Van Elle - yet another questionable turn of events soon after arrival on AIM
Our recent Blog alluded to the shameful goings-on at Accrol Group and the latest news from ground engineering contractor Van Elle isn’t doing much to encourage either. We reflect here on yet another questionable listing!
We covered Van Elle (AIM:VANL) in our October 2016 AIM new arrivals Blog here. Founded in 1984 by its then Chairman Michael Ellis and his wife Joan Ellis, Van Elle Holdings (‘VANL’) is the UK’s largest geotechnical engineering contractor. VANL raised £7.2m of new money at 100p with selling shareholders pocketing £30m on AIM arrival. Mr Ellis and his wife remained 14.5% shareholders post IPO with CEO Jonathan Fenton having a 7% stake and other Directors also holding meaningful stakes. The outlook statement in the Admission Document was extremely positive with conditions in the Group’s end markets having ‘remained robust’…