News blog

Silverdell

• BY: Andrew Hore |
• POSTED: 14/08/2013 |

Silverdell is slowly making its way towards a resumption in trading of its shares.

Trading has been suspended since 2 July after its main subsidiary Kitsons Environmental Europe Ltd appointed an administrator. These assets have been bought back and contracts are being novated.

Silverdell has secured an additional £5m facility from HSBC and this will help to finance deferred consideration for the latest acquisition of the Kitsons business.

There was potential contingent consideration payable within 12 months of £2.02m in the balance sheet at the end of March 2013.

Silverdell is still not sure how much cash it will require for the rest of this year and the next financial year. There is uncertainty about how trading has been hit by the upheaval at the company.

At the suspension price of 12.75p a share, Silverdell was valued at £39.9m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2013_47.pdf