Silverdell shareholders aren’t happy…. and want answers!
Investors in AIM quoted companies should generally have experienced stellar returns in 2013 with the ISA rule changes on 6th August 2013 offering a further boost to the junior market in the year.
A black mark on what was otherwise a fantastic year for AIM was the failure of Silverdell PLC, the AIM quoted specialist environmental support services group.
There has been plenty of hindsight comment around the warning signs for Silverdell but there was nothing to suggest that this substantial business with revenues of £82m in the prior financial year and a blue chip client base would ultimately collapse ‘overnight’. The company issued no comment for 20 days relating to a winding up petition made against key operating subsidiary Kitsons, yet during that period was happy to announce the positive news of new contract awards. Silverdell senior management, the company’s auditor and nomad surely have serious questions to answer! While many private shareholders are clearly enraged, leading institutional…