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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Axeon Hldgs | LSE:AXE | London | Ordinary Share | GB00B08X3Q76 | ORD 5P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 12.00 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 12.00 | GBX |
Axeon (AXE) Share Charts1 Year Axeon Chart |
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1 Month Axeon Chart |
Intraday Axeon Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/8/2019 | 14:32 | Next time before you insult someone, | 12 |
| 09/12/2009 | 14:28 | Axeon Holdings | 385 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 29/4/2009 09:32 by m.t.glass Shock and awe at AxeonCreated: 29 April 2009 Written by: Alistair Blair Investors Chronicle 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 |
Posted at 21/4/2009 07:53 by rrr I have just drafted this to Mr Benstead at the SFO as given by someone above (post 278). Any comments gratefully received before I email him.-------------------- Dear Mr Benstead, Re Axeon Holdings plc: I am a shareholder in this company which was yesterday suspended on the Stock Exchange (AIM, EPIC AXE). It was announced that it is going into administration and within a few hours that the entire company has been taken over by AG Holding limited - for an undisclosed sum. From RNS Number : 8634Q Axeon Holdings Plc 20 April 2009 Trading in the shares of the Company on the AIM Market of the London Stock Exchange has been suspended. It is proposed that the listing of its shares will now be cancelled. Joint Administrator Malcolm Shierson said: "I am delighted that we have been able to complete a transaction that will enable the trading business to carry on as normal. This is very good news for the employees, customers and suppliers." Creditors of Axeon Holdings plc (in Administration) and of its subsidiaries should be unaffected by this process.It is unlikely that the shareholders will make any recovery. Is this really allowed? It does seem very unfair and hard on existing shareholders. The prospects for the company (which makes batteries) seemed good especially given the recent news on promoting electric vehicles - the share price had been rising significantly prior to the announcement. From the same RNS: "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. " A 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." I would be grateful if you can investigate to see whether this is within the law or not. Yours sincerely, |
Posted at 20/4/2009 18:48 by borchardt I think they have been cooking this up for a little while and the recent rise in share price due to speculation forced them to act quickly. Any further rise over the next few days due to the budget etc would have made Axeon more appealing to third parties and possibly given them other options.This really stinks - I suggest you all check your stocks where this bunch have holdings and get rid. |
Posted at 20/4/2009 17:10 by tomboyb "The board confirms that it continues to enjoy the support of this lender and looks forward to announcing to the market the outcome of these discussions in conjunction with its Preliminary Results. " bad luck shareholders considering the above was only weeks back. what is surprising is the increase in share price prior to administration. maybe shorts closing? |
Posted at 20/4/2009 12:58 by kwh1066 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. |
Posted at 20/4/2009 12:56 by robson1974 (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. |
Posted at 20/4/2009 10:36 by rockraven A nice little takeover target for someone, surely, in the present climate. Purest UK play on the electric vehicles flavour-of-the-month sector. Is that what's driving it? I can imagine it being snapped up very soon. Or has someone got wind of some Budget Day news favouring Axeon? Are we about to get one of those RNSs saying "We note the movement in the share price and can confirm we are in negotiations which might or might not... etc, etc.." |
Posted at 17/4/2009 09:02 by ghaon the strength of the share price over the last few trading sessions would seem to suggest positive news to come.....likely that the banking covenants have been sorted for the foreseeable future. Also, the EV mania might be generating some more interest in AXE as would any general recovery in its other markets. |
Posted at 16/4/2009 12:16 by robson1974 The sellers on bloomberg filing data have been a couple of small funds (redemptions?) but that looks historic, the main seller is/has been 'Axeon Director holdings', you should be aware that the senior managers jumped or were pushed last year following the share price collapse and it might be reasonable to assume they want to lower their exposure now they are not in charge.you are right covenant breach is key, but they seem to believe the principal lender is 'on-side' and they have the assets to back the debt through moving working capital into cash... i have my fingers crossed, hopefully the creditors will take note of the jam being put on offer by the governement Axeon is scottish, so is Gordon Brown, lets hope we have the scottish mafia on side |
Posted at 23/2/2009 18:15 by spekky Would be nice to get some external validation of whatever it was that happened today,so far its just Axeon saying nice things about an Axeon product,I don't really trust the energy savings trust to test things in a proper way.AXE say the product is twice as efficient as it was 2 yr ago, E.S.T. say well done chaps.......end of story.It suits me to have a small punt here versus money in bank earning sod all.AND by coincidence and completely TANgential,one of my favourite Bob Marley songs is Small Axe. |
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