MADE.L Share Chat (MADE)

Thanks for checking

HI Adam

I hope you are well.

Unfortunately, we don't have any further update or indication of when matters relating to the liquidation of Made.com Design Limited will be resolved. Our expectation is that they likely won't be resolved much before the end of the year.

Kind regards

Elizabeth Colley

PwC | Senior Manager | Legal Entity Restructuring

Mobile: 07859 938830

Email: elizabeth.colley@pwc.com

PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1 2RT

https://www.pwc.co.uk/services/business-recovery/rationalising-your-corporate-structure.html

At PwC we work flexibly so whilst it suits me to email now, I do not expect a response or action outside of your own working hours.

Got some money back too. Nice little surprise it has to be said. Onwards and upwards 📈

Same here £3 k HNY 😆

I have just had 3 grand deposited into my Barclay’s smart investor account.

Nice present as thought I had lost the lot 😁

@Climtek. It is certainly true you should be in line for 2.5k, that’s not a bad New Year present. I remember you at the time, I could have taken 11k but went for glory, but that’s share trading.

I am with IG and about an hour ago money appeared on my account. I did contact them yesterday asking if they received the money and they said they will look into this. So definetely true :)

Happy New Year!!

I've just stuck my head back here after writing off my 200k shares.

I had a quick check and can't find any info on repayment made today, is this true, i know what this site is like concerning wind ups?

Ohh and happy new year all.

I had it in my hl account today, something is better than nothing, had never expected

Well that was a surprise, over a grand landed in my account and I wasn’t expecting it. Every cloud.

My money has now landed in my ii account.

Also worth saying the line of stock still visible so expecting the further dividend as creditors settled 🥳

No money in IG Group account yet either...

No money landed in HL account - still waiting.

Which broker do you use?

Many thanks.

Unless ii have got it wrong, it's per share:

'Terms: GBP0.0136 in cash for each share held

Record date: 13th December 2024

Payment date: 30th December 2024

The Liquidators of Made.com Group plc have announced a payment for shareholders of GBP0.0136 in cash for each share held. '

It’s great news. Normally I get nothing when my investments collapse ! We have nothing to complain about here. A great Christmas Bonus 😁

Also note that shareholders are NOT unsecured creditors, they rank last and would only receive a payout if everyone else has been paid in full. This means that had shareholders directly owned MDL, rather than it being a subsidiary of the parent company, shareholders would have received nothing, not even the 1.6p in the pound.

The key points are that the company shareholders directly own is solvent, has cash and is the parent company, and largest unsecured creditor, of MDL (the insolvent subsidiary).

WisdomMaster

How did you work that out?

The PLC, the company shareholders have shares in is not in administration in this case. It is a subsidiary of the PLC, MDL (Made.com Design ltd), that was. This company structure changes things significantly for shareholders and even though shareholders rank last, the PLC has no significant creditors or payments to make.

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) and this is where the 1.6p in the pound figure comes in to play. This is the current estimate unsecured creditors of MDL will get. If the full sum is paid, the PLC will recieve 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. It is important to understand that the PLC is still solvent. The PLC has 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, the liquidators 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.

If I turn my logic thinking shares should remain in trading account to have 2nd payment. If they disappear then no 2nd payment. We'll that would be nice but how long again to wait -30. December2025?

See comments in the threads below. I outlined the terms (1.75p/share possible thread).

I outlined to expect a payment of circa 1.4p/share from the cash in the PLC back in Feb when the news of the MVL was out (we're getting 1.36p now and the company will keep some cash in the bank to remain solvent).

The PLC is the largest unsecured creditor of MDL, with over 50% of monies owed. So in the event the 1.6% is paid, 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).

Add to the remaining cash the PLC will have in the bank, and the final payment should be around 0.4p/share.

That would be amazing but I am not banking on it. Where did you hear that?

There will be a second, final payment once MDL have paid unsecured creditors (largest being the parent PLC). This payment should be just over 0.4p/share if the 1.6% payment to creditors is correct.

Yes, finally. Could be worse

Fantastic news. My Made shares still showing on my broker account so assume we get paid through brokers.

A welcome Christmas present !

That's great news, finally we will get something after waiting for so long! How will they pay it?

Note, I initially said a payment of circa 1.4p will come from the cash in the bank with circa .35p (1.6%) coming from MDL. So with a payment of 1.36p due, if the expected payment to unsecured creditors of MDL remains the same, a second, final dividend of circa 0.4p/share should be received once MDL has formally distributed it's dividend to unsecured creditors.

Fantastic news! This lies within my predictions. No, that is not all, there is still the distribution as the largest unsecured creditor of MDL. This will come as a secondary dividend. They will also keep some cash within the PLC's bank accounts to ensure the company stays solvent until unsecured creditors have been paid from MDL.

Just a stupid question it means- is that all?

Good morning Elizabeth!

I hope all is well.

I’m a shareholder at Made.com - I came across your email address on PWC website.

If possible could you provide an update of current affairs?

It has been an awful long time for share

Holders to wait, we only have scraps of information. Since January I don’t think we have any form of update.

Anything will help test the un-easy thoughts!

Figures and dates would be wonderful or just an update!

Thank you for your time!

Kind regards,

I’ll Email EC - not hopeful but let’s find some answers!

On 16 January 2023, Steven Sherry and Emma Cray were appointed as Joint Liquidators of Made.com Group plc. Any shareholder requiring further information on the liquidation may contact elizabeth.colley@pwc.com.

Still the only available document with figures on, link below

https://www.pwc.co.uk/business-recovery/administrations/assets/made-com-group-plc/Liquidators%20Progress%20Report%202024%20-%20Made_com%20Group%20plc.pdf

Should be settled by now. Should be getting 1.5p per share at least

I've tried emailing pwc again but no reply

It's poor. Anyone tried to email / contact anyone?

We still wait!

I can’t believe how long this has taken with barely any forwarded information

Haha yeah that's what I'm hoping. Be well happy with 1.6p

Let’s hope they meant 1.6p!!!

No effing clue. I don't think they even know

1.6% of what?

Had a reply,

"For unsecured creditors, we estimate a return of up to 1.6% with payment expected in 6 - 12 months’ time. "

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…

7 months and counting...

The waiting game!

Any news worth mentioning or still very quiet? :)

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.

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?

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.

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

https://www.theguardian.com/business/2022/dec/27/made-com-shoppers-to-lose-12m-deposits-warn-administrators

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.

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.

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

https://www.walesonline.co.uk/news/wales-news/vast-warehouse-full-former-madecom-25522117?int_source=amp_continue_reading&int_medium=amp&int_campaign=continue_reading_button#amp-readmore-target

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

https://www.theguardian.com/business/2022/nov/23/madecoms-unsecured-creditors-and-suppliers-to-get-under-2-of-187m-owed?CMP=Share_iOSApp_Other

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.

Like I said next didn't want to sort garbage

https://www.nottinghampost.com/news/nottingham-news/madecom-stock-sold-nottingham-based-7821124

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

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.

Sabah Meddings and Katie Linsell, Bloomberg News

3h ago

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(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.