XL Tech. Share Discussion Threads

[mikehardman] 30/8/2008 09:31

The end is nigh!

RNS 29aug08:
Result of Special Meeting of Stockholders and Annual General Meeting
XL TechGroup (AIM: XLT) advises that the resolution proposed at today's Special Meeting of Stockholders has been approved. As a result, the cancellation of the Admission of the Company's securities on the AIM market of the London Stock Exchange will take effect at 7.00am UK time on 8 September 2008.
XL TechGroup further advises that all the resolutions put to shareholders at its Annual General Meeting, also held today, were duly passed.


So, Dear Posters:
Thanks for your interest and postings over the past three years, but this thread is about to come to an end.
XLT never delivered the goods, though it gave some promising and treadeable moves early-on.
So much for its boast, in its IPO doc:
"The XL TechGroup management team has created substantial value for shareholders over the last twelve years, having successfully exited six technology businesses at an annual IRR of 148%. The team has turned $157 million of investment into more than $1.1 billion of liquid asset value. The six exited businesses have a combined market cap of $3 billion and combined annual revenues of $1.25 billion."



I won't ask ADVFN to delete the thread, but I will cease to monitor it from the end of next week.

[smcl] 27/6/2008 16:36

After the way Agcert shareholders were treated - I wouldn't hold out much hope in the longer term.

But all the best in any event.

[bigt20] 24/6/2008 15:59

Check the cash position etc. and how much is TYR really worth given its current revenues, profits etc.?

[thailand] 24/6/2008 14:47

Anyone any ideas as to why market cap now down to a ridiculous £6.97m other than the much anticipated demise of Agcert which everyone had written off long ago? Still a £40m+ stake in TYR plus all the other exciting pre IPO businesses. How much does XLT stand to lose other than its stake when Agcert is formally wound up?

[hammy_davies_snr] 19/6/2008 01:29

I'll Pram this bu$$er because I can

[brownan] 18/6/2008 21:36

I guess it is all over for agcert holders - this is from the agcert site. I cannot find any further info but will post if I do

AgCert International plc has completed the process of Examinership and is now a part of The AES Corporation (www.aes.com). AgCert, a wholly owned subsidiary of AES, will continue to operate as an Irish entity headquartered in Dublin. AgCert's innovative approach to reducing emissions at livestock farms and its commercial relationships with farmers will remain the same.

[maytrees] 13/5/2008 14:09

Greetings smcl
Sympathies if you are an AGC holder.

A trouble with receivership-type situations (I don't know the
ins and outs of Irish insolvency laws) is that
fire sales of assets can take place.

DYOR; I hold some XLT shares

[smcl] 13/5/2008 11:22

Yes,

Interesting that AGC shareholders do not seemed to have been informed of this transfer of the IP in the earlier RNS you posted above.

Its only come out now.

An investigation is required

[maytrees] 09/5/2008 08:15

This morning's RNS (Agcert IP transferred to XLT) reassures too
but dyor.

[maytrees] 03/5/2008 12:07

Greetings BigT20

Your post94 makes a good point.

XLT's position is:

"...To facilitate AgCert's negotiations with its creditors and customers, with the
single aim of looking to maximise value for all of AgCert's shareholders, XL
TechGroup has entered into a loan note agreement with Laurus Master Fund Ltd.
("Laurus") under which XL TechGroup has agreed to pay US$17.8 million plus
interest to Laurus in May 2009. In return, XL TechGroup has received US$9.9
million in cash from a third party which has now become AgCert's sole secured
creditor. From XL TechGroup's perspective, the effect of this agreement has
been to:

* remove a previous commitment to provide a loan of up to Euro5 million to
AgCert in the second quarter of 2008;
* add US$9.9 million in cash to XL TechGroup's balance sheet, and;
* leave XL TechGroup with a US$7.9 million right to participate alongside
AgCert's sole secured creditor under the original debt owed to them by
AgCert

It is the Company's view that the new agreement with Laurus has left XL
TechGroup in an improved position in relation to AgCert than existed before when
XL TechGroup was simply a shareholder with a commitment to lend AgCert
additional funds that would not have been secured in a senior way. The changed
position gives XL TechGroup cause to continue to be optimistic that a stake in
an AgCert business with value will be preserved, whether through the
examinership process or otherwise."

Despite yr good point I became a first time investor in XLT last week.

Your point and the Agcert problems are surely already reflected
in the current low XLT sp?

The willingness of the "third party" in these credit crunch times
to risk a tad under $10m cash gives grounds for optimism but
defintely all imho so dyor.

[bigt20] 02/5/2008 18:12

thailand,

Have a look at post 92 re. the cash

[thailand] 30/4/2008 07:41

great news today.why is noone interested in this company.It is going for a song.

[bigt20] 13/3/2008 22:56

BUT how are XLT going to raise the cash for 2009 (assuming 2008 revenues are received as expected per the Operating Update)?

I would have thought external investors would want to invest in one of the spin offs companies directly (to help the spin off grow, not to fund XLT)if its floated not buy shares (of the spin off company) off XLT.? What sort of message would it send to new investors in these spin off companies if XLT try to offload shares to generate cash?

So how do you think XLT will generate cash to pay the £9m + interest to Laurus and provide sufficient cash for XLT to operate during 2009? Do you think XLT will do a placing of its own shares?


As for Tyratech, I still think a cap of £100m is a bit rich at the moment.

[bigt20] 10/3/2008 18:39

Reading the section of the Operating Update before the auditors section about the 2008 cash budget really supports the VERY HIGH risk comment. Delays in cash coming in could cause problems.

Couple that to: 'XL TechGroup has agreed to pay 17.8 mln usd
plus interest to Laurus in May 2009.' Thats roughly £9m plus interest they have to find.

[thailand] 04/3/2008 00:34

saw Richard Branson being interviewed on Bloomberg earlier talking up the prospects of algae being used to make fuel for his jets.Said he thought it most likely type of biofuel to succeed as it didn't need agricultural land to grow.

[paperking] 03/3/2008 18:48

They have been saying buy for some time they also liked agcert!!!!

[bigt20] 03/3/2008 17:21

How can anything that is described as a VERY HIGH risk be a strong buy?
Surely the words speculative buy, would have been appropriate?

[hawks11] 28/2/2008 07:15

Charles Stanley have recommended this as a strong buy today but with a very high risk note. Massive potential or complete failure seems to be the message. This is the first time I have looked at XLT so have some reading to do.

[thailand] 27/2/2008 16:40

where is everyone? anyone got anything to say re today's update? sounds very positive to me. seems like we have seen the bottom,the only way is up from here,a long way up I hope.Spot on tp100.

[tp100] 21/2/2008 17:04

This is great news. I'm ignoring Agcert (although it might return something) but I like the fact that the company has an extra $10m cash in the short term. Arguably, this means that no more funding in 2008 is required and that we are not a forced seller of Tyratech in June. Don't be surprised if the price is higher by the close tomorrow when this news sinks in.

Update in a few weeks will be welcome.

[m.t.glass] 21/2/2008 16:13

XL TechGroup, Inc.
("XL TechGroup" or "the Company")

XL TechGroup enters into loan note agreement with Laurus
and receives US$9.9 million cash in AgCert related transactions


XL TechGroup (AIM: XLT), the creator of companies that solve identified, global
unmet market needs, advises that in order to facilitate negotiations between
AgCert International plc ("AgCert") and its creditors, it has entered into a
loan note agreement with Laurus Master Fund Ltd. ("Laurus") under which XL
TechGroup has agreed to pay US$17.8 million plus interest to Laurus in May 2009.
In return, XL TechGroup has received US$9.9 million in cash from one of
AgCert's creditors. The new loan note carries a current interest rate of 10%
and, consistent with previous borrowings from Laurus, is secured against the
general assets of XL TechGroup.

The effect of this agreement has been to remove a matching amount of debt owed
to Laurus by AgCert from the latter's balance sheet, to add US$9.9 million in
cash to XL TechGroup's balance sheet (in addition to the US$11.4 million cash
that the Company started 2008 with), and to leave XL TechGroup with a balancing
US$7.9 million participation right from an AgCert creditor under the original
debt owed by AgCert, which remains secured. XL TechGroup's previous commitment
to provide a loan of up to Euro5 million to AgCert in the second quarter of 2008 no
longer exists and has been replaced by the secured participation right for a
similar amount.

The intent of this agreement was to simplify AgCert's relationships with its
senior creditors, resulting in AgCert having only one secured creditor, thereby
enabling AgCert to attempt to negotiate directly with its other creditors and
customers. However, despite extensive negotiations, AgCert has been unable to
reach agreement with all its creditors and customers regarding the renegotiation
of contracts, and has today proposed to file a petition for examinership in
Ireland. This entails a process whereby AgCert is put under the protection of
the High Court in Ireland with a view to allowing a court appointed examiner to
formulate and put forward for approval a scheme of arrangement with its
creditors and members. The objective in petitioning for examinership is to
address AgCert's obligations while maintaining an ongoing business. This action
by AgCert has no impact on any XL TechGroup borrowing covenants.

John Scott, CEO of XL TechGroup, commented: "We directly involved ourselves in
AgCert's negotiations with its creditors at the end of 2007, with the single aim
of looking to maximise value for all of AgCert's shareholders. It is therefore
disappointing that they have not yet reached an agreement with all their
creditors and customers. However, there is now only one secured creditor and
this gives us reason to continue to be optimistic that an AgCert business with
value will be preserved, whether through the examinership process or otherwise."


- Ends -

[tp100] 18/2/2008 13:27

Have you had a look in detail vienna?

The trades are not obviously anything - do you think anyone could sell at 31p if there weren't buyers too. Of more interest is that someone paid 35p for 54,000 shares - why if there are large sellers everywhere?

I have been buying as I think the shares are mispriced - if you are cautious then you can always short Tyratech that may come under pressure if XL is forced to reduce their stake. Remember their stake is worth £52m but market cap of XL is only £17m (they probably have £25m of debt).