Axeon Share Discussion Threads

[adavies292] 21/4/2009 12:20

I have just spoken on the telephone to Roger Lawson of UKSA. He told me that while this action is morally questionable and that he and his organisation strongly oppose prepack administrations, they have been upheld as legal in court and that as he sees it nothing illegal has taken place. I have written to other regulatory organisations, as I think others here have, but am now resigned to receiving nothing for my shares which are now worthless.

[rrr] 21/4/2009 11:47

Another route is via

Department of Business, Enterprise and Regulatory Reform, BERR - who have a
Companies Investigation Branch: 0207 596 6100.

Unfortunately when I have tried there has been no reply!! I have left a message but am not optimistic of a call back. However they do seem to be an avenue well worth pursuing.

[taffee] 21/4/2009 11:41

looks to me like the bank will still be paid interest......this is totally illegal imo....an easy way to come off the market without shareholder approval.

[rrr] 21/4/2009 11:40

Grant Thornton are registered with the ACCA. To ask questions about the role of the Administrator or to complain write to:

ACCA UK
Professional Conduct Department
29 Lincoln's Inn Fields
London WC2A 3EE

[chris79] 21/4/2009 11:21

This absolutely stinks, as has been said before and like so many of the 'prepack' administration deals, upon which the law is ridiculous. My sympathies to holders, i didn't have any (and never have), but have had similar stocks where PIs are just screwed. The many issues have been well covered, but one point i would like clarification on is seemingly the administration was easier (or even made possible) when the company had delisted. Can someone explain why that is the case as surely a delisted company has the same proportional shareholders etc.

[2jwoo] 21/4/2009 11:20

MT. your veiws would be much apreciated. you seem to be prety clued up on this company. any thoughts

[boffster] 21/4/2009 11:19

Sent to SE

Dear Sir or Madam



I am a small shareholder in a stock exchange listed company, Axeon Holdings. I am sending you this e-mail to notify you that I suspect that foul play has occurred with yesterday's administration and immediate sell-off to a hedge fund in a deal which is likely to realise no value for its shareholders. As such I fear that along with myself and others, SE may have been swindled out of a considerable sum of money, since there are several vested interests and I do not believe that other options for the company were properly explored. I urge you to investigate this matter. I am currently involving myself in trying to establish a group of affected small shareholders which would be supportive of legal action, and I will be taking advice to determine whether we have a case.



Kind Regards

[rrr] 21/4/2009 10:56

Another avenue is to contact the regulators of the administrators. I will post contact details here if I can find them.

[rrr] 21/4/2009 10:55

People may want to email the AIM Regulation team at LSE to register a complaint. They can investigate whether the company or the Nomad broke any rules. Address is

[e-mail]

[robson1974] 21/4/2009 10:28

The November 28th 2007 RNS is the first one which mentioned Ironshield as far as i am aware. But it mentions a circular sent to shareholders dated 13th July 2007 which contains details of the Ironshield debt agreement.


Both of those documents should be on the Company website.

They are also google-able

[adavies292] 21/4/2009 10:20

Reply from UKSA

- Can anyone provide solid information for a reply to his questions? Don't want to volunteer any inaccurate information

-------------------------------------------------------

I think this is pretty outrageous at first glance, but I can't say it surprises me at all. I used to be a shareholder in Axeon personally but sold them all in 2007 (I can't recall the details now but I think there was a share placing and the details convinced me then that the directors did not have the best interests of shareholders at heart).

I have publicly opposed pre-pack administrations also which I think are an anathema.

If you want to do something about this I would be glad to try and assist - if nothing else to kick up a stink about it. I will circulate my fellow UKSA board members also.

A few more details would be helpful. Such as why is the major creditor also a shareholder? Also was the company insolvent? An administration cannot take place unless the company meets certain criteria such as being insolvent.

Roger Lawson
Communications Director
UK Shareholders Association (UKSA)
PO Box 62
Chislehurst, BR7 5YB
Tel: [phone]
(Intl: [phone])
Fax: [phone]
Email: [e-mail]
Web: www.uksa.org.uk

[boffster] 21/4/2009 09:29

The loss of publicly funded SE's money gives us further cause to involve the press... public money sacrificed to fill hedge fund coffers etc.

[boffster] 21/4/2009 09:22

I suspect no investigation of feasibility re rights issue, placing or debt for equity ever occurred. Presumably the administrators are in the pay of the lenders so there is a clear conflict of interest there. I too would be financially supportive of any court action if I thought we had a reasonable chance of success. I will be notifying the UKSA when I get some time later today, I think it would be best if we can get a group of us together to add weight to our plight, if you wish email me [e-mail] with your name and shareholding

[scoby doo] 21/4/2009 08:58

Court action im in....

[frankiestheone] 21/4/2009 08:56

so they couldn't find a buyer !!yer right. I don;t think they tried very hard. one minute they say no buyer...as if now one is interested in this technology, then they say "with the right backing this has great prospects" what did they tell the people that they approached .
Oh and yes, mr salmon is the rigt person to contact. he has the mouth and the knowhow to show these scumbags up for what they are. THEIVES
After the banking crises, this just add fuel to the anti capitalists

[rrr] 21/4/2009 08:53

I have just drafted this to Mr Benstead at the SFO as given by someone above (post 278). Any comments gratefully received before I email him.

------------------------------------------

Dear Mr Benstead,

Re Axeon Holdings plc:

I am a shareholder in this company which was yesterday suspended on the Stock Exchange (AIM, EPIC AXE). It was announced that it is going into administration and within a few hours that the entire company has been taken over by AG Holding limited - for an undisclosed sum.

From
RNS Number : 8634Q
Axeon Holdings Plc
20 April 2009

Trading in the shares of the Company on the AIM Market of the London Stock
Exchange has been suspended. It is proposed that the listing of its shares will now be cancelled.
Joint Administrator Malcolm Shierson said: "I am delighted that we have been
able to complete a transaction that will enable the trading business to carry on as normal. This is very good news for the employees, customers and suppliers."
Creditors of Axeon Holdings plc (in Administration) and of its subsidiaries
should be unaffected by this process.It is unlikely that the shareholders will
make any recovery.

Is this really allowed? It does seem very unfair and hard on existing shareholders. The prospects for the company (which makes batteries) seemed good especially given the recent news on promoting electric vehicles - the share price had been rising significantly prior to the announcement.

From the same RNS:

"The Business is one of Europe's leading independent lithium-ion battery
solutions providers and is a leading green energy company. It is headquartered
in Dundee where operations include manufacturing, commercial and engineering
departments. "

A statement issued by AG Holding and Ironshield:
"We have purchased these companies as we believe they have a promising and
exciting future. We have an ambitious development plan for the Business as a
whole and the acquisition allows us to provide the Business with the necessary
financial resources which will, together with management and staff's
expertise, assist it to consolidate its leadership position in Europe and
continue its expansion for the benefit of its clients."

I would be grateful if you can investigate to see whether this is within the law or not.

Yours sincerely,

[phil23] 21/4/2009 08:29

Well I for one will be writing a letter to the relevent bodies.This cannot
be aloud to happen,as previously posted this will put off many an investor
in any company and is a disgrace.So i urge you all to do what you can to bring this to the attention of the authorities.

[boffster] 21/4/2009 07:58

Like firebomb their HQ? :o)

Seriously I don't think anything we do (i.e. get UKSA, press, fraud office to investigate) is going to hurt since it would appear we have nothing to lose.

[taffee] 21/4/2009 07:51

direct action is all you can do to make a difference

[simonshack] 21/4/2009 07:47

hedgefunds again..these vermin should be wiped out not investors