Anexo Share Discussion Threads

[thetrotsky] 26/11/2020 19:11

Would anybody care to briefly itemise the "serious points" in the Shareprophets's report. I would hazard that the biggest risk areas identified in the report are the trade receivables, and the impairment thereof, and accrued income. Given the nature of both the legal services (no-win, no-fee) and credit hire provided, there is no other realistic way to account for the potential income. To assume that there will be no income would be just as wrong from an accounting perspective as to assume that all the potential billable work will be recoverable. It does unfortunately mean that we are reliant on both the management's and independent auditors' judgement in these matters in assessing a true and fair view (not an exact view). It should also be born in mind that many of these legal cases can drag on for years before they are settled and, in the meantime, no income or cash is realised (the ongoing work has to be funded from free cashflow, loans and/or fund raisings). Furthermore, cash flow requirements are being further exasperated by business expansion. QED the need for regular, new cash injections at present is not that surprising. As to the three directors selling a 29% interest to DBAY, it's certainly my preference that they should sell to a long-term investor rather than constantly selling shares into the market, as and when they are permitted, and depressing the share price. Even after the sale to DBAY the three directors will still own 38% of the company, which is not insignificant. PIs always seem to get spooked by directors selling and yet would not themselves invest all of their capital in one share. It's double standards. Within reason, directors selling should be seen as a prudent spreading of personal risk and, in this instance, the three directors had far more exposure than would normally be advisable IMHO

[landay] 25/11/2020 10:21

I would have expected that DBAY Advisors Limited ('DBAY') did a thorough search when they bought the shares from the directors, and would have warranties on the financial situation.

[sphere25] 25/11/2020 09:11

Updated the post above.

Very serious allegations in the report and it would appear they tie in with the hastiness of directors to sell as much as they can down at price levels even significantly below pre-crisis levels. The price today is just an illusion, there is no bid in any size this morning.

Legal proceedings to follow against the directors here, or as per most cases, easy money for pumping and dumping?

It will be an interesting watch. Always a good idea to keep a track of the suspect ones imo. That's where the bigger market learning's come from. You don't learn as much for the good uns!

[tole] 24/11/2020 19:40

Thanks for highlighting. Definitely interested to here their rhetoric on this one. Though personally from a chart perspective the drop has performed a nice gap fill. Which it was always going to do imv. In other Anexo news..1,000 Mercedes owners sue over dieselgateMore than 1,000 Mercedes owners have launched claims for compensation in Scotland since a dieselgate scandal emerged.Lawyers now believe the case will become Scotland's biggest-ever class action.Transport authorities in Germany found the luxury marque installed a cheating software in engines that limited emissions readings during testing. It follows similar cases involving Volkswagen (VW).Anexo plc (LON:ANX) is a specialist integrated credit hire and legal services group focused on providing replacement vehicles to consumers who have been involved in a non-fault accident.

[raymund] 24/11/2020 16:21

Sphere25, any further details please?

[energeticbacker] 13/11/2020 16:10

Raymund, why don't you register to access Investor's Champion? It's free and easy.

[raymund] 13/11/2020 14:56

Energeticbacker, any chance you could post content here for non subscribers to Investor's Champion?

[energeticbacker] 13/11/2020 11:24

Investor's Champion has published an updated in-depth commentary on this fascinating business, including coverage of the latest trading update.

[tole] 12/11/2020 09:12

Reckon DBAY see a good potential settlement outcome in the VW emissions case.Also please to read they are exploring potential emissions claims involving other manufacturers.

[jaf111] 12/11/2020 08:37

Lots to like in today's RNS....not just new major shareholder but underlying trading going well.....

Share price up but still below 150p purchase price by DBAY, and expect this to move considerably higher over coming weeks.

[red ninja] 26/9/2020 09:35

"(Sharecast News 15/9/20) - The Daily Telegraph's Questor team told clients to 'buy' shares of Anexo, the credit and legal services firm for non-fault motorists, labelling them "a bargain [...] at least in the absence of a second wave."
Anexo, which was preparing a class-action lawsuit against VW for the emissions scandal, generated "good" cash in the first half of 2020, had guided towards much higher profits in the backhalf of the year, although a victory in the VW case was not assured.

As well, a second wave of the pandemic could hit car hire volumes."

We are now heading into a second wave maybe that is a factor.

[raymund] 25/9/2020 22:05

Why the drop today?

[jaf111] 15/9/2020 18:26

Rather subdued respose to Questor......Greedy me had expected a decent rise on the back of it!!!

[jaf111] 15/9/2020 07:10

Positive write up by Questor in Telegraph.....

[jaf111] 13/8/2020 07:27

Have to concur ronwilkes123....rather disappointed with the results....
Expect price now to drift down.

[ronwilkes123] 13/8/2020 06:50

They've stated im sure in the trading update previously that things were in line with management expectations. Surely a big swing of 40% on ops profit should have had a profit warning ????

[ronwilkes123] 13/8/2020 06:21

In fact they are trying to gloss over a poor operational performance with cash generation guff.

[ronwilkes123] 13/8/2020 06:05

First lookProfit and dividend down - don't think it will do well today