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  • BY: Andrew Hore |
  • POSTED: 10/12/2012 |

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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