Ablon Share Discussion Threads

[colonel a] 05/2/2013 09:24

Change of management.
What next ?

[praipus] 09/1/2013 20:23

Laxey out


Tracking the rest of their holdings on the WAM thread

[colonel a] 03/1/2013 18:48

And far more today but not a peep to the peeps ?

[typo56] 21/12/2012 18:06

3% of the company traded this aternoon at 20p. I wonder what that is about.

[euclid5] 14/11/2012 13:02

very good letter to the co & makes good business sense so as to lower the discount to the NAV

[dalmeny] 13/11/2012 20:10

Laxey letter to Ablon shareholders:

Monday 12 November, 2012Laxey Partners Ltd
Laxey Letter to Shareholders
RNS Number : 9321Q
Laxey Partners Ltd
12 November 2012

Dear Fellow Ablon Shareholder,

We note the circular dated 7 November 2012 that has been issued by Ablon Group Limited "the Company" following an EGM requisition from Volksbank. Laxey wishes in this letter to set out its response to the letter from the Chairman, which recommends that shareholders vote against all resolutions, namely removing Uri Heller from the board and appointing Wolfhard Fromwald and Marek Modecki.

For some months we have attempted to engage with Chairman Alex Borelli and Chief Executive Uri Heller and get them to address the vast discount to net asset value at which the shares trade. Regrettably, we feel that the response of the Company has been to simply carry on as before, setting unrealistic target prices for asset sales and steadfastly refusing to consider reducing some of the key expenses of the Company.

As stated in the last prospectus issued in March 2011, Mr Heller receives 550k euros as an annual fee, paid through a company, SMS, rather than through an employment contract with the Company directly. This is addition to directors' fees and expenses. Laxey feels that given the performance of the Company, this remuneration is excessive, and now constitutes an unacceptable conflict of interest with other shareholders as it creates a very powerful incentive for Mr Heller to maintain the status quo.

Laxey also considers that given the discount to net asset value at which the Company is trading, asset sales and cash distributions to shareholders should be seriously considered. We do not feel the Company is taking this option seriously, and is prepared to sell assets only at prices which are unachievable in today's market conditions. At the very least, the Board should consider a strategic review of the business in which the new market realities are properly considered and a revised business plan adopted. We have seen no evidence of this occurring.

Given that both Mr Borelli and Mr Heller have known our views on these matters for some time now, and we feel there has been inadequate progress, Laxey feels that the current board must now be changed.

Volksbank has proposed that Uri Heller be removed from the Board and replaced with two individuals who possess senior board level experience in both the property sector and in M&A / corporate restructuring. Such individuals appear to us to be much better placed to conduct a thorough strategic review than Mr Heller, who founded the Company and appears unwilling to countenance selling any of the assets at currently available pricing.

Simply put, we consider that it is now in the Company's best interests for Mr Heller to be removed. We would expect that if elected, the new directors will be undertaking a strategic review of the business, and will be putting into place suitable safeguards to ensure that the interests of Volksbank are not placed above those of all shareholders. We would like the Company to properly engage with all stakeholders, including all shareholders and lending banks. We would like analysis of possible corporate transactions to be undertaken, and a robust analysis of the portfolio performed, including an independent valuation which assesses what the portfolio could be sold for in the short term.

We do not consider the Company is in any position to determine its best course of action until these steps have been taken, and we hope that this situation will soon have been rectified. We would urge you as fellow shareholders to consider very carefully whether this is likely to happen under the current Board, and vote on the resolutions accordingly.

Yours sincerely,

Michael Haxby
Laxey Partners Ltd

[praipus] 10/5/2011 11:50

Just noticed Laxey on the register here. I'm tracking the rest of their holdings on the following ADVFN BB, see post 1

[colonel a] 28/4/2011 09:23

Bargain opportunity or death throes ??
You pays your money.

[stig2] 17/10/2009 00:58

For anyone following I have now sold up which I have a horrible feeling will be a mistake in long hindsight.

I have'nt got the guts to hang in when I really don't know whats going on, though I still maintain there is more to this than meets the eye.

True to form the price rose when I sold and to date the 50000+ shares I sold before the close on the 15th still have not been shown on any trade pages I have seen and it looks like it went in one go and not as a T trade (and they say trading is transparent and straightforward in these modern times:-).

[stig2] 02/9/2009 18:34

200,000 nicely picked up with no ceremony. Anyone know (or think they know) anything??

[stig2] 18/8/2009 19:42

600,000 traded late in the day anyone any thoughts??

[parvez] 11/5/2009 12:51

somethings up here but what??

[stig2] 26/3/2009 11:18

Ours is not to reason why but to sit and hope that it go for the sky. Like I said theres more going on than the buy/sell figures indicate, I just wish I know what it is.

[qwazi] 25/3/2009 17:27

Closed with only 75k traded. Not sure what to make of that really - something must be driving the price up.

[qwazi] 25/3/2009 14:04

30p - 32p, I'm guessing we'll see some big trades later as the volume is still minuscule.

[qwazi] 25/3/2009 11:46

Very strong again today. Now 28 - 29.25, reasonably well bid and essentially nothing offered.

[stig2] 25/3/2009 02:42

I'm still in and still feel that something is going on, there is some very funny horse trading in this share. The price doesn't work as it should do against buy/sells. Thinking there will be some sort of offer eventually and to be honest I thought the price was being walked down to help it, lots of 1800 share sells only to be bought back in 3600 trades at the end of the day but the price always loses more on the sells that it gains from the same buys. Anyway time will tell as always.

[robizm] 24/3/2009 21:20

have been looking but not bought yet.

[qwazi] 24/3/2009 15:57

On the assumption that the seller has been cleared out, what is a reasonable discount for this to trade on? That's an unanswerable question right now, but just for reference, a 90% discount would be 32.7p and an 80% discount would be 65.4p. I think 80% - 90% is probably the range for others in the sector that are not at risk of going bust.

[qwazi] 24/3/2009 15:53

Now 23p - 26p, big rise today. I seem to be talking to myself though.