Share Name Share Symbol Market Type Share ISIN Share Description
Axis-Shield LSE:ASD London Ordinary Share GB0008039975 ORD 35P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 469.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 101.7 7.5 11.0 42.5 234.49

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DateSubject
21/10/2011
13:37
gerd212: IMO ASD is now part of Alere so its performance good or bad will not affect ASDs' share price. ASD shares will now range from the minimum price achievable (Aleres 470p) on the down side and whatever a forced buyer has to pay (due to availability of shares in the market) on the up side.
08/10/2011
06:53
slaterlpj: My reply to Dr Gilham ---- for what it's worth, which is nothing I suppose. :) Dear Dr Gilham, Thank you for taking the time and trouble to write to me personally. "Under such circumstances it becomes the Boards fiduciary duty to warn shareholders of that risk and to advise them to accept Alere's offer price rather than risk being owners of valueless shares. I'm sure you wouldn't thank us for advising you to end up in such a situation?" No indeed, nobody would have thanked you for such advice. However, if the news that Axis were in talks with an alternate company (without naming that company) had been announced publicly earlier, that in my view would have been sufficient to sway those wavering shareholders to hold rather than sell to Alere. Had such an announcement been made earlier, the share price would have risen, and Alere would have been denied the opportunity to purchase ASD stock at levels well below 460. Of course many shareholders, might have been assuming, guessing, or speculating that such talks were indeed going on, but that is not the same as, knowing that to be the case. It seems to me that had shareholders known about talks earlier (even just the public mention that talks were underway with an unnamed 3rd party), it would likely have prevented Alere reaching the figure of 29.9%, or at the very least delayed that until closer to their deadline. I think it further likely that previous offerees, would have withdrawn their offer of shares to Alere. This in turn would have made it far less likely, even improbable, that Alere would then have been able to the reach 50% required to delist. I do consider it rather bad form to blame Axis shareholders for the sale of the company for a figure significantly under it's true worth. Yours sincerely slaterlpj Shareholder.
07/10/2011
12:09
slaterlpj: To Axis shield, Subject: Please pass to investor relations. --- Share price sell out. Dear Axis Shield, In light of your recent public announcements, -- first stating how much you believed Alere to be undervaluing ASD at 460p (repeated), -- and then your subsequent capitulation to accept a mere 10p increase to an offer of 470p; -- Don't you consider it appropriate to make a general apology to ASD shareholders for misleading them? Had you not been so publicly adamant in stating that you were not going to accept 460p, or any amount that undervalued ASD, then many shareholders would have taken the opportunity to sell at levels exceeding 470p, and probably close to 500p. Yours faithfully slaterlpj. Shareholder. If I get a reply, I'll let you know. :)
25/9/2011
07:37
soulman: I agree that if the bid is unsuccessful then the share price must surely drop - by how much is the question/worry? I was tempted on Friday to sell half my holding because of this concern. However I didn't because I can't help feeling that Alere are trying to get ASD on the cheap (who can blame them)by using the current general market weakness to make their offer look generous and to make investors nervous. Also having held ASD shares for some considerable time I don't want to sell now and then see the share price much higher in a few years time. I know ASD have promised much over the years and the share price has often got ahead of itself but the financial numbers keep getting better and I have a feeling in my bones that during the next few years one's patience could finally be rewarded.
24/9/2011
07:56
soulman: Whilst it is true that the share price has not been above 4.60 for .c 10 years it is also true that the share price almost reached 4.50 a few years ago.
23/9/2011
06:16
edgar3: NO INCREASE IN OFFER 22 September 2011 CASH OFFER BY ALERE AS HOLDINGS LIMITED ("ALERE AS HOLDINGS" OR THE "OFFEROR") A WHOLLY-OWNED SUBSIDIARY OF ALERE INC. ("ALERE") FOR AXIS-SHIELD PLC ("AXIS-SHIELD" OR THE "COMPANY") STATEMENT REGARDING AXIS-SHIELD Since Alere's Rule 2.4 announcement on 6 July 2011, Axis-Shield has released a number of announcements, including its Interim Results for the six months ended 30 June 2011 (the "Interim Results") and its shareholder circular (the "Defence Document"), none of which, in Alere's opinion, have revealed any material new information. Alere is disappointed that neither the Board of Axis-Shield, nor its advisors, have held any discussions or sought to engage with Alere, since the date that Alere announced its firm intention to make an offer for Axis-Shield. The Board of Alere believes that the terms of the cash offer made by Alere AS Holdings to acquire the entire issued and to be issued share capital of Axis-Shield of 460 pence per Axis-Shield Share (the "Offer") represents a compelling value proposition with a high degree of certainty. Between 6 July 2011, being the day Alere announced a possible offer for Axis-Shield and 21 September 2011, being the latest practicable date prior to publication of this Announcement, equity markets have been subject to significant volatility with Axis-Shield's key industry peers trading on average approximately 21 per cent. lower. Alere believes that Axis-Shield's share price is trading at current levels primarily as a result of the Offer and not due to underlying fundamentals. The Offer represents a substantial premium of approximately 37 per cent. to the Closing Price of 335 pence on 5 July 2011, being the last Business Day prior to the announcement by Alere of a possible offer for Axis-Shield and a significant premium to the target share price that UK research analysts had published in respect of the Company prior to that time. In contrast with the value certainty provided by the Offer, Axis-Shield Shareholders are being asked to put their faith in possible future value creation by management based on the successful execution of a strategy that has significant execution, regulatory and market risk and uncertainty. In light of the above, Axis-Shield shareholders may wish to consider the following: Offer represents certainty of cash at a time of significant economic uncertainty and market volatility • the Offer enables shareholders to realise the value of their shares in cash at a time of continued economic uncertainty and significant stock market volatility; • prior to the announcement by Alere on 6 July 2011, Axis-Shield's three month weighted average share price was 328 pence per Axis Shield Share. In addition, the share price performance of Axis Shield's key industry peers has declined on average by approximately 21 per cent. since 6 July 2011; Significant regulatory and execution risks may remain with the standalone company • Axis-Shield's predictions for the success of the Afinion platform in the US are predicated on achieving important regulatory milestones. There continues to be significant execution risk in obtaining the required approvals and a lack of clarity on the timing of when these approvals might be obtained; • Alere believes Axis-Shield lacks the global infrastructure, scale or sales force capabilities which may be required to meet its product roll-out ambitions; No other bidders have publicly announced their interest • currently, no other potential bidder has announced an interest in Axis-Shield despite Alere's interest in the Company being public since 6 July 2011; • in the absence of an offer, Alere believes that there is a strong possibility that Axis-Shield's share price would fall significantly below its current share price; and Alere will remain financially disciplined • Alere will remain financially disciplined and will only pursue acquisitions which would provide an appropriate return to its own shareholders. The Offer enables Axis-Shield Shareholders to realise the value of their shares in cash at a time of continued economic uncertainty and market volatility whilst avoiding the risks of continuing to hold Axis-Shield Shares. Risks of continuing to own Axis-Shield Shares 1) Future value creation is, in part, dependent on FDA 510(k) clearance and CLIA-waiver approval for Axis-Shield's lipid panel assays. Such clearance and approvals may have significant execution risk with outcome and timeline uncertain. An example of this uncertainty was highlighted by Axis-Shield on 21 December 2010 when the Company confirmed that its most recent CLIA-waiver application on Afinion Albumin/Creatinine Ratio was denied after nearly two years with the FDA. The Company has also stated that it intends to make a 510(k) submission in "late 2011/early 2012" with analysts assuming that the lipid panel assays will not make a meaningful contribution to revenues until 2013, at the earliest, assuming CLIA-waiver approval is obtained within twelve months following FDA clearance of the 510(k) submission. 2) Will Axis-Shield achieve its potential in the US, the largest point-of–care market in the world, through its distribution network? Axis-Shield has a limited direct presence in the US. With only 18 direct sales people in the US (as per the Interim Results), Axis-Shield relies upon a third party distributor for placements of its Afinion platform. Alere believes such a distributor-led model is likely to have significant limitations. Given the importance to future growth the Company has placed in the US market, shareholders may wish to ask whether the Company's limited direct presence and sales force can ensure that its US commercial strategy is a success. Despite Axis-Shield's optimistic commentary in its Interim Results on the success of its US sales force and Afinion placements, shareholders should ask if Axis-Shield's US strategy is working given that Axis-Shield's US revenues amounted to only 14.9 per cent. of its total revenues in H1 2011 and grew by only 1.9 per cent. from H1 2010. Alere also notes the press release from ITC Nexus Dx, dated 13 September 2011 that John Sperzel has been appointed as Chief Executive Officer of ITC Nexus Dx, a global provider of Point-of-Care testing systems and advanced diagnostic solutions. John Sperzel was previously the President of Axis-Shield Inc. in the USA, a market that Axis-Shield has stated is important to achieving its growth ambitions. 3) What are the real prospects of an alternative bidder emerging and who might that be, given that Alere approached Axis-Shield on 7 June 2011 and then publicly disclosed its interest in Axis-Shield on 6 July 2011? No other potential bidder has yet made a public announcement of a possible or firm intention to make an offer for Axis-Shield. It is possible that some potential bidders may be discouraged from making an offer due to economic uncertainty and the stock market's current volatility. 4) If the Offer were to lapse, where would the Axis-Shield share price be trading? Prior to the announcement by Alere on 6 July 2011, Axis-Shield's three month weighted average share price was 328 pence per share. Alere believes that the current level of the Axis-Shield share price is largely attributable to the Offer and that the Axis-Shield share price may fall significantly below its current level, in line with the recent performance of its industry peers, if the Offer were to lapse. In fact, in light of the recent economic uncertainty and market volatility, the share price performance of AxisShield's key industry peers has declined on average by approximately 21 per cent. between 6 July 2011 to 21 September 2011, the latest practicable date prior to publication of this Announcement. Alere would also highlight that, prior to 5 July 2011, being the last Business Day prior to the announcement by Alere of a possible offer for the Company, shares in Axis-Shield have not traded at or above 460 pence per share over the last 10 years. Axis-Shield Shareholders may wish to consider whether the Defence Document is convincing as to when the Company's share price will reach 460 pence in the future, in the absence of an offer. 5) Alere will remain disciplined on price and will only pursue acquisitions at a price which would provide an appropriate return to Alere shareholders. In Axis-Shield's Defence Document, the Company highlights precedent Enterprise Value/Revenue multiples as an important valuation metric. Alere does not regard this as credible. Not only are revenue multiples less relevant than other valuation metrics which are based on profitability, they fail to take into account the different nature of Axis-Shield's revenue streams, each with structurally different margin profiles. In particular, Alere believes that Axis-Shield's distribution business, which comprised approximately 30 per cent. of the Company's turnover in 2010, has lower margins than its other businesses. In fact, the Offer represents a compelling last twelve months ("LTM") Enterprise Value/EBITDA multiple of approximately 16.2x. In addition, Ron Zwanziger, Chairman, Chief Executive Officer and President of Alere, said during the recent Q2 2011 Alere trading update: "Investors should expect us to continue to deploy our cash through accretive acquisitions which further expand our global capabilities, but as in the past few quarters, to the extent that acquisitions cannot be made at responsible prices, additional share repurchases will remain an attractive option." Alere believes that the Offer is highly attractive to Axis-Shield's Shareholders and represents a compelling opportunity for Axis-Shield Shareholders to realise the value of their shares in cash at a time of economic uncertainty and market volatility. Commenting on the Offer, Ron Zwanziger, Chairman, Chief Executive Officer and President of Alere, said: "There has been no material new information in Axis-Shield's Interim Results, Defence Document or in any information announced by the Company since then. Alere is offering shareholders 460p in cash now whereas the Board of Axis-Shield is asking shareholders to place their faith in delivering a strategic plan that contains significant execution, regulatory and market risk and uncertainty, which will take many years to realise." Alere reminds Axis-Shield Shareholders that acceptances of the Offer should be received by no later than 1.00 p.m. (London time) / 2.00 p.m. (Oslo time) on 10 October 2011. Axis-Shield Shareholders should carefully read the offer document posted to Axis-Shield Shareholders on 11 August 2011 ("Offer Document") in its entirety before making a decision with respect to the Offer. Unless defined herein, certain capitalised terms used in this Announcement shall have the meaning given to them in the Offer Document. Enquiries: Alere Inc. Tel: +1 (781) 647 390
21/9/2011
10:16
jpjp100: alftupper is probably right that this bid isn't going to succeed I don't agree that both companies will be losers if that is the case. My view is that 460 is too low for now, the potential is there for ASD to be worth much more in a few years from now. A lot of holders have ridden this particular roller coaster for a long time now and their expectations are high. The share price could fall away considerably if this offer lapses, I don't doubt that. I don't think Alere loses out either, it has a chance to sit back and potentially benefit from ASD's growth in the future, maybe bid again or sell out to another bidder later. I don't think ASD will be an independant company 5 years (or less) from now. My own view is that 560p would easily buy ASD today and still probably would in 18 / 24 months time.
02/9/2011
07:51
edgar3: Dear All, ASD's defence seems to be watertight. Surely if some of the big shareholders were going to accept, they would have done so by now... So assuming the bid fails there are, presumably, three options: 1.Alere disappear completely; 2.They do nothing for 6 months, wait for the share price to drop, and then increase their bid hoping that the share price fall, and an increased bid, persuades more shareholders to accept; 3.They make an increased bid in the short term - leading to an increased share price in this period. My inclination is option 3. Alere seem fairly intent on purchasing ASD - they have secured loan facilities for £300m - and the deal appears to make good commercial sense for them on a number of levels. Their opening bid made great play of the 'certainty' the offer would give shareholders. I took this to mean they were playing on the 'uncertainty' about whether the lipid panel test would be rolled out on schedule (prior to 2012), and whether application (and approval) would be made (granted) by the FDA for the test. In the development of Afinion, ASD repeatedly missed deadlines, so this is a cause for concern. But we are now only 4 months before the end of 2011, and management keep repeating that the test is 'on track'. Taking them at face value, and they would now lose all credibility if the test isn't introduced on time, makes me believe an increased offer is likely in the short term. Once the test is introduced, Alere will lose the 'uncertainty' card, and I believe the value of the company will increase. Agree / disagree? Good luck! Edgar3
12/8/2011
14:10
tratante: hotfinance, while I agree with you that ASD share price share price will increase in the long term, I am more concerned with the short term at the moment. Particularly in these difficult times I am anxious not to see a short-term profit melt away. SP seems particularly strong today, just following the market up, or might there be another bidder about to emerge? Not an easy call I agree.
21/10/2010
23:49
24jp: I don't post here very often, but i follow this stock. For what it's worth i have to say that annoying as you might find slaterlp, he/she is the ONLY accurate poster here for years. Whatever else you may say, the share price has not performed well at all, and it's true there is no dividend and little prospect of one from what I can see, irrespective of what the board keep promising. The share price is definitely on it's way down again, so either slaterlp knows something, or has enough stock to move the share price by selling, or it's just luck. It really doesn't matter. I agree. This stock is a gamble, and for the moment I have sold out too. I think it is VERY LIKELY that the share price will end up around the 260/70 mark quite soon. I suggest everybody look very closely at doing the same as I and, it would seem, slaterlp has done, sell and buy back at lower levels. Just my humble view of course. :)
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