We should be getting @5p per share this winter.
Appointment of BDO and timetable for return of capital
Further to the Notice from the Board dated 5 May 2015, we can confirm the Company was placed into Members' Voluntary Liquidation on 21 May 2015 and Malcolm Cohen of BDO LLP was appointed Liquidator.
All initial statutory matters have now been dealt with. Companies House has been notified of the Liquidation. The Liquidator is required to place certain adverts in the London Gazette including a notice to creditors inviting them to submit claims. These notices were advertised on 28 May 2015.
The Company's tax advisers are in the process of preparing all outstanding tax returns (corporation tax, VAT and PAYE) in respect of the pre-liquidation period. Once these returns are submitted and, where applicable, liabilities settled, the Liquidator will request his final clearances to close the liquidation from HM Revenue & Customs ("HMRC").
Following a recent internal restructuring of insolvency processing work from 1 December 2014, HMRC intend to provide an 'integrated' insolvency claim encompassing all HMRC debt from a new office in Worthing, the Enforcement and Insolvency Service Unit. However following this centralisation all Insolvency Practitioners have encountered significant delays in HMRC providing the necessary clearances with this routinely taking in excess of four months of the initial clearance request.
Once tax clearances and have been obtained, the claim period has expired, and all known creditors have been settled, a first distribution to members may be made. It is envisaged that a majority of the funds (in the region of £10m) will be distributed at this stage. Timing of the distribution presently remains uncertain but it is anticipated to be Winter 2015. We will liaise with Capita, the Company's registrar, to confirm the amounts payable to the members and they can issue the distribution payments. The Liquidator would therefore ask that all shareholders ensure that any changes to their contact details are updated with Capita.
Following the release of the funds held in the escrow account (circa £1.2m pending warranty claims), a second and final distribution may be made to the members in April 2016, subject to the above. As before, we will liaise with Capita to issue distribution payments direct.
Once the above has been dealt with the Liquidator will issue his final report and convene the final meeting of members. The meeting must be advertised in the London Gazette giving at least one months' notice prior to the meeting.
Should you have any queries regarding the Liquidation please do not hesitate to email [email protected] quoting Helius as the subject."
There is still a chance for one of the big player's to come in with a cash buy, £20m is nothing to them. They'd get CoRDe before the shareholder vote. Avonmouth if they reapply for the planning permission and the forgotten Southampton site (curiously not mentioned in the last RNS? Who will get that site?
"The week has started with a bang for LSE:HEGY:Helius Energy, but it was an update released after the market closed on Friday that set the fuse burning. Helius shares rocketed by as much as 171% first thing Monday after management said it had sold ..."
I do not think people have read the announcement carefully. there is a cash offer for the company of 12.3 million against deductions of 1.1 million for legal fees , creditors and contingencies leaving 11.2 million. There are 195 million shares issued which equates to a share distribution of 5.7 pence a share. You may need to wait a few months for payment but the share price seems far too low so would seem sensible to buy at this price before delisting
Don't know- but I also would like to know what will happen with current shares held. Will shareholders get a % from the £12.5m Rothes sale - or does it all go down the plug !!! Can someone explain why share price has gone up based on this news ?
"Shares in LSE:HEGY:Helius Energy almost tripled on Wednesday after the company said it was mulling the sale of its stake in the CoRDe project, an operational biomass energy plant in Scotland. Management says it will target a valuation ..."
If Avonmouth a no go (therefore southampton as well) what are the assets here ?
Rothes - value of a 8.32 MW in a firesale (50% of it) - £2m
Probably 1m of cash at present but that will be being used by "professionals" quickly
So between 1-2 p ??
Thinking about getting in but wary of catching the falling knife
I don't think the Government can afford of Avonmouth not going ahead as national power cuts loom. So on the basis of us getting the funding this will give us a management fee and this will re-enforce our cash position, this will allow Southampton to progress whilst Avonmouth is being built. Also now with cash coming in from Rothes I see a good future but the key element is the funding.
The management fee could be more than our current mar cap so a big jump in the SP is very possible, also with,
1: 8MW in operation
2: 100MW being built (Avonmouth)
3: 100MW being planned (Southampton)
4: Other sites rumoured
The whole market view of Helius could change over the next few months.
Fingers crossed for great news on the Avonmouth and Southampton fronts! The tumbleweed on our volume in the meantime shows how underexposed we are - when people find out the full extent of our assets it'll be time to reach for your seatbelts!
Not to shabby on the operating costs either. A loss of £1.3 million compared to £11.6 million last year.
Time to start funneling profits into here from gains elsewhere, me thinks.
Build up my stake before the next lift.
It can't be easy dealing with the government and the banks but another deadline doesn't help. But they are still talking so that's a positive. I see the AGM is in 4 weeks time, I wonder if the funding will come before them.
I see Southampton are looking for heat customers, the council aren't the only player in town!
Also I see they have a few other sites earmarked, so should the Avonmouth cash come in we can expect a snowball effect as they'd have the cash to get cracking.
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