Axeon Share Discussion Threads

[boffster] 20/4/2009 13:27

As far as I was aware when a company's debts are called in and it cannot pay it goes into administration, and it is up to the administrators to pay back the creditors by liquidation of the company's assets at the best possible price, with any surplus above what was owed payable to shareholders. Presumably then the administrators must have seen AG's offer as being as good as what could be got. Or have I got all of this around my neck?

[davius] 20/4/2009 13:27

Do people sb without a guaranteed stop loss then? A crazy thing to do.

I think what would concern me is that suspension to sell off in an hour or two clearly indicates that this was on the cards for a few days at least. I can't help but wonder whether the rise in share price was due to short positions being closed, followed by speculative buying on the rise.

[rathkum] 20/4/2009 13:27

Scandalous, just like Infonic. Bas...ds.

[robson1974] 20/4/2009 13:26

AXA, L&G, Majedie, Saracen, Invesco, Aberdeen are listed as major holders but the biggest with 15% were Ironshield.

[the_beagle] 20/4/2009 13:26

The Administrators NOT the principal lenders ie Ironshields are the ones to set the price. They have to take into account assets, of which there were plenty, and debts. Customers are not affected according to the AG statement, so there should be something in the pot for AXE shareholders.

[davius] 20/4/2009 13:22

With AG Holdings having bought the entire business ( I can't imagine the the sum paid was sufficient to leave anything for shareholders.

[m.t.glass] 20/4/2009 13:20

Sure to be some spreadbetters who piled heavily into this on margin and are now busted I would guess. (Or was it not quoted for s/bets?)

[robson1974] 20/4/2009 13:15

Boffster, Ironshield are the acquirers via AG Holdings so they have in effect sold it for nothing to themselves as they are the principal lenders they can do that.

That 100% rise is an aberration and probably what made Ironshield realise they should take all the value rather than let shareholders take it. Forget about leaks, it required one phone call to do this it is not a big company and would probably not have involved anyone on the company side.

[boffster] 20/4/2009 13:13

Obviously AG have been lined up for this and this could well have been leaked. The company's bankers will obviously look after themselves and so would presumably only pull the plug if they could get a pretty penny for the co. Or are you saying that the administrators could value the business at naff all thereby screwing us over, even if the bankers then immediately flog it on for much more? Surely if that were the case it would hardly be a fair valuation.

The only thing giving me hope is the 100% share price increase in the last couple of days.

[getting started] 20/4/2009 13:11

Another AIM con.

APN Done the same!

Sorry to all holders here.

[robson1974] 20/4/2009 13:08

Once it is in administration, the Old Axeon shareholders are irrelevant having triggered debt covenant breaches it is owned lock stock and barrel by the creidtors. They can then sell it on to whoever they want for as little as they want. Unfortunately Old Axeon shareholders will get diddly squat, unless Ironshield have any charitable inclinations which as distressed debt investors i frankly doubt.

[boffster] 20/4/2009 13:05

What the hell is going on here? Purchased the companies? At what price? No-ones asked me if I wanted to sell. Into administration and then immediately they have a buyer? Something stinks here!

[kwh1066] 20/4/2009 13:02

thanks Robson ... working on the same material at the same time obviously.

I concur with your assessment too.

[kwh1066] 20/4/2009 13:01

more ...

Statement issued by AG Holding and Ironshield:

We have purchased these companies as we believe they have a promising and exciting future. We have an ambitious development plan for the Business as a whole and the acquisition allows us to provide the Business with the necessary financial resources which will, together with management and staff's expertise, assist it to consolidate its leadership position in Europe and continue its expansion for the benefit of its clients.



Note on the administration

This acquisition follows the appointment of Malcolm Shierson and David Dunckley of Grant Thornton as Joint Administrators of Axeon Holdings plc earlier today.

The Administrators of Axeon Holdings plc (in Administration) will contact its creditors separately and deal with the outcome of the administration process and pre-administration debts. Creditors of Axeon Holdings plc (in Administration) and of its subsidiaries should be unaffected by this process.



Note on Ironshield

Ironshield Capital Management LLP is a European special situations fund manager based in London. Ironshield has successfully invested in a number of companies of various sizes and capital structures, helping them to execute their business plans including growth, acquisition and financing.

[robson1974] 20/4/2009 13:00

Looks to me like New Axeon as a business will go from strength to strength as a recapitalised business and Ironshiled will make out like monkeys.

Old Axeon shareholders will likely get diddly squat.

Old Axeon management have some questions to answer although look like theymay have been legged over given the Ironshiled deal was done by previous management.

[kwh1066] 20/4/2009 12:58

From Axeon's website a few mins ago....

(20-04-09)

AG Holding Limited is pleased to announce that it has acquired the entire business of Axeon Holdings Plc (in administration), including 100% of the share capital of the following companies (together the "Business"):
- Axeon Power Limited
- Axeon Technologies Limited
- Axeon AG
- Elektro Montage Bau GmbH (EMB)
- SAT Akkumulatoren Technik AG (SAT)
- Zaklad Montazu Ukladow Zasilajacych MAZ Sp Z.o.o. (MAZ)
The Business is one of Europe's leading independent lithium-ion battery solutions providers and is a leading green energy company. It is headquartered in Dundee where operations include manufacturing, commercial and engineering departments. The Business also has a manufacturing facility in Poland, a commercial and engineering base in Switzerland as well as a sales facility in Germany.
AG Holding is a special purpose investment company incorporated in the UK for the purpose of acquiring the Business and is backed by funds managed by Ironshield Capital Management LLP ("Ironshield").
We do not expect the acquisition to result in any disruption to customer and supplier relationships.

[robson1974] 20/4/2009 12:56

(20-04-09)

AG Holding Limited is pleased to announce that it has acquired the entire business of Axeon Holdings Plc (in administration), including 100% of the share capital of the following companies (together the "Business"):
- Axeon Power Limited
- Axeon Technologies Limited
- Axeon AG
- Elektro Montage Bau GmbH (EMB)
- SAT Akkumulatoren Technik AG (SAT)
- Zaklad Montazu Ukladow Zasilajacych MAZ Sp Z.o.o. (MAZ)
The Business is one of Europe's leading independent lithium-ion battery solutions providers and is a leading green energy company. It is headquartered in Dundee where operations include manufacturing, commercial and engineering departments. The Business also has a manufacturing facility in Poland, a commercial and engineering base in Switzerland as well as a sales facility in Germany.
AG Holding is a special purpose investment company incorporated in the UK for the purpose of acquiring the Business and is backed by funds managed by Ironshield Capital Management LLP ("Ironshield").
We do not expect the acquisition to result in any disruption to customer and supplier relationships.


Statement issued by AG Holding and Ironshield:

We have purchased these companies as we believe they have a promising and exciting future. We have an ambitious development plan for the Business as a whole and the acquisition allows us to provide the Business with the necessary financial resources which will, together with management and staff's expertise, assist it to consolidate its leadership position in Europe and continue its expansion for the benefit of its clients.



Note on the administration

This acquisition follows the appointment of Malcolm Shierson and David Dunckley of Grant Thornton as Joint Administrators of Axeon Holdings plc earlier today.

The Administrators of Axeon Holdings plc (in Administration) will contact its creditors separately and deal with the outcome of the administration process and pre-administration debts. Creditors of Axeon Holdings plc (in Administration) and of its subsidiaries should be unaffected by this process.



Note on Ironshield

Ironshield Capital Management LLP is a European special situations fund manager based in London. Ironshield has successfully invested in a number of companies of various sizes and capital structures, helping them to execute their business plans including growth, acquisition and financing.

[robson1974] 20/4/2009 12:34

Ironshield first came on board August 7th 2007 in holdings RNS's

In the Conditional Placing RNS of Nov 28th 2007 they took some stock as well having previously provided the company with an $11m debt facility the details of which were in the circular to shareholders dated 13th July 2007

[the_beagle] 20/4/2009 12:29

How did Ironshield get their stake in the first place. Was it issued in connection with the loan facility? I've 50,000 at 6p. Was elated this am. Now shattered!

[scotsman2] 20/4/2009 12:27

hope no one bought too much in here.

[robson1974] 20/4/2009 12:26

waynerwayner - 20 Apr'09 - 13:17 - 56379 of 56382


Mmm last trading statement they had £2m cash, £21m stock and £8m of debt... im no specialist but seems strange the lenders pulled the plug on them, especially seeing as whats about to happen in the area they operate...



Yes so £23m of stock and £8m of debt should give net assets of £15m. There was about £10m? of trade credit so lets say £5m of net asset value which is what the market cap is. Remember the lenders also had 15% of the stock, they must have realised they can get 100% of the stock in New Axeon by F'ing over the Old Axeon shareholders. That is how the dirty world of distressed debt investing works unfortunately.


I would expect Tanfield and Modec et al to be knocking at the door of the administrators, they could pick up some decent IPR/assets/employees.

[robson1974] 20/4/2009 12:20

Maybe the lenders saw how exciting the potential was and decided they could take all the upside? Even management look as though they have had rug pulled from under them so there is no chance of any leak.