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Riddler - how does today's news change things in your view? Henderson looking to acquire 30%+ and take Redhall private? Why would they be interested in the debt otherwise? RHL the specialist engineering support services group, has been notified that Henderson Volantis Capital ("Henderson") has entered into an agreement with HSBC Bank plc to purchase £10.0 million of the Group's bank facility. Henderson currently holds 27.69% of the issued ordinary share capital of Redhall. The agreement will be governed by way of an inter creditor agreement between Henderson and HSBC. There is no amendment to the terms of the bank facility between HSBC and the Group, including margins and covenants. Martyn Everett, Chairman of Redhall, commented: "We are pleased that our major shareholder, Henderson, has taken this opportunity to invest further in Redhall. This clearly demonstrates their confidence in the Group and its prospects. The management team remain focussed on delivering the strategic plan, which was set out in the announcement on 4 December 2014, with the full on-going support of Henderson and HSBC".
this is going to the wall as i said with other peer SID?
"With a new strategy in place, an excellent executive team driving it forward and a new two year banking facility agreed I believe now is the right time for me to retire. I remain a substantial shareholder and I wish the team and the business every success in the future."
Very positive for holders of RHL. Jackson steps down (his time had come) Renewed banking facilities (not renegotiated) and a far more realistic order book. After endless restructuring, exceptional charges and write downs it's entirely credible to believe the business is on a sounder footing. Was very close to curtains for Redhall, if they hadn't have got the 7 million placing away earlier this year I think it would have been game over. With a new Chairman and as close to a clean slate as possible, this could be the start of a proper recovery.
Trading Update Redhall Group plc (AIM: RHL), the specialist engineering support services group, reports that, following an extensive and thorough review by the new executive team, the Board has revised its forecasts for the year ending 30 September 2014 and now expects to broadly break even before exceptional items at the operating profit level. Manufacturing and Engineering businesses continue to operate well and produce acceptable levels of profitability, in line with Redhall's strategy of rebalancing the Group towards manufacturing. However, the impact of lower volumes in our Nuclear Contracting businesses will lead to significant losses for these businesses in the current year. We believe that we have now recognised the full extent of the issues in Nuclear Contracting and action is being taken to put the businesses on a sounder footing. In addition we have provided for further exceptional contract losses and restructuring costs across the Group bringing our exceptional charges for the year to £2.7m. Our bankers, HSBC Bank plc, remain fully supportive of the Group. The Group continues to have a strong relationship with its key customers and whilst we have experienced delays in work from our major clients we expect to deliver our recovery plan albeit over an extended timeframe.
all depends on results tomorrow they did say in trading update to expect a loss I think so unsure what the rise means today! will have to wait and see tomorrow!
Looks like a positive move from today's rise ;) I was debating selling up here after being caught out with too much money in another risky share AMI. Decided to hold after seeing the spread shift to 10.5 / 12 early this week. Fingers crossed for some good news and a further tick up tomoz. Market cap at 5 million woefully undervalued the business, even taking account of the debt pile! imo
There's a meeting for analysts on Thursday before company announces its preliminary results for year ended 30 September. Anyone see this as a positive move - or is this type of meeting routine?
Riddler...apologies for late reply. yep debt is more than mcap here but we have seen with past refinancing announcements how the share price can surge on any good news. but still way too much debt to get involved and still loss making so have to be very careful imho...all the best who are in though - have to speculate to accumulate!
Nice bounce today, wonder if Riddler securities will be upgrading their forecast ;)
This is not a new story. No announcement from Redhall. Buyers flocking like sheep. But it does show how the mms will react to Nuclear good news which has been non-existent since the catastrophe of Vivergo. And if that ever happens we all know what will happen to the share price. sp falling back now.
GlobalFinancial ‏@GlobalNF 11h11 hours ago FinnCap Redhall Group (RHL) look to bright future - Redhall Nuclear was chosen by AWE, which provides and maintain... http://ow.ly/2OP4Po
Managed to get inside 13p. Lots of upside according to Finncap & others
RHL seem to be moving away from power station work and more into manufacturing, reasonable forward order book in the current climate with a few changes to the board [ turnaround expertise]. Will continue to hold.
risky trade possible here...hinckley power station and all that! worth monitoring as seems to have settled
Nothing else to say.
Why is every director going? Perhaps, there is a DICTATOR at the very top. It is his turn now. Too old for the job - retire fully. Plenty of BIG BLUNDERS were made from 2010 onwards.
that bad?
Pipeman - U say the CHAIRMAN is shrewd? Perhaps, shrewd to the crying shareholders and to himself but I cannot not with with big decisions of RHL PROJECTS. He terminated the contract of Lewis-Brown the then CEO after VIVERGO failed. Lewis B made a lame excuse saying "Family Problems" and left in 2010. The CHAIRMAN sold about GBP 2M worth of shares in 2008 at 280p a share. Ever since that day the SP tumbled. The Chairman made a PALTRY buy very recently at 50p a share.
The opinion expressed that Mr Jackson is 'in his dotage' is rather insulting and - I can state personally - is rather extreme and well wide of the mark. He is a shrewd businessman and caring as well as firm in his dealings. We are all suffering from the ongoing problem with the SP that has resulted from some individual senior manager having failed in his stewardship of the day-to-day operation of the company. Of course, the BP-led Vivergo has exposed its problems with their white-elephant Saltend project but RHL shareholders are footing it's folly.
The Chairman is or was supposed to be a VERY TOUGH / NO NONESENSE man - perhaps TOO POSITIVE. One has to be POSITIVE but not OVERBOARD. This is what happened to FORMBER CHAIRMAN of RBS .... Sir ???. In 2008/9 (start of VIVERGO project), RHL even tried to made a TAKEOVER BID of a small company as RHL had a CASH SURPLUS of GBP 5M. The biggest foolish decision was to enhance their LEGAL CONTRACTS on NUCLEAR projects in 2011 by spending GBP 2M on legal fees. This was un-called for or more a case of 'locking the stable doors after horses have bolted'; it only created CASH FLOW PROBLEMS. The CHAIRMAN is in his dotage; should retire FULLY.
SL were either very smart or saw a better potential elsewhere. Redhall were only one of many contractors on a huge Project._£300m, may be more. If they knew that BP could behave that badly - BP, having a culture of feeling smarter than others, thrive on litigation and throwing their weight around - then they guessed rightly. Vivergo could well prove to be a poor investment for BP - another reason why BP have behaved so badly. Lets look at the positive side - Redhall have a lot of goodwill, other institutions have come in to back them, HSBC have given them excellent support and the Directors have a stake/increasing stake in the Company.If you are backing a relatively small Company, there will be times when one has to be very,,very patient. I am looking forward to hearing good news at their next AGM, Feb.2015
About 4 years, Standard Life (SL) had a stake of 20% in RHL; six months after Vivergo project started (Sept 2009) SL sold all their stake gradually. SL knew something about the VIVERGO Project in 2009. DugGill - Were you aware?
Private investors have had an awful run over the past 3 years. That Vivergo contract was a disaster for Redhall. As I understand the situation, Bp as part of Vivergo dug their heels in and were not going to lose more money on this expensive ethanol plant and so offered a small amount to Redhall. Bp are big, Redhall are small - so no matter how aggrieved Redhall might have felt, they were not going to get mucht money from the Bastard People. I attended the General Meeting on 26/3. The good news is HSBC are behind Redhall, the £7m has been raised. From now on the situation should improve albeit slowly. The UK recovery is slow, so will be Redhall's recovery. PIs will have to be very patient. As one, I will look forward to hearing a much better repot at the next AGM in Feb 2015.
I bet the employees of RHL are not motivated; perhaps salary increments & bonuses were not given to working class employees. The Top management clearly made many BLUNDERS in the last 4 years; it is about the CHAIRMAN STEPPED DOWN.