Anexo Share Discussion Threads

[useless23] 05/12/2024 13:23

A news article came out yesterday about Michelle Scully who resigned from Bond Turner earlier this year. Interesting reading. I can't understand why that would impact the stock price though.

[jm6783] 05/12/2024 13:16

Stock sinking again. Does anyone know why, other than more sellers than buyers ? Thanks

[rivaldo] 19/11/2024 13:48

Tipped by the IC's Simon Thompson...



"High Court rules against Mercedez-Benz in dieselgate case

Simon Thompson: The German car giant has failed in its attempt to prevent claims by UK car owners is great news for a lowly rated small-cap company that is funding class actions

High Court rules against Mercedez-Benz in dieselgate case
Published on November 18, 2024
by Simon Thompson

Court ruling positive for UK claimants against Mercedez-Benz in ‘dieselgate’ emissions cases
Anexo funding class action on behalf of 12,000 car owners
Further 25,000 claims against other car makers

The High Court of Justice has rejected an argument from Mercedes-Benz that the German car regulator’s ruling on whether its cars contained prohibited defeat devices (PDD) should apply in England and Wales. It would have prevented claims from UK car owners being made through ‘dieselgate’ litigation against the car manufacturer.

The Court found in favour of the claimants and held that only the vehicle recall decisions are binding. This is where the German vehicle regulator had discovered a PDD – namely, the alleged cheat software – and required them to be removed from vehicles currently on the road. The decision means that, in respect of the German car manufacturers, the claimants can rely on their regulatory body's finding that PDDs were present in the vehicles for which recalls were issued. Although the claimants will still need to prove the presence of a PDD where a recall was not issued, it leaves the door open for UK diesel car owners to challenge car manufacturers in English courts on the presence of prohibited defeat devices in their vehicles and determine whether they complied with the law on emissions

etc"

[balcony] 02/10/2024 08:36

Moving up very Slowly, but up all the same.

[spob] 18/9/2024 19:09

.




65.4p, Mcap 75.5m












8 Feb 2024

[timmythedog] 17/9/2024 13:40

Article in The Times

Nearly half of the UK’s top 100 recorded double-digit rises in revenue last year

Nearly half of the UK’s biggest law firms recorded double-digit revenue rises last year, the best performance since before the 2008 financial crisis.

Only 11 of the UK’s top 100 law firms failed to grow last year, research published on Monday showed, with 44 recording revenue increases of 10 per cent or more.

The relatively little-known practice Bond Turner was the best performer of the top 100, having recorded a nearly 40 per cent rise thanks principally to its involvement in the “dieselgate221; legislation, representing thousands of clients with their diesel emissions claims against carmakers.

The biggest-growing firm in the top 30 was Kennedys Law, an insurance specialist, which recorded increased revenue in 2023-24 of 22.5 per cent.

Researchers for The Lawyer website noted that Bond Turner’s jump in revenue was driven by overseeing the settlement of 12,000 claims against Volkswagen last year, resulting in a £7.2 million boost to revenue.
The law firm still has about 34,000 claims pending with other manufacturers in the litigation, in which it is alleged that car buyers were misled about the levels of dangerous emissions produced by diesel vehicles.

The researchers said that Bond Turner’s revenue was also boosted by its housing disrepair practice, which advises tenants who bring claims against landlords. That team’s revenue was said to have risen from £9.3 million in 2022 to £12.7 million last year on the back of about 900 claims.

Kennedys Law’s performance was said to have been significantly bolstered by contributions from its US practice, which at £384 million accounted for 25 per cent of the firm’s overall global revenue last year.
DLA Piper remains at the top of the website’s revenue league table. Earlier this month it was reported that the Anglo-US practice had become the first in the City to break the £3 billion annual earnings barrier.

Clifford Chance is in second position, with its most recent revenue hitting £2.3 billion as the firm overtook Allen & Overy, which has since become A&O Shearman, on £2.2 billion.
Hogan Lovells is in fourth position on nearly £2.16 billion, with Freshfields Bruckhaus Deringer rounding out the top five on £2.15 billion.

Linklaters, which is part of the so-called magic circle of law firms in the Square Mile along with A&O Shearman, Freshfields, Clifford Chance and Slaughter and May, has fallen out of the top five into sixth position with last year’s revenue of £2.1 billion.

[clive7878] 01/9/2024 20:15

Seemed quite an encouraging article in the I.C. last week,
implying the future pe ratio was very favourable,
if the article is to believed. I must admit I have not followed
this company in the past so I am open to opinions.

[timmythedog] 30/8/2024 17:37

I’ve spoken to the company on several occasions about this. They point out that they have very robust vetting procedures in place, run by very experienced people who in many cases have been with the company for years. They are confident that they are able to weed out the false claims. They turn away about 50% of the cases they are offered, although obviously most of those are for other reasons rather then suspicion of fraud.
They also point out that everybody loses through fraud – insurers, litigators and of course customers – and therefore they are just as invested as their counterparties in frustrating attempts to defraud.
All their clients are offered insurance which means that neither the claimant nor their solicitors are liable for costs in the event of an adverse judgment in court. They also say that they can, and do, take action against any of their clients who are found to have made untrue statements in the pursuit of their claim.
The company is in court every day acting on behalf of claimants against insurance companies, who by the nature of their business model will seek not to pay out on claims.
They’re also at pains to stress that a county court decision is at the lowest level and is not binding, with the High Court/Appeal Court and Supreme Court at higher levels. They win hundreds of cases a month and are confident that these judgments will not have a material effect on either their cashflow or their business model.
I am comfortable with what they say as they have been doing this for nearly thirty years and presumably have come across all sorts of tricks during that time.

[useless23] 30/8/2024 12:31

I would like to make it clear from my posts below that I am not implying that ANX are involved in any fraudulent activity. Rather, they could be an innocent victim of those wishing to pursue fraudulent motorcycle courier claims.

[useless23] 30/8/2024 12:19

Does anyone know if the liabilities for insurers costs are accounted for in the balance sheet?

[useless23] 30/8/2024 12:17

The non-party costs case which Daml lost was a significantly bad result.

[useless23] 30/8/2024 12:16

If insurers are routinely investigating or defending motorcycle courier claims then this could impact cashflow.

[useless23] 30/8/2024 12:14

If you're interested in learning more about the mindset of insurers then read the articles below

[useless23] 30/8/2024 12:11

https://www.allianz.co.uk/news-and-insight/news/insurance-fraud-skyrockets-with-crash-for-cash-claims-up-60-fold.html

[useless23] 30/8/2024 12:10

https://hansard.parliament.uk/Commons/2024-05-22/debates/A0B7989C-F3E8-40D6-996A-97A464AAECF3/Crash-For-CashInsuranceFraud

[useless23] 30/8/2024 12:08

https://keoghs.co.uk/keoghs-insight/keoghs-secures-test-case-victory-against-credit-hire-organisation

[useless23] 30/8/2024 12:07

https://www.h-f.co.uk/news-insights/engineered-to-fail-50k-claim-dismissed/

[fillipe] 30/8/2024 07:06

ANX - very positive BUY article in this week's new edition of Investors Chronicle.

f

[ohisay] 21/8/2024 05:02

I was looking to buy back here but just not enough incentive based on those results I'm afraid.
Not bad but a bit disappointing ..

[uhound] 20/8/2024 15:29

Results were fine, however the market is just not interested.

Thinking of moving on from here, but lets see how the week develops.

[joe say] 20/8/2024 15:14

@ggrantsu - this period the company generated £4.9m before the financing items or £600k odd if you take the post lease figure (as these are effectively operational costs)

However, WC absorbed £5.5m so effectively they generated £6m in the half (or £5.8m excluding the net £0.2m capex contribution) once the WC changes are excluded.

PAT was £4.4m so personally I don't see this as too bad.

Not a true FCF calculation granted - but indicative that there is cash generation as eventually that WC will unwind

[ggrantsu] 20/8/2024 14:53

Hi Joe.

Yes...I get that companies see a withdrawal of cash needed for growth. However...aside from last year with the (much smaller than the c.£20-25mm guided for) VK settlement of c.£7mm, Anexo just simply has not generated FCF. I have trawled through all the private company annuals pre listing...it is the same pattern.

I'm not criticizing as such...they obviously believe that continually going for growth in credit hire/legal services is correct thing to do. fine. but as a listed business paying massively expensive debt...and then not receiving the guided VK settlement amount + making carved up deals in terms of funding for the next emissions cases (I just don't feel comfortable with shareholder money going towards directors/other entitties who are 'funding' these emissions cases)...the market needs to see FCF inflows...SP in low 60s now and the same level it was this time last year.


at some point the company needs to change strategy because for existing holders, it is just too miserable.

can't use the excuse of the UK market being a backwater either now - every other holding I have has rallied massively over the same annual period now. they all generate a lot of cash...seeing a theme here.

tbh...the business should not be listed and top priority should be a sale. it's totally clear given the UK market recovery and the share price not doing a thing, that the public markets is not the place for this kind of business.

sellers - done absolutely fine in making money listing the business. while he obviously still holds a certain %, he has overall still made money upon this becoming public.

its time for other shareholders to now benefit - in whatever way is possible? no idea what a typical multiple would like for this kind of business / who would buy it?

[joe say] 20/8/2024 13:23

I didn't catch it if there was.

Mention was made of refinancing and it was the usual glowing gushing response

I only read the last note post the call - else I would have asked