Aero Inventory Share Discussion Threads

[hvs] 11/11/2009 16:19

MDJ8

Waw it free shares they awarded themselves for their fantastic preformance ?

[milacs] 11/11/2009 16:17

Well I guess I learn't an expensive lesson on this one.

NEVER NEVER NEVER invest in AIM shares.

M

[mdj8] 11/11/2009 16:17

You move on if you want to, I want more info to see whether I'll get anything back. Incidentally, the directors did have a good deal of money at risk here, lets hope that encourages them do do what they can for other shareholders.

[still waiting] 11/11/2009 16:03

move on, sh*t happens, pile into a share where directors have put their own money at risk.

NASA fit the bill?

[redips2] 11/11/2009 16:01

im sorry to all that have lost, my 3k gone, some are REALLY out, i tend to bet small and spread it around, eggs in baskets was a lesson i learnt the hard way-- other stuff covering it, hey ho-- bye bye-- red

[hvs] 11/11/2009 15:58

The Directors seem to have been spending money raised in the market.

i.e. Not earnt anything .

How did they get away with it for so long ?

[milesn] 11/11/2009 15:00

Perhaps we should all observe two minutes silence.

[targatarga] 11/11/2009 14:32

noone to sue - anyone corporate will have indemnity insurance up to 10m [sic].

[iomhere] 11/11/2009 14:29

With all due respect to all who would like to help, third party do-gooders don't get anywhere without a big wallet and lawyers cost. Just take things easy and don't rush into anything.

[davidosh] 11/11/2009 14:24

Kramch...I am currently arranging for a lawyer to come to this Mondays Mello event to explain how Action Groups can get together in situations like this. I have no position here but certainly agree with all the thoughts and comments. I think shareholders have to start getting together more and being active.

[iomhere] 11/11/2009 14:23

kramch
Lansdowne Partners Ltd recently had a holding worth approx 23 million before suspension and even the wife of the (human) resources director bought recently so there's plenty of people who'll kick down a door or two if needed. Having said that my modest holding has been a zero on my spreadsheet for the past three weeks. Anything to come will be a big surprise.

[nils214] 11/11/2009 14:13

Sorry to hear about this, happened to me with Energis, directors should be fekin jailed instead of just being fired. Strip them of all their assets!! Don't waste time waiting, put together an action group to represent shareholders! Good luck with your other investments!

[kramch] 11/11/2009 14:09

One moment we're in a company seeking a main market listing, the next it is in receivership. This stinks of gross incompetence or worse. Inventory control is (was) their key task and I was impressed by their stated quality & system control procedures which is why I bought. Having these audit systems should make it clear to see how and why they failed.
I am no lawyer but I would be interested to know what recourse we have to the directors, auditors and quality system assessors and how we go about setting up an action group.

[dawsonpaul] 11/11/2009 13:39

Game Over. Close the door on the way out. Thieves.

[targatarga] 11/11/2009 13:31

Gutted for all, administrators will sell remaining stock for peanuts. Ex directors will retain pensions etc and move on...regards

[hvs] 11/11/2009 13:25

Bevan should be reported to the Institute of Chartered Accountants.

Rupert Lewin has pulled wool over so many eyes.

Bevan and Lewin seem to have done very well.

[sandbank] 11/11/2009 13:23

Well that's it then - the administrators have been called in.



11 November 2009


Aero Inventory plc (the "Company" or the "Group")

Appointment of joint administrators


On 26 October and 3 November 2009 the Company announced that, given the likely breach of its banking covenants it was in discussions with its banks regarding the Group's ability to access credit and their ongoing financial support.


Following recent events and extensive discussions with the Company, the banks have not been prepared to provide additional short term funding to the Company to enable it to continue to trade.


Separately the Company has been actively exploring other financial options to secure working capital to continue to trade and protect value for shareholders. These options have also failed to reach a satisfactory conclusion in the time available.


It is therefore with deep regret that the board announces that it has today appointed James Robert Tucker, Richard Heis and Allan Watson Graham of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB as joint administrators to the Company and its subsidiary Aero Inventory (UK) Limited under the Insolvency Act 1986.


Following the announcement of 3 November 2009 the contracts of employment of Rupert Lewin (Chief Executive), Hugh Bevan (Finance Director) and Martin Dodge (Chief Operating Officer) were terminated, although Rupert Lewin and Martin Dodge remain as directors.


The reviews into the value of stock as well as the accuracy of recent financial reports provided to the banks referred to in the Company's announcement of 3 November 2009 have yet to be completed. These matters are now under the control of the joint administrators.




Enquiries:



KPMG LLP (Joint Administrators)



Patrick Tooher, Head of Media Relations

Alison Anderson, PR manager, KPMG

KPMG Press Office




Tel: [phone]

Tel: [phone]

Tel: [phone]

Aero Inventory


Tel: [phone]

Nigel McCorkell




J.P. Morgan Cazenove



Tel: [phone]

Nick Garrett

Guy Marks

[mdj8] 11/11/2009 13:10

WTF, who can you trust nowadays?

[envirovision] 11/11/2009 12:40

The way I see it is the stock is not really worth anything. Its the same problem no matter what sector your in for service parts. They are only worth money when you need that particular part. Meantime each part is a liability. In the sense of loss of cost of purchase plus marketing and general overheads not to mention costs of storage. No surprise the banks offered no further support.

It will be interesting to see what the Mail on Sunday will say after so vigourously pushing the stock over the last year. Investors chronicle appear to have been the only ones telling people to avoid.

Best of luck to you all.

[rhodesthomson] 11/11/2009 12:40

Hopefully you can use the tax loss in some way. Look at the list of major holders and you'll see some big names in there so the problem has been well hidden. Looks set to be investigated and probed for years ahead with nowt left for shareholders.

[evaluate] 11/11/2009 12:35

Nightmare.

This is going to cost me a few quid.

Do we have any recourse to chase Deloittes on this?

My view is that they have totally failed to do their job here & should be held accountable for our losses.

I bought in good faith on the back of audited accounts.

If the accounts are meaningless, then what point do they serve?

[restassured] 11/11/2009 12:22

Appointment of Administrators (Aero Inventory)





TIDMAI.

RNS Number : 3460C
Aero Inventory PLC
11 November 2009

?




11 November 2009


Aero Inventory plc (the "Company" or the "Group")
Appointment of joint administrators


On 26 October and 3 November 2009 the Company announced that, given the likely
breach of its banking covenants it was in discussions with its banks regarding
the Group's ability to access credit and their ongoing financial support.


Following recent events and extensive discussions with the Company, the banks
have not been prepared to provide additional short term funding to the Company
to enable it to continue to trade.


Separately the Company has been actively exploring other financial options to
secure working capital to continue to trade and protect value for shareholders.
These options have also failed to reach a satisfactory conclusion in the time
available.


It is therefore with deep regret that the board announces that it has today
appointed James Robert Tucker, Richard Heis and Allan Watson Graham of KPMG LLP,
8 Salisbury Square, London EC4Y 8BB as joint administrators to the Company and
its subsidiary Aero Inventory (UK) Limited under the Insolvency Act 1986.


Following the announcement of 3 November 2009 the contracts of employment of
Rupert Lewin (Chief Executive), Hugh Bevan (Finance Director) and Martin Dodge
(Chief Operating Officer) were terminated, although Rupert Lewin and Martin
Dodge remain as directors.


The reviews into the value of stock as well as the accuracy of recent financial
reports provided to the banks referred to in the Company's announcement of 3
November 2009 have yet to be completed. These matters are now under the control
of the joint administrators.






Enquiries:


+-------------------------------------------+--------------------------------+
| KPMG LLP (Joint Administrators) | |
+-------------------------------------------+--------------------------------+
| Patrick Tooher, Head of Media Relations | Tel: [phone] / 07831 |
| Alison Anderson, PR manager, KPMG | 314 671 |
| KPMG Press Office | Tel: [phone] / 07733 |
| | 453 065 |
| | Tel: [phone] |
+-------------------------------------------+--------------------------------+
| Aero Inventory | Tel: [phone] |
+-------------------------------------------+--------------------------------+
| Nigel McCorkell | |
+-------------------------------------------+--------------------------------+
| J.P. Morgan Cazenove | Tel: [phone] |
+-------------------------------------------+--------------------------------+
| Nick Garrett | |
| Guy Marks | |
+-------------------------------------------+--------------------------------+







This information is provided by RNS
The company news service from the London Stock Exchange
END

MSCGGMMMZMRGLZM

[hvs] 11/11/2009 11:04

Hey Dibbs,

U upset ? I is as normal as they come.

[mdj8] 11/11/2009 01:36

Bizochio, no point in thinking TD Waterhouse know any more than we do. For the time being the shares can't be bought or sold so it's fair enough they put the value to zero and by doing so they'll avoid making any mistakes with any holders on their books such as lending against them or something similar. This waiting for news is rather trying though.