Energis Shareholders Action Group

IF YOU ARE A PUM/ TEMPORARY ACCESS MEMBER & ARE HAVING PROBLEMS ACCESSING THE SITE PLEASE E-MAIL gwen@energisactiongroup.co.uk INCLUDING DETAILS OF YOUR USER NAME.

THERE ARE A FEW OUTSTANDING PLEDGES REMAINING, PLEASE CLICK [here] TO VIEW THE DETAILS. OUTSTANDING PLEDGES ARE HIGHLIGHTED IN BOLD TEXT.
IF YOU HAVE SENT YOUR PLEDGE BUT STILL APPEAR IN BOLD TEXT, PLEASE E-MAIL admin@energisactiongroup.co.uk, PROVIDING DETAILS OF YOUR DONATION (METHOD, DATE & AMOUNT). THANKS.

ESAG FAX NUMBER: 07005 963 168.

ESAG was created by Energis plc shareholders who were unhappy with their treatment prior to the company being placed in administration and at the proposed scheme of arrangement by which the company’s assets are to be divided up.

In outline, the proposed scheme of arrangement is as follows:

Energis Holdings Limited (‘EHL’), the holding company of Energis’ profitable UK operations, and the “jewel in the crown” was sold by the administrators to Chelys (a shell company owned by Energis’ bankers) whose only asset was £150m cash. In exchange, Energis PLC received 55% of Chelys and a deferred consideration of 7.5% of any excess over £1.8bn received in any sale/flotation within the next seven years.

The scheme of arrangement proposes that Energis PLC’s creditors (the bondholders mainly) be awarded the 55% shareholding of Chelys and Energis PLC’s shareholders be awarded the 7.5% deferred consideration. This scheme of arrangement has yet to be finalised and will require bondholder approval. To put this in context:

Energis PLC shareholders will receive nothing if:
1. The bondholders vote to keep the 7.5% for themselves.
2. The company is sold or floated after 7 years.
3. The company is sold or floated for less than £1.8bn.
4. The 7.5% is agreed and the company is sold within 7 years for £1.8bn.

We now have over 1800 members and are very near our War Chest target to be used to seek legal advice. Our aim is to get fair value for our shares.

If you are new to this site then you will only be able to access the home page and the FAQ sections. You can register your details with us by clicking on 'Join the ESAG', top left of the homepage & we will be in touch with you providing further information. Until this point, you will still only be able to access these areas. The other areas of the site are for Paid up Members only who have contributed towards the War Chest. Once a contribution (the recommended contribution is £4 per 10,000 shares held) has been made to the War Chest you should email admin@chelys.net to advise us of your username and contribution so that we can check receipt of payment and can activate your account to Paid up Member status. To see details of how to make your donation, please scroll down this page.

The FAQ section covers a lot of subjects but if you have any further queries then please do not hesitate to contact us.

PLEASE CLICK [ HERE ] TO VIEW THE UP TO DATE LIST OF CONTRACTS WON BY ENERGIS SINCE ADMINISTRATION. (16/07/2002).

TO SEE PRESS INTEREST IN ESAG, PLEASE CLICK [HERE].

For details of "EXCEPTIONAL CAREER OPPORTUNITIES IN A HIGH PROFILE CORPORATE TURNAROUND" [updated 09 & 12/03/2003.] click [HERE]..

To see a random selection of members comments following the administration please click [here]

******Pledge Your Wedge.******

£7,420 has been raised through 'Pledge Your Wedge', due to euronigel's pledge to donate a further £1000 once the warchest reaches £29,000, ON TOP OF HIS £800 ALREADY DONATED. From which the 'PLEDGE YOUR WEDGE' thread was born.

euronigel's post in the forum:-
'Perhaps an incentive is needed - I have already donated £800 (back in September!) - if the fund reaches £29,000, then I undertake through this public statement (and ESAG know my email address) to donate a further £1,000 - we can't let these people get away with what they are doing! So come on the rest of you, it's really not difficult and could provide some interesting fireworks as well as some compensation if handled through the expert advice proposed.
Perhaps others would like to back-fill this offer with similar commitments from 29,000 down so that we know what the real funding gap might be'

ESAG would like to thank you for your kind offer & for introducing this concept.

THANK YOU TO ALL WHO HAVE ALREADY DONATED/ PLEDGED. Any questions? Please see our [FAQ'S.]
To see pledges so far please click [here.]

To view current/ archive news please click [here] and select the month you wish to view the news for.