Update: AssetCo stay of execution until July 25

Update : AssetCo hearing  time and place fixed on court schedule

COURT 62
Before MR JUSTICE SALES
Monday, 25 July 2011
At half past 10

APPLICATIONS
Omniway Properties Ltd v Fairlamb
Bowman v Mellor
Monty Farms SA v Agrexco Agricultural Export Company Ltd
Monty Farms SA v Agrexco Agricultural Export Company Ltd
Dr Oetker (UK) Ltd v Kenshawnapier Ltd
Rowan & Dartington & Co Ltd v Davis

COMPANIES COURT
Medipharm Ltd
In the matter of Assetco PLC
Medpharma Ltd & Nafisa ATI
Medicentres (UK) Limited

Assetco, the near bankrupt company in charge of London and Lincolnshire’s fire engines, was given until July 25 to try to stitch up a take over deal or go bust.

Mr Justice Peter Smith  at a hearing in the Chancery Division of the High Court in London rejected moves to wind it up owing £140m  to creditors or going into administration.

The company is thought to be negotiating a deal with a Bahrain bank, Arcapita, owned by Saudis, but there is only a slim chance of the deal succeeding.

Arcapita are said to be offering just 2p a share – valuing the company at £5.77m – but already the shares had dropped to 1p at the close of trading, though after hours sales boosted it to 1.30p. Both are all time lows for the company and a statement from the firm warned ” there can be no certainty of an offer for the Company being made. “

The company is worth just £3.6m – virtually a pittance because of its huge debts.

A take over by Arcapita Bank will not be good news. Watch this space for new revelations about this firm and some disturbing stuff about AssetCo which has been sent to me by email.

5 thoughts on “Update: AssetCo stay of execution until July 25

    • Kevin

      talks are still continuing with the one bidder,Arcapita, which I will write about shortly but they sound rather fraught..otherwise it will go down on Monday I suspect.

  1. Do you have a link where I can find court times etc. Im interested to see what time proceedings are taking place. The lack of any sort of statement is very suspect, also the trading has been very erratic and also a bit suspect.

  2. Will you be posting the Disturbing information about AssetCo? Glad to see someone is taking an interest in this case.

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