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"Is someone on a TAKEOVER?* Or is a large holder dumping their shares? The trades have mostly been small / medium buys, except for the last two. 15:14 39.00p 38,622 £15,063 Unknown Ordinary 15:14 39.00p 4,100,000 £1,599,000 Unknown Ordinary It would be interesting to know if the £1.6m trade was a buy or sell!
A lot of volume for a day. Is someone on a TAKEOVER?
Thanks for the info Lionspatel, These problems happened before I bought in (Jan 2013), and while I have looked at previous RNS's, they often do not tell the full story. It does sound like RHL took on too much with the Vivergo contract, and then repeated the mistake by taking them on in the courts. I have a modest holding with an average price of 57p, so I will sit and wait hopefully for a turnaround, or a take-over. GLA
Thanks for the feedback. YES, no hope for recovery of losses from Vivergo. But, RHL was very foolish in many decisions - 1) Spent GBP 2M+ on strengthening legacy contracts on Nuclear with the foolish / fraudulent solicitors in 2012 (like closing doors after the horses have bolted,added more pressure to existing cash flow, had RHL noit spent that 2M then, it could have been used to fight Vivergo further,now). RHL should not have have carried out the project with Vivergo as VIvergo had not paid GBP 5M - why did RHL wait to give so much credit, finally only to get kicked out by Vivergo. The then CEO (2010) made a lame excuse 'family problems' & resigned or asked to resigned, soon afterwards. (3) Vivergo was the biggest single project RHL had ever handled & with shortest project time of 12 months, was RHL capable? Was it practical as RHL had to outsource many skilled staff - namely blue colour workers e.g. electricians, welders? Future is promising but servicing a big debt is not on. I think a takeover is more likely as said by WHIRLOW
Sorry, last paragraph in my previous post should read: Having spent £100k in 2013 and £2.5m in 2012 on legal costs .... Figures lifted from today's RNS Vivergo legal and professional fees 2013 - £100,000 2012 - £2,500,000 So we have spent £2.6m to win £2.1m, a net loss of £500k. But I think we made the right decision to quit and not throw good money after bad.
The cutting below is from the 30th Jan RNS: "Redhall Group plc, the specialist engineering support services group, is pleased to announce the final settlement of all aspects of the Vivergo Fuels Limited ("Vivergo") contract." The following cutting is from today's RNS: "Exceptional items total £10.9 million and are dominated by the Board's decision, as reported on 30 January 2014, to accept an offer made by Vivergo of £2.1 million in full and final settlement of all claims between the parties. This offer fell considerably short of the amounts the Board believed to be recoverable based on the views of its professional advisers throughout the dispute process. However, the risks and cost of pursuing an alternative strategy outweighed the disappointment of settling at this level." These both make it plain that the matter is now stone dead. Having spent £100k in 2013 and £2.5m on legal costs in pursuing this case RHL has decided it cannot afford to continue with more litigation. The £2.1m received from Vivergo does not even cover RHL's legal costs.
Don't forget the holding by Groupe Gorge. Was this not about 20%
Seems value of Redhall assets could be a lot higher than share price. Could this give rise to a take over on the cheap by the likes of Costain, who will have worked with this Company on Cross Rail and possibly nuclear??? Shareholders in Redhall seem to have a very rough ride in the last few years, despite redhall's excellent reputation.
Does the latest RNS from RHL mean that RHL cannot take Vivergo to courts again for the BALANCE FINANCIAL SETTLEMENTS in the near future?
RHL Chairman now semi retired sold around GBP 3M worth of shares in 2007 at 2.80 a share & made a huge profit. He still owns 5% of RHL and is well known to be a respected & genuine guy. GBP 3M is pocket money for him. If he offers a INTEREST FREE loan of GBP 3M, the cash flow problem would be solved. If not, may be a RIGHTS ISSUE for 3M this again would be costly to admin & not sure whether there would be takers. In accordance to the RNS, RHL will file another court case specifying financial damages & cost; it would be lengthy & costly (rip off solicitor charges). Will the solicitors have the decency at least now to have their legal fees paid after a WIN Judgement? Hope, on 06 FEB 2014 all this will be specified. Hope the chairman or CEO reads my post.
Is the 2.1m a tenantaive offer accepted by RHL? Further, court cases to get the final sum of over 20m? RHL made sum big blunders by spending for additional legal fees (GBP 3m in 2012) that had nothing do with VIVERGO namely on nuclear contracts. The solicitors are a rip off.
Whilst the payout by Vivergo seems small in comparison to the Redhall claim, in Civil Engineering there is always overkill in any situation such as this by both parties. A good buy to dilute current holdings as Redhall have excellent management now and a great diverse portfolio of industrial activity.
Vivergo lost 3 court cases; 2 filed by RHL and the last one was filed by Vivergo. Surely, there is a limit to court cases. The judgement in the first court case file by RHL, was based on financials - how much each party had to pay.
Vivergo, in their pique, are likely to drag this on despite the court decisions. The last thing that they will want to do is pay out substantial sums to a small firm like Redhall. The Biofuel sector is a disaster and plant closures and costs are widely accepted. I believe that Vivergo started the aggro because they knew the corner they were in. This BP project is now a total white elephant. Nevertheless, the Redhall management is strong and they are diverse and they will pull through, I'm sure. That's why I'm holding and one or two big buyers seem to agree.
With a marginal increase facility by HSBC; RHL will walk on a tight rope in 2014 unless Vivergo pays up at least PARTIAL damages before 6 Feb 2014 (Annual results out date). If Vivergo does not pay a penny but takes up to litigation again, RHL will certainly not have cash to pay solicitor fees to defend the case once again.Unless, the solicitor charges are POST PAID after the judgement of the NEW legal case.After RHL wining 3 legal cases, the solicitors should agree to a POST PAID agreement.
Mighty & DIRTY BP is revengeful; using the freedom of Legal Rights to make TINY & genuine RHL bankcrupt. BP has all the money or cah flow to take RHL to Supreme Courts, if granted or possible over a TRIVIAL ISSUE of an INITIAL DELAY that was rectified by RHL to a great extent laterly. I only hope another OIL DISASTER happens to BP for them to have cash flow problems & be on bended knees.
Preliminary results on 6th February, hope they point in the right direction.
Judgement states only about DELAY of work that was rectified bt RHL fully / partially. Vivergo in a statement AFTER JUDGEMENT accepts that RHL rectified the DELAYS that did exist initially. As a material breach of contract,the judgement & Vivergo does not speak of 'Bad Work done by RHL' or the 'Pecentage of work not done by RHL'. So, the only breach of contract is a DELAY; even on this RHL had more time for extension - 15 days. (Off topic - Vivergo finally delayed the start OPERATION of their plant by 2 years - not due to RHL. Vivergo commenced operation only in Spring 2013 )
The recent of judgement of Dec 2013 was a case filed by Vivergo in contracts & technology courts. Now,in 2011 RHL filed 2 cases is lower courts both won by RHL; judgement in Case 1 - Fairly similar to the judgement of case file by Vivergo but Financials were specified (pls see RNS) Case 2 - Vivergo had calculated the Project Tasks done using an incorrect method (pls see RNS).So, what more cases can Vivergo / BP file to evade compensation? Supreme Courts?
But, the judgement was based on two counts - both won by RHL outright. The judgement was NOT going to include financials at the time the case was closed Nov 2012. Once again, a brief of the two counts 1) Was it unlawfull for Vivergo to halt the project 2) Did Vivergo give sufficent notice. So, the Judge has answered to the point & NO FINANCIALS in the judgement
"It is our intention to enter into discussions with Vivergo with the objective of reaching a financial settlement arising from the judgement as soon as possible." Rather a disappointing judgement - if not somewhat hollow - so I hope that Redhall have some good QS Back-up during final negotiations. BP, et alia, will simply drag their feet. This project is likely to become a white elephant for them.
I find myself alone here with good news. Please chat
Can someone pls comment?
In response, Vivergo said: "Vivergo is pleased that the court has decided that RESL was in material breach of contract and that Redhall was responsible for the vast majority of the delays to its works, to the extent that the court significantly reduced Redhall's extension of time claim from an initial position of 158 days to just 15.23 working days. Case was based on 2 points - RHL won both. Tuesday the SP should be definitely over 100p