Appointment of Administrators


 

TIDMAXE 
 
RNS Number : 8634Q 
Axeon Holdings Plc 
20 April 2009 
 

Axeon Holdings plc ("Axeon" or "the Company") 
APPOINTMENT OF ADMINISTRATORS 
Axeon Holdings plc announces that Malcolm Shierson and David Dunckley, Recovery 
& Reorganisation partners of Grant Thornton UK LLP, were, this morning, 
appointed as the administrators of the Company. 
Shortly after the appointment, the joint administrators sold the entire business 
and assets of Axeon to AG Holding Limited, for an undisclosed sum. 
Axeon 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 Company also has a manufacturing facility in Poland, a commercial and 
engineering base in Switzerland as well as a sales facility in Germany. 
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. 
A press release made by AG Holding Limited is appended to this announcement. 
-ENDS- 
For more information please contact: 
Alex Wessendorff, Grant Thornton Press Office, T +44 (0)20 7728 2048, E 
Alex.Wessendorff@gtuk.com 
Notes 
About Grant Thornton 
Grant Thornton Recovery and Reorganisation is one of the UK's top 5 advisers 
providing corporate recovery, turnaround and restructuring services to 
mid-sized, large and global businesses and their financial stakeholders. Grant 
Thornton Recovery and Reorganisation has 51 partners and directors and over 400 
dedicated professional staff operating nationwide. 
Grant Thornton UK LLP is a leading business and financial adviser with offices 
in 30 locations nationwide. We are a member firm within Grant Thornton 
International Ltd, one of the world's leading international organisations of 
independently owned and managed accounting and consulting firms. Clients of 
member and correspondent firms can access the knowledge and experience of more 
than 2400 partners in over 100 countries and consistently receive a distinctive, 
high quality and personalised service wherever they choose to do business. 
About AG Holding Limited 
AG Holding Limited is a special purpose investment company incorporated in the 
UK for the purpose of acquiring Axeon. AG Holding Limited is backed by funds 
managed by Ironshield Capital Management LLP. 
AG HOLDING LIMITED - PRESS RELEASE 
Axeon Announcement 
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 Bou 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. 
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." 
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. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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