Aero Inventory Share Discussion Threads

[value viper] 03/11/2009 17:22

what to say really.

[masurenguy] 03/11/2009 17:17

Value Viper - 3 Nov'09 - 1789: this is another AIM shocker.

Well they had already announced plans to move to the main market earlier this year !

[hvs] 03/11/2009 17:14

Says it all doesnt it ?

ceo was well regarded

Not by todays STUFFED shareholders. He only made money his CITY chums.

[value viper] 03/11/2009 17:07

this is another AIM shocker. well capitalised business which will have featured a fair bit in IHT portfolios. ceo was well regarded i thought and now looks like the existing senior bods will be dismissed ? always highly geared and risky accordingly but wasnt expecting this. numis as recently as 21/10/09 had a buy rec on it. looks like some people's fears have truly come home to roost; a reminder of the risks we all take playing the game.

[simon gordon] 03/11/2009 17:07

Alphaville - 3/11/09:

Mayday call from Aero Inventory

[masurenguy] 03/11/2009 17:05

The auditor was Mazars.

[evaluate] 03/11/2009 16:55

Masurenguy.

Could you let ne know who the auditors were on your previous company?

It wasn't Deloittes by any chance was it?

[envirovision] 03/11/2009 16:29

Oh dear, it looks like they need to call Kroll in imo. The company cant even access credit. I'm afraid shareholders may lose their shirts then.

I'm really sorry to hear that and so glad I sold out back in September for a 30% profit, though with regret I now have to delete it from my watch list.

Good luck to anyone still stuck with these shares.

[hvs] 03/11/2009 16:21

How will it GET SORTED when stock value will be less than borrowings ? Thats what this last statement seems to say in very flowery language.

And what is left of the stock not shifting either.

[typo56] 03/11/2009 16:17

If this does get sorted out I can't imagine there being much left for existing shareholders.

[qs9] 03/11/2009 16:15

Blimey, looks worse than originally thought

[hvs] 03/11/2009 16:03

Thats right.

CLOSE THE DOOR after THE HORSE HAS BOLTED.

Where could the stock be ? Golders Green ?

[boll] 03/11/2009 13:05

Problem is bigger than everyone thought - beggars belief that a company can mange stock on behalf of customers without a proper stock management system!!

[hvs] 03/11/2009 12:52

What they are SAYING is WE HAVE STUFFED THE SHAREHOLDERS.

They use very NICE LANGUAGE IN THE CITY.

[martinc] 03/11/2009 12:48

Oh dear!

It isn't clear to me from the RNS whether they mean the problems are broader in type, but still applicable only to the single tranche of inventory purchase referred to previously, or whether they mean their entire inventory stockpile is overvalued, and in part gone missing. In which case the mind boggles at what must have been going on.

[hvs] 03/11/2009 12:44

lol !!!!!

Certainly is the Best of British. Couldnt do better than No 10 and No 11
put together.

Now they have appointed SWAG.

Where has THE CASH GONE.

The BOARD has to face CHARGES OF MISREPRESTATION if I am not mistaken .

[djpreston] 03/11/2009 12:43

Update re Suspension. Doesnt look good:



Extracts:

The preliminary results of the ongoing accounting and stock reconciliation investigations show that the stock valuation issue highlighted in the previous announcement is now broader than first thought. The issue appears to involve not only the accounting book value of stock but also in some instances physical quantities. The Board is also reviewing the accuracy of recent financial reports provided to its banks.

These reviews are ongoing and the consequences whilst being evaluated still remain uncertain.

Discussions with the Group's banks continue. In particular the Group is waiting to hear from its banks regarding the Group's ability to access credit and their ongoing financial support.

The board is reviewing the positions of Rupert Lewin (Chief Executive), Hugh Bevan (Finance Director) and Martin Dodge (Chief Operating Officer).

[evaluate] 03/11/2009 12:42

Bad news chaps.

Problems are worse than initially thought.

Looks like there are issues with quantity as well as value per item.

Looks like they are going to get rid of the current top 3.

I have to say that the current CEO & FD have to go.

They are eitehr incompetent or crooked.

Big questions for Deloittes too.

Seriously looks like they have made a hash of this account.

I put my trust in their ability to ensure robust stock valuation.

Seriously not happy that they have allowed this to happen.

[pbracken] 03/11/2009 12:42

Looks pretty bleak following today's update. Looked at AI several times and thought I'd missed the boat. Glad I did. But there is obviously a half-decent business here. It just depends on how big the inventory valuation and quantity holes are, and how dim a view the creditors take of the debacle.

Best of British.

[someuwin] 03/11/2009 12:41

TIDMAI.

RNS Number : 8668B
Aero Inventory PLC
03 November 2009

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






Further to the announcement on 26 October 2009, the board of the Company is now
providing an update.


The preliminary results of the ongoing accounting and stock reconciliation
investigations show that the stock valuation issue highlighted in the previous
announcement is now broader than first thought. The issue appears to involve not
only the accounting book value of stock but also in some instances physical
quantities. The Board is also reviewing the accuracy of recent financial reports
provided to its banks.


These reviews are ongoing and the consequences whilst being evaluated still
remain uncertain.


Discussions with the Group's banks continue. In particular the Group is waiting
to hear from its banks regarding the Group's ability to access credit and their
ongoing financial support.


The board has made the following appointments. Colin Trupp, previously Business
Development Director, has been appointed as acting chief executive and Swag
Mukerji has been appointed on an interim basis with responsibility for the
Groups financial operations. Swag Mukerji is an experienced finance director
having previously worked with the Priory Group and Biocompatibles International
plc.

The board is reviewing the positions of Rupert Lewin (Chief Executive), Hugh
Bevan (Finance Director) and Martin Dodge (Chief Operating Officer).


Further announcements will be made in due course.

[mdj8] 03/11/2009 09:03

Thanks 40KJ, thats useful and helps put things in perspective. Hamworthy carried on and continue to prosper. I suppose one major difference though is the potential scale of the issue. Let's hope it's manageable.

[40kj] 02/11/2009 21:53

I'm no expert, but:

I have a recent holding in Hamworthy plc, HMY. and note the resignation of PWC as auditors in 2008, for what appears to be similar problems.

I refer to the PWC letter on the HMY website.



Can anyone remember this and add anything. It seems to me that this AI. problem may be no worse, with hindsight in future years. Unfortunately it came at a time when accounts were due and resulted in a breach of covenant re borrowing, therefore resulting in suspension of shares.

Similar capitalisation of company and good apparent growth in both cases.

[ggekk0] 02/11/2009 21:00

If you're short of cash why do you:
1) Pay an interim dividend of 6P
2) Sit on a $100M IOU

They obviously made the people in Canada redundant as they have just reduced their dealings in Canada by selling back $100M worth of stock to Air Canada; therfore less buyers required!

What is concerning is how this stock FU not only got through the due diligence when purchased, but also a year end stock take! That's at least twice it's been audited!!!!!