Member Info for jerry004

Winding up petition on the PLC filed by the pension trustees.

https://caseboard.io/cases/e9ba4b97-ddf7-4ece-9e49-20b708bc6e11

I suspect HSBC will send up taking it, as they have charges over the whole group.

I think: there is a difference between having a net positive shareholder equity position, and actually being able to pay your creditors if they lose confidence in you and ask for their money at a time when you don't have the liquidity..

Whilst RDC had net 2m on the books last accounts, we can now see from the liquidators reports chamberlin & hill castings owed it 1.35m

Right, well, that was the only value left in this thing.

I was kind of hoping that there was enough cash left in the CMH PLC for one of its dormant subsidiaries to buy RDC out of administration, but that did seem like a long shot.

Well, presumably this will delist next week, without a NOMAD.

Am still intrigued as to the overall status of the PLC, which is still not in administration and, potentially, may still be holding some cash, as well as a bunch of dormant companies (though also has charges on it from HSBC and the pension fund).

I note that the NPower winding up petition on Chamberlin had been withdrawn, but it remains active on RDC. Presumably because Chamberlin had -7m in shareholder funds (including 4.5m owed to the PLC), whereas RDC was +2m (last year's reports), so the lower ranking creditors of Chamberlin won't get anything?

At least there will be info available on companies house. The only other share I still hold that delisted was channel based (property trust that was liquidated), and is pretty opaque.

Anyone know why Rockwood don't appear on their list of major shareholders, please?

https://mcsaatchiplc.com/investors

AFAIK the plc only holds the shares in the subsidiaryy companies (active & dormant), and any cash that might be remaining from, e.g., the Petrel sale & capital raise.

It also has some charges on it (HSBC & pension fund).

There should eventually be administrators report in the companies house filings, I think.

Https://www.expressandstar.com/news/business/2024/05/22/majority-of-workforces-at-chamberlin-subsidiaries-made-redundant/

Scrub that, there was an NPower WUP against RDC as well

Looking back at the caseboard link someone shared, the wi di g up petition was against the subsidiary, not the the PLC. Son unless there was another petition too, that 7 May RNS that said it was against the holding co. PLC seems odd?

Interesting, in that RDC was in a fairly solid position I think, but Chamberlin less so.

There are cross guaruntees between the group and its subsidiaries, but presumably not on everything. {Mainly HSBC & the pension scheme?). Seems rather complicated. The two different subsidiaries have their own filings in companies house.

XPP should have caused a decent jump in OIT NAV today.

The trading volume graph shows a fairly hefty uptick in activity at the end of last week. What's that all about?

RE the disclosure thresholds. it seems there is an exemption under 5.15R(1) for fund managers, meaning only 5%, 10% thresholds need to be reported.

https://www.handbook.fca.org.uk/handbook/DTR/5/1.html

Liabilities are in the reports.

There was a hefty overdraft, that could be called at any time.

There are also lease liabities with interest rates of c.3.5 to 9.4%, but I'm not sure those would could as debt.

I am going to take this as a sign that TB thinks they are now in a position financially where appropriate new people might actually consider applying /an approach to join the leadership team.

Ever hopeful...

That RNS is only for one of the 8K (500K shares) block bought yesterday. I imagine we will see some more from today's purchases.

I don't know. It depends on how/when they try to sell it I guess.

I just noted it here because it's a topic under Ramsdens too, when they seem to be selling into the market.

OK well, I'll try to make sure my average purchase price stays lower than his then. Oh, and carefully read all the reports right to the end, and not just the fluffy bits at the beginning.