Accsys Technologies Share Discussion Threads

[ebomber] 21/2/2011 14:13

RNS Number : 5807B

Accsys Technologies PLC

21 February 2011

This announcement is not for distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan or South Africa.

AIM: AXS

NYSE Euronext Amsterdam: AXS

21 February 2011

ACCSYS TECHNOLOGIES PLC ("Accsys" or "the Company")

The environmental science and technology company

announces

SUCCESSFUL OUTCOME OF FIRM PLACING AND PLACING AND OPEN OFFER

On 4 February 2011, Accsys announced the details of a proposed share issue to raise gross proceeds of EUR30 million (approximately EUR28 million net of expenses) by the issue of 200,000,000 New Ordinary Shares through a Firm Placing and Placing and Open Offer at the price of EUR0.15 per New Ordinary Share.

The Group's growth strategy is to continue to pursue licensing opportunities but also to focus on increasing the Company's own Accoya(R) sale and production capability in order to realise the potential benefits resulting from the expected increase in the demand for Accoya(R) .

Net proceeds of the Firm Placing and Placing and Open Offer will be used to meet the short-term working capital requirements and on-going operating costs of the Group and to meet the costs of construction relating to the expansion of the Arnhem plant.

As this additional capacity is utilised, it is expected that the Group will move to a position of sustained profitability without any contribution from licence income being required.

Commenting on the result of the Firm Placing and Placing and Open Offer, Paul Clegg, CEO of Accsys, said:

"The success of this fundraising endorses and validates our investment proposition. We will focus on ensuring that the expansion of the Arnhem plant goes to plan, revenues from increased sales of Accoya(R) are achieved and relationships with potential licensees of our technology are further cemented.

The money raised by the Firm Placing and Placing and Open Offer enables us to progress enthusiastically with our strategy of growing Accsys into a global market leader, with the aim of long-term profitability and shareholder returns."

Results of Firm Placing and Placing and Open Offer:

-- The Open Offer has now closed in accordance with its terms. Accsys is delighted to announce that it has received valid acceptances under the Open Offer in respect of 94.1 per cent. of the Open Offer Shares from Qualifying Shareholders.

-- All valid applications for additional New Shares under the Excess Application Facility were accepted.

-- Accordingly, the remaining 5,916,369 Open Offer Shares, representing 5.9% of the Open Offer Shares have been allocated to certain institutional shareholders and other investors with whom they had been conditionally placed by Numis Securities Limited and Matrix Corporate Capital LLP.

-- In addition to the 100,301,264 New Ordinary Shares to be issued under the Placing and Open Offer, a further 99,698,736 New Ordinary Shares will be issued through the Firm Placing.

The Firm Placing and Placing and Open Offer remain conditional upon the Placing Agreement becoming unconditional in all respects and not having been terminated in accordance with its terms prior to Admission, and Admission becoming effective by 9.00 a.m. (Central European Time) on 22 February 2011 (or such later time and/or date as the Company and Numis determine).

New Ordinary Shares in uncertificated form are expected to be credited to CREST accounts (in respect of Qualifying CREST shareholders) and to Euroclear accounts of Admitted Institutions (in respect of Qualifying Euronext Shareholders) by 09.00 a.m. (Central European Time) on 22(nd) February 2011. Definitive share certificates for the New Ordinary Shares in certificated form are expected to be dispatched within three days of Admission.

The issued share capital of Accsys following Admission (including the 2,500,000 Ordinary Shares to be issued to an Employee Benefit Trust, as set out in the prospectus) will be 403,102,528 Ordinary Shares in aggregate.

Definitions used in the Prospectus shall have the same meaning when used in this announcement unless stated otherwise.

This announcement should be read in conjunction with the full text of the Prospectus, copies of which can be obtained by contacting Accsys on [phone] or by email at [e-mail] and also from the registered office of Accsys and the offices of ABN AMRO Bank N.V. at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands. The Prospectus is also available on the Company's corporate website (www.accsysplc.com/investor_governance.asp) and through the website of Euronext Amsterdam (Dutch residents only) at no cost.

End

[ebomber] 14/2/2011 16:12

With close today for those shareholders able to exercise open rights under fundraising, we should start to see rise over the next week.

[brightontrader] 10/2/2011 17:15

Well hardwood is running out and the prices are going up constantly. We use Basswood and its gone up 17% since the new year. The trees are being cutdown youger and larger sections are getting scarce.

There is a plentiful supply of softwood and as newsprint becomes less relevant, the prices will drop further for softwoods. Eventually this product will make sense financially. Just it doesn't today unless you are making a structure in semi submerged, then it competes well with jarrow, greeheart etc.

[tbow112] 10/2/2011 14:01

Brightontrader,

What makes you think the share might be of any interest ?

Your posts give the impression that the company is simply stymied by an excessive cost of production.

[brightontrader] 10/2/2011 11:09

I own CustomWest Shutters and buy about £5M of timber myself a year, trust me, thats very small beer, my business is not even the biggest shutter company here in the UK.

Also, going from 40p to 20p thereabouts is an very odd 30% drop, more in tune with a 2:1 issue, ie:50% drop.

[tsk 1] 09/2/2011 17:07

The share price (following a 30% drop or thereabouts since the announcement) seems to have settled.

As for the comparative price of Accoya, to quote from the 2010 interims:

"Revenue from sales of Accoya® wood produced by our Arnhem plant increased by 81% to €6.5m in the first half of the year compared to the same six months in the previous year."

That's about £5.5m worth of sales, so I guess some people think the price of Accoya is not too bad.

[brightontrader] 09/2/2011 15:43

So the price today 21p, is this the price after the rights issue or will go further down,ie: has the price dropped because thats what the shares will be worth effectively after the issue.

I currently do not own any of these although have in the past and have been watching the price wondering if I should go back in for some....

(The product is very expensive compared with some cheaper hardwoods coming on stream from plantations in Indonesia that do almost the same thing, but half the price. White Teak springs to mind, currently used for MDF fibre but if left for a few more years makes a decent cheap hardwood 150mm square post.)

[horneblower] 08/2/2011 20:08

Bale...or is it Bail?

[jebenn1] 08/2/2011 18:49

What's the story now?
1 for every 2 rights issue at a price of 0.15 Euros - that's is one hell of a discount to the current price. Or should I say it was a hell of a discount, it's not much now.

Should have sold a while ago.

Any views on taking or not taking the rights?

[spudders] 08/2/2011 18:13

Taking up the placing has got to be worth it if your a longterm holder from 2007 like me :( even though I feel we have been shafted good and proper. I still do not see Acccoya filtering through to us small joiners some 4 years on.
Its a good story & one day it may turn out good, but for now its in the bottom draw. Good luck all

[tsk 1] 04/2/2011 14:53

Aim_Trader,

At the present share price (23 Euros), the new market cap would be about £78m, or 92m Euros...or 823m Chinese Yuan Renminbi. In 5 year's time I might need a bigger calculator.

I consider myself quite lucky as I sold my holding a couple of weeks ago (more through necessity than choice).

[ursus] 04/2/2011 12:04

Will you be leading a revolt of these peasants, Wat Typo?

[typo56] 04/2/2011 11:26

Not from the point of view of the peasant holder Lord Ursus. 25.6c will see them worse off and eating gruel. It's 1 for 2 for the plebs, not 1 for 1.

[ursus] 04/2/2011 10:38

Post placing price extrapolated from close at 36.5 yesterday is c25-6 p, is it not, Miss Jones?

The placing helps to explain the sharp price drops in mid Jan, does it not.....some insiders didn't want to pay up....

[aim_trader] 04/2/2011 10:15

can anyone please advise me on what the market cap will be once these shares are placed?...

[2vdm] 04/2/2011 10:10

Anybody see anything positive in the price. Been hovering over this one for a while and glad I held back, but with the placing and mngt changes is it worth a long term punt?

[typo56] 04/2/2011 09:37

Yes, although I make the "parity price" from yesterday's close of 0.365 to be 0.2933, assuming holders take up their full offer entitlement. It would seem stupid not to as, unlike rights, I don't think you'll receive any payment on letting them lapse.

[outsider] 04/2/2011 08:54

Surely some if the price stays the same will take a profit on their alocation of circa 33%.

[typo56] 04/2/2011 08:49

Remember that a fall of 20% today is due to them being ex-offer today. ie, buyers today aren't entitled to the open offer shares @ €0.15.

[asmodeus] 04/2/2011 08:41

Amazingly, I sold last week just to reinvest elsewhere. Will re-invest now only when convinced that they are profitable, and not just hoping to be.

[outsider] 04/2/2011 08:05

im glad im on sidelines, got out a while back, will wait for opportunity if it arises.

[this_is_me] 04/2/2011 07:40

Half the company sold at less than half price. Current shareholders shafted. I am just glad that I decided to wait before investing.

[ebomber] 26/1/2011 07:38

RNS Number : 0051A

Accsys Technologies PLC

25 January 2011

AIM: AXS

NYSE Euronext Amsterdam: AXS

25th January 2011

ACCSYS TECHNOLOGIES PLC ("Accsys" or "the Company")

Licence Option Agreement

Accsys, the environmental science and wood technology company, announces that Titan Wood Limited ("Titan Wood"), its wholly-owned subsidiary, has entered into a licence option agreement (the "Option Agreement") with a major multinational corporation in relation to the production and sale of Accoya(R) using Titan Wood's proprietary acetylation technology (the "Technology").

Under the Option Agreement, Titan Wood has granted an exclusive option to enter into a licence agreement, pursuant to which rights over the Technology may be granted in certain states within Europe. There can be no certainty that the parties will enter into any licence agreement and the detailed terms of any licence agreement, including payment of licence fees and royalties, are currently being negotiated, but yet to be agreed.

Paul Clegg, Accsys CEO, commented: "As outlined in our recent Interim Results, we have been engaged in a number of discussions in relation to major licensing, fundraising and other strategic opportunities for some while. This Option Agreement represents an important step forward and we are excited about the opportunities that it presents. We shall continue to work extremely closely with this counterparty and very much hope we can agree full licensing terms in the near future. "

Ends

[ginty14] 25/1/2011 16:52

Working in glass, I heard some very strong positive reviews on the product from those who have used and specified it, yet Accoya not really too well known yet from my own digging with the wooden frame manufacturers I deal with. Certainly premium end wood products is where things are still moving and good margins are maintained. PVC is savagely saturated as a market, and the snob value is definately back in high-end wood now. I'm quietly optimistic on this one, but still nervous. I've topped up a smallish holding on weakness last week. Lively day today is nice to see. Hope it maintains.