The Lemon Fool

the Board has carefully considered the future of the Company and its business, taking into account feedback from Shareholders. Consequently, the Board is now putting forward proposals for the liquidation of the Company including options for Shareholders to roll over their investment. These proposals include the opportunity for Rollover Eligible Shareholders to receive shares in Axiom Obligataire, a Compartment of an open-ended fund managed by Axiom with a substantially similar investment policy to the Company. The Board believes this will provide continuity for Rollover Eligible Shareholders who roll over their investment in the Company, while mitigating the issues in relation to which Shareholders have expressed their frustration. There will also be an option for a cash exit.

The Circular contains a notice convening an extraordinary general meeting (the "EGM") of the Company at which approval will be sought from shareholders for the proposals. The EGM is to be convened for 10.00 a.m. on 29 August 2023 and will be held at 1st Floor, Royal Chambers, St Julian's Avenue, St Peter Port, Guernsey GY1 3JX.

bruncher wrote:Anyone voting on this?

88V8 wrote:Now I think of it, I also have a holding at HL, suppose I could go over there and vote.

Under the terms of the Scheme of Reconstruction (the Scheme), shareholders will receive 1 New Axiom Obligataire (AXOB Fund) shares for every 1,000 Axiom shares held under the Rollover Option. Please be aware as we are unable to hold or trade the AXOB Fund through our Sharedealing service this option will not be available.

Shareholders are also being given the opportunity to elect for a cash payment under the Cash Exit Option, at a rate yet to be determined.

Please be aware that we will be required to elect for the Cash Exit option for all shareholders within our service.

Should you wish to receive the AXOB Fund, you will be required to transfer your Axiom shares to a broker who will be able to hold and trade the New AXOB Fund. If you wish transfer, please ensure you instruct your transfer asap. Your shares must be transferred before our deadline of 20th August 2023 or we will elect the cash exit option for you.

bruncher wrote:I've written to Axiom (contact@axiom-ai.com), asking them to reconsider winding up the fund, and that I'll be voting against the proposal.

88V8 wrote:

bruncher wrote:I've written to Axiom (contact@axiom-ai.com), asking them to reconsider winding up the fund, and that I'll be voting against the proposal.

I hope you have a big stick....

It will be interesting when it's wound up to see how the NAV plays out. I'm suspicious of NAVs in what amounts to a smouldering fire sale, illiquid stuff, we'll see.

V8

88V8 wrote:

bruncher wrote:I've written to Axiom (contact@axiom-ai.com), asking them to reconsider winding up the fund, and that I'll be voting against the proposal.

I hope you have a big stick....

It will be interesting when it's wound up to see how the NAV plays out. I'm suspicious of NAVs in what amounts to a smouldering fire sale, illiquid stuff, we'll see.

V8

88V8 wrote:

bruncher wrote:Anyone voting on this?

Thanks for the reminder, I was going to today, but the ii Voting Mailbox won't load.

Under the scheme, certain eligible shareholders have the option to roll over their investment into new shares in the Axiom Obligataire Fund. We are unable to hold this fund on our platform so you will automatically receive a cash payment in place of your holding.


The cash payment will reflect the value obtained from the sale of the company’s assets attributed to those shareholders receiving cash, less the costs of selling these assets. Cash will be paid from 12 September 2023.

kempiejon wrote:Just had the notification from Hargreaves Lansdowne.

Under the scheme, certain eligible shareholders have the option to roll over their investment into new shares in the Axiom Obligataire Fund. We are unable to hold this fund on our platform so you will automatically receive a cash payment in place of your holding.


The cash payment will reflect the value obtained from the sale of the company’s assets attributed to those shareholders receiving cash, less the costs of selling these assets. Cash will be paid from 12 September 2023.

NAV is above current price but is that the likely value, I guess we can just sell now and redeploy with certainty.

Gan020 wrote:

kempiejon wrote:Just had the notification from Hargreaves Lansdowne.



NAV is above current price but is that the likely value, I guess we can just sell now and redeploy with certainty.

NAV is 92.25p
Current sell price being offered is 85.5p

AXI will surely have anticpated a number of retail holders exiting and have already got some element of cash available for that. In addition the portfolio is full of big name liquid investments so I would anticipate there will be little trouble selling within the spread.
It's hard to see the cash exit value being less than 90p and I would suggest 91p more likely. Perhaps a little more if you consider revenue is continuing to be generated by the underlying investments.

Regardless I see little point in selling in the market. Selling at 85.5p seems to be throwing away money when 90-91p seems more likely.


What's more annoying is HL's forcing shareholders to cash. AJ Bell and II are giving shareholders a choice. I continue to despair at HL at their attitude towards what they are and are not willing to let investors invest in.

Gan020 wrote:NAV is 92.25p
Current sell price being offered is 85.5p

AXI will surely have anticpated a number of retail holders exiting and have already got some element of cash available for that. In addition the portfolio is full of big name liquid investments so I would anticipate there will be little trouble selling within the spread.
It's hard to see the cash exit value being less than 90p and I would suggest 91p more likely. Perhaps a little more if you consider revenue is continuing to be generated by the underlying investments.

Regardless I see little point in selling in the market. Selling at 85.5p seems to be throwing away money when 90-91p seems more likely.

kempiejon wrote:

Gan020 wrote:NAV is 92.25p
Current sell price being offered is 85.5p

AXI will surely have anticpated a number of retail holders exiting and have already got some element of cash available for that. In addition the portfolio is full of big name liquid investments so I would anticipate there will be little trouble selling within the spread.
It's hard to see the cash exit value being less than 90p and I would suggest 91p more likely. Perhaps a little more if you consider revenue is continuing to be generated by the underlying investments.

Regardless I see little point in selling in the market. Selling at 85.5p seems to be throwing away money when 90-91p seems more likely.

Thanks for the above Gan020, I needed to do a spot more research, having looked at time scales some larger holdings and NAV I@m minded to hold on. Although I can't know the exit value I take your comments and bit more of my own sniffing about and yes selling today for 85.5p rather than hanging on for 11 days for likely more does seem to be throwing my money away.

Gan020 wrote:Just a reminder that if you stay in you can exit at your leisure at a time that suits you at NAV, so it seems likely that's the best option if it's available to you.

Axiom Obligataire Fund. We are unable to hold this fund on our platform so you will automatically receive a cash payment in place of your holding.