SGH sgh limited

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Ann: Senior Lender Scheme Explanatory Statement, page-7

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Successwillcome

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30/10/17

18:05

Post #: 28323882
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Originally posted by Grant62 ↑

Page 360 of the Creditors' Scheme of Arrangement (Explanatory Statement) says it all - From an asset ERV (estimated realisable value) of $1.108B according to the Form 507, total claims (secured or priority) come to $837M before any consideration is given to the unsecured creditor claims of $562M. After allowing for this, the deficiency in claims over ERV assets is $291M.

Against this however there are $83M in contingent assets (being the escrow claim) and $33M in contingent liabilities (being the shareholder damages' claims).

All in all therefore, the net deficiency (assuming an orderly ERV) is ~$300M which is in further deterioration to the audited -ve $248M equity position at 30/6/17.

That's why KPMG has now ascribed a $nil to $-ve valuation to the company /group and so therefore to the shares.

It is also why the shares are going to be consolidated on a 100:1 basis going forward (assuming that all scheme plans and the AGM resolutions are all approved).

Equally however the funding requirements of the Australian operations have been further increased - now up to $125M.

So, absent the resolutions being approved, insolvency beckons and unsecured creditors would (at a minimum) be seeing a >50% loss in their creditor recoveries (assuming 100% realised recovery of the ERV assets, and assuming nil costs). In reality, if the resolutions are not approved, one could well argue that the rate of deficiency will then by even greater (by several factors, or more). In other words, the only thing now standing between the edge of the abyss and judgement reckoning day is (based on the BOD's unanimous recommendation of same) if all schemes and the AFM resolutions are all approved. Not quite happy days!!! Not, by a long shot.

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Who paid KPMG fees?

Who would have an interest in painting a bad picture of Slater and Gordon?

Interesting to note that the NIHL seem to be doing reasonable well and not on our books.

Most NIHL expenses paid so any closed cases will be straight profits (almost).

I wonder why our lenders want to take 100% of our UK shares? Would it be because of NIHL and our $1billion lawsuit of WTG?

Food for thoughts my friends.

I vote NO to the lenders proposal.

Send them back to where they belong.

SWC

SGH Price at posting: 6.8¢ Sentiment: Buy Disclosure: Held
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(20min delay)
Last $51.40		Change -0.570(1.10%)		Mkt cap ! $20.91B

Open	High	Low	Value	Volume
$52.74	$52.74	$51.24	$18.10M	351.1K

Buyers (Bids)

No.	Vol.	Price($)
1	245	$51.20

Sellers (Offers)

Price($)	Vol.	No.
$51.46	1043	5

View Market Depth

No.	Vol.	Price($)
1	245	51.200
1	115	51.100
1	55	51.010
1	98	50.850
1	105	50.800

Price($)	Vol.	No.
51.460	600	1
51.590	445	1
52.050	500	1
52.470	258	1
52.700	95	1

Last trade - 16.10pm 04/07/2025 (20 minute delay)

SGH (ASX) Chart

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