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AI. Aero Inventory

264.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Aero Inventory LSE:AI. London Ordinary Share GB0004440847 ORD 1.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 264.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Aero Inventory Share Discussion Threads

Showing 2676 to 2695 of 3175 messages
Chat Pages: Latest  115  114  113  112  111  110  109  108  107  106  105  104  Older
DateSubjectAuthorDiscuss
25/11/2009
10:39
Nb - have just sent you a short e-mail there. K.
kramch
25/11/2009
08:29
AeroActionGroup@yahoo.co.uk

Mail me there and I will co-ordinate.

nutsyboy
24/11/2009
21:55
Nutsyboy - much appreciate your offer to set up an AI Action group. We PI's need to be ready to make ourselves heard if it looks like procrastination tactics ready for a quiet burial.

There is another sorry tale of management incompetences from an AI supplier on another board. I know he has an axe to grind, but it's the same unbelievable story of breakdown of inventory management.

When you set up the e-mail address I will post it over there if OK? K.

kramch
23/11/2009
21:23
milacs, I sold 60% of my holding when the RNS re the delayed results was put out. As I said at the time, poor figures always take longer to add up than good ones. However I still lost £8,000.

I emailed the AIM guy and gave his email address to kramch. I also emailed JP Morgan Cazenove. So far, neither has replied.

tday
23/11/2009
19:50
Bizochio

I too held onto mine for the same reason. We were totally misled by the RNS which said that the results were being delayed because the company was seeking admittance to the main market.

Without that statement I would have sold.

M

milacs
23/11/2009
11:28
Big pay days for AIM
investinggarden
23/11/2009
11:24
IMO there's little point in setting up any kind of shareholder's 'committee' until the contents of the report from KPMG is available.

I'd be happy to lead the 'AI Action Group' and I will set up a dedicated email address for this purpose and post it here later on as a first step.

I have around £11,000 worth of shares to pledge to the cause...

nutsyboy
22/11/2009
18:04
They have to make an announcement within 8 weeks as to the intentions of the "Administration". All shareholders will be notified.

Other than that I'm not too sure what their reporting duties are? Whether we get to see the restated accounts and those for this financial year I'm not too sure.

ggekk0
22/11/2009
16:18
I e-mailed the Chairman of AIM on Monday 16th Nov. I have not had a reply to date so will follow up this week.

I cannot see that anyone has set up an action group or anything similar to date, if anyone has, please let us all know.

There are prima facea signs of management misleading investors and incompetent auditing. So it is important the stock exchange shows publicly that they are looking into it, and it will not allow it to be quietly buried. It might also increase KPMG's preparedness to sue the auditors if justified.

Does anyone know when the administrators have to \ plan to report to shareholders?

Comments and ideas welcome, K.

kramch
20/11/2009
11:36
IC's article on Aero:
milesn
19/11/2009
14:24
atopic not yet raised here is the attitude, thoughts and concerns of the airline customers.
if i was the parts/purchasing director of one of the airline customers i would be very concerned that my main supplier had gone bust because it could not account for my supplies correctly.how do my records compare with aero's?

cnx
19/11/2009
14:24
atopic not yet raised here is the attitude, thoughts and concerns of the airline customers.
if i was the parts/purchasing director of one of the airline customers i would be very concerned that my main supplier had gone bust because it could not account for my supplies correctly.how do my records compare with aero's?

cnx
19/11/2009
14:18
assuming the administrator's findings indicate against deloitte and assuming a market cap of #140 million, surely an investors group led by the institutional investors (+/- 50%) could sue for this amount. this is small beer to deloitte assuming indemnity insure and certainly not grand in todays racey figures. of course we would need an admission of guilt and a low profile out of court settlement.
wishing us all well

cnx
19/11/2009
12:42
TDay... I don't think ADVFN will. Had a Co called Bluewater which delisted but you can still post on this thread.
ted32
19/11/2009
12:39
You can always set up a thread over here...
davidosh
19/11/2009
12:32
Once ADVFN closes down this BB - probably in a couple of weeks - how will we shareholders continue to communicate with eachother?
tday
19/11/2009
12:31
Having previously emailed Marcus S, head of AIM, I now propose to contact AI's former Nomad - JPMorgan Cazenove.
tday
18/11/2009
14:03
rat attack - 18 Nov'09 - 11:27 - 2020 of 2020: I trust the LSE, FSA, SFO can both learn something from this debacle and come down hard on those responsible. The loss that might be suffered by many small shareholders is bad enough but it also does a disservice to all those well managed AIM companies (of which there are many) who are doing their best to get through the current recession and attract investor interest.

Well said - although I wouldn't hold your breath waiting for any of the organisations that you have listed to "come down hard on those responsible."

masurenguy
18/11/2009
11:27
AERO INVENTORY (AIM:AI.) UPDATE

Creditors and shareholders look to Jim – let's hope he's 'Lucky'!

17th November 2009
Investor's Champion Ltd Langwood House, , 63-81 High Street. Rickmansworth, Herts WD3 4DZ www.investorschampion.com

It was reported in yesterday's Financial Times that the aircraft parts wholesaler that went into administration last week has received 25 expressions of interest from potential buyers. Let's hope the administrators don't have to spend too much time and money exploring all the various approaches!

Jim Tucker, the KPMG partner and lead administrator said he was in early stage
discussions with parties including both trade and financial buyers about purchasing all or part of the struggling company. Mr Tucker is apparently of the opinion that it could take between two and three years to stabilise and turn round the business – not terribly encouraging for a buyer and perhaps an indication that 'the business' as a going concern is surely just about
worthless, with the only value residing in the stock!

I trust the LSE, FSA, SFO (a worrying number of 3 letter acronym organisations)
can both learn something from this debacle and come down hard on those responsible. The loss that might be suffered by many small shareholders is bad enough but it also does a disservice to all those well managed AIM companies (of which there are many) who are doing their best to get through the current recession and attract investor interest.

Senior management of Aero Inventory has enriched itself over the past few years at the expense of shareholders. As we reported previously, the Executive Directors received in aggregate US$5.3m in 2008 and US$3.6m in 2007. Wouldn't it be a nice gesture if they contributed to the administrators' fees – one can but dream! It's generally tough for small shareholders to go after the Directors so they will have to rely on those three letter acronyms referred to previously to act on their behalf. Having paid themselves handsomely over the past few years one can't argue that Directors wouldn't be able to finance a defence.

- Noticeable lack of support from the nomad/house broker
JP Morgan Cazenove, the group's nomad and joint broker, somewhat surprisingly
doesn't appear to have issued a research note on the business for a considerable
time or perhaps they have only distributed this to chosen clients! This appears highly unusual as the house broker can usually be relied upon to offer whole hearted support

– when did you last see a 'Sell' note from an AIM house broker!
I'm not sure of their other nomad appointments; however, I didn't think AIM was a speciality for the City blue bloods. With JPMorgan Chase set to take ownership
of Cazenove, senior figures at 'Caz' apparently stand to make huge gains from
the sale. Chairman David Mayhew is supposedly set to receive the largest
payout, of £18m-£19m. Perhaps Mr Mayhew and his colleagues might also like
contribute to the administrators' fees or even support an Aero Inventory
shareholder compensation fund – I know, dreaming again! I see that Goldman Sachs
has pledged US$500m over five years to help 10,000 US small businesses perhaps
Cazenove might like to initiate something in the UK!

Let's hope the LSE will have a good look at the actions of the nomad. We would
suggest that small shareholders might liketo write to the LSE pointing out their
responsibilities – please visit the following link for direction in this regard:
www.londonstockexchange.com/companiesandadvisors/ aim/advisers/rules/regulation.htm

Everyone is pointing the finger at the auditors and one has to wonder how they
conducted their last stock checks. Let's hope the Financial Reporting Council
('FRC'), who is charged with monitoring and enforcing these auditing standards, is called in. The auditors should be liable for any breach of their own duty of care and should also surely remain fully liable for losses directly caused by their negligence and misfeasance,

- What can shareholders realistically hope for?
The market capitalisation of the business prior to suspension was £138m. Net asset value at 31st December 2008 was US$311m, or approximately £185m applying the current £/$ exchange rate. However, we already know that stock in the
books at US$752m at 31st December was a work of fiction. There were US$48m of
intangibles in the net asset value which should also be disregarded. Lopping approx US$75m off the stock value (can it really be that material?) and disregarding the US$48m of intangibles would leave net assets of approx US$213m.
The group reported a pre-tax profit of US$33.1m for the 6 months and the most
prudent (clearly not prudent enough!) forecasts suggested full year pre-tax profits for the year ending June 2009 of approximately US$78m. Stock valuation
issues notwithstanding, if results were going to be materially worse than market
expectations management should surely have issued a trading update; no such
update was issued. In their interim results announced on 16th March 2009
management commented that 'Our existing business continues to trade broadly in line with management expectations' and 'the outcome for the year is still anticipated to be satisfactory'. Can one therefore hope that profits (prior to stock write offs) are not materially worse than at the interim stage Allowing for further write offs would result in a net asset value of approx US$180m or
£107m, some 77% of the current market capitalisation.

In breaching its banking covenants some dreadful penalty has, no doubt, also been triggered, lopping yet more off the reserves and NAV. Net bank debt at 31st December 2008 was US$467.1m but management also stated that since this time they had made progress in reducing stock levels (you're telling me!) with a sale of stock to Air Canada for US$100m. In Feb 2009 they also raised £11.9m (before expenses) through an institutional placing which must also have helped.

One can only hope that the bank's decision to stand firm and leading shareholders' reluctance to throw good money after bad may ultimately be supportive in salvaging something. All things considered, it's surely hard to
contemplate that matters deteriorated to such an extent that net assets are less than £60m, implying there is still some hope for shareholders. However, those in the market for aircraft parts will be relishing theopportunity to pick up stock cheap from a distressed seller which isn't going to make 'Lucky Jim's' task any easier!

As things stand most shareholders will probably be delighted with 40pence in the
pound, unfortunately I don't remember shareholders receiving a bean from other
recent AIM implosions. However, the extraordinary nature of the Aero Inventory
mess – 'Buy' to 'Bust' in a matter of days – suggests that anything is possible.
We would implore small shareholders to write directly to the London Stock Exchange expressing their concerns over the actions of management and indeed the advisers.

rat attack
17/11/2009
19:52
Another chief exec from the banking industry who fancied himself as a miner also managed to achieve suspension at his company this afternoon - MTL.

Btw, that is an AIM company. (No surprise there.)

randolph and mortimer
Chat Pages: Latest  115  114  113  112  111  110  109  108  107  106  105  104  Older

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