1.75p/share possible13 Feb 2024 09:38
I think that the 1p/share is an underestimate based upon the latest evidence, with 1.75p possible if there are no surprise costs.
The Declaration of solvency issued when Made.com PLC went into MDL (23rd Jan 2023, viewable on companies house), showed estimated value after debts paid of £5,659,997. This included the estimated costs of winding up and was all cash at bank.
Payments from MDL administration were not included in these projections. The PLC is the largest unsecured creditor of MDL, with approximately £80m being owed (approximately half). If we assume 1.6% is paid to creditors, we can assume the PLC to be paid circa £1.28m from the administrators. Note 1.6% is the current estimate from PWC, viewable on their website as well as their latest update issued in November 2023.
In total, the PLC should have circa £6.94m after payment from administrators. Divide this by 395m shares in issue, we reach a payment of 1.756p/share to shareholders of the PLC.
This has omitted unexpected costs that may have accrued, but also interest payments on the cash balance. So it is reasonable to presume shareholders will receive more than the 1p initially outlined.
Dates of payments to unsecured creditors has not yet been issued, however, secured creditors have already been paid in full and preferential creditors are due to be paid on the 15th March. I would expect payment to be made to unsecured creditors towards the middle of the year. Once paid to the PLC, it should not take long for this to be distributed to shareholders.