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Aandeel Accsys Technologies AEX:AXS.NL, GB00BQQFX454

  • 0,684 23 mei 2024 17:35
  • -0,004 (-0,58%) Dagrange 0,680 - 0,696
  • 70.584 Gem. (3M) 135,4K

Accsys 2022

1.072 Posts
Pagina: «« 1 ... 38 39 40 41 42 ... 54 »» | Laatste | Omlaag ↓
  1. forum rang 10 DeZwarteRidder 2 november 2022 09:19
    Key points:
    • Agreement has now been reached between the consortium being Accsys, INEOS Acetyls
    Investments Limited (“INEOS”), Medite, BGF and Volantis (together the “Consortium Partners”)
    for Accsys to gain 100% ownership of the Tricoya Entities including the construction project at
    Hull and the Tricoya intellectual property and associated technology licences:
    o The Consortium Partners will transfer their Tricoya Entity shares to Accsys in return for 11.9m
    new Accsys shares (the “Share Issuance”), which represents 5.74% of Accsys’ current issued
    share capital.
    o INEOS and Medite will retain their existing supply and offtake agreements respectively to the
    Tricoya Hull Project as committed commercial partners.
    o NatWest has agreed to restructure its TUK debt facility, lowering the principal amount by
    approximately €9m to total €6m, under a new 7-year term.
    o The agreement gives Accsys the option to take the Tricoya Hull Project forward on its own
    terms and to benefit from 100% of the long-term returns from Tricoya® wood including any
    future licencing in respect of the global Tricoya market opportunity.
    • Updated Hull construction project outlook:
    o Accsys will stop current site activity for at least six months (the “Hold Period”), to mitigate the
    risk of weaker economics on start-up due to current high and volatile acetyls raw material
    prices in Europe.
    o Third party reports have been concluded confirming up to around €35m for the remaining
    project capital costs to bring the plant into commercial operation, with further reviews ongoing.
    This would bring the expected total capital costs for the project to up to around €138m vs the
    previously announced maximum of €103m reported in June 2022.
    o Final total project costs will remain subject to the timeline that the project is completed over
    and exclude up to €0.5m monthly costs anticipated during the Hold Period.
    o At normalised acetyls prices the Company expects that gross margins for the Hull plant of up
    to 40% continue to be achievable once operating at target capacity.
    • In the immediate term, Accsys will focus on increasing Accoya® production at the Arnhem facility
    and resulting cash generation, which will also support future financing options for the Tricoya Hull
    Project.
    • Accsys’ Board is pleased to reach this solvent solution with the Consortium Partners and create
    optionality over completing the Hull plant.
    Commenting on the restructure, Rob Harris, CEO of Accsys said:
    “Accsys is pleased to take over 100% of the Tricoya project. This provides us certainty over the
    project, gives us full control and the ability to complete the construction on our terms, at the right time.
    Whilst that time is not right now, the validation work undertaken has demonstrated that the opportunity
    to produce Tricoya® at attractive margins in the future remains strong. We are also pleased to move
    ahead with the continued support of INEOS and Medite as supply and offtake partners.
    As we look ahead, with full ownership of the Tricoya Entities, Accsys can now benefit from the full
    upside of the Hull plant and from any future facilities or licences created globally where Accsys
    continues to see a compelling global market opportunity for Tricoya®. The Tricoya project remains
    synergistic with the Accoya® market proposition which is building positive momentum following the
    successful commissioning of the fourth reactor in Arnhem and with the advancing construction of our
    facility in the USA.”
    Tricoya consortium restructure
  2. forum rang 10 DeZwarteRidder 2 november 2022 09:21
    Er zullen dus waarschijnlijk weer bijna 12 miljoen aandelen gedumpt gaan worden:

    ------------------------------------------------------------------------------------------------------------------------------------

    The Consortium Partners will transfer their Tricoya Entity shares to Accsys in return for 11.9m new Accsys shares (the “Share Issuance”), which represents 5.74% of Accsys’ current issued share capital.
  3. forum rang 10 voda 2 november 2022 09:27
    Accsys krijgt Hull-project geheel in handen

    Kost bijna 12 miljoen euro.

    (ABM FN-Dow Jones) Accsys heeft een volledig belang verworven in de Tricoya-fabriek in het Engelse Hull, inclusief de bouw van de fabriek. Dit maakte Accsys woensdagochtend bekend, na overeenstemming te hebben bereikt hierover met partners Ineos, Medite, BGF en Volantis.

    Met de transactie is 11,9 miljoen euro gemoeid, wat wordt voldaan in nieuwe aandelen. De uitgifte is gelijk aan 5,74 procent van het uitstaande aandelenkapitaal van Accsys.

    Accsys heeft besloten de lopende bouwactiviteiten in Hull voor ten minste zes maanden te stoppen, vanwege de zwakke economische omstandigheden en de hoge grondstoffenprijzen.

    Verder is een derde partij in beeld voor een openstaande financiering van circa 35 miljoen euro. Daarmee is de totale investering opgelopen naar 138 miljoen euro, wat nog meer kan worden, omdat de lopende kosten circa een half miljoen euro per maand zijn.

    Door: ABM Financial News.

    info@abmfn.nl

    Redactie: +31(0)20 26 28 999
  4. forum rang 10 DeZwarteRidder 2 november 2022 09:33
    quote:

    kabouter blut schreef op 2 november 2022 09:29:

    Klopt maar dat geven ze ook aan. Voor 10 miljoen aan nieuwe shares krijgen ze 100% ownership over een fabriek die voor ruim 90 miljoen op de balans staat en een vermindering van de schuld van Natwest met 9 miljoen. Geen slechte deal lijkt me en Natwest heeft er volgens mij ook vertrouwen in.
    Niemand heeft hier nog vertrouwen in: deze bouwval in Hull kan Accsys de nek omdraaien.

    Zie mijn eerdere berichten over een faillissement.
  5. kabouter blut 2 november 2022 09:37
    @voda: weet jij waar ABNFN het volgende vandaan haalt? "Verder is een derde partij in beeld voor een openstaande financiering van circa 35 miljoen euro. Daarmee is de totale investering opgelopen naar 138 miljoen euro, wat nog meer kan worden, omdat de lopende kosten circa een half miljoen euro per maand zijn"
    In het artikel kan ik allen het volgende vinden:
    o Third party reports have been concluded confirming up to around €35m for the remaining
    project capital costs to bring the plant into commercial operation, with further reviews ongoing.
    This would bring the expected total capital costs for the project to up to around €138m vs the
    previously announced maximum of €103m reported in June 2022.
    o Final total project costs will remain subject to the timeline that the project is completed over
    and exclude up to €0.5m monthly costs anticipated during the Hold Period.
  6. forum rang 10 DeZwarteRidder 2 november 2022 09:40
    Tricoya consortium restructure
    Accsys has reached agreement to acquire full ownership of TUK and TTL, from its Consortium
    Partners. The consideration for this will be satisfied by the issue of 11.9 million new ordinary Accsys
    shares to the other Tricoya Consortium Partners (the “Restructure”). The Share Issuance represents
    5.74% of the current issued share capital of Accsys and based on the Accsys share price at close of
    trading on 1 November 2022 it represents a value of €9.8m (based on the Euronext closing price) or
    £8.4m (based on the London Stock Exchange closing price).
    Under the agreement Accsys will acquire the remaining 38.2% holding in TUK that TTL does not
    already own and the 23.5% holding in TTL that it does not already own. The Restructure is expected
    to complete on or around 7 November 2022 once 11.6 million shares to be issued through the Share
    Issuance are admitted to trading on the London Stock Exchange’s AIM and Euronext Amsterdam
    markets, with a further 0.3 million shares to be admitted in the days following.
    INEOS and Medite’s respective supply and offtake agreements for the Hull plant will continue on their
    current terms.
    NatWest has agreed to restructure its TUK debt facility, reducing the principal amount by
    approximately €9m to total €6m, under a new 7-year term. The NatWest facility remains ringfenced
    from the Accsys Group, the Accoya® plant at Arnhem and other joint ventures. No repayments are due
    until the facility maturity date.
    Further details are set out in the Notes below.
    Benefits of the Restructure
    Accsys’ Board believes the Restructure is in the best interests of Accsys shareholders and provides
    greater certainty and full control of the Hull plant and Tricoya overall, with benefits to Accsys including:
    • Control and optionality over the completion of the Hull plant, including the timing, cost, and basis of
    funding for the Tricoya Hull Project plant.
    • Discretion over future development of the Tricoya proposition including licencing.
    • No commitment to invest further capital now and time to assess options in regard to funding any
    future capital requirements.
    • Simplifies the Group’s structure and will streamline internal governance.
  7. forum rang 10 DeZwarteRidder 2 november 2022 10:27
    Tricoya Hull Project outlook
    Accsys intends to freeze current plant activity on construction and commissioning for an anticipated
    period of at least six months. This will significantly reduce the FY23 cash impact from Hull on a
    monthly cost run rate basis from approximately €4m earlier in CY 2022 to around €0.5m going
    forward. During the Hold Period the Accsys Board will continue to assess the further work needed to
    finalise construction and commissioning of the Tricoya Hull Project and the forecasting of the
    remaining costs. The length of the Hold Period will be determined by the Board based on measurable
    parameters and will not be for an indefinite period.
    Two separate specialist firms were engaged to validate the capital costs for the remaining
    construction and commissioning work required to bring the Tricoya Hull Project into operation. Noting
    that the plant is the first of its kind, the specialists suggest that the additional capital cost to complete
    and commission the plant is expected to be up to around €35m. This would take total project capital
    cost to up to around €138m, from the previously announced expected maximum of €103m on 30 June
    2022.
    The monthly costs of the plant during the Hold Period will be up to approximately €0.5m (on an
    average basis) for the ongoing security, maintenance and care of the site.
    The length of the Hold
    Period, and the speed over which the completion works are delivered, will impact the total cost of the
    plant to bring it into commercial operation.
    The Hold Period will have the strategic benefit of delaying and preventing the Hull plant from coming
    into operation during volatile and historically high gas and acetic anhydride prices:
    • The Tricoya® production process requires proportionately more acetic anhydride per unit value of
    wood chip produced than the Accoya® production process.
    • While Accsys’ acetylation process continues to benefit from a partial natural hedge through the
    sale of acetic acid by-product, commencing the operation of the Hull plant during historically high
    and volatile prices for acetic anhydride would further lower the initial profitability of the plant during
    its early phases of ramp-up.
    • Therefore, delaying start-up of the Hull plant may improve the profitability of the operational ramp
    up period and reduce funding requirements for the project.
    At the end of the Hold Period, Accsys will only commit capital to complete the Hull plant if it is satisfied
    that Accsys can expect to receive an appropriate return on further investment. Factors that the Board
    will evaluate in this regard include:
    • Greater clarity on costs to complete and commission the facility;
    • Acetyls pricing, volatility and achievable margins;
    • Project delivery capability, organisation and structure in place to give certainty, visibility and
    assurance of the project completion; and
    • Full exploration of funding options by Accsys, including consideration of trade and financial co-
    investors, debt, new equity and contributions from Accsys’ cash resources.
    Accsys’ financial position
    The Group remains adequately capitalised and the Restructuring will not impact the cash resources of
    the Group given that it is being conducted by way of the Share Issuance.
    As at 30 September 2022, Accsys Group held adjusted net debt of approximately €62m (31 March
    2022: €55m). The Group’s net debt figure is expected to decrease by around €9.5m as a result of the
    Restructure given the reduction of the NatWest facility from approximately €15m to €6m.
    Following the successful completion of the fourth Accoya® reactor expansion project, production and
    resulting sales volumes are now increasing. As a result, and with reduced site activity at the Tricoya
    Hull Project as set out above, the Group expects a good increase in cash generation progressively
    over the remainder of the financial year.
    The Tricoya Entities are currently loss making given that the plant is not yet operational (FY 2022
    operating loss of €4.1m). The Tricoya Entities are currently fully consolidated into Group figures,
  8. forum rang 10 DeZwarteRidder 2 november 2022 10:40
    The Tricoya Entities are currently loss making given that the plant is not yet operational (FY 2022
    operating loss of €4.1m). The Tricoya Entities are currently fully consolidated into Group figures,
    therefore there will be limited impact of the Restructuring on the presentation of the Accsys Group’s
    financial statements.
    However, given the additional capital costs identified to complete the Tricoya Hull Project, and the
    uncertainty over the investment and completion timing, Accsys will likely record a material exceptional
    non-cash impairment of a proportion of the tangible fixed assets associated with the Hull plant in its
    upcoming half year results. As at 31 March 2022 (FY22), Accsys reported plant and machinery assets
    under construction at Hull with a net book value of €93.6m on a fully consolidated basis.
    Accsys will publish its financial results for H1 of the 2023 financial year on 22 November 2022,
    covering the six months to 30 September 2022
  9. forum rang 8 lucas D 2 november 2022 11:13
    quote:

    DeZwarteRidder schreef op 2 november 2022 10:49:

    [...]

    Bedrijven die vooruit lopen gaan heel vaak failliet.
    Je schrijft maar wat, denk eens na voor je dat doet en je anderen meesleept in dat denigrerende gedrag.

    BN Amro Oddo over Accsys: Neutral, doel EUR 1,25, 5-9-2022 14:00:09

    Kijk naar de datum dan weet je dat er toen al gesprekken plaatsvonden.
  10. Spoorman 2 november 2022 11:39
    quote:

    DeZwarteRidder schreef op 2 november 2022 10:49:

    [...]

    Bedrijven die vooruit lopen gaan heel vaak failliet.
    Och och, je hebt het er maar weer druk mee. De hele ochtend besteed een bedrijf af te branden waar je zelf niet in gelooft. Dan heb je echt niets te doen.
    On-topic: mixed feelings bij dit bericht. Het hele Hull verhaal is een behoorlijke f*ckup, om maar in Britse termen te blijven. Echter is hier m.i. al veel voor in geprijsd. Ca. 50 cent van de koers af sinds 30 juni. Een nieuwe claim- emissie lijkt echter onvermijdelijk volgend jaar. Goede nieuws is, Hull komt volledig in eigendom. Focus wordt gelegd op productie Arnhem en zo veel mogelijk cash genereren.
    Met de vraag is niets mis. Met het product is niets mis. Management heeft Hull verkloot, maar lijkt nu een plan van aanpak te hebben.
    5 jaren plan loopt iets vertraging op, claim emissie volgend jaar maar op welke koers?
    Ik heb bijgekocht op 75 cent en zal dit bij een claim emissie wederom doen. Dit is een LT investering.
    Mijn koersdoel >5 jaar is minimaal 2 euro. Dat is +160% op de huidige koers. Reken uit je winst.
  11. Stephano1990 2 november 2022 12:02
    quote:

    DeZwarteRidder schreef op 2 november 2022 10:49:

    [...]

    Bedrijven die vooruit lopen gaan heel vaak failliet.
    Bedrijven die onzin verkopen waar geen vraag naar is gaan failliet (zie Esperite).

    Wat Accsys anders maakt is dat er weldegelijk een kwalitatief hoogwaardig product is waar veel vraag naar is. Het probleem is dat ze al vele jaren beloven deze vraag om te zetten in omzet en hier wringt de schoen.

    Accsys heeft al sinds ik in dit aandeel zit (2014) problemen met het opschroeven van de productie. Recente jaren leken deze problemen eindelijk achter de rug te zijn. Valse hoop zo blijkt nu.

    Dit neemt niet weg dat er op dit moment een product is met potentie. Uiteindelijk zal het lukken dit om te zetten in klinkende munten, maar waar het laatste jaar dit gerealiseerd leek te kunnen worden binnen de komende jaren, moeten we er nu rekening mee houden dat dit het wellicht weer 5-10 jaar gaat duren voordat Accsys zijn volle potentie kan bereiken.

    In het ergste geval, zal geconcludeerd moeten worden dat het bestuur niet bestaat uit de juiste personen om dit project te te leiden en zal Accsys tegen een redelijke prijs verkocht moeten worden aan een meer competente en kapitaalkrachtige partij. In dat geval zullen we er wellicht een kleine winst uit kunnen slepen maar zal de grote payday waar wij nu op hopen uitblijven.

    Maar de kans dat Accsys failiet gaat is niet reëel.
1.072 Posts
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