Cammell Laird Website
Click the camel E.mail me.	August 3rd. (revised 20th.) It now looks almost certain that with the yards now effectively closed a bad deal has been done. The government and RBS come out of all this (in goodwill terms) very badly, as has already been said. CMM shareholders will get nothing at all out of this result, but the workforce should have got jobs again. I hope that "Carnival" (Costa Classica) are eventually obliged to pay up too. Then shareholders could get something? Searches were all done from the feedback page on this site.
RBS profits were up 37% at the time. All businesses performing well. So much for that then!
New UK Company Now renamed Cammell Laird.

August 17th.	Remember this?
LATEST	Posted on iii by "Mollington" on 21st April 2001
Summary of the events so far as I (Mollington) see them, and the possible final conclusion.	RBS pulls the rug Receivers appointed to get back £45M owed to the bank. A & P Group owned by RBS buy CL for £45M.(actually £10M) RBS receive £45M and the debt of CL is cleared.(£35M outstanding) RBS have obtained all the assets, orders, expertise of the workforce. In other words a bloody good company, our company, for nothing. The Bond holders have appointed KMPG to pursue Costa for £51M and will receive a much larger payment than their bonds were worth at the date of receivership. THE ONLY LOSERS ARE US THE SHAREHOLDERS.

Aug 20th. Comment

A & P say the Cammell Laird yards were not bought as a "going concern". In view of the various hints by the government, this is a surprising outcome. There seems to be enough work around to keep the yards going, initially with a reduced workforce, but that would depend on the supposed government help, wherever that has gone! As it is, its no use Blair and co wringing hands and offering "retraining" and all that, when there is both plant and a skilled workforce begging for some help. We are an island nation, and need more than one shipyard! The deal is a bad one and should be rejected by the OFT and quickly!

Gibraltar

Cammell Laird Gibraltar Shipyard etc. This is a separate company and continues to trade, now under the new name Gibdock. The CMM shares quoted in London are now worthless.

The CMM shares will only regain value if the whole company is rescued. The current debt level (for whatever reason) is far too high. Similarly a "Rights Issue" or placing at 1 for 1 at the current shareprice would not raise £20m, let alone £100m.

Page Created 12th April 2001 Updated 20th. August. Disclaimer. I have no financial interest in any of the companies involved in this affair. It just seems to me a grossly unfair situation which should have been solved months ago, to the benefit of both the concerned parties.

Set up 17th. August 2001 Revised 6th. August 2010 re Gibraltar and UK relaunch.