Shareholders told their shares are worthless.
The slow motion car crash that is the fight for survival of Silverdell took another turn for the worse today as shareholders were informed that their AIM-listed shares are effectively worthless.
In an announcement from CEO Sean Nutley, the company confirmed that the working capital position of the company’s subsidiaries had deteriorated and that it was seeking to break up or sell the remaining parts of the business.
The full statement reads:
Since July 2013 trading conditions in each of the Group’s subsidiaries (the “Subsidiaries”) have been extremely challenging, having been impacted by the administration of Kitsons, a member of the Group, and the subsequent suspension of the shares of Silverdell plc from trading on AIM. As a result of the challenging trading conditions, the working capital position of the Subsidiaries has deteriorated.
The Group continues to work with Rcapital Partners LLP to investigate a solution for the Group. This may include the sale of certain parts of the Group or a breakup of the Group. It is not anticipated that shareholders will receive any return for the shares they hold.
In accordance with AIM Rule 41, admission of the Group’s shares to AIM will be cancelled on 2 January 2014 at which point the Group’s shares will have been suspended from trading for 6 months.
