Excel Airways Share Discussion Threads

[5928] 01/1/2006 14:33

Based on the issue price of 38.3 Icelandic Krona per share in Avion Group, the entitlement to shares equates to £2.21 per original share in Excel Airways Group in sterling terms. The company was hoping to leave us minority shareholders with a fixed way out of £1.05 per share.

Shareholders must be treated equally and it relies on active rebel shareholders to sometimes point this out to boards who seem to see themselves as being above the law

[5928] 29/12/2005 11:49

The DTI website has a Company Investigation Bureau who look into unfair treatment of shareholders.

[5928] 29/12/2005 11:48

Having emailed the board of Excel Airways and the Press Officer of Avion Group, making it apparent that it was unfair under Section 459 of the Companies Act 1985 to treat shareholders differently, I've been notified that the minority shareholders in Excel Airways will be offered £1.05 in cash again or 6.333185 shares in Avion which is what the direcorate of EAG and Staff trustee funds were offered on 30th June 2005.
The prospectus of Avion as printed will now be wrong as Avion will have 100% of Excel Airways Group not 99.9%.
The owners of 48,152 shares will end up with something tradeable or cash. As Avion Group is the second fastest company in Europe for growth in 2005 there is little question about what people should do ie elect for shares.
It is such a pity one has to get so acrimoneous with the board to get one's entitlements.

[5928] 29/12/2005 11:43

Having emailed the board of Excel Airways and the Press Officer of Avion Group, making it apparent that it was unfair under Section 459 of the Companies Act 1985 to treat shareholders differently, I've been notified that the minority shareholders in Excel Airways will be offered £1.05 in cash again or 6.333185 shares in Avion which is what the direcorate of EAG and Staff trustee funds were offered on 30th June 2005.
The prospectus of Avion as printed will now be wrong as Avion will have 100% of Excel Airways Group not 99.9%.
The owners of 48,152 shares will end up with something tradeable or cash. As Avion Group is the second fastest company in Europe for growth in 2005 there is little question about what people should do ie elect for shares.
It is such a pity one has to get so acrimoneous with the board to get one's entitlements.

[5928] 27/12/2005 12:15

Just like RupertBare on the previous thread, I'd draw to attention of Excel Airways Group shareholders that some of us have been treated differently to others.
The directors like Eamonn Mullaney, Phil Wyatt and Steven Tomlinson who rejected the offer from Avion Group in October 2004 have ensured they and staff trustee funds have been transferred into Shares of Avion Group that is floating soon. Meanwhile, the remaining shareholders of EAG who rejected the offer and in essence back the director's view that the takeover was undervaluing EAG, have been left in the lurch and won't end up with tradeable shares. The inconsistent treatment of shareholders is unfair and I'd like a shareholder action group to be formed. Please provide your email contact details on this thread and I will be in touch. I've already done some legal investigation to get us forward a step in our lobbying.

[5928] 24/12/2005 16:35

If company G has taken over companies R, S T and U. In the cases of T and U company ended with 70% and 85% of the shares respectively.
A large transfer takes place where directors and staff trust funds in Company T agree to transfer their shares into Company G so Company G owns 99.9% of Company T. Likewise for company U it does a deal to acquire the remaining 15% but obtains 100% of the share capital.
Company G then floats but discloses in its prospectus that the purchase sum of the transfer of 29.9% for company T amounted a large sum of share capital.

The 0.1% of shareholders in Company T don't own any part of the floated group but surely have some entitlement to contributions made to the parent company. Is this a correct assumption?
Ie Company G has listed with shareholders being told they have 100% of companies R,S and U but only 99.9% of Company T.
When the interim/final profits are compiled for company G, surely Company R will contribute to them and presumably shareholders are entitled to a piece of the cake. The interesting question is the converse scenario of company R making a loss.

Any corporate lawyer advice would be appreciated.

[5928] 24/12/2005 16:25

As I understand it, Avion Group of Iceland is due to float in the next month. I believe institutional interest has led to the offer being 16 times over-subscribed for their allocation.
At the time of takeover of Excel Airways, 28.8% of shareholders said no. Most of them were management/trustees of staff share funds. It appears that at the end of June, Avion issued $52.5 Million new share capital to take up about 28.7% of the remaining shareholding ie all the management and staff funds were given shares in Avion group in exchange. That left about 0.1% of shareholders in the lurch.
Avion Group is floating declaring 99.9% ownership of Excel. Ie the 0.1% of Excel Airways shareholders will not get anything by the look of it.
The company is now free to do a compulsary purchase but may equally do nothing unless this small minority make a lot of hoo ha about it. There is an EGM at Explorer House near Gatwick.
Any advice from a corporate lawyer as to our rights would be appreciated. If Excel contributes to Avion Group's results, then surely the 0.1% are entitled to a segment of it.

Email addresses of board members/pr people I'm aware of are to lobby are:

[e-mail] which is a Magnus Stephenson
[e-mail]
'[e-mail]'

[markwick] 01/9/2005 12:05

does anyone know when this stock is going to be relaunched and at what price per share could we be looking at?

[daal43] 24/10/2004 21:21

Hi,
I am keeping just one of mine!!!
That will make them cross!!
Daal43

[5928] 24/10/2004 18:07

I have discovered that 26.3% of the board are irrefutibly rejecting the offer which means there is no forced liquidation ie compulsary purchase going to take place. Air Atlanta needed to obtain 90% acceptance to enforce the compulsary purchase. I'll be doing the same as the board as I have come across articles on the web deeming Libra as a company in trouble. Libra sold 40.5% of the shares for c77P in February this year and is now selling another 30% for 105P.
I'll accept that the money is locked but I believe the Icelandic company is buying Excel Airways at a snip from a shareholder(Libra) because Libra is in difficulties and needs to raise cash by selling off its assets.
If we have to wait 5 or 10 years before the company is refloated so be it.

[petebarnes] 22/10/2004 11:30

so is his one taken over by Antlanta now?????????

[muppet99] 15/10/2004 15:34

can anyone tell me where this leaves me.

I have 410, am i forced to sell them ????

Cheers

mupp

[easymoney03] 06/10/2004 20:01

true value 50-70p

[spellbrook] 06/10/2004 10:53

what price will they buy at

[sandbank] 06/10/2004 07:41

This RNS out today obviously explains the savage price drop - a "take-under" perhaps:-

6 October 2004
Excel Airways Group plc
Press Comment

The Board of Excel Airways Group plc (the 'Company') have noted a press article
released yesterday and wish to comment as follows. The board is aware that
talks have taken place between Air Atlanta and Libra (the two major shareholders
of the Company) which could result in Air Atlanta acquiring the majority of
Libra's 39 per cent. shareholding. In this event Air Atlanta would acquire a
majority shareholding and will trigger the need to make a cash offer for all of
the outstanding share capital not already owned by it. The Board of Excel
Airways is aware that the price per share at which the share acquisition would
take place is materially below the current share price.
The Board will keep shareholders informed of future developments.
Contacts:
Teather & Greenwood Limited
Christopher Hardie/Jon Drage 020 7426 9000
Buchanan Communications
Richard Darby 020 7466 5000

[daal43] 04/6/2004 17:24

Hi,
Was the divi a one off or is this going to have a high yield?
Thanks
Daal43

[andy] 25/4/2004 11:49

Invisage,

Interesting post, and nice to see a new company mentioned on this BB for a change.

I see there is a DTG thread, so will read that for further info.

[invisage] 25/4/2004 11:42

Hey Guys,

Just thought id tell you about DART GROUP. - The smart investors' favourite budget airline -

A host of shrewd investors are backing budget airline and distribution business Dart Group with one top smaller companies team buying at the start of this month.

Dart (DTG), which operates fledgling budget airline jet2.com and also offers air distribution services using the same planes, has become a tempting destination after a slump in its share price in the second half of last year.

Heres a few reasons why its a good time to buy now...

* Results in 7 weeks (16th June)
* ISA Stock
* The first half of the year Dart's pre-tax profits rose by 31% to £7.1 million from a 16% rise in turnover
* Company is very cheap with a P/E of only just over 7 and a forward P/E of just over 6
* Offers a healthy 4.7% dividend yield
* Market Cap. 45.70 m
* Shares In Issue 34.49 m
* 3.7% spread
* Directors and Institutions hold 61% of the shares, very few in public hands.
* Loads of cash in Bank
* Jet2 operates from Leeds/Bradford and Belfast with flights to 13 destinations once a Belfast-Prague service is launched at the end of this month.
* 16% (net book value) of the total tangible assets is in freehold property with less than 1% in short term leaseholds
* Airline booking increasing this year, a Very good recovery play considering the stock is on the bottom of its range...



When Dart's fleet of aircraft is not being used to transport holidaymakers they are utilised for distribution services, ferrying cargo, fresh produce and flowers. The company is also involved in freight forwarding at Manchester, Newcastle, east Midlands and London Heathrow.

Cheers
Invisage

[flyboy1] 23/2/2004 23:17

Suspect only very few shares offered becuase the IPO was only ever designed to intially raise some much needed cash for Libra and to offer some credibility to a previously unknown management team and airline.

[daal43] 20/2/2004 19:54

Attempted to buy some today but could only get 100!!!!
This one could really fly if just a few people tried to buy them.

[factsonly] 20/2/2004 15:20

Today's deal reduces the chances of a takeover bid.
Anyone know why EXA can remain listed given only 2.3% of all stock is on the marketplace (i.e. not already held by Libra, (Atlanta) and Management)?
EXA appears to be good solid growth company imho.

[jeff24] 20/2/2004 12:50

I can not fugure out why this stock has fallen so sharply since January. I read the results, they looked very good to me, yet the stock keeps falling.

There seems to be no news flow arund to justify the fall. I would be inclined to expect a sharp rapid rise very soon-assuning nothing untoward happens to check it.

[flyboy1] 31/12/2003 14:06

Not so sure I'd go near this one,the volume of trades does not warrent the movement in price so not really sure that there is any sustainability in the long term but DYOR.

Reading the figures more closely am unconvinced that the actual position 2003 over 2002 is any better, perhaps even slightly worse given that if you dedect the exceptionals for 2002 plus the loan to Libra from the gross profit and the cost of listing the net effect is slightly worse in 03 vs 02. Clearly those buying at present are not really looking into the fundementals of how these figures have been put together before looking at the top line 250% profit increase. The gross 02 profit does not differ greatly from the gross 03 profit, however makes much more sensational reading when you look at the nett position after exceptionals which there were 8.5m odd of in 02 but none in 03. Am still also perplexed by the admin cost reduction, this looks like manipulation of the staff costs, moving some into the 03/04 year to make the figures look better that they really are. There can be absolutely no way their admin costs have halved on increased productivity. The accounts are at this stage unaudited also.

Lastly if you look at this result +13.4m vs. +3.4 (+10m) and then look at Libra (the major shareholders) figures -9.7m CYP (-11.7m GBP)vs. +3.2m CYP (+3.85m GBP)(-15.55m GBP yoy) it really doesn't look that great...looking at it at a group level therefore, in 02 the group made 7.25m GBP and in 03 1.7m GBP, although accept the businesses have been seperated and the EXA shareholders will only look at EXA and not the parent company and group together....I'm just a fussy git....one to watch but not gamble my money on but as I say above DYOR.

[sandbank] 31/12/2003 11:13

FLYBOY1 What's your view of the upside on EXA after analysing the results? Few shares can sustain a run like this one's had over the last 3 days - there has to be a pull back unless it's drastically undervalued - don't you think?