Aerobox Share Discussion Threads

[scaleyman] 30/11/2007 13:01

dell314, thanks for the commiserations, but as ever you pays your money and yer takes yer chance!!

Be interested (along with many others) if you could kindly list all of pill box aliases!! :) Would certainly top up the filter list.LOL

Really believed in this product, it looked a certain winner in its marketplace, just goes to show how the mighty can fall on one bad decision regarding "edge finishing".

That is of course if the cynic in me will continue to allow me to believe the story??

[family guy] 30/11/2007 10:24

I dunno Dell, if only the Jaberfilter had been functioning correctly eh.

[dell314] 30/11/2007 09:49

Scaleyman - I haven't read the details but IIRC, a special resolution needs 75% to pass it. I believe they can take first vote by show of hands, unless at least two members object and ask for a full vote but it's a very long time since I've read any company law, so you may wish to double check, if it concerns you.

Sorry you lost out here.

As it seems certain that you won't get anything anyhow, I'd be inclined to vote against any mgmt proposal, as presumably all they are doing is making life easier for themselves.

I suppose the downside is that if the winding up process is delayed then it might take longer until you guys can offset the loss against tax.

Good luck with your investments, elsewhere..

Rgds
dell

All IMHO, DYOR etc.

[scaleyman] 29/11/2007 23:31

Anyone sad enough to be going to EGM, please report back here for the rest of us, we could do with a laugh!

[scaleyman] 25/11/2007 19:57

What happens if the shareholders are totally indifferent as this bb would suggest and resolutions are not passed? Do abstentions count as a yes?

[mad mike] 25/11/2007 14:13

scaleyman, a huge thanks to you for typing all that out, and for informing the thread in the first place.

I wonder if the course the Board Directors are taking, means they will not be de-barred from being Directors in future. The winding-up of campanies is not my area of expertise, so I'll have to study the letter more carefully.

Given the years of tax losses the company made, I would have thought the company had sale value by a profitable company reversing into it, to use Aerobox's large tax losses. I saw this happen a lot with split capital investment trusts, which had lots of tax losses. Mind you Aerobox won't be worth a lot even then, but I though I might get a penny back per share!

I had written off my investment, in any case, and made a very large loss. With high risk/reward shares like Aerobox, some you win, some you loss. If only the Board hadn't skimped on the panel machine spec, and if only the price of oil hadn't rocketed, we might all be rich! LOL!!

[family guy] 25/11/2007 07:25

Aerotus - you might want to have a little bit more sympathy for the poor shareholders who got dragged into this basketcase of a company.........especially after you were ramping this with your pals tom2468, Zinco and Jaber.



Aerotus - 17 May'04 - 14:29 - 573 of 28134


turnover growth +4238% (for 2005). LOL!!!! This is AWESOME news! Well done Tom and HaHa to the de-rampers!



Aerotus - 17 May'04 - 14:37 - 579 of 28134


I'm gonna top up more




Aerotus - 17 May'04 - 14:40 - 585 of 28134


Some people also owe Jaber a BIG apology.





regards


Simeon7

[aerotus] 25/11/2007 07:17

Nice RNS! Should see a rise on Monday.

[scaleyman] 25/11/2007 03:07

mad mike, scanner is effed, longhand just for you!

Dear Shareholder

Re: AEROBOX plc ("the Company")

I write to give you an update on the current situation of the Company and its subsidiaries. As you are aware, the Company's shares were suspended from trading on AIM on 15 September 2006 and subsequently delisted six months later, on 15 March 2007.

Due to the Company's continuing financial difficulties, the Board sought to find a suitable party to acquire the company, but unfortunately the Board's efforts in this respect has been unsuccessful. This has resulted in the possibility of an offer of a compromise agreement with the Company's creditors to be withdrawn, and the Company's business is now in a dormant state.

The Company's main subsidiary, Aerobox Composite Structures LLC ("ACS") is in Chapter 11 bankruptcy, and the Board have been legally advised that the Company has no existing economic interest in ACS. The remaining subsidiaries of the Company, i.e. OvocorpLLC and UniversalCore LLC, ceased trading in August 2006 and have remained dormant since that time.The Board have taken professional advice and will shortly be placing the intermediary holding company, Brookspey Investments Inc into Chapter 7 bankruptcy under the US Bankruptcy Code.

In view of the above, the Board has taken professional advice and decided that the best course of action is to wind up the Company by having it struck off. This is a simpler and more cost effective method of dissolving the Company, as opposed to liquidating the Company. In order to achieve this, the Company will have to be converted from a public company into a private company. For this to be done, shareholders' approval will be required.

Currently the Company has minimal funds and the Board's intention is to use these, together with additional sums contributed by the Directors as necessary, to pay legal and professional costs in facilitating the following:

* Convening an extraordinary general meeting(EGM) of the Company's shareholders with a view to passing the resolution converting the Company from a public company to a private limited liability company. The EGM has been set for Friday 30th November 2007 and a Notice is enclosed with this letter.

* On the basis that the shareholders pass the resolutions proposed in the enclosed Notice, the Board can then apply to the Registrar of Companies to dissolve the Company under Section 652A of the Companies Act 1985. Thereafter the Registrar will issue a public notice and dissolve the company 3 months later whereupon the legal entity will cease to exist.

If any creditor or shareholder objects to the Company's dissolution, they can, before the expiration of the 3 month period following publication of the notice, write to the Registrar at:

Registrar of Companies
Crown Way
Cardiff
CF14 3UZ


As there are liabilities outstanding with the UK tax authorities their agreement to this process was important. The Board has therefore sought the initial views of HM Revenue & Customs, and HM Revenue & Customs have indicated that, based on the facts and information provided to them, they are not opposed to the proposed dissolution of the Company.


In addition, the Registrar of Companies has agreed that as there are no funds within the Company, the requirement to submit accounts will be waived for the financial year 2006 and beyond. Once the relevant resolutions have been passed by the shareholders at the EGM, then the appropriate documents will be filed immediately with the relevant authorities. I wish to assure all shareholders that all the available options have been considered by the Board and this route has been identified as the best course of action.


Yours faithfully,

Ray Gibbs
Director

Mike, EGM is to be held at Beachcroft LLP, 100 Fetter Lane, London. EC4A 1BN at 11am Friday 30th November 2007.

[mad mike] 23/11/2007 13:25

scaley, what's the EGM about. I havn't received anything as my (de-listed) shares are in a nominee account (& my broker is cr*p at the moment).

Could you also post the time, date & place of the EGM?

[scaleyman] 23/11/2007 13:08

Anyone got thoughts re EGM, 30/11/07? Reads like turkeys voting for Xmas! :(

[pugugly] 30/9/2007 11:23

Re uS subsidiary for info:- No use to us but appears as though could make it under new management. Only "concern" new web site under construction. I can however find no hope yet for ARX shareholders.

AEROBOX COMPOSITE STRUCTURES LLC

Debtor In Possession

4321-B Fulcrum Way ■ Rio Rancho, NM 87144

Phone: 505-332-7709 Fax: [phone]

www.aeroboxusa.com

PRESS RELEASE

FOR IMMEDIATE RELEASE

Dated: 5th March 2007




AeroBox Composite Structures LLC (ACS), which filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code on 23rd January 2007, has achieved a major milestone in its process to re-organize. On 26th February the U.S. Federal Bankruptcy Court in Albuquerque, New Mexico approved Debtor-In-Possession financing that enables the Company to continue to trade.

Posterus Corporation, an investment company that provides specialist DIP financing, is offering up to $4m in fresh funding to support ACS. This new credit line enables ACS to stand on its own two feet after the collapse of its owner last year.

The funds will be applied both to inventory build up and a capital expenditure investment program designed to increase capacity and to improve productivity and manufacturing efficiencies.

Robert Collins, the court approved Chief Restructuring Officer, stated after the Judge's decision: "This is the best news ACS has had for a long time. The Company is now in the strongest financial position it has been in for years; we are open for business and we are taking orders. ACS has always continued to operate, despite the fact that it has been through the most volatile and uncertain period of its existence. We delivered over 1,500 ULDs in the six months ending January 31, 2007 thanks to the dedication and determination of all of the employees who stuck with us through this most difficult of times. We have continued to manufacture ULDs since filing for bankruptcy protection; we can now give confidence to our suppliers that we can pay our bills; and we can give confidence to our customers that we will be around to honor our spare parts and warranty obligations. With our installed base of AKEs requiring, on average, less than 0.1 repairs per year we believe that we are starting to demonstrate to a mature and cautious industry that our box withstands the rigors of in-service use and delivers tangible value for money. We are keen to let the Industry know that reports of our death have been greatly exaggerated. We are also keen to emerge from these challenges with a renewed commitment to deliver a great product supported by first class customer service; and our new website, www.aeroboxusa.com, will post regular progress in these matters to keep all informed."

The Company is now working on a reorganization plan that it expects to place before the Court in the spring, in anticipation of exiting Chapter 11 in the summer of 2007.


For further information contact:

Robert Collins, CRO, ACS [phone]

Charles Edwards, ACS [phone]

Home

[rongob] 17/9/2007 16:53

Thanks Ian

[ianbrewster] 16/9/2007 14:05

Not yet - the list is published at

[rongob] 16/9/2007 09:29

Does anybody know if these have been listed as negligble value, so i can offset my losses.

[vanhalen] 17/8/2007 21:28

Get out of this pile of poo and buy ROS !!!

[aerotus] 17/8/2007 20:56

Luckily my ARX holding wasn't brought down by the sub-prime debacle.

[aston lynds] 17/8/2007 18:55

I recently rang to speak to Ray Gibbs and told he was out of the office? lost my shirt on this one,yeh your right savogi,should have listened to you! does anyone know whats happened to the factory and boxes?could they/have they resumed production?

[scaleyman] 16/8/2007 09:55

Perhaps you did not reason your case too well? :(