TX2
09 May 2018
Re: Any hope? The figures may appear better but exclude the £500,000 it has previously being paying each year towards closing the pension shortfall.I am slightly surprised by the reduction in value of the property as it has an excellent purpose built warehouse/office complex about 10 years old in a reasonable area.Baildon,Near Shipley.I can't recall it has ever been revalued.The only obvious solution would be if shareholders offered to put up £4m or so new cash to the pension fund which then passed to the pension protection fund.It is a mystery why major shareholder Michael Chadwick took a shine to Slingsby;he is former boss and major shareholder in Graftons.Most of the rest of the shares belong to the wider Slingsby family.
BOWOOD
09 May 2018
Re: Any hope? With a positive half year set of figures I thought there was beginning to be some hope going forward but I am afraid that the recent property valuation has put more doubt over the company. Also the second half looks less than positive
TX2
09 May 2018
Re: Little hope No obvious value for present shareholders and in its present form I would think.The trading business is probably worth £5m or so as a going concern.It is basically a decent business with a good reputation,even if trading is more competitive these days.A fair amount of overhead could be taken out not least quoted plc costs.However there is around £8m pension liability plus circa £500k annual pension service cost,the latter has not been paid for the last year,although admin costs & pension regulator levy are being paid.This exceeds the probable £5m value of the trading business.This value being the probable worth of the business as a going concern if we did not have to consider pension liabilities.
BOWOOD
08 May 2018
Little hope No value here I am afraid. Too many unknown liabilities and a problem filling the top job. Clearly no one wants to take on the company.
TX2
10 Aug 2017
Re: Any hope? Any hope!At least for myself.......For reasons unknown the market in these totally illiquid shares has gone quite mad after the results & I have managed to sell the few thousand shares I bought earlier this year at about six times my cost.
TX2
27 Mar 2017
Any hope? Without an arrangement with pension trustees(£8m shortfall) I doubt if this business is viable in its present form;Approaching 65% of the shares are held by Michael Chadwick(18%) & what I assume are various Slingsby family members.An over priced take over of a poorly performing rival a year or so ago has made things worse;together with dire results from the main business,although the latter may look worse due to £650,000 per annum pension funding costs,now suspended.This was for many years an excellent business.......Moving to lavish new premises,at least they are freehold,fall off in trade,rising pension liabilities,take over etc etc......... At present offer price of 20p business is valued @ £200k.........
