Alltracel Pharmaceuticals Share Discussion Threads

[retin] 31/3/2008 14:24

does anyone know how, as a shareholder, you oppose this sale?

[supernumerary] 31/3/2008 13:40

Wes - good to see them making the point.

In fact of course this sort of tiny shareholding in a private company is really dangerous - he could easily end up getting taken to the cleaners by his new friends when they decide they no longer need him.

[wes1] 31/3/2008 13:35

ALLTRACEL CHIEF executive Tony Richardson could receive up to 130,000 shares in Oregon-based HemCon Medical Technologies if shareholders of the Dublin-based healthcare products company accept a £20.8 million (€26 million) offer for the business next Friday.

Under the terms of HemCon's offer for Alltracel, Mr Richardson will receive 25,000 shares if he remains with the company for one year after the deal is completed.

In addition, he will receive a minimum of 45,000 HemCon shares and possibly up to 105,000 shares if certain financial targets are met in fiscal years 2008 and 2009.

If Mr Richardson were to be allocated the full 130,000 shares he would own 1.1 per cent of HemCon.

Mr Richardson will also be granted 200,000 share options in HemCon, which will vest in equal instalments over four years. Details of the share award are included in the offer document sent recently to Alltracel shareholders.

It is not clear how much shares in HemCon are worth. The US company is privately owned and did not provide any financial details to Alltracel shareholders in the offer document.

The offer document states that HemCon plans to retain Alltracel's existing staff and offices and sees the acquisition as a good entry point for it into Europe.

Alltracel is listed on the Alternative Investment Market in London and is being sold by way of a scheme of arrangement, which requires the approval of the High Court. An extraordinary general meeting of shareholders is being held at the Fitzpatrick Castle Hotel in Killiney on Friday morning to approve the deal.

HemCon, which supplies bandages to the US army, has offered 14 pence a share for Alltracel, a 51.4 per cent premium to its closing price on the day before the offer was lodged on January 19th.

No need to subscribe -

[supernumerary] 31/3/2008 11:25

They forget to mention he also gets 200K Hemcon options, which if all taken up would give him around 2.8% of Hemcon.

[buywell2] 31/3/2008 11:08

Irish Times article

Alltracel chief could get HemCon shares if sale agreed

ALLTRACEL CHIEF executive Tony Richardson could receive up to 130,000 shares in Oregon-based HemCon Medical Technologies if shareholders of the Dublin-based healthcare products company accept a £20.8 million (€26 million) offer for the business next Friday. Login or subscribe for more

[4web] 31/3/2008 05:24

just send you the e-mail.

[alimo] 30/3/2008 22:43

4web

I'll add your name for emphasis if you email it to [e-mail]

[4web] 30/3/2008 21:54

Can anyone find the complete article online?

[4web] 30/3/2008 21:44

Alimo, I don't know where to get a proxy. Does anyone? Does anyone know John Nelligan? He will have my support. It's just a few extra shares, but if someone knows how to contact him....

[alimo] 30/3/2008 19:02

Thanks 4web,

Have you sent in your proxy?

I've found out that as my shares are are held in a nominee account at Hargreaves Lansdown I have to express my voting intention to them and they then send the names with totals of the fors and againsts to the correct place. They say I am still permitted to attend the first Court Meeting and the EGM on Friday. They tell me that it's not necessary to turn up! And yet I seem to read it, that we should turn up. Must read the Irish Times article.

I hope there is someone like the President of Ireland who will see through the whole Scheme, and start buying an interest to save Alltracel from going into US control, with a partner that doesn't bring any more wealth to the table than what the Directors have been able to secure at the time it is needed. They ought to have the courage to take the company forward as a plc, knowing that as soon as investors see that good and new revenue streams, on top of the 2007 FYE figures and objectives of the Synpart merger, will stand them in good stead for institutional/partner backing, allowing continued steady growth.

We're certainly not interested in the juicy deals that TR and his colleagues have secured for themselves, and when you look at the kind of recent growth that is already in the bag, it doesn't look as though they'll have to do much more for their bonuses.

[puffin tickler] 30/3/2008 14:59

It is what happened at Transense

[danwaits] 30/3/2008 12:51

From today's Dublin edition of the Times;

ALLTRACEL SHAREHOLDERS FIGHT TAKEOVER BID

by Tom Lyons

A group of shareholders in wound care company Alltracel will try to block the planned takeover of the company this week.
The AIM listed healthcare company is the subect of a 14p-a-share offer, valuing it at £20.8m (€26m)....
Limerick accountant John Nelligan said that a group of shareholders planned to vote against the deal at an extraodinary general meeting called for Friday. "We have the support of about 8% of the company but that is only the people we have been in contact with" he said.
The article goes on to quote his comments on Goodbody's valuation before adding; "(We) feel the company is being sold on the cheap. They should absolutely wait until after the credit crunch before doing anything", he claimed. Nelligan added that he thinks there is a case to launch a legal challenge to taking the company private using a scheme of arrangement.

So there you have it folks; you are not alone.
Even though I've chickened out and swallowed my losses, I sincerely hope this takeover fails and that Mr. Richardson and his cronies have to resign in shame.....chance would be a fine thing!

[4web] 30/3/2008 11:02

alimo, your documents are perfect. You could add my name if you wish.

[4web] 30/3/2008 10:30

Hmmm... it't getting worse and worse for me. The euro keeps gaining strenght compared to the Pound. A year ago 1 pound was 1.46 euro. At the moment 1 pound is 1.26 euro. :-(

[targatarga] 29/3/2008 20:02

buywell2...... FRONT PAGE OF DOCUMENT READS - Recommended acquisition for cash of Alltracel pharmaceuticals plc by castlerise investments limited

[4web] 29/3/2008 19:57

buywell... don't understand anything of your posts.

[buywell2] 29/3/2008 13:21

So it was a merger ........ did you all know that ?

Presumably that was why there was no vote

[buywell2] 29/3/2008 13:20

Corporate Action Event Terms

Further to our recent correspondence we have received information that the merger between Castlerise and Alltracel has been approved.

As a result shareholders will receive GBP0.14 in cash for each Ordinary share of Alltracel Pharmaceuticals held.

The expected ex-entitlement date is 6th May 2008 , a pay date has not yet been announced therefore customers accounts will be credited upon recipt from our custodian

[alimo] 28/3/2008 19:46

Sent with attachments to you

[alimo] 28/3/2008 19:46

Sent with attachments to you

[4web] 28/3/2008 19:08

could you send an e-mail withou attachment first? Might get in spamfilter otherwise.

[4web] 28/3/2008 19:07

Alimo, thanks, just received, will give you my feedback tomorrow

[alimo] 28/3/2008 16:58

Hi 4web

You've been busy! Did you get the email and attachment I sent you? Need to get it sent if you're happy with the content. To the FSA, FSE(AIM), ITP, and the Office of the Director of Corporate Enforcement. Can I send some of the ADVFN content to them as an example of our concerns?

I phoned Hemcons solicitors to ask two questions - they wouldn't answer, and referred me to their Financial Advisors IBI - they wouldn't answer either!

I phoned Davy asking similar questions but relating to Alltracel, but they said they couldn't answer the questions either!

I wonder if any of the above organisations, or even the High Court, can insist on the questions being answered.

[4web] 28/3/2008 11:45

nope... not at all!

[puffintickler] 28/3/2008 11:19

"Should Alltracel outperform its EBITDA target by in excess of 10 per cent., an additional 3,750 shares will be allocated. This allocation will increase by 3,750 shares for each 10 per cent. outperformance band, subject to a maximum additional allocation of 15,000 shares in each year. "

In other words, the more the old Altracell shareholders were stuffed the more management will be paid in future. Not exactly an incentive to get the best price is it?