Reading the accounts - you will find that the head company acts as guarantor to the loans to the subs ..........
so -if an administrator is appointed - minimal value for ALL classes of security holders ..........(and IF the company actually comes back onto the board - it WILL NEED to 1. restructure the pxupa's (ie remove the 15% equity issuance ); 2. raise additional equity capital (to pay down debt)......)
if "winding up" - then some value remains for PXUPA holders ..........
rgds
V_H
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Reading the accounts - you will find that the head company acts...
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