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Started: VacationFund, 18 Mar 2024 07:11
Last post: VacationFund, 18 Mar 2024 07:11
With safestyle gone under surely they should sell all assets to pay debts.
So why today do I see a 23 plate safestyle van on the road. 🤔
Started: Bond-Investments, 10 Jan 2024 17:00
Last post: Gordonbennett1, 22 Feb 2024 09:53
Thanks Boar that's useful to see. My holding also dropped off my acc. Strange as I have shares in mccolls that still show from over a year ago...
Strange HL are still pushing the point on a possible liquidation payment. I reached out to KPMG and they told me that there was no cash for us. Hopefully something has changed.
Crooked that they are back up and running in an identical guise!
I have received a reply from HL, posted below.
Thank you for getting in touch.
I am sorry for the concern caused.
The company's admission to the AIM was cancelled on 12 Feb, so they were delisted at that point. It is fairly common for a company in liquidation to delist before an initial liquidation payment date has been set.
As mentioned in our message, we expect for there to be a payment to shareholders however when and how much this will be has not been released yet. This is also quite common. Unfortunately these processes take time, however we will release this money to shareholders once we receive it.
Hope everyone is making up losses accrued here and there seems a slim chance that we may receive something back.
So there isn't anything left for shareholders! HL made a 'mistake' apparently 🤥. Well I hope whoever sent that email out has been fired. Probably got a promotion lol.
I wonder how many people voted for the resolutions believing the 'mistake'? 🤔
I will email HL and see what they have to say . I’ll post the reply in here when I get one .
All the best
You’re welcome!
Bit of ashame really, as you say it would be nice for once to get something back from a bad situation. I was surprised they attached the SOA. Maybe when they delve deeper they will find a few quid for us but seems very unlikely.
I wonder if anyone plans to respond to HL’ statement, I don’t use them and Halifax didn’t even bother sending a note so I won’t be taking any further action.
Best wishes
Started: stuGGTTH, 28 Dec 2023 10:19
Last post: Gordonbennett1, 10 Jan 2024 12:23
Sometimes a loss beats the on going stress in these situations. I bought it late baring the risk and have had to sit it out.
Fingers crossed
I got out, at a loss, but still following closely.
No idea on the outcome, but the HL correspondence looks promising.
My mistake thought it was 10 am.
That said I can’t see it being a long meeting.
Have you a view of a potential out come crawshaw?
It only commenced at 11:00
Well, what’s the outcome of the EGM???
Started: crawshaw, 7 Dec 2023 13:31
Last post: Gordonbennett1, 22 Dec 2023 11:00
My 867k votes AGAINST have been cast! Good luck.
Hit the nail on the head there 404!
There was something very amiss about the way this all unfolded, at best those directors were negligent. For you guys to vote against the liquidation seems a total no brainer to me, in the same way that a turkey wouldn't be voting for Monday. If nothing else it might make life a bit awkward for them, even if it might be unlikely there's enough in the kitty for them to phoenix the listing.
Very easy via your broker, eg with HL on the my account page or https://online.hl.co.uk/my-accounts/investor-mailbox. Good luck.
Still find it amusing I have more shares than all bar Alan Lovell who I ain’t far off. Sure I ain’t the only one either.
Nice to see some chat here today! Must admit I’ve taken my eye off the company completely of late. I thought they had only taken the order book? Personally I’d be surprised if they took the listing, would be nice but not holding my breathe.
What I am more encouraged by however is the point bond raised. A fair few bought in here on the dying days and paying such a low price hold fair chunks of the share count in comparison to that of directors. We certainly do have a case to veto a vote on liquidation, where that then puts us I do not know but it does give some hope.
Have a great Christmas and let’s stay strong!
Started: Flightman, 21 Dec 2023 18:13
Last post: Flightman, 21 Dec 2023 18:13
Maybe Anglian are interested in the listing
Should find out soon.
Started: Sanstef, 21 Dec 2023 13:00
Last post: crawshaw, 21 Dec 2023 13:26
"Safestyle is a trading name of Anglian Windows Limited."
Https://www.safestyle-windows.co.uk/
Up and running again!
Started: Sanstef, 30 Nov 2023 15:19
Last post: Flightman, 1 Dec 2023 15:58
Maybe AW are interested in the listing
Where do you see that?
Happening January, not sure how It affects the suspension of shares, the brand Safestyle returning though, backed by Anglian.
Started: Tobyfox, 22 Nov 2023 16:17
Last post: Gordonbennett1, 22 Nov 2023 16:19
Tbh I cant see them benefitting at all, their shares were bought at a massive premium to what we are likely to see if a cash shell starts trading.
Thanks for the reply GordenBennet. .Sort of waived goodbye to my shares,I just don't want that useless bunch to profit further ,whilst over 1000 people(employees,and sub contract) were well and truly shafted. I have no idea whether it is true, but a lot of people believe an offer by the previous owner to buy it back was rejected,due to him not wanting to retain any of the management (And why would he)!! ..Previous owner100m turnover(10m profit) ...That bunch. 154m turnover ,10m loss. Well ,we did have a warm September ..
Started: Tobyfox, 22 Nov 2023 13:43
Last post: Gordonbennett1, 22 Nov 2023 13:54
Hi Toby, Nice to hear from you and sorry to hear of your situation re SFE.
Like you I am/was also invested in here. From my experience and I am no expert in this area however Its often the case that directors will be appointed I think by those handling the wind down. Are they remunerated, in some cases yes others no, depending on what the strategy may be.
What is the likely outcome from here, who knows... I had thought we may have resumed trading as a shell only with a view that we could trade until the appointed directors propose a date and conduct a vote on a liquidation/cancellation or the 6 month point listed within the RNS where if an RTO or alternative option s found where the shares would then be cancelled.
I am little confused by the silence here, as imo the next steps on how the shell will be maintained should really have been released by now. I did reach out to the administrators on this matter and they said they are not involved in the plc side of things. I never followed up.
I still have some hope here but it really rests on someone approaching with a proposed RTO. I do not hold my breath however.
Could anyone explain please, if the board of directors would be still in situ,as cash shell? I don't really know how it works,and are they still taking remuneration,for what was a calamitous display in destroying an established co. I used to work there so have 1st hand experience of management ineptitude....."to warm in September" "very hot in August" etc!! ..not wanting to take over old ground now, but would like to know how this works.... unfortunately I do have(had) ?shares thanks.
Last post: Gordonbennett1, 17 Nov 2023 20:41
Https://www.insidermedia.com/news/yorkshire/anglian-completes-safestyle-asset-deal
Why are we being left in the dark here? Surely this should have been RNSd
Fingers crossed sir
Seems strange no RNS on the fate of the listing .
You just never know what's going on behind the scenes.
I hope for you guys there's an approach from another entity to take this listing .
Last post: Bond-Investments, 10 Nov 2023 13:04
Nice one GB! Hopefully we'll have an update very soon. They should be keeping investors in the loop about it all.
I have mailed the administrators for an update on proceedings. Bit strange we are seeing news flow on asset sales but nothing issued to share holders. I would like to understand why the change to a cash shell and whether a vote will take place if liquidation is pitched. I hold more share than all bar one director so let’s over turn any vote! Force them to keep the listing!
Haha no I was thinking the same
Their head office certainly doesn't create a good advert for a window company, does it!
It’s ashame there’s so little chat here now.
Looks like the administrators haven’t messed around in securing a sale of some of the assets.
https://www.business-live.co.uk/enterprise/safestyle-uk-customers-orders-fulfilled-28073239.amp
Started: EarlofAim, 6 Nov 2023 13:52
Last post: EarlofAim, 6 Nov 2023 13:52
OK Crawshaw
sorry to miss you
look at INSP Web site,
tell me news coming?
Started: shenners, 1 Nov 2023 13:17
Last post: Gordonbennett1, 3 Nov 2023 20:06
That was my view Latino but others felt differently. This weekend I will go back through how its played out. I recall a sale of the business for 1.2mil and shortly after the announcement to cancel the shares and liquidation which was vetoed. To me the sale price is irrelevant, could be 1p and clearing the debt. The buyer of it’s also said they had no interest in perusing any reverse takeover’s. Very interesting now!
It’s appears very similar to ITS, the company is now solvent as it has no business. It will have to be put to shareholders for a vote, however like ITS it could easily be approached by new BoD wanting listing on AIM in the cheap…watch this space
Well it's suspended and paying a listing fee, so my guess is next there will be a vote to delist. Will be interesting to see what the institutions vote on that matter. I can't imagine there will be any new directors joining the board until they have fully liquidated the subs.
Agree let’s see what comes next
Cash shell is a lifeline for investors here, could be speculative
Started: Jaydee5, 30 Oct 2023 12:12
Last post: Yvellkan, 31 Oct 2023 21:55
10million in a month is a loss for them
Bleak!
They've basically just told them it's over and give there staff a link to job centre
My feeling is they will shut the name down and sell the assets (factory and head office) back to mitu and change the name.
Started: Jakey72, 30 Oct 2023 17:21
Last post: Bond-Investments, 31 Oct 2023 09:10
Sorry for your losses here GB. The only ones who made money were shorters and MMs. The price fell in a straight line pretty much since 12p. Zero trading opportunities for the rest of us.
Completely agree with their treatment of their employees. What kind of a company does that?
I think with QBT, the placing is out of the way now and I believe the placing shares were likely forward-sold, hence the massive drop from last Wednesday's high. Volume yesterday was 140m, new shares were 122m, so I think any overhang will clear very soon. Sentiment is super high and I feel we're on the cusp of a deal. £2m in the bank too.
Anyway, SFE has been a disaster and hopefully a learning experience for all of us. I hope anyone who lost here makes up those losses somewhere else!
All the best!
Totally agree bond! Lost all faith in AIM, I won’t be back investing in it again that for sure. Further to the sh…show with SFE I was stung on a placing over at Qbt today. I was 200% up at one point last week, today I took my money and ran! Sick of being skinned here.
Sorry to all genuine holders and more importantly employees who were treated like crap here.
Not good! Well done to MMs who made a killing at our expense on Thursday! Very short-sighted of them as many of us will be incredibly wary to buy into AIM stocks again. There was lots of buying on Thursday afternoon and yet the bid remained 0.45p or below. We weren't even able to day trade it. They must've known what was coming and yet completely shafted PIs. Sold us shares which were completely worthless. Even McCoils had a bounce just before the afternoon admin RNS from 0.9p to over 1.8p. You had to be quick to sell but at least that was there. SFE didn't even give us that chance! Bar stewards the lot of them!
Game over we have lost the lot
Started: Bond-Investments, 27 Oct 2023 18:45
Last post: Danielm89, 30 Oct 2023 04:26
It’s a common misconception that any insolvent company can enter into administration – it can’t. Administration is only an option if the business is insolvent but remains viable. That is:
It’s a reasonable size
It generates a consistent level of cash-flow
It has the potential to return to profitability
Although the immediate goal of the administration process is to ensure the company’s creditors receive the best possible return, it also gives the business the chance to make changes to its core operations in a bid to return to profitability. To achieve this goal, the administrator can sell assets, reduce staff and negotiate a Company Voluntary Arrangement (CVA) to repay its debts without the threat of legal action from creditors.
If a business has no assets of value, no ongoing cash-flow and no real prospect of returning to profitability, administration would not be appropriate. In that case, the only option is to liquidate the company.
How Long Does Going into Administration Take?
The process of going into administration can take anything from just a few hours to several weeks depending on your circumstances and the size of your business. Once the process has begun, it typically lasts for 12 months, although it can be extended with agreement from the courts. The business will not usually be run by the administrator for this length of time. Typically, the administrator will only be in control of the business for a period of around six weeks.
Can a Company Still Trade When it Goes into Administration?
Yes. If the administrator decides that’s in the best interests of the creditors, then a company can continue to trade during the period of administration. This is known as a ‘trading administration’, and is often used when the administrator believes the business is still viable and its recovery is likely.
If the eventual plan is for the company to be sold as a going concern, the administrator may also allow the business to continue to trade. Trading companies typically preserve more of their value. That would increase the return for the creditors when the company is sold.
What are the Potential Outcomes of Administration?
There are three potential outcomes of administration. The administrator must achieve one of these outcomes when the period of administration comes to an end:
Rescue the company as a going concern so it can continue to trade
Achieve a better return for the creditors than if the company had been liquidated
Repay one or more secured or preferential creditors
To achieve one of these outcomes, there are a number of different steps the administrator can take. That includes:
Negotiate a Company Voluntary Arrangement (CVA) so the company can continue to trade and pay its debts over time.
Sell the business as a going concern to another company, either via a pre-pack administration or an open market sale. The business will be able to keep its clients, its workforce and order
Once a company goes into administration, it enters what is known as a ‘moratorium’. A moratorium is a legal stay that prevents creditors from taking legal action against the company. That gives the administrators the breathing space they need to implement rescue procedures or restructure the business and return the company to profitability.
The first step for the administrator is to take stock of all the company’s assets and debts so they can understand the financial position the business is in. The administrator will have a period of eight weeks to assess the situation and decide how they want to proceed.
They’ll then send out detailed proposals to all of the creditors explaining the course of action they plan to take and the anticipated outcome. The creditors will have a meeting to decide whether they approve of the administrator’s plans. If the proposals are agreed, the administrator will be able to put their plan into action.
Who can put a Company into Administration?
A company can be put into administration by its directors/owners and its secured creditors. The directors will use the administration process to try and protect the company and their position
Are there any examples of publicly traded co’s g filing for admin, unions/councillors getting involved and the company coming through unscathed? And more importantly shareholders…?
There wasn't a great deal of debt relatively, despite everything. The RCF alone effectively caused the administration. Net debt at year end was forecasted as £6.5m, the maximum borrowing facility was £7.5m.
Once covenants on course to be breached bank pulled support, so the only viable solution would have been an injection of up to £7.5m to clear it, plus working capital to keep things on course until turnaround.
What are your thoughts Daniel? Keen to hear how you think we have a chance yet and what the options could be for the company to save shareholders here and their employees.
Absolutely disgusting their CEO announced this via text message, that’s equivalent to being dumped via text.
https://www.examinerlive.co.uk/news/local-news/anger-safestyle-uk-workers-told-28002549.amp
Started: malkis, 29 Oct 2023 21:51
Last post: malkis, 29 Oct 2023 21:51
I don’t believe for one minute interested parties then nowt on the table unless lied
Started: Latino, 29 Oct 2023 20:57
Last post: Latino, 29 Oct 2023 20:57
How in 24 hours so called interested parties (more than one), decided to withdraw their interest…when nothing has changed in this time except for 80% fall in SP. I suspect they’ve provided false RNS to the market and mislead investors about ‘interested parties’…
Started: shamI89, 27 Oct 2023 11:46
Last post: Bearhunter, 27 Oct 2023 18:51
Who the hell bought them?!
That last trade was for more shares than any one shareholder owned. What’s that all about? Mm’s dumping stock that they’d accumulated??
Absolutely! Lucky escape, I guess! Still sucks that it feels like we were completely duped! Worst thing is it looks like MMs bought the shares for 0.20p and sold them to us for much higher! B******s
The only saving grace is it was pure profit from qbt and and enet a few days apart.
Count yourself lucky you never had the opportunity to put the 10k in, I was stung for 4 and in the space of a day too! Worst mistake I’ve made to date
Started: Gordonbennett1, 27 Oct 2023 12:16
Last post: crawshaw, 27 Oct 2023 12:36
404x, I agree, someone's going to get an additional ~£140m turnover added to their business for next to nothing.
Yes but the RNSs imply it's now a just a formality and if rules apply also when it's deemed to be imminent. What I'm getting at here is what's the betting on this winding up as a pre-pack being bought by related parties. Assuming admin with liability wipeout whoever acquires operating co is laughing.
404x, they haven't declared insolvency (yet)
Agree, easy for others to do as well.
That's very odd GB, strict rules against trading insolvently so something not quite adding up here.
Started: EarlofAim, 27 Oct 2023 12:27
Last post: EarlofAim, 27 Oct 2023 12:32
GordenBennett
if you can hold MSMN for Next year February, which is only 3 months away, then MSMN has big opportunity
mcap only £1.5m
always Dyor guys
You're embarrassing Earl
Thanks but like Neil I will probably steer clear of aim for a while and focus on building positions is bluechip FTSE companies with income incentives and QBT.
The way this has been handled is stinking.
Alternative to SFE, looks like MSMN
few good rns missed by many....
worth a look Gordonbennett
Started: mannnan, 27 Oct 2023 11:51
Last post: mannnan, 27 Oct 2023 11:51
Can they come back
Started: TheSecretTrader, 27 Oct 2023 08:05
Last post: crawshaw, 27 Oct 2023 11:46
Masonmaster, in case you're still struggling, trades at 0.398 were buys - not sells.
Masonmaster, what are you talking about?
Neil is on to you!
1,255,273 @ 0.398 Does that ring a bell, crawhaw? I think that you speak with Fork Tongue!
Just curious as I'd notice you bought 5k worth at below 0.40p so I'm guessing you lost 10% or 500 quid if you sold at 0.35p
Not a good day in the office but some of us had worse.
Atlases you got our before today
Started: shamI89, 27 Oct 2023 10:53
Last post: neil777, 27 Oct 2023 11:46
Haha crying like a baby!!
Read my posts sham the keyboard warrior is all I'll say to you.
Can't be bothered getting into a conversation with a troll who has never invested or traded a penny
Why are you crying like a baby now then Neil, "I am done with aim bla bla".You took a gamble and hoped it would do "ITS" it did "its" and got suspended
Haha sham still not invested anywhere and continues to troll.
This one caught a few of us out but we certainly didn't pump it. Myself and a few others tried to warn This was a gamble and the reasons why.
The price and yesterday's RNS seemed to mean it was worth a punt,that is all.
You said ITS was no good before lots of us made a fortune!
Go back under your keyboard and wait until the next share you can have a dig at because you are jealous that you have no money to invest or trade.
Notorious "p&d" merchants have got caught in it, serves them right.