Axeon Share Discussion Threads

[frankiestheone] 21/4/2009 07:04

l think we should all spend a little time today contacting the relevent authorities, SFO and alike, higlighting what has happened here. It's not just not about losing money on an investment,It's the way in which it was carried out. if people are aloud to get away with "legalised fraud" then small investors should have some sort of protection. some action needs to be taken for the good of the whole industry, after this, small companies will find it harder to get people to invest and what good will that be

[simonshack] 21/4/2009 03:58

notice how the city vermin suck investors in by raising the shareprice...how many got stung?

MT GLASS?

[blackbear] 21/4/2009 00:20

Reminds me of L.Gardner, I wonder if the managements sweetners were as large in this case.

[tam oshanter] 20/4/2009 23:54

If nothing else, the 48 buyers today had their money as good as stolen. Should have opened today suspended.

Had it on my watchlist and was p'd off that I put it there weeks ago but didnt buy before the good rises recently. Lucky escape. Bad luck all. Stinks.

[superhoop2] 20/4/2009 23:51

I thought I'd seen it all and I am not prepared to go into some rant at this time of night but if people get away with this then I am fearful for holding any investment. I was suspicious with the long delay today when I bought 30,000 shares. It beggers believe what is happening in this country!

[pwhite73] 20/4/2009 23:29

All

Your case is extremely strong. Do not compare today with what has happened to other companies in the past. Suspension, administration then sold off all in the space of five hours. The buyer has issued a glowing report on the company and has stated nothing will change accept the shareholders have lost the company.

Well nothing can be further from the truth. New asset Management tried to pull a similar stunt but the LSE stepped in and prevented them from suspending the stock. Clearly this lot feel if they move fast enough they'll be off everybody's radar before anybody truly appreciates what has happened.

The people to write to are the FSA and the UKLA. Letters to both from all of you will do the trick. I have witnessed and been involved in many a suspension but nothing as blatantly criminal as what has happened here today.

It is not the end. AXE are in pole position to benefit from the electric car race. They cannot just steal the company from you before the chequered flag has been lowered. FIGHT BACK!!

[robson1974] 20/4/2009 22:48

No Deputy Business Editor of The Herald it did not succumb to the recession it succumbed to greedy vulture capitalists.

[scoby doo] 20/4/2009 21:08

OR here off iii

What is the 'pre-pack administration process?

A 'pre-pack' (pre-packaged sale) refers to an arrangement under which the sale of all or part of a company's business or assets is negotiated with a purchaser prior to the appointment of an Insolvency Practitioner as administrator. The sale will be effected by the Insolvency Practitioner shortly after his/her appointment


If you wish to complain about a 'pre-pack' administration or consider that you have been unduly disadvantaged by an administration (or any other corporate insolvency process) please telephone The Insolvency Service hotline on 0845 601 3546, email: [e-mail]

Here are he important points we need answers to:
"Shortly after the appointment, the joint administrators sold the entire business and assets of Axeon to AG Holding Limited, for an undisclosed sum."
Yet according to the insolvency service code:
"Administrators will not only have to reveal the name of the purchaser of the business and the price paid, they will also have to provide details of any connection that the purchaser had with the former directors or shareholders and the price paid."

[100egs] 20/4/2009 21:07

Sorry for all concerned here,

boffster, I am not a holder of axe but did get badly Screwed with torex retail in 2006/7 after a number of misleading RNS.

uksa contact was a guy called Roger Lawson,They didn't do much but wanted donations from pi's to pay for Lawyers.

Best thing to do is complain straight to the SFO this is the guy you need.
[e-mail]
my advice would be to get as many holders as possible to do the same, good luck, but its a slow process after 2 years and 2 interviews with sfo we still waiting for our date in court.

[ejohn3] 20/4/2009 20:47

i hate reading threads like this,

I feel for you guys, its a bloody disgrace, got hit a couple of times like this in 2002.

All i can say is aim boffters letter to the adminstrators, and keep your cool on future trading with a clear head i hope u get your money back on future trading elsewhere.

[scoby doo] 20/4/2009 20:25

boffster you have mail on the way

[romeoandjuliet] 20/4/2009 20:20

Thankfully not a holder here but I must say this looks pretty smelly from an insolvency perspective. (particularly given share movements prior to sale and the market it is involved in being quite high profile right now).

The Administrator has to be able to show that all avenues have been explored and best value has been achieved for the creditors. Will be a very interesting proposals document to read when it is sent to creditors.

Can creditors/shareholders vote against it retrospectively? Yes but you need a majority which is always very difficult to achieve

the Administrator can be reported to his accountancy body who will very likely investigate the sale process.

Whilst it is a small Company (mcap) there is also an argument for the FSA to look into recent dealing and market making.

None of the above are likely to get much for shareholders but could make life difficult for Newco and the Administrator if anyone has time on there side for a fight.

[risk1] 20/4/2009 20:20

why the rise b4 they pulled the plug?

shorts closing ???????????

comments welcome

[digger27] 20/4/2009 20:19

Absolutely disgraceful and once again it's the shareholders who get shafted. Is there any point in investing if the men in suits can pull the plug at will. They wants your money to recover sub prime losses and dont care how they get it.
I dont hold these and truly am sorry for you guys and hope your losses are bearable.

[boffster] 20/4/2009 20:09

There is NO WAY that the administrators could have weighed up all the options available to the company in an hour. We have been robbed plain and simple and I am furious. I am going to get in touch with the UKSA for starters. If you would like me to also do so on your behalf email me [e-mail] with your name and shareholding. (I had 50k or approx £6000 worth at time of suspension)

If we form a half decent group of pi's we can add weight to any court case which may occur. I dare say some of the big shareholders like Invesco will not be best pleased.

[scoby doo] 20/4/2009 19:50

Have their actions today made any profit to the creditors out of the recent share price rise? if so its fraud....

[borchardt] 20/4/2009 19:48

I think they have been cooking this up for a little while and the recent rise in share price due to speculation forced them to act quickly. Any further rise over the next few days due to the budget etc would have made Axeon more appealing to third parties and possibly given them other options.
This really stinks - I suggest you all check your stocks where this bunch have holdings and get rid.

[joeblogg1000] 20/4/2009 18:52

Same thing happened with me in Appian, it was going up and then in administration. Crooks!!

[frankiestheone] 20/4/2009 18:49

i think calls to the SFA and SFO are due

[frankiestheone] 20/4/2009 18:48

what they have done is legalised fraud. no less