Share Name Share Symbol Market Type Share ISIN Share Description
Alltracel Pharmaceuticals LSE:AP. London Ordinary Share IE0030515666 ORD EUR0.0125
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 13.82p 0 05:31:00
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown 17.9

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Date Time Title Posts
14/6/200809:46Alltracel 2007 - The year of share holder value2,283
27/12/200611:39Alltarcel 2007 - The year of change5
27/12/200608:01Alltracel 20061,151
06/7/200613:10Alltracel - New 2005 Thread2,163
12/5/200615:46Alltracel Ph plc2

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alimo: I hope this gives an idea of what happened on the 4th. ALLTRACEL? – IT'S A SCRUM 5! Everywhere you go in Dublin, the visitor is reminded of the quality of rugby played in this country. Ah, those were the days, when my visits were rewarded with victory, against the odds! On that Friday, Shareholders turned up at Fitzpatrick Castle Hotel, Dublin, to the Court Meetings, to take the offensive against a trio of 'Independent' Directors who have all but given the Alltracel keys to Hemcon from Portland, U.S.A., for not far short of free. The 'Independent' front row trio were there to justify their weak reasons for taking Alltracel private, and out of Irish Control, and out of shareholder control as well, and they repeatedly fell back to their 'own goal' line, with their unseemly confident repost – let the shareholders decide; likened to a defensive touchdown in goal, to get a breather and regroup. The referee has to refer it all to the judges at the High Court, for, on the face of it, it would appear to the educated observers, that the flankers have been busy working to make the Hemcon take-over a success, despite all the protests of shareholders. There may have been about 45 people in the first Court Meeting, comprising shareholders, and a team of others who must have qualified to get in under some pretext or another. One of the others had to be the company legal adviser or coach, with actions similar to a bookie's runner as his hand signals were given to the trio, influencing which questions should or should not be answered. After considerable calls for penalties by the anti-Scheme team, the formalities allowing Computershare Investment Services (CIS) to collect the 'In Person' proxy voting slips, went ahead. Then without hearing from CIS about which way these 'In Person' votes were cast, we were told how many proxies had been sent in and the number of shares these represented. Out of 276 proxies sent to CIS, 220 were FOR and 54 were AGAINST. The total FOR votes of shares only represented 50.1% of the total Alltracel shares of 142+ million. Knowing how many small investors have been 'injured' by the 14p offer, one was left in wonder at the quality of stitching used. This first Court Meeting was adjourned about an hour later than expected, but the second Court Meeting, held to consider the voting of the Management Class under the Scheme was adjourned in record time. The EGM followed immediately, and CIS collected the blue forms representing the 'In Person' voting, cast either FOR or AGAINST the Ordinary Resolutions. Then the Chairman announced, sensing victory, despite being trapped on their 'own goal' line, that the share count FOR all the Resolutions came to 94.7% of the total EGM proxy count. Wow! That seems pretty impressive, but, only 43% voted FOR out of all the 142 million company shares. Before this meeting adjourned, the shareholders succeeded in their request for a show of hands, FOR and AGAINST the Resolutions. By 12 votes to 8, shareholders voted AGAINST each of the four Ordinary Resolutions. So, the playing field was chosen by the company, and out of the many questions that saw play going back and forth, perhaps five are worthy of mention: 1. Were all the 'Independent' Directors truly fit to play for the company? More to come! 2. We were told by the 'Independent' Directors not to believe the 22nd February 2008 report we read on the Portland (USA) Business Journal website, where it was reported that "The two companies started doing business together about one year ago. Acquisition talks started soon after". Alltracel 'Independent' Directors are on record in the Scheme document saying, 'to the best of their knowledge and belief' negotiations did not commence until Hemcon's first approach in December 2007! Confused? Many are concerned that even the statements don't match up. Maybe the High Court can sort this out, for if we are being misled on this matter, then who's to say what we can believe of all the rest! 3. Why was, and still is being withheld, share price-supporting information withheld from shareholders at such a crucial time as this? Yet management allowed due diligence to go ahead in December to enable Hemcon to have all the information, denied to shareholders; the very information shareholders were waiting for, with great patience. 4. How is it possible that directors, who have sanctioned expenditure of probably over £65million, over 12 years, on R & D and other costs, are able to rush into selling the company to Hemcon for an agreed £20.8 million? Shareholders have stood by the directors, so why is there what seems like indecent haste to give it all away, especially when the company is reported by the 'Independent' Directors to be in a general position of strength, not weakness? 5. Why did we start hearing in the week leading up to the Court Meetings from shareholders that were having trouble accessing the Scheme document and proxy forms? The excuse from their nominee account managers, explained they had heard the Scheme was a merger, and a done deal, so there was no point in sending out the documents. Perhaps, because most private investors are in nominee accounts with the large financial managers; just perhaps, this explains the poor proxy returns, and poor percentages of shares counted, compared with the total 142 million Alltracel shares. Were these unreasonable questions? No, they were not. But then the Company front row trio was thinking it doesn't matter, because the proxies and share count will secure a win anyway. So, we are back to the scrum 5! The ball goes in, and the company collapses the scrum. The referee wants to award a penalty goal, to the shareholders pressing against the Scheme. He has to consult the confusing laws (just like the television judge), the laws chosen by the company directors, its solicitors and its financial advisors, to 'fix-it' for Hemcon. The AIM NOMAD (also in DAVY) needs to examine the correspondence between the discretionary clients, to find out how many gave instructions to vote FOR the Scheme. We need to delve into the discretionary votes, we need to get answers from CIS who know how and where the votes came in from. Davy and others may have to answer their special position of influence. The DOCE and High Court will want to know that if any influences have been exerted, then this will have to have been done in an equitable way. At the end of the day, I am a retired private investor with much of my pension at stake in Alltracel. The above summary is only my analysis of what has taken place to date. I would not be taking care of myself or my family if I did not seriously question whether the take-over has been handled with the complete integrity it deserves. Since I wrote this I see the RNS shows the total voting including those that turned up to the meetings. Its obvious that most shareholders there voted AGAINST by 14 to 8 in the first Court Meeting! Even worse is we now know that the total proxy votes don't even reach 50% of the 142+million shares, which is hardly representative. The High Court should order another election, and ensure that every shareholder gets sent proxy forms, especially where they are nominee or discretionary, and the bill should be paid by the 'Independent'Directors, and DAVY the Financial Advisers, for coming up with the Scheme of Arrangement. If they don't, it will appear that the High Court will condone, what looks quite like a very few people are able to manipulate the law and possibly the nominee/discretionary holding systems to bring about a distorted result. The law also needs to be tightened up for future company takeover activity, to ensure that at least 75% of all shareholders actually vote. I hope the Ireland High Court takes note of this and throws this Scheme out, at least until the voting truly represents a majority.
alimo: I phoned Hargreaves Lansdown who hold my shares in a Nominee A/C and they said I couldn't vote by proxy personally, but they would inform Computershare Investor Services that my vote is against the Scheme. They have sent me a LETTER of REPRESENTATION to enable me to attend the Court Meeting and EGM on Friday. Time is of the essence 4web and others who haven't sent in their proxy vote forms. Tomorrow 2nd April at 10.15am is the deadline if your not attending. You need to contact Computershare Investor Services by phone (+35314475441 outside Ireland, or 014475441 in Ireland) to see if they will allow your proxy voting forms to be scanned and sent in by email. If they won't allow this or by faxing( by post is what the Document says) then you could post them by the quickest mail method you have, addressed to me (email me at and I'll reply giving my name) at c/o Fitzpatrick Castle Hotel, Killiney, Co. Dublin, Ireland, and hopefully I'll be allowed to present your Pink and Blue Proxys to the Court Chairman at the first Meeting at 10.15am. I hope that many unhappy shareholders will turn up on the day. I wonder if the super share deals go beyond just the quoted few senior management, because if staff are being given shares in Hemcon to replace the Alltracel shares, then it must be only fair that affected management and staff/employees should not be able to vote, because of their conflict of interest. All cannon fodder for the High Court to consider! I want the Scheme postponed, or stopped altogether, particularly because something as important as taking the company private to the exclusion of existing Shareholders, should be done completely in the open, by convening a General Meeting prior to the announcements to get soundings from shareholders about a) whether a takeover to go private is necessary for the future growth of the Company and, b) if so at what price to suit all shareholders. My real complaint is the "Independent Directors" have made it as easy as possible for Hemcon to afford the buyout. If they had to pay three times (it has cost us £65million to get this far) their present offer of £20.8million, would they have still been interested? They (our Directors) withheld precise news they said they would reveal in the 4th Qtr and by the year end (meaning 2007 and not 2008!!), and by doing so may have caused the already depressed share price to stay down, allowing Hemcon to come in with their rediculous offer of 14p, which is a buyout on the cheap. If the Scheme is stopped or postponed then the price may drop back to 9p. But I and many shareholders have confidence that when all the good 2007 and 1st Qtr news that at present is known only to the Directors and management is released, the price will go up beyond the 14p offer, because the market will see how undervalued AP. is, and buy. It's a pity the directors have lost their vision as leaders, and want to be led by Hemcon. Hoping to see many of you in Dublin - must get transport to and from the Airport + accommodation fixed up. Sadly, I'll not be able to stay awhile and partake of all that's good about Ireland. It'll be odd making a visit and not having our usual bunch of rugby supporters there with me. Ahh those were the days! I survived, and have the T shirt! I wonder if the Court will even allow anyone to speak - I don't even know the procedures for the Meeting.
alimo: Looking at the accounts from 1999 to 2006 and then adding the same as 2006 for the undisclosed Financials for 2007 I've calculated on todays exchange rate of eur/gbp of .7847 that it cost us approx £65m to get Alltracel into a condition where the Independent Directors have agreed to sell out our company for £20.8m! The directors are pleased to recommend this deal for our acceptance. I can now see why I'm gutted that there isn't some financial ombudsman that is there to protect shareholders who have loyally held share for six years, from this sort of behavior. Surely they could have forced Hemcon to give good value, or told them to get lost! By now we would probably have had the information the Directors said they would release in the 4th Qtr of 2007 and we'd probably know the 2007 FYE figs. The share price might not be much more than it is today, but we'd know that we are still owners of a company that has every prospect of achieving the sorts of share price we have been holding on patiently for years. The share price could also be a lot higher. What on earth has got hold of the Directors?
buywell2: At the last AGM Alltracel management made the following statement .... '' There is a company who Alltracel could sign a CVH deal with tommorrow if they so wished' Now one has to ask the question Why did the management of AP. not sign the deal ? The answer for me is two part Firstly I believe that Nick Hart who negotiated the HemCon deal on behalf of Alltracel was sounded out at that time of said negotiations regarding a possible buyout. Secondly if AP. had signed a CVH deal the share price of AP. would have surged which would not have suited the 14p offer price which has subsequently been engineered
viking1066: From an accountants perspective the question to ask, aside from the share price, is "What's it worth in real value?" If there is debt add that in and see if the deal is actually worth it. Unless there is unrealised value that is currently quantifiable, not speculated on because of the "late stage discussions", it is hard to see anyone coming in to save the day. Even a 51% vote in favour of the deal creates a stalemate and means the Board do not have to change anything except wait for someone else to coming knocking with an offer. That poses the next question: How long are shareholders willing to wait, assuming nothing happens, and the share price stumbles back to 9p?
buywell2: The next set of results should show the old AP. business with a revenue of around 22m euro as some HemCon monies will be included Here is the last interims Interim Results Interim Results for the six months ended 30 June 2007 2007 First Half (H1 2007) Financial Highlights: Last years profitability growth continues into the first half of 2007. • Operating profit of €387k versus €71k in H1 2006 • EBITDA of €592k versus €360k in H1 2006 • Gross margin increased to 40% versus 36% in H1 2006 • Revenue of €10.1M versus €9.5M in H1 2006 • Closing cash balance of €2.3M Synpart will be adding 3.5m euros to this figure so I expext AP. to post around 25m euro a 25% increase on last year and also a reasonable maiden yearly profit of possibly around 1m euro Now at friday share price closing the market cap in euros is 17,810,000.00 GBP = 24,039,047.28 EUR So assuming Alltracel make 1m euro profit in a matter of around 8 weeks we would be seeing AP. trading on a P/E of around 24 at friday SP Is it any wonder that the sharks are circling ? AMS when they announced a maiden profit traded at a P/E of around 55 they trade now at around a P/E of 45 In 2008 with additional revenues coming on stream from Synpart merger plus HemCon plus oral care developments and the rest , it is not a big stretch to see profits easily doubling to 2m euros ie AP. is trading today on a forward P/E of 12 for 2008 AMS share price tripled in the year following it's maiden profit announcement I see no reason why AP. can't eclipse this Do you want to sell this company ?
viking6: 4web I trust you are not congratulating the management team for bringing the share price to this level, diluting your shareholding by 30% in the last two years plus inflation and assuming your currency is in Euro, allowing for sterlings 10% rise against the euro over the last 6 months before looking for a buyer. That is on top of the fact that the share price has not really moved from this point for two years running. I think you may be happy to be the last one to turn out the lights after the management have laughed at your naive support. Bottom line is that the share price is rising, about time. Pity it wasn't for something the management did. They simply drove the share price so low it became hanging fruit for a more competent management team to take notice.
buywell2: It is also interesting to note that the AP. share price was at a low when the last buyout story emerged ... which came to nought , but did help support the share price somewhat The timing of this buyout thus seems to have a familiar ring to it Any buyout will not be at more than around 50% above the share price on the day of the announcement , hence my 14p ish call yeasterday , 16p would be generous and 20p a deream I for one don't want paper in todays market ... cash please
viking1066: Super if you're suggesting that any post here has an impact on the share price then that would be great. If I criticise the dismal failure of management to deliver on their promises it serves merely to vent frustration the only way possible for those who have been long term small shareholders and feel aggrieved. Far from wishing the share price down I would prefer to embarass management into delivering on their promises and not let them forget that shareholders do have a say, even a small one, in how we want our investment treated. Cumnor it would be easier to accept your reasoning if it were not that this share has been 10p for 2 years in a row at year end. On a lighter note I go along with 06 as AP. have been into Oral for a few years it is about time they got their head around a condom :-)because their management skills suck!
cumnor: Funny thing the London market. Four years ago this touched on 50p when it was a smaller company with weaker prospects. Now it has a few irons in the fire with the prospect of making it, an income stream and institutional support, the share price is now 10p. This I think says as much about AIM as it does Alltracel. The share price performance suggests the company is about to go under but many other (good and bad) AIM shares are in a similar situation. The share price itself conveys nothing except negative sentiment and manipulation. On the law of averages some AIM companies are grossly undervalued by the city which has it's own self preserving agenda. If you take away the recurring programme trades on the FTSE 100 companies (which carry little or no risk to the institutions which are now afraid of their lives to take any positions which might expose them to risk and reward)it is quiet obvious much of the London market is technically in a bear market and has been for over a year. Take away the hype and you are left with nothing on the LSE that a few currency or stock traders, lawyers and accountants in Shanghai or Dubai could'nt replicate and thereby expose the shaky foundations of what is a grossly inflated and self important waste of time, ie the City of London. Aim is just a manifestation of this. Like many other companies Alltracel's share price tells us nothing because the market is not working as normal markets do. Instead, look at the fundementals or who is dealing in the shares and then decide whether it's worth taking a punt. If. like other aim dogs, it has value it will out in the end, with or without the city's help.
Alltracel Pharmaceuticals share price data is direct from the London Stock Exchange
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