SCY Chart

[percy]

26-Jan-17 Half Year results $2.16 Million profit - up 67.2% on prior year

31-Jan-17 Share price $0.75

2-Jun-17 Smiths City to distribute $5.7m of capital (11 cents per share) - Smiths City still expects to pay a final dividend as it has in previous years

21-Jun-17 Smiths City Transformation Underpins Earnings Increase

19-Jul-17 Annual Report to year ended 30 April $2.0 Million profit - up 53.8% on prior year. NTA 97 cents. Total Yearly Dividend 3.5 cents per share.

25-Oct-17 Smiths City Group today announces it has deferred its planned $5.7 million distribution of capital following a continuation of tough trading conditions.

7-Dec-17 Smiths City launching in Auckland with two new stores

21-Dec-17 Half Year results - Net profit before tax ‘break even’ Board declares fully-imputed interim dividend of 1.0 cents per share. NTA 94.96 cents.

16-Jan-18 Smiths City today announces it has put in place a share buyback facility as part of its ongoing commitment to ensure shareholders benefit from the group’s underlying performance improvements. The new facility gives Smiths City the option to buy back up to 5% of its shares over the coming 12 months. Smiths City is in a strong financial position.

28-Mar-18 Smiths City names Alastair Kerr as Chair

17-Apr-18 Trading losses for the year are expected to range between $1.25 million and $1.75 million compared to a trading profit of $2.0 million last year.

11-May-18 Smiths City now accepts the Employment Court’s Decision that the meetings constituted work as defined by the Minimum Wage Act and that this resulted in some employees being paid below the statutory minimum.

29-Jun-18 Financial Results for year to 30 April 2018 - Net loss before tax of $9.9 million - down from a net profit of $2.0 million in the prior year. No dividend. NTA 80 cents.

24-Jul-18 Smiths City to align pay rates with the living wage.

5-Sep-18 AGM - But the company has been thwarted in its ambitions by underinvestment. Most notably, it has underinvested in systems and in the store network.

20-Dec-18 Half year results Net profit before tax rises to $0.6 million from break-even in the same period last year. Significant investment in the store network and group information systems still required.

1-Jul-19 Financial Results For The Year To 30 April 2019 Smiths City result improves as transformation continues. Net losses before tax narrow to $1.9 million from a net loss of $9.9 million in the prior year. No dividend. NTA 77 cents.

5-Sep-19 AGM - We remain well funded. Smiths City’s regeneration has over the last two years been about dealing with a legacy of under investment. We need to improve and invest in systems that give us better visibility on inventories. Smiths City’s transformation continues with the rationalisation of the store footprint and investments in store formats and systems

13-Dec-19 Half Year results - Net losses before tax of $3.8 million. No dividend. NTA 67 cents. We have completely reset the management of our stores and we are now starting to see improvements in like-for-like store growth, online and commercial sales and margins. While there is still much work to do, we are now in a better position than we have been for some time.

18-Mar-20 Smiths City trading update – Covid-19. At this time, we anticipate our net loss in our financial result for the year to 30 April 2020 will be greater than the $1.9 million net loss recorded in the prior financial year. However, we cannot at this time quantify the extent of this anticipated loss given the current uncertainties and just over six weeks of trading remaining in our financial year. Smiths City has been focused on transforming its business over the past two years. This work had been progressing well. But given these new uncertainties, management will be revisiting our transformation plan and looking for additional gains and further efficiencies.

30-Mar-20 Following discussions last Friday, Smiths City’s bank ASB has agreed to delay by four weeks, the repayment of $1.5 million of the company’s $65 million Senior Secured Facility due for payment on Tuesday 31 March 2020. While Smiths City believes it has enough capital to cover its debts as they fall due, the company recognises the current capital structure is not sustainable given the outlook and the company must secure more funding. Smiths City is working with PWC to develop a strategy for addressing its capital structure. Chief Executive Roy Campbell said: “The Covid-19 pandemic has caused an unforeseen and unprecedented shock to the business and – like many other businesses – is posing immense challenges. “ASB’s extension of the facility demonstrated its willingness to support Smiths City through this extraordinary period and give Smiths City the space to engage in discussions with potential investors.

6-May-20 Smiths City online has continued to trade, and while we are pleased with the support we have received through the lockdown, this has obviously not been enough to make up the shortfall in sales from the closed stores. Moreover, once we open our doors - potentially as soon as we move to Alert Level 2 - we anticipate facing subdued trading conditions. Smiths City is continuing discussions with potential strategic investors, as foreshadowed by its announcement to the NZX on 30 March 2020. The company continues to retain the support of its bank ASB to see these discussions through to conclusion. From the analysis the company has undertaken, a restructuring is clearly necessary in order to secure investment and have a sustainable, post-pandemic retail business. The Board has therefore proactively commenced this restructuring process as its investor discussions continue. Smith City Chair Alastair Kerr said while it was likely that the restructure will result in the closure of some stores and job losses, the final outcome is dependent on how the consultation and negotiation process unfolds.

Interesting....................................

[winner69]

Smiths City in Rship goingbto be delisted next week

Explored a reverse listing listing but no joy

http://nzx-prod-s7fsd7f98s.s3-websit...125/387846.pdf

[Sideshow Bob]

Smiths City in Rship goingbto be delisted next week

Explored a reverse listing listing but no joy

http://nzx-prod-s7fsd7f98s.s3-websit...125/387846.pdf

And it got flagged as "price sensitive"......

[CD_CHCH]

15-May-20 Trading halt on Smiths City Group Limited shares pending the release of an announcement by the company.

18-May-20 Sale of Smiths City Business announced - Directors anticipate the agreement settling on 22 May 2020.

20-May-20 Smiths City Conditional Sale - Clarification
Smiths City wishes to clarify the announcement released on Monday, 18 May. The proposed sale to Polar Capital is conditional on:

• Purchaser finance being confirmed.
• Smiths City shareholder approval.
• Smiths City financier approval.

Currently all conditions remain outstanding. The completion date under the sale and purchase agreement is the business day after the agreement becomes unconditional. Smiths City anticipates being in a position to update the market more fully this Friday 22 May.

21-May-20 Conditions Update
Smiths City confirms that it has made progress against the conditions for the sale of its business to Polar Capital. The sole outstanding condition is now Smiths City shareholder approval.

22-May-20 Smiths City enters receivership at Board’s invitation
Rather than putting the sale of the assets to Polar Capital to a shareholder vote, Directors sought to appoint receivers for the following reasons:
• Smiths City’s shareholders’ approval was the only condition outstanding.
• Smiths City’s ordinary shares will retain no value following the sale .
• Further delay risked jeopardising the completion of the sale and a reduction in the amount available to secured and unsecured creditors. The business cannot function without the confidence of suppliers and customers.
• A receivership would ensure the timely and orderly transition of the assets to Polar Capital, protect their value and the jobs of the approximately 350 people expected to transition to the new owners with the sale.

https://www.nzx.com/companies/SCY/an...C%93&year=2020



SMITHS CITY GROUP LIMITED (121923)
Historic data for directors

Tony Donald ALLISON
Appointment Date: 24 Jun 2016
Ceased date: 22 May 2020

https://app.companiesoffice.govt.nz/...923/directors?

********

SMITHS CITY (2020) LIMITED (7996258)

Directors (4 directors in total)

Tony Donald ALLISON
Appointment Date: 25 May 2020

https://app.companiesoffice.govt.nz/...258/directors?

Shareholdings

SMITHS CITY HOLDINGS (2020) LIMITED 112 shares (100.00%)

https://app.companiesoffice.govt.nz/.../shareholdings

********

SMITHS CITY HOLDINGS (2020) LIMITED (8006561)

Directors (4 directors in total)

Tony Donald ALLISON
Appointment Date: 22 Dec 2020

https://app.companiesoffice.govt.nz/...561/directors?

Shareholdings

Allocation 1: 84 shares (75.00%)
POLAR CAPITAL LP

Allocation 2: 21 shares (18.75%)
GCA LEGAL TRUSTEE 2020 LIMITED
Rosalind ALLISON
Tony Donald ALLISON

Allocation 3: 7 shares (6.25%)
Tony Donald ALLISON

https://app.companiesoffice.govt.nz/...shareholdings?

[CD_CHCH]

A brief history of Smiths City (or Smiths City Market for those of us who have been around for a while)

Founded in 1918 by Henry Cooper Smith as an auction house on Colombo St, the business initially auctioned grain, livestock and general goods, but later began to specialize in new and used furniture and hardware.

Smiths City Market Limited was registered as a private company in 1938 and was floated as a public company in 1972.

1st May 1991 The company was placed in receivership.

31st Dec 1991 The company was delisted due to receivership.

11th Mar 1994 Smiths City Group Limited was released from receivership – being the first publicly listed company in New Zealand to recover from receivership.

31st Oct 1998 Saw the end of the 5 year Scheme of Arrangement where creditors had become capital noteholders. 1998 also saw a dividend paid to shareholders - the first in 10 years.

November 2003 Smiths City Group Limited listed on the NZAX.

July 2004 Smiths City Group (SCY) transferred trading of its shares to the NZSX.

15th May 2020 Trading halt on Smiths City Group Limited shares pending the release of an announcement by the company.

22nd May 2020 Smiths City enters receivership at Board’s invitation in order to complete the sale of assets to Polar Capital.

9th Feb 2023 SCY - Smiths City Group Limited (in receivership) Delisted from NZX as at the close of business.


And just like that, it is all over...

[winner69]

Probably doing well under Polar Capital

Younever know …might get listed again

[nztx]

Probably doing well under Polar Capital

Younever know …might get listed again

Would it be doing well ?

The Sector has a lot of competition & if SCY couldn't make a go of it without
spiralling downwards then the current owners with similar team & MO may
be finding similar head winds prevailing, if not worse ..

If it relisted many may be very wary about going anywhere near after
past business track record of receiverships etc

[nztx]

https://www.nzherald.co.nz/business/...JZNADBSE5OK7Q/

Polar Capital’s Hello Foods: $20m in creditor claims in receivership and liquidation

Good Grief - wonder how the reincarnated Smith City in Colin Neal's huddle of businesses is going ?

Saw a TV advert in past week from Smith City after quite a period of not seeing any