numbnuts
24 Aug 2016
As at 9th August 2016 liquidator says, "We have had a couple of issues here which mean we have to return to court before issuing the dividend. I would hope we can still issue the cheques within two weeks or so. It will be a first and final dividend payment to shareholders, following which the liquidators will seek their release and dissolve the company. We are currently envisaging a distribution in the region of 0.03 pence per share. To put that into context, a shareholder who had 1000 shares would get 30 pence. Regards Mike Mike Penrose Advisory KPMG Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda"
wajai1986
05 Aug 2016
Re: CAP Stream Log It is 5th August today. Any update about the remaining fund??
numbnuts
05 Apr 2016
Re: CAP Stream Log Correction to previous, should read "As at 05/04/2016....."
numbnuts
05 Apr 2016
Update from the liquidators as at 05/05/2016: "As a brief update to the statutory process, we have held first meetings of creditors and contributories and Mike Morrison and Charles Thresh have been appointed as permanent liquidators. We are now proceeding to call for creditor proofs of debt, pay creditor claims and then make a distribution to shareholders, assuming enough funds remain in the estate. We currently anticipate a small distribution to shareholders subject to no new creditor claims emerging. We would expect that a shareholder distribution would occur in 2-3 months, should enough funds remain."
numbnuts
21 Jan 2016
From the liquidator, "As you may be aware, Clean Air Power Limited (the "Company") is in a provisional liquidation process per a Court Order granted by the Supreme Court of Bermuda on 2 September 2015. Mike Morrison and Charles Thresh were appointed as joint provisional liquidators ("JPLs"). This has been publicized via the LSE / AIM. There is a small cash balance remaining to the Company following the sale of the underlying business to Hardstaff Dual Fuel Technologies. Subject to creditor claims in the liquidation, as well as fees and expenses of the liquidation, there may be a small distribution to shareholders. However, at this juncture we cannot confirm whether any distribution will be payable as the claims process has not been completed. The JPLs expect to be communicating with shareholders in the next week or so by post, and potentially through announcements made via the stock exchange. Regards Mike Mike Penrose Advisory KPMG Crown House 4 Par-la-Ville Road Hamilton HM 08 Bermuda"
shovelier
15 Oct 2015
In case you're interested This may be old news for most but here it is anyway:-3 September 2015Clean Air Power Limited(“Clean Air Power” or the “Company”
Sale to Vayon Holdings Limited and Petition to Appoint Joint Provisional LiquidatorsClean Air Power (AIM: CAP), the global leader in the development and delivery of compressionignitednatural gas systems and software for heavy duty vehicles, today announces that it hasexchanged contracts with Hardstaff Dual Fuel Technology Limited (“Hardstaff”, a subsidiary ofVayon Holdings Limited, for the sale of the Company’s subsidiaries on a going concern basis.Due to the financial position of the Company and its subsidiaries (the “Group”, the Company filed apetition with the Supreme Court of Bermuda on 2nd September for the appointment of jointprovisional liquidators (“JPLs” to the Company. Michael Morrison and Charles Thresh of KPMGBermuda have been appointed to act in that capacity. The transaction is subject to a Court Orderfrom the Supreme Court of Bermuda sanctioning the JPLs’ approval of the transaction and it isanticipated that the transaction will be completed later today.Once the transaction is completed, the JPLs will manage the statutory process and any distributionsto shareholders will be made in due course. The total consideration is £250,000 plus the Company’snet cash at completion. However, this amount will be subject to a US lease renegotiation andtransaction fees such that the return to shareholders is expected to be minimal. The Companyintends to cancel its admission to trading on AIM as soon as reasonably practicable.Rodney Westhead, Chairman of Clean Air Power Limited, commented: “As noted in previoustrading updates, the fall in oil prices globally has had a drastic impact on sales in the US and Russia.This significant challenge to the business was compounded by our customer on the South East Asianprogram deciding in June this year to extend testing rather than to proceed directly to the fullproduction program as anticipated. These circumstances created significant pressure on the Group’scash flows. The Board, supported by KPMG, has conducted an exhaustive strategic review, exploringa range of refinancing and restructuring options to maximise the value of the Group, but theresponse from potential investors and buyers was disappointing. The Group could not continuewithout financial support and, therefore, the Board is satisfied that this was the best course ofaction.”
ExpatBill
07 Sep 2015
Re: news Ouch - another one of my small companies goes belly up. I wonder if Abramovitch got out in time?
desertwolf01
03 Sep 2015
news [link] cr@@ks , the only ones loosing money are their ivestors, again a few management names to keep in mind, if they appear somewhere else.They blame everything, just not their total incompetenc@
desertwolf01
28 Aug 2015
Management Bermuda has one of the best rum`s, probably they are enjoying the beach and the rum, burning the last cash.....
desertwolf01
19 Aug 2015
Re: How Long It fits to the acting of this management, you would suggest, that they deal the whole weekend to find a solution, but probably they enjoy the sun on Bermuda. You would also suggest, thatthey have taken action a long time before, not speculating on one deal coming through, also keeping in mind having Abramivich backing them up with a few million !
alfa-spider
19 Aug 2015
How Long Hi - understand we're suspended but for how long?
arborman
06 Aug 2015
Re: JUST MAYBE? Yep, looking to buy as it dips below 0.7, 0.6 and 0.5 hopefully, three tranches for a short term double up (well that's the plan)
alltold9
06 Aug 2015
Re: JUST MAYBE? More buys for me, bottom fishing @ .75p!
alltold9
06 Aug 2015
Re: JUST MAYBE? 1p achieved, so the normal profit taking will now occur! Watch carefully.
alltold9
05 Aug 2015
Re: JUST MAYBE? Looks like 1p+ on opening tomorrow!
