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Real-Time news about Axeon Hldgs (London Stock Exchange): 0 recent articles
|rrr: 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.
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
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.
|scoby doo: Have their actions today made any profit to the creditors out of the recent share price rise? if so its fraud....|
|borchardt: 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.|
|tomboyb: "The board confirms that it continues to enjoy the support of this lender and
looks forward to announcing to the market the outcome of these discussions in
conjunction with its Preliminary Results. "
bad luck shareholders considering the above was only weeks back. what is surprising is the increase in share price prior to administration. maybe shorts closing?|
|boffster: Obviously AG have been lined up for this and this could well have been leaked. The company's bankers will obviously look after themselves and so would presumably only pull the plug if they could get a pretty penny for the co. Or are you saying that the administrators could value the business at naff all thereby screwing us over, even if the bankers then immediately flog it on for much more? Surely if that were the case it would hardly be a fair valuation.
The only thing giving me hope is the 100% share price increase in the last couple of days.|
|rockraven: A nice little takeover target for someone, surely, in the present climate. Purest UK play on the electric vehicles flavour-of-the-month sector. Is that what's driving it? I can imagine it being snapped up very soon. Or has someone got wind of some Budget Day news favouring Axeon?
Are we about to get one of those RNSs saying "We note the movement in the share price and can confirm we are in negotiations which might or might not... etc, etc.."|
|ghaon: the strength of the share price over the last few trading sessions would seem to suggest positive news to come.....likely that the banking covenants have been sorted for the foreseeable future. Also, the EV mania might be generating some more interest in AXE as would any general recovery in its other markets.|
|robson1974: The sellers on bloomberg filing data have been a couple of small funds (redemptions?) but that looks historic, the main seller is/has been 'Axeon Director holdings', you should be aware that the senior managers jumped or were pushed last year following the share price collapse and it might be reasonable to assume they want to lower their exposure now they are not in charge.
you are right covenant breach is key, but they seem to believe the principal lender is 'on-side' and they have the assets to back the debt through moving working capital into cash... i have my fingers crossed, hopefully the creditors will take note of the jam being put on offer by the governement
Axeon is scottish, so is Gordon Brown, lets hope we have the scottish mafia on side|
Axeon share price data is direct from the London Stock Exchange