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Axeon Share Discussion Threads
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|everyone has a case it :)|
|Very interesting MT Glass
It looks like we have a case.
The administrators also have questions to answer.|
|Many a true word spoken in jest MTG!
Any axeon holders who have not yet done so please join our forum http://axeon.myfastforum.org/index.php and email firstname.lastname@example.org to join the shareholder's action group|
|Anyone know what the AG in AG Holdings stands for?
Not that it makes any difference to anything.
But in the absence of given clues, maybe it's a sick reference to Asset Grabber|
|Shock and awe at Axeon
Created: 29 April 2009 Written by: Alistair Blair
The story of Aim-quoted Axeon, a manufacturer of new technology batteries, is brimful of the highs and lows of equity investing. Two years ago, Axeon was a developer of smart batteries with £3m of sales. It was making losses, but growing and had some impressive prospective customers, whose high opinion of its products convinced investors to keep the company afloat. Its big achievement was to supply the battery for the Modec "zero emission" electric van venture put together by Jamie Borwick, a former chairman of taxi maker Manganese Bronze.
In mid 2007, Axeon announced an enormous acquisition, of Ristma, which sold £50m worth of batteries a year to Bosch and other power tool manufacturers. The idea was that Ristma's solid cash flow and distribution network would underwrite further development of the emerging Axeon range. Axeon financed the deal with a mixture of loans and new shares, with the loan coming from a hedge fund, Ironshield, which also took shares. The deal got off to a flying start. By December 2007, Modec had placed a two year order for £20m of batteries and enquiries for "road sweepers, city buses, city taxis, scooters, airport vehicles, urban delivery and motor sport applications" were arriving from all over Europe. More money was needed. Axeon raised £12m at 90p a share.
And then came the bad news. Apparently, last summer, Bosch's power drill sales went into sudden decline. In September, Axeon advised that instead of making a profit in the second half, it would make a small loss. But by December, further deterioration in power tools meant that the outturn for 2008 would now be "considerably below" management expectations. Reasonable to good news on the emerging smart batteries business was to no avail. Hamish Grant, chief executive and founder of the company ten years earlier, walked the plank. Overheads were slashed and 200 staff laid off.
The situation seemed bad but a long way from terminal. I have it on good authority that trading trends in the early part of this year were much less bleak than in the pre-Christmas period. Several well-informed investors, including two individuals previously closely involved with Ristma bought over seven per cent of the shares in December and January. One might deduce that, from long experience, they foresaw a recovery in the power drill market.
In January, Axeon said its 2008 results would show a loss of "less than £3m" on sales of £61m. Net debt stood at £6m, and a financial covenant had been breached, but Ironshield had granted a temporary waiver, which the company expected to be renewed. On 2nd April, Axeon reaffirmed Ironshield's "continued support" and said its full results would be out by the end of the month, alongside a formal conclusion over the continuation of the waiver.
With last December's shocks receding and the newsflow having stabilised, the shares perked up. They moved from 4p on 2nd April to 9p on Friday 17th and 249,000 shares changed hands at 12p on Monday 20th April.
A near run thing, then.
If only. I can tell you, because I have spoken to several people close to the company, that there was a lot of shock and awe at 1pm on the 20th, when Ironshield appointed Grant Thornton as administrators, on the grounds that the company was in breach of its loan covenant. And at around 2pm, Grant Thornton announced that it had sold the business to AG Holding, a new company specially set up for the purpose by Ironshield. Creditors would be unaffected, said the press release, but it concluded: "It is unlikely that the shareholders will make any recovery". Meanwhile, AG's press release crowed about Axeon's "promising and exciting future".
It is pretty rare for a quoted company to be forced into a surprise administration by its lenders. Typically, you'd expect at least a few weeks of toing and froing whilst the various lenders come to a decision and give the management a chance to find a buyer who will offer at least a few pence to the shareholders. But Ironshield was the sole lender and no-one disputes the legality of its actions. Nor their ruthlessness. Shareholders baffled by the sudden unconditional takeover of their company should note that the takeover rules fall into abeyance as soon as an administrator is appointed.
AG Holding was incorporated by Ironshield on 14th April. Between then and 20th April, over 2,500,000 Axeon shares changed hands. A new Insolvency Practice Ruling on pre-packed administrations came into effect in January to extend protection for creditors. Perhaps it needs an extra paragraph to cover shareholders.
For registered subscribers, there is space to add comments http://www.investorschronicle.co.uk/Columnists/NoFreeLunch/article/20090429/fc0c3ed0-3492-11de-9211-00144f2af8e8/Shock-and-awe-at-Axeon.jsp|
|agree robson, there is a new revolution in green technologies and these people want to cash in on the cheap. why takeover a company when you can get it for nothing. they don't see anything wrong with taking peoples money and throwing people on the dole (although they won't say that at first) when we see this happening to more companies and people start to take notice that their investment are slowly disappearing, they may sit up and take notice..BUT THEN IT WILL BE TOO LATE. we need to act now|
just went to the site today and have to say i am impressed how professionally it is being run
i doubt anything will come out of it for ourselves but if we can make life uncomfortable for ironshield and let their stakeholders know how they operate we may prevent anyone else being similarly treated|
|Aggrieved Axeon shareholders, no matter how small your shareholding please join us on the dedicated forum
We have very good grounds to suspect that wrongdoing has occurred, not just morally but also (crucially) legally. Axeon shareholders must join forces and make our voices heard!
Please note that this forum is also for supporters of our cause as well as shareholders, and is for information sharing and constructive discussion. Posters telling us to 'move on' etc will not be tolerated so don't waste your time!|
got a link to the site i cant find it TIA|
|With reference to the Axeon debate,thanks frankie and boffster, I have taken a look at he site and it is very impressive. If we all stick together then we might get some change. may I suggest that everyone logs their holding on this site, nothing ventured nothing gained and we have nothing to lose.
It seems that someone has gone through alot of trouble for us so come on MT,GIG,TTNY and all If you haven't done so already lend your suport.even if only to register
|Hi all,had an e mail back from Aim regulation authority suggesting that I
contact Companies Investigation Branch (C I B) so I will contact them and let you know the outcome.Has anyone else had any luck with other avenues of complaint.|
|Aggreived shareholders please contact email@example.com if not already done so.|
|"LORD"of the land...the name says it all...yet another postman suffering from delusion of grandeur|
|Thanks Boffster, will have a read.
Then see http://www.glovers.co.uk/news_article311.html
noting under "Statement of Insolvency Practice 16"
The administrator must also disclose detailed information to creditors such as:-
The source of the administrator's initial introduction
Any marketing activities conducted by the company and/or the administrator
The extent of the administrator's involvement prior to appointment
The consideration for the transaction, terms of payment, and any condition of the contract that could materially affect the consideration
Whether efforts were made to consult with major creditors
The names of any directors, or former directors, of the company who are involved in the management or ownership of the purchaser, or of any other entity into which any of the assets are transferred
Whether any directors had given guarantees for amounts due from the company to a prior financier, and whether that financier is financing the new business
Any options, buy-back arrangements or similar conditions attached to the contract of sale.
also note next paragraph
SIP 16 also reminds administrators that although the they have the authority to sell assets without the permission of creditors or the court, they still may face potential challenges for conduct under Paragraph 74, or claims for misfeasance under Paragraph 75, of Schedule B1 to the Insolvency Act 1986.|