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So its a total loss? company gone completely?
there goes 9k in the toilet.
The Company is proposing to place the Company into a Solvent Liquidation. Important Information & Other Key Dates: The Board has announced that as part of it's restructuring proposals, it is intending to effect a disposal of the Company's assets and to place the Company into a Solvent Liquidation. The United Kingdom Listing Authority has granted the Company a waiver in respect of the requirement to prepare a circular and obtain shareholder approval for the restructuring and the Board has been advised that in light of the serious financial position of the Company ,there would be no value left for distribution to the Company's Shareholders. Therefore it is expected that no distributions will be made. It has not yet been confirmed who will be appointed as the Liquidators of the Company, or on what date they will be appointed. The Board do however hope to have completed all disposals by early November 2011 and expects all such disposals will have been completed by the end of 2011. We will update you on receipt of any further information from the Company or its Liquidators. Should you wish to find more information about the Liquidation, please visit the Southern Cross website, http://investors.schealthcare.co.uk/.
Mr Taylor is a Managing Director of Alix Partners and is a restructuring specialist, with extensive experience of multi party situations. Mr Taylor will continue to fulfil the role of Chairman of the Company's Restructuring Committee. Jamie Buchan, Chief Executive of Southern Cross, commented: "I would like to thank Christopher for his unwavering support. Having accepted the role of Chairman when the Company was already in crisis, he has displayed real courage together with a conviction to see the challenge through. "Stephen Taylor's appointment further aligns the interests of the Company and its creditors as it enters the process of solvent wind down and I am confident that his experience of complex restructuring will prove beneficial." Christopher Fisher said: "Now that the transfer of homes has commenced, I consider my role complete. While the last year has thrown up many difficult issues, I very much appreciate the widespread support and effort which, allowing for the circumstances, has secured this outcome."
Southern Cross announces that: · business purchase agreements covering approximately 70% of the Group's care homes have been entered into and are unconditional; and · 3% of its care homes (250 by number) have transitioned to new operators following approval by the relevant Care Regulator and completion of care home staff consultation. The transfer of this wave of homes is the first significant step in implementing the restructuring. Further transfers will follow in October and November. As previously indicated, the Company confirms today the resignation of its chairman, Christopher Fisher, from the Board of Southern Cross, and the appointment of Stephen Taylor as a director. Mr Fisher stepped up to become Chairman in April 2011 and has led the Board through the subsequent restructuring process. Mr Taylor is a Managing Director of Alix Partners and is a restructuring specialist, with extensive experience of multi party situations. Mr Taylor will continue to fulfil the role of Chairman of the Company's Restructuring Committee.
http://www.investegate.co.uk/Article.aspx?id=201109300719312697P
Guys I am no expert by a long way on this situation - what is left of SCHE by the time the dust settles is anyones guess - If it still comes back as a Public Company it may hardly be recognised in in present forms regarding no of shares and price - from what I can make out she still breathes but only just - time will tell. GL
So have we all lost our money?
does this news help the share price in long term mulledwine am a newbe and have shares with sche cheers
Southern Cross Healthcare Group PLC ("Southern Cross" or "the Company") Corporate Update Southern Cross announces that it has reached agreement with its lenders on an extension to its banking facilities until 21 September. This further extension allows Southern Cross Group to continue its restructuring which is expected to include a longer term banking agreement. The extension, accompanying the rent concessions by Landlords who have deferred rent payments due in September, will provide support for the process under which it is planned to transition homes to new operators nominated by Landlords, at the same time ensuring continuity of care for residents. The restructuring process progresses and Southern Cross expects to make a further announcement within the timeframe of the banking facilities extension.
http://www.investegate.co.uk/Article.aspx?id=201109150700572885O
I'm feel very sorry for anyone that has lost money. However I did try and warn people. If you care to check any of my comments made over several months prior I never waivered from the belief that this would end badly for all accept those that ripped the cash out of this company under the noses of the investors several years ago. Personally I think an invetigation needs to take place but with the "Political sensitiivites" at play it may take some time, if it ever happens, to find out the truth..
do we as share holders get any money return for this failed share price? if not who gets the value of the company at 6.25p, or do they as a company do a runner and open up a month later with OUR money as a taxi firm?
Jamie Buchan, Chief Executive of Southern Cross, said: "Today's announcement from NHP is very positive indeed and should be welcomed by staff, residents and relatives as being in the interests of preserving resident care. Together with my team, I look forward to working closely with NHP and Court Cavendish in order to ensure a professional and seamless handover of operations."
The details Restructuring Update Southern Cross welcomes the announcement issued today by NHP, its largest landlord with 249 homes. The announcement provides further positive clarification on the restructuring process and the Company is encouraged by NHP's continued commitment to the welfare and care of residents. In today's announcement, NHP has confirmed that at the end of the period of consensual restructuring, it plans to partner with Court Cavendish in the setting up of a new operating company for its homes. NHP has also said that it will continue to rely on the existing Southern Cross staff who manage its homes together with the back office services delivered by the Company's existing infrastructure in order to ensure continuity of both care and operations.
http://www.investegate.co.uk/Article.aspx?id=201107181429215891K
I hope there will be some good news!!
Investors are in talks to resurrect failed care homes operator Southern Cross with a cash injection of between £50m and £100m and new management, the Sunday Times reports. It is not yet clear which shareholders would support the move. Southern Cross’s three biggest investors are Henderson, JO Hambro and Waterfall, the family office of the Israeli tycoon Meir Gurvitz. Scottish Widows and RCM also have stakes. Chai Patel, founder of the Priory healthcare chain, has been tipped as a potential chief executive of the new business.
Share Price 9.50 +3.25 17 Jul 2011, 12:07pm Taken from sche website
The Sunday Times * Investors are in talks to resurrect the failed care homes operator Southern Cross with a cash injection of up to £100 million and new management
Not the present "clowns" but the previous cute operators who had already moved away with a tidy sum plus dreadful lease terms.
The collapse of Southern Cross is set to leave the taxman more than £25 million out of pocket. The care homes operator, which said this week that it is breaking itself up and returning its homes to its landlords, owes the money in unpaid tax, national insurance and VAT after suspending payments to Revenue and Customs last month, according to the Times.
CEO says that shareholders may get little or on no value. So we may get 1p like cattle