Speymill is placing its contracting business Speymill Contracts in administration because it believes that the business is not viable.
Speymill Contracts lost £1.76m in the first half of 2012 but its value is totally written down in the Speymill accounts. The performance of the business continued to deteriorate.
Speymill is left with a German property investment portfolio.
At 0.75p a share, Speymill is valued at £440,000. Burnbrae Ltd, which is associated with Speymill director and shareholder Jim Mellon, has provided a loan facility of £7m convertible into shares at 1.125p each.
Speymill is effectively a shell but it has net liabilities.
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