Originally Posted by
SWBKCB
They've sold their renewables business which they hope allows them to pay of debt and gives them more time to find a buyer for Southend. The company will then be wound up and anything left will go to shareholders. Is that about it?
Also reckons Carlisle will be sold by the end of the financial year, which sounds optimistic.
Yes, that's broadly correct.
It was essential that the Renewables sale was completed and that was achieved yesterday. The balance sheet suggests that SEN can thus continue normal operations until the start of 2025 when the money will run out. As you say any surplus from the sale proceeds will go to the shareholders but the current share price suggests there isn't much confidence of that being a substantial sum.
Now the question is will a buyer be found within the next 12 months? There have been suggestions that Carlyle may wait until Esken is unable to repay their loan and they would then take SEN by default but I believe that is pure speculation.