is more interested start from new with mades core. Its laughable that he is saying that he needs more overseas labour. I think it was possible to save it. Loads of choices
Started: xxProInvestorxx, 9 Nov 2022 14:47
Last post: xxProInvestorxx, 9 Nov 2022 14:47
From my understanding Made.com is not actually in administration. It is the subsidiary, Made Design ltd that is. Note from the RNS it talks about MDL specifically and not the parent company. Also note that other subsidiaries of made.com have not been mentioned at all (i.e. Trouva).
Surely, if the creditors have their agreement with MDL, and not made.com, then they would have no rights over the assets of the parent company, nor, any other subsidiary. When you look at the administration RNS of other companies have gone into Administration, they mention the parent company and not the subsidiary.
If this is the case, then surely shareholders would still own the remaining assets and other subsidiaries. Could this be why the board haven mentioned "any residual value will be distributed to the Company's shareholders and the Company will be wound up"?
When the parent company goes into administration surely this would be said in the RNS as with eve sleep. When Debenhams when into administration this was also the also the case: "Administrators have been appointed to Debenhams plc (in administration) (the "plc") only".
I am by no means an expert here, so if anyone has any other insight please let me know.
Started: Notlucky, 8 Nov 2022 21:48
Last post: Notlucky, 8 Nov 2022 21:48
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.
Started: maidit308, 7 Nov 2022 20:47
Last post: maidit308, 7 Nov 2022 20:47
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
Started: Hufc1908, 7 Nov 2022 12:54
Last post: Toffee1878, 7 Nov 2022 13:20
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/
Started: Clintek, 5 Nov 2022 11:53
Last post: PYUECK, 7 Nov 2022 09:12
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.
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…
Started: Toffee1878, 7 Nov 2022 08:17
Last post: Toffee1878, 7 Nov 2022 08:18
•fate
We will most definitely have the date confirmed today. Administrators appointed or last ditch bid to save.
Lost £1500 here. But we learn.
Next iis is making offer.
Fraser also behind
Only £2millon
Article on this is money.
Little hope.
Started: Monet123, 1 Nov 2022 18:20
Last post: neil777, 2 Nov 2022 11:09
Knowbodyyouknow
Exactly what I meant you just wrote it alot better
It means the removal from the index is effective form the start of trading on Nov 04.
Index
?Effective FromStart of Trading?
FTSE Fledgling Index
04 November 2022
FTSE All-Small Index
04 November 2022
I think the effective from start of trading simply means 8am 4th November
Start meaning 8am not actually that these will start to trade on the 4th
I also understood that from Thursday 4th Made would start trading again on the FTSE Fledgling. Again, might be wrong as the RNS at 17.30pm yesterday wasn’t that clear.
What does this possibly mean? In the news articles published some talk about Made having 10 days before administration to sell the company or raise financing. Obviously, now we know no one interested before at elevated asking prices, might a buyer or larger shareholder step in to rescue Made in the next 7 days before administration?
The City AM editor was saying on the radio last night that, he thought MADE would trade again, once it gets it finances in order. Didn't mention a sale, but that must be the implication - likely bought out of Admin.
It makes sense that those originally attempting to make a deal would simply wait a little longer until the company's finances collapsed.
The BBC article which is 30 mins old, states that Made will have 10 days to salvage any late deal before administration takes over. Clutching at straws I know, I’m a bit like Lloyd in dumb and dumber “so you’re saying there’s a chance?”
Truth this is how Minoan will end !
Well, some people made money here. Those that sold stakes at IPO when MADE was a £700m company, just 16 months ago. The fact that current management had little skin in the game was, on reflection, another red flag which I ignored.
Started: GD93, 1 Nov 2022 13:26
Last post: HeresHopin, 1 Nov 2022 17:29
First of all, I am really sorry to hear the news about the company. It is really heartbreaking. Something is not right internally and a proper investigation from FCA is required. It is hard to believe that all has gone. There is a very big question mark on the decisions which were made this year alone.
Let me keep aside what happened during IPO and who got benefit out of this launch. They clearly knew the market is not suitable for big-ticket items, inflation, delivery cost etc, all have a negative impact on this sector and the company clearly had no funds to continue its operations then why they have taken steps to buy Trouva? What a joke of a decision.
A company that has revenue of approximately £178 million to the 30th of June 2022 will go into administration or buy Trouva.com for £10-12 million pounds just a couple of months before issuing a profit warning. These are two different destinations. One is the expansion and the second is closing down entirely. Streethub (Trouva) is worth £12 million and the parent company is worth £2 million. Another joke of the century. Thirdly they have no suitable offers for the company during FSP and then suddenly they will have options within 10 days after suspension. I hope they do. Talks were terminated because of time restraints what a lame excuse.
Story is not coming to an end which is why I am sticking to the news. I am just one out of 2.5% shares who held by PI's rest are held by big boys. The biggest shareholder spent approx £68M with over 16% of share capital and the list goes on. I have heard everything but not the end of this story. Come on board let's try again in these 10 days.