As I understand it, Avion Group of Iceland is due to float in the next month. I believe institutional interest has led to the offer being 16 times over-subscribed for their allocation.
At the time of takeover of Excel Airways, 28.8% of shareholders said no. Most of them were management/trustees of staff share funds. It appears that at the end of June, Avion issued $52.5 Million new share capital to take up about 28.7% of the remaining shareholding ie all the management and staff funds were given shares in Avion group in exchange. That left about 0.1% of shareholders in the lurch.
Avion Group is floating declaring 99.9% ownership of Excel. Ie the 0.1% of Excel Airways shareholders will not get anything by the look of it.
The company is now free to do a compulsary purchase but may equally do nothing unless this small minority make a lot of hoo ha about it. There is an EGM at Explorer House near Gatwick.
Any advice from a corporate lawyer as to our rights would be appreciated. If Excel contributes to Avion Group's results, then surely the 0.1% are entitled to a segment of it.
Email addresses of board members/pr people I'm aware of are to lobby are:
mst@aviongroup.is which is a Magnus Stephenson
Phil.wyatt@xl.com
'eamonn.mullaney@xl.com'
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