Power couple drives Anexo takeover talks
The major shareholder in listed professional services group is considering a takeover bid alongside two company leaders to buy out the business.
Credit hire and legal services company Anexo, which includes the Liverpool law firm Bond Turner, said today it is preparing for a possible offer for the entire share capital from DBAY Advisors and husband and wife power couple Alan Sellers and Samantha Moss. This followed a statement to the London Stock Exchange yesterday, issued without the consent of Anexo, that an offer was under consideration.
Asset management firm DBAY, which bought 29% of the shares at 150p per share in 2020, said the deal would comprise entirely loan notes issued by a newly-incorporated entity jointly controlled with Sellers and Moss.
Under stock exchange rules potential buyers are required to announce a firm intention to make an offer by 5pm on 20 May. As a consequence of the possible offer announcement, the company is now in an 'offer period' as defined in the Takeover Code.
Anexo advised shareholders to take no action at this time.
Sellers was one of the founders of the business and was called to the bar in 1991. He currently serves as executive chairman. Solicitor Moss is managing director having worked for Bond Turner since 2004. She also maintains managerial responsibility for the law firm and overseas regulatory compliance, client care, complex claims, staff supervision, accounts and complaints handling.
In a trading update issued in February for the full 2024 year, Anexo said financial performance was 'in line' with board expectations and that housing disrepair and serious injury work had continued to make an increasing contribution. Read More Barrister who defrauded his grandmother disbarred
During the year, the group invested £6.5m (up from £4.3m in 2023) in funding emissions claims against various vehicle manufacturers. There are now claims against Mercedes Benz from 12,000 and the firm is running 25,000 claims against other manufacturers.
Any potential settlement of these claims was expected to 'significantly enhance' the group's profitability and cashflows, while also materially reducing its net debt.
In the half-year results for the period ending 30 June 2024, it was revealed that legal services profit before tax was down from £14.2m to £3.3m. In spite of this, headcount increased by 10% during the first half of last year, with 287 fee earners by the end of June.
Net debt across the group had risen by 11% to almost £68m. In August 2024 the group agreed a £30m loan facility with Callodine Commercial Finance LLC. It drew down £20m of this facility to provide further headroom and to repay a previous loan provided by Blazehill Capital Limited.
It was reported in October last year that Moss (along with her family) was the sixth richest woman in Manchester and Liverpool, owning 17.4% of Anexo – a stake worth £14.2m. Her total net worth was estimated at £50m.
Shares in Anexo Group plc jumped 20% to 61p following yesterday's speculation about a possible takeover bid but slipped back to 60p today.
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