Is there anybody who could shed a light on SIP. This is a well establish company trading at peanuts. Results supposed to be out in June but have been delayed till unspecified period. If it comes out from current restructuring than returns could be huge.

This was posted on:
28 September 2004

SCIPHER PLC

APPOINTMENT OF ADMINISTRATIVE RECEIVERS

On 21st September 2004 Scipher PLC announced that it had sold its subsidiary,
CRL Opto LTD, and was in exclusive negotiations with a third party for the sale
of another subsidiary, TSSI LTD. The Board took the view that Scipher's
interests, as well as those of CRL Opto LTD and TSSI LTD, were best served by
the sale of these two subsidiaries since the cash proceeds of these sales would
significantly reduce the parent company's indebtedness. However, since the
announcement Scipher has experienced considerable creditor pressure and as a
result the Board has concluded that Scipher is not in a position to continue
trading.

After considering all the options available to it (including administration,
which is inappropriate for tax reasons) the Board is of the view that the
appointment of administrative receivers is the most appropriate course of
action for Scipher to take and, following an invitation from Scipher plc,
administrative receivers from Baker Tilly have been appointed over the Company.
The directors will work closely with the receivers to explore the possibility
of returning the Company to a more secure footing. To this end discussions are
already in progress which could lead to the sale of another subsidiary,
Wavelength Solutions LTD and the process for the sale of TSSI continues.

Scipher's subsidiary companies continue to trade outside of the insolvency
process of their parent.

-ends-

Not much hope left for us poor suckers!

I only have 100,000 shares but looking at announce,emts feel small shareholders haver been seriously misled over the past few months due to appartantly good statements from the management. Does anyone believe that all is really lost on this company? Is there a way back from current discussions which must be costing more money for consultation fees etc, that the money men in really dark suits get.

The directors bought a lot of shares about 6 months ago (at around 5 or 6p). All this is bit of a shock...

What does following mean...

'The directors will work closely with the receivers to explore the possibility
of returning the Company to a more secure footing.'

Maybe all is not lost! Fingers crossed.

SIP close price removed from teletext listing on Mon 4 Oct.
Guess it's a dead duck now.
Boo hoo!

hello future millionaires!!!!!!!
does any one know the code for british energy Co and argos shop.
a new year is coming, happy christmas xmas.
and all the best.RICHARD

what is happening at scipher plc- last news they were planning to re list start of november?, nothing since this info- anyone?.

Happy Christmas Richard good luck to you in the new year! I have been waiting to hear any news on SIP must admit I thought all was lost although the main company is still trading I understand but protected by administrators. glad to have any comments.

moneyplus - my understanding is that the subsidary companies are still trading not the parent company. The parent company has appointed administrative receivers - which is different from being in administration.

lizard - where did you get the news that they were planning to re-list. I checked their website and there is no news of this. In fact the last news posted on their website dates back to July 2004.

I do hope that they do re-list. I had given up on them. May have to root around the bins now to find my certificates. :>)

richard - happy xmas to you. British energy epic is BGY, but they de-listed from all exchanges about a month ago. Argos is part of Grand Universal (GUS).

Thanks Starfrog here's hoping!

Following extract is from the last RNS on 28th Sep 2004, which sounds a bit hopeful. Has anyone tried to contact the company or receivers..?

'The directors will work closely with the receivers to explore the possibility
of returning the Company to a more secure footing. To this end discussions are
already in progress which could lead to the sale of another subsidiary,
Wavelength Solutions LTD and the process for the sale of TSSI continues.'

tried to phone the company directly more than a few times no answer?.

That's not very hopeful then! Hope the last one out turned the lights off!

contacted their broker througn website evolution bg waiting for email response?.

Good luck--thanks for trying!

think all sip shreholders will have to except this- can't see any way back- I do believe lack of info from this company is a f.**..g joke.

Does anyone have anymore news on Scipher? Is it officially no more?

GRRR! It seems so--money down the drain. Has been removed from share pages but no more info given out. Pick yourself up etc...:}