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Based on discussions to date, the Company does not expect to be in receipt of a capital injection or new financing into Safestyle.
However, the Directors are in active discussions with a shortlist of interested parties as part of the Process. These discussions focus on a sale of some or all of the Group's business and assets (a "Proposed Sale"). The Company is working with these parties towards concluding these discussions as quickly as possible
Lol yes Laura but you missed out the part that read
"there can also be no certainty on the timings or level of return, if any, to shareholders"
In other terms, short of a miracle, this is all over for PIs
0.75p and in auction.
This will only be a buy around 0.35p and for a trade BUT keep an eye on the spread or it won't even be possible to make anything on it.
Like Purple Bricks did at the end when they were sold for £1.
This is quite similar I suggest
Let’s just see how it plays out.
It's definitely no Purple Bricks. Safestyle have tangible assets worth millions.
I meant the spread and the RNS releases has been like Purple Bricks.
Re read the words
"there can also be no certainty on the timings or level of return, if any, to shareholders"
It maybe worth a trade as the spread had dropped but its over as a company for PIs
People keep thinking a balance sheet is one sided, with the "it has assets worth millions" comments.
It does, but it also has debts too. A lot of them, and it is continuing to dip into it's RCF whilst generating significant losses. It clearly stated in a previous RNS it was not sustainable and would end up breaching its covenants.
So now, it's going to sell those assets worth millions to repay its debts worth millions. But not in excess of the debts, hence they are saying liklihood of zero return to shareholders.
Sums it up simply and correctly MrMagorium
Spread 40% so it is dropping for a trade
Exactly mr magorium. The assets in current market are worth between £10m and £15m depending on how you value them. They generated losses of 7m in the first 6 months of year and september and october have been worst on record in industry so likely approaching £9m loss now november will likely be quiet due to low comsumer confidence and december is always dead so by january they would likely be at £11m to £12m loss this year alone. On top of existing debt... those assets are gone.
I think they'll be 2-3 mil positive so probably go for between 1 and 2p but that's my take on it.
What a sad way for it to end for what was once a prosperous outfit
This is now one of those stocks that's not so much an investment more a game of russian roulette