This is Noddyland … and where’s corporate plod? ‘ullo, ‘ullo, what have we here in the share price of Corporate Express (here for a CommSec graph on the last month’s trading. It shows the shares rising from about $4.26 on March 6, to a high of $4.64 earlier this week, which was within sight of its 52-week high of $4.75. And all without a squawk from the ASX. And lo and behold, what do we get yesterday but this statement from Corporate Express (controlled by the faltering Staples office products group of the US). “Corporate Express Australia Limited requests a trading halt effective immediately until such time as it makes a further announcement. It is proposed that an announcement will be made as soon as possible, and in any event, no later than commencement of trading on Friday 19 March 2010. The Company has received a takeover proposal and is in the process of considering that proposal.”

No really, Noddyland: No wonder the share price had jumped 38 cents, or about 9% in 10 days, on small turnover (more than 50% of the shares are owned by Staples). It started rising soon after the company delivered a lacklustre profit report. And then late yesterday the mop-up offer from Staples at $5.60. The shares jumped 24% to a day’s high of $5.71 because shareholders can keep the already granted dividend of 12.5 cents a share, which makes a total offer of $5.72 a share. Whoever drove the price up 9% from March 6 to Tuesday scored nicely with that extra 24% added yesterday, which was the real payoff. Total gain, more than 30% for 11 days work. All that cream… yum!. And there’s also a 78 cent a share payout of all the franking credits, once Staples gets its hand on 90% of Corporate Express shares. The value of the offer will be reduced by the amount of those credits paid to shareholders in a tax advantaged way. But more cream, every little bit helps. So where was the ASX and ASIC? Asleep in the patrol car in a cul de sac somewhere?

Green gone red. Sydney-based Solverdi Worldwide Limited, which styles itself as ‘The world’s renewable utility” is about to find out if corporate death leads to renewal. The company’s shares were suspended today (last sale 9.2 cents) after it announced that it had appointed voluntary administrators. Two days ago the company announced that its company secretary, Hean Siew, had “tendered his resignation effective immediately.” Pinn Deavin group was appointed administrator this morning. No reason for the appointment was given. But on February 25, the company reported assets of just over $26 million for the year to last December, up from $9.8 million in 2008. Liabilities were only $4.3 million and net assets were more than $21 million. It had accumulated losses of more than $50 million (up from just over $49 million) and total equity of $21.7 million against $10.55 million at the end of 2008. The company reported a loss of $1.6 million for 2009 compared to $1.4 million in 2008. 2009 revenues jumped to just over $12 million from $5.2 million and the company reported cash on hand at December 31 of $1.3 million ($332,000 at the end of 2008). Asset impairments of more than $4.6 million were reported in 2009.

So any clues? On those bald figures, it was a company under some strains, but nothing appeared that terminal. There were some unanswered about the increases in assets, there were no bad or doubtful debts reported. Commentary with the February 25 release merely said “Solverdi Worldwide Ltd, the world’s renewable utility, today is pleased to announce that its performance for 2009 is broadly in line with the company’s expectations.” Less than a month later, those expectations have been dashed somewhat. So the question is, did they see it coming and when? Was it before of after February 25. (They will say after). What went wrong?

This is what the company said it does: “It offers customers a ‘behind the meter’ solution for generating electricity during peak utilisation periods at 15 – 25% below peak rates per kilowatt hour. In addition, the Solverdi Process is used to produce steam, compressed air, and recapture non-potable water. The Solverdi process includes an amplified solar cracking (thermal) system that delivers renewable electricity and incorporates the use of solar and renewable fuels and utilises a commercial building’s uninterruptible power supply and interior energy infrastructure. The average system is installed on the exterior of the building and fits inside a 100 square foot area. All systems are designed and supervised by professional engineers, and meet LEED standards in the US. The company also operates Australia’s largest capacity renewable fuel production facility, near Brisbane,  and an additional facility in Berkley Vale, New South Wales. Impressive, but did it make money is the question?

Ve make money, not cars: BMW made a profit in 2009, not from its cars business, which lost €265 million, or nearly $400 million last year (against a profit of nearly €700 million in 2008), but from financing their sale to customers. The finance business made a profit €355 million (2009 saw a loss of €216 million euros). Total profit was €210 million, on sales down 7% at €50.6 billion. The company says it will sell more than 1.3 million vehicles this year compared with 1.29 million in 2009. Porsche, on the other hand, sees a loss for 2010, after a first-half profit.

Kiwis TV News cut: TVNZ, New Zealand’s state-owned but commercial TV network is chopping $NZ5 million, or 12.5% from its news and current affairs budget to save money and boost stumbling profits. That will mean75 jobs are lost, according to reports in the media this morning. TVNZ made a profit before interest and tax of $NZ10 million last year, which fell to just $NZ2.1 million after tax, interest and one-off costs. Management wants to boost profit to $NZ40 million, a big ask. Leading the way is the former Nine Sydney journalist Anthony Flannery, who heads TVNZ’s news division. He warned in February that cuts were coming. TVNZ chopped 80 jobs a year ago to save $NZ25 million.

Blockbuster the collapse #2: No wonder Blockbuster shares dropped 13 cents, or 32%, to 27 US cents a share overnight In the US the company is now valued at just $US34 million, it had fourth quarter revenues of $US1 billion and loses of $US394 million. The red ink is continuing and this week Blockbuster warned it could file for bankruptcy, which didn’t help market sentiment. Nor did reports that Hollywood studios are becoming wary of supplying Blockbuster with DVDs to rent. The company warned in a filing with the SEC that there is “substantial doubt about our ability to continue as a going concern”. Blockbuster said if its operating results don’t improve and if it is unable to refinance or restructure its debt, it “could require us to pursue a restructuring of our indebtedness or file for protection under the US Bankruptcy Code”. Last month, Movie Gallery Inc, which also owns Hollywood Video, went into Chapter 11 bankruptcy protection. It is liquidating at least 760 stores. Last year, Blockbuster shut 718 company-operated and franchised stores worldwide, including 572 in the US. It also sold its 184-store chain in Ireland.