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Torotrak – administrators to be appointed “as soon as practicable”, shares suspended. Game over.

By Steve Moore | Thursday 7 December 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

First writing on Torotrak (TRK) here in April 2016 I concluded “significant challenges ahead” and “sell or if you are not in: bargepole”. There have been plentiful further warnings – and now…

“It is with regret that the company confirms that the board of the company has resolved that Daniel Smith and Clare Boardman of Deloitte LLP will be appointed as joint administrators of Torotrak plc as soon as practicable”.

I most recently warned last week – suggesting an ability to realise meaningful value rapidly somewhat, er, ‘limited’ - and that with it then administration ahoy, this remains a sell for whatever can be got. The company further updated earlier this week that it had received notification of the filing of an application for administration for the Flybrid Automotive business and would be meeting with advisers “to consider if any value can be generated from its assets or whether the company should to be put into administration”.

With administration it now is, it looks clear the ‘assets’ won’t be generating value - and the shares are now suspended, with “a further announcement will be made in due course”.

I suggest there won’t be good news from here – and hope that instead of partaking in the recent dead cat bounce, the multitude of warnings here were heeded.

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