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Good question.
Does anyone know Swedish law well enough to know if the minority squeeze-out buyout offer is binding? Is there anyway for GE or even the ARCAM board to backout of the deal?
If so does that mean they have to also divest the company? Lots of questions that feel like they need specialist Swedish investment advice ($$$)!
With GE on the verge of being bankrupt (who would have thought) wonder if this will throw a nasty wrench into the situation for us Arcam shareholders..
That's something. Thanks for the recon. Not worried, just want the liquidity in my ROTH so I can re-invest the proceeds :/
I emailed Victor this morning asking if he knew if the decision on a final redemption price had been made and if not what the deadline would be.
He replied and re-iterated that he "thinks" the price will be announced by year end and 60 days later we'll get our money. So no real change from what they've been saying since the beginning.
I've not had any info from my broker/custodian and no updates from Victor/Axel. I've tried to Google "GE final buyout price for ARCAM" in Swedish and the last info was a post on a Swedish forum back in June saying it would all be done probably in the Fall.
Don't know how much the turmoil at GE is affecting this, although you'd expect the CEO issues are sufficiently high above getting this deal completed!
Are there any news as to when the buyout process will be completed?
You're probably right. I see 284 shares traded today (not my buy unfortunately) for 28.81. Dropping AMAVF 12.7%..so strange.
I see only two days in the last month where the day total has been as much as 500 shares. I suspect that you would have to go for much smaller orders if you actually want it to fill.
I threw a limit order out there last Thursday and Friday for 500 shares at $30 and wasn't filled. Just FYI.
While it is nicer to get some interest than none, it is not much compensation for months and months of having one's money tied up nor is it equivalent to the likely market moves were it trading.
Update: Victor confirmed non-Swedish holders will be eligible for interest which was stated as being 2% over base rate which is currently -ve 0.5% so approx 1.5%.
I’m also amazed this still trades and at a huge discount. I think it’s a good play but I’m exposed enough to ARCAM as I want to be so I wouldn’t buy any more shares.
I have been unable to get a definitive answer through Schwab, but my presumption at this point is that the ARCM.ST shares which underlie AMAVF are frozen just like the regular ones are, but there is no need for them to trade at all unless the total number of AMAVF shares changes, which there is no reason for them to do. Thus, the underlying shares should be redeemed at the same price as everything else and the only real question mark for AMAVF shares is whether the price for the ARCM.ST shares will flow through. Since anything else would seem like fraud, I am pretty sure that they will.
As for why someone is willing to sell under $30, I can only guess that they are impatient, needy, and/or not confident of price flowing through.
Great info, thanks for the recon! And from judging what my trading desk has said, same applies for those of us which hold AMAVF OTC. Which is good!
Makes me wonder..
I picked up a few shares after trading was halted in Sweden on the OTC on May 21st at 29.00. This is 28% less then the buy out price of $37.39 (based on 345 SEK). For some reason it's still trading on the OTC albeit very thinly. Why? Could be the fact that no one is 100% sure the OTC shares will pay out and it's a panic to get liquidity. Or, holders can not wait and need cash now.
What to do..
I'm certainly not going to try and sell any shares. I'm "In it to win it" as they say. I'm actually thinking about placing a limit order out there to try and pick up more shares on the cheap. Anything under $30 should be nice for a quick pop in a few months. Or..OTC holders get screwed..
What to do...
To my fellow hanger-on-ers,
I emailed Axel (Victor) and received updated info:
1. GE is not looking for advance title so full arbitration processwill occur. Victor guesstimates sometime in the autumn and payment 60 days hence.
2. GE is proposing 345SEK price on January 11. Victor says they’re researching to see if the price should be more. Not sure what that means or how we’d be able influence that.
3. Apparently interest is payable but I’ve asked Victor if he knows whether non-Swedish shareholders are eligible.
Here’s the text of the full document Victor sent me:
To
the Minority Shareholders of Arcam Aktiebolag
INFORMATION REGARDING COMPULSORY ACQUISITION (SQUEEZE- OUT) OF SHARES IN ARCAM AKTIEBOLAG
As You have previously received notice of, GE Sweden Holdings AB (the “Majority Shareholder”) has requested compulsory acquisition of Your and all other minority shareholders' shares in Arcam Aktiebolag (the “Target Company”). The Swedish Companies Registration Office (Sw. Bolagsverket) has appointed me as a trustee for the minority shareholders. The trustee protects the rights of the minority shareholders during the compulsory acquisition (squeeze-out) process. Note that you do not need to take any action if you do not want to. You will eventually receive compensation for your shares, but it will take some time.
1. Background
The Majority Shareholder has previously announced a public takeover bid to the shareholders in the Target Company. For each share in the Target Company, the Majority Shareholder offered a cash consideration of SEK 285, which was subsequently increased to SEK 300.
The Majority Shareholder now claims to own more than 90 percent of all outstanding shares in the Target Company. When a shareholder owns more than 90 percent of all shares in a Swedish limited liability company, the shareholder has the right under the Swedish Companies Act to compulsorily acquire the remaining shares of the company. The Majority Shareholder initiated the compulsory acquisition process on 11 January 2018. The Target Company’s stock was delisted on 26 January 2018, and therefore the stock is no longer subject to any organized trade.
2. In general about compulsory acquisitions
Compulsory acquisition of the shares of minor shareholders is a normal procedure and occurs on almost all purchases of companies with many shareholders. The procedure of compulsory acquisition is handled as a dispute between, on the one hand, the Majority Shareholder and, on the other hand, the remaining minority shareholders in the Target Company.
The dispute is handled by an arbitral tribunal consisting of three impartial arbitrators. The first arbitrator is appointed by the Majority Shareholder. The
Göteborg, June 2018
Majority Shareholder has appointed Claes Zettermarck. The second arbitrator shall be appointed by the minority shareholders. If many minority shareholders are involved in the dispute it is, however, practically impossible for the minority to appoint a joint arbitrator. In such cases, the Swedish Companies Registration Office will appoint a trustee to represent the minority shareholders in the dispute. In the present case, the Swedish Companies Registration Office has appointed me as trustee. The first task of the trustee is to appoint a joint arbitrator for the minority shareholders. I have appointed Gustaf Sjöberg. The two arbitrators appointed by the Majority Shareholder and the trustee respectively will thereafter appoint the third arbitrator, who will also become the chairman of the arbitral tribunal. In this case, Hans Danelius has been appointed as chairman.
The arbitral tribunal shall first determine whether the Majority Shareholder is entitled to request compulsory acquisition of the remaining shares in the Target Company. Thereafter, the arbitral tribunal shall determine the so called redemption price, which the Majority Shareholder shall pay for each share plus interest thereon. The arbitral procedure is usually conducted entirely in writing.
The trustee shall also preserve the rights of the minority shareholders in the arbitral proceeding. The trustee represents all shareholders that do not choose to represent themselves before the arbitral tribunal. Therefore, a minority shareholder does not need to take any action in order to preserve its rights. However, a minority shareholder that wishes to represent himself before the arbitral tribunal may do so, but he must notify the chairman of the arbitral tribunal; Hans Danelius, Roslinvägen 33, 168 51 Bromma, Sweden, hans.danelius@telia.com. A certain time will be specified, within which such notification is to be made. The notification may also be made later but a shareholder who notifies later than the specified time will be bound by the claims and concessions that the trustee have made until then.
3. Redemption price
The redemption price may be determined in two different ways, either in accordance with the so called main rule or the so called specific rule.
The specific rule shall apply if the Majority Shareholder has acquired more than 90 percent of the shares in the Target Company through a public offer, which is not the case. When the specific rule shall applies, the redemption price shall correspond to the value of the public offer. It may be noted that, under special circumstances, the main rule can apply even if the Majority Shareholder has acquired more than 90 percent of the shares through a public offer.
The redemption price will thus be determined under the general rule. If the main rule applies, the redemption price shall correspond to the market value of the shares (the so called actual value). The market value of the shares may be determined by different methods, e.g. based on the stock price or on a valuation of the Target Company. If the share has been listed on a regulated market, the main rule entails that the stock price shall be used unless there are special reasons for not doing so. The value shall be determined as per 11 January 2018, when the Majority Shareholder requested compulsory acquisition.
2
The Majority Shareholder requests that the redemption price shall be determined to 345 SEK per share, equivalent to the stock price as of 11 January 2018.
Regardless of the method used to determine the redemption price, interest shall be added on the amount to in accordance with the below.
4. Interest
From the day of request for compulsory acquisition, 11 January 2018, interest shall be added to the redemption price. Interest is payable in accordance with 5 § of the Swedish Interest Act (Sw. Räntelagen), which corresponds to the Swedish Riksbank’s reference rate plus two percentage points. The reference rate is adjusted every six months based on the market rate of interest during the previous six months. Information regarding the reference rate is found on the Swedish Riksbank’s website: www.riksbanken.se.
5. Advance title and advance payment
If the arbitral tribunal initially determines that the Majority Shareholder is entitled to compulsory acquisition of the remaining shares in the Target Company, the Majority Shareholder may also, as stipulated in the Swedish Companies Act (Sw. Aktiebolagslagen), claim to obtain a so called advance title to the shares before the final arbitral award. In the present case, the Majority Shareholder has informed me that it will not claim advance title.
6. Final arbitral award
The arbitral procedure will be finalised when the arbitral tribunal renders an final arbitral award stating the determined redemption price. The final arbitral award may be appealed, but it is very uncommon. Appeal shall be made within 60 days from receipt of the arbitral award. For the minority shareholders who have not represented themselves the time-limit is counted from the day that the trustee received the arbitral award. An appeal is made by bringing the case to the Stockholm District Court.
7. Payment
The redemption price and the interest will be paid when the final arbitral award has gained legal force, which means 60 days from receipt by all parties in the dispute of the arbitral award, provided that no appeal is made.
The payment will usually be made through Euroclear Sweden, the Swedish Central Securities Depository. Euroclear Sweden will primarily make payment to the bank account connected to the securities account on which the shareholder’s shares in the Target Company are registered. For shareholders who do not have a securities account in a Swedish bank or a stockbroker, and/or in the absence of such registered account, payment may be made by the issuance of a bank cheque. In order to avoid incorrect payments, it could be a good idea for a minority shareholder to keep the securities account and bank account.
If Euroclear Sweden is unable to get in contact with a minority shareholder the payment shall be deposited with the County Administrative Board (Sw. Länsstyrelsen). The County Administrative Board will in turn pay the deposited amount to shareholder that can prove its shareholding.
3
8. Legal costs
All costs for the arbitration, including compensation to the trustee, will be paid by the Majority Shareholder, unless the arbitral tribunal due to special reasons decides otherwise.
9. Time
Normally it takes about one year from initiation of the compulsory acquisition process until the final redemption price is settled. Depending on the complexity of the case it may take longer or shorter. If the final arbitral award is appealed the dispute may take considerably longer.
10. Further information
If you need further information regarding the compulsory acquisition you are welcome to contact me on the following address: Advokatfirman Lindahl KB, Box 11911, 404 39 Göteborg, telephone no. 03-799 10 00, e-mail: axel.weibull@lindahl.se. Since the compulsory acquisition involves many minority shareholders, I will unfortunately not always be available for information via telephone.
Best regards, Axel Weibull
4
Link to EBMPerform
Just noticed that I didn't include the link - www.ebmperform.com/
Funding information on EBMPerform
EBMPerform's objective is to develop the next generation of 3D metal printing machines by overhauling the electron beam system and integrating a reproducible QA system
This page about the EBMPerform project is new, today. There's not really too much information there.
"IMPACT
The verified design of a plasma cathode electron source will enable high integrity 3D printing of metal parts. Arcam will supply equipment with this technology to large industrial companies for efficient production of parts. The equipment will enable the wider adoption of EBM leading to efficient use of materials – particularly strategic titanium alloys and nickel based super alloys at first."
EQUIPMENT TO BE INTEGRATED WITH THE EBM SYSTEM
EB Gun
EQUIPMENT TO BE INTEGRATED WITH THE EBM SYSTEM
Array probe device
GE Additive at Farnborough 2018
At ge.com - GE Additive at Farnborough 2018 - July 16, 2018
Nice picture showing two Arcam machines. The only picture in the press release.
100,000 patients later: The 3D-printed hip is a decade old and going strong
100,000 patients later: The 3D-printed hip is a decade old and going strong - July 02, 2018
It wouldn’t be unusual for someone with a traditional hip operation to get their implant replaced after 10 to 15 years, says Maria Pettersson, an orthopedic industry specialist with Arcam. Commonly, they could stretch that to well over 20 years, she says.
Orthopedic implant makers like LimaCorporate can also customize the design of the final implant according to the patient’s and surgeon’s needs, keeping the same features of the original structure, including the complex 3-dimensional hexagonal cells on the surface.
This level of design freedom and the ability to potentially tailor implants to different patient’s necessities is why 3D printing also increasingly is being used for dental implants, hearing aids, prosthetics and even surgical tools.
Pettersson estimates that overall more than 100,000 hip cups have been made in Arcam printers and implanted in patients. There are likely hundreds of thousands more that have been made in printers from other companies.
Options Multiply for 3D Printed Spinal Implants
Options Multiply for 3D Printed Spinal Implants
The last paragraph:
4WEB Medical prints in titanium on Arcam EBM systems. The company recently announced it has surpassed the 30,000-implant milestone in just five years of surgical use.
GE Additive's Industry in 3D
GMIS: Global Manufacturing & Industrialisation Summit
Published on Jun 11, 2018
GE Additive's Industry in 3D special event gathered industry leaders in aerospace, automotive, energy, medical and dental, to show how they are using additive manufacturing to transform their businesses.
GMIS had the chance to sit with Sue Siegel, Chief Innovation Officer at GE, to discuss how innovation is embedded in GE's history while Jason Oliver, CEO of GE Additive, spoke to us about how Additive Manufacturing has the potential to fundamentally reshape the way we design our products & systems today.
In addition, Badr Al Olama, Head of the GMIS Organising Committee, was a featured panelist on a discussion about how transformative technology will change the way we work. Which explored how we can train the workforce and prepare for new skills required to navigate the transition into transformative technology.
Inside Arcam EBM’s next-generation additive system
GE Additive
Published on Jun 13, 2018
GE Additive and Arcam EBM continue to advance the additive industry with a closed-loop system that’s enabling a new-phase of high-volume production. At the system’s center is the Arcam EBM Spectra H, a machine capable of producing larger parts at temperatures exceeding 1,000°C while increasing build speeds and simplifying operation.
See how we’re helping additive manufacturers grow opportunities like never before at ge.com/additive/spectra.
GE BAKER HUGHES: PRINTING 1800 PARTS FOR DRILLING RIGS
At 3dprintmagazine.eu - GE BAKER HUGHES: 1800 ONDERDELEN PRINTEN VOOR BOOREILANDEN - 11 jun 2018
Baker Hughes, part of GE and supplier to the oil and gas industry, 3D prints annually as about 1800 parts that are used on oil rigs. The company wants to set up a network of production centers around the world, so that 3D metal printing can take place as close as possible to the drilling platform.
Why AM is important for the oil industry
OIL SUPPLIER SUPPLIER SEES SHORTER LEADTIME AS ONE OF THE ADVANTAGES
The experiences that Christoph Wangenheim, manager AM at GE Baker Hughes presented on Rapid.Tech, illustrate how many more sectors than just the aviation and medical industry are implementing additive manufacturing. GE Baker Hughes, created last year by the merger of GE Oil & Gas and the originally German Baker Hughes, is the first full stream supplier to the oil and gas industry. In 2012, the first drill head was printed 3D. The AM technology is now also being used for customers who are working on thermo-energy.
Christoph Wangenheim was clear about the reasons why the oil and gas industry needs 3D metal printing. It is drilled deep into the earth's crust, under high pressure (up to 500 bar) and at high temperatures (up to 200 degrees C). "Normal tools then do not have a long tool life." The extension of time is also the first reason. Making wear-resistant drill bits that are more resistant to corrosion is another reason. "Wear and tear due to corrosion costs the industry 1.2 billion dollars a year." Leadtime is the third argument. That is why GE Baker Hughes is working on AM production centers worldwideto be set up, so that time is also saved on the logistic handling of an order. "A day's standstill on the platform costs 1 million dollars. You want to restore production as quickly as possible. We think that AM can significantly reduce the supply chain. "
Zero defect AM does not exist
But: the AM expert from the oil and hospitality industry put the finger on the sore spot at the conference: the technology must be more consistent in quality. Wishful thinking? According to Sandra Zühlke, researcher at the Fraunhofer IAPT (the former Laser Zentrum Nord), "The slm process is not a 100 percent perfect process, we can not achieve zero defect production." That's why the researchers want to tackle it differently. The Future AM project develops a model that predicts the lifespan of a 3D printed product based on multiple parameters.
MATHEMATICAL MODEL PREDICTS LIFETIME AM PART
The input used for the model is the requirements that the application sets, the geometry and the most important process parameters that are measured during the process. The typical errors that arise are also taken into account. When the part is ready, the model then indicates that it achieves the required service life despite any errors. Currently the first tests are running in Hanover. Integrating such a system into the 3D metal printers would be ideal, but she thinks that this is still a step too far for the time being. "Especially in the short term our solution is more efficient."
Video: GE's Specialized Powder Metal Materials for Additive Manufacturing
At engineering.com - Video: GE's Specialized Powder Metal Materials for Additive Manufacturing - June 05, 2018
The introduction:
In discussions on metal additive manufacturing, materials are often treated like an afterthought. More attention is given to the process, machine and even the parts than to the specialized materials that must be used.
Additive materials are a growing market, and many materials suppliers are grappling with the stringent requirements for these advanced processes. It’s very different from the standard block, sheet or bar stock required for fabrication and machining processes.
To learn more about the specifics of metal powders for powder bed additive processes, we spoke to Ethan Peress, sales representative at Advanced Powders and Coatings Inc., a GE Additive Company.
high-resolution EBM-printed titanium engine part printed in layers as thin as 20 or 40 microns.
https://www.ge.com/additive/additive-manufacturing/information/3d-printing
The last sentence of the The Key Differences section:
My trading dept doesn't seem to be concerned about it. They say that every share of AMAVF (otc) is backed up by a share of Arcam (Stockholm). I would assume we are on the same timeline stated in my last board message. End of this year, early 2019.
Hopefully..;)
For my part, I have been trying to get Schwab to research what is going to happen to the AMAVF shares and on what timetable and they have been running into a stone wall at GE.
Regarding GE squeeze out timeline, I received the following email this morning:
Hello
I assist Axel Weibull in the Arcam case. Normally, it takes about one year from initiation of the compulsory acquisition process until the final redemption price is settled. In this case, it means that we can expect the case to be closed at the earliest by the end of this year.
Best regards
Victor
Victor Wodlén
Associate
Advokatfirman Lindahl KB
P.O. Box 11911, SE-404 39 Göteborg, Sweden
TELEPHONE +46 31 799 10 00
DIRECT DIAL +46 31 799 10 52
MOBILE +46 73 147 27 52
FAX +46 31 799 10 99
VISITORS
EMAIL victor.wodlen@lindahl.se
________________________________________
When investing, its impossible to hit winners every time. You take risk, and the profit from a few winners should cover the losses of a greater number of losers. This is why investors agree to take risk. Arcam has never been a value investment. It was an investment in a company that had a slim chance at disrupting the world of manufacturing, and a large risk of failing and becoming absolutely worthless.
What im saying is; I anticipate a FAT paycheck for having identified this amazing company and invested in it and carried considerable risk while the future was uncertain. It turned out great, and a huge company like GE has seen the potential and decided they have to have it. But many things could have gone wrong along the way. The tech could have proven to be less promising than competitors, etc. etc. When the risk is high, the same should go for the reward.
This paycheck has to be HUGE.
No doubt about that. Like I said, I'm still not 100% convinced either. But I've done so well buying and selling Arcam over the years that I'm willing to take on the risk. Time will tell..
Or, people who need the money now or who are not convinced that they are going to get the price they originally expected.
Trading and the buy out.
I just talked to a friend of mine in the trading department at a financial firm. He said that AMAVF is NOT an ADS or an ADR. He stated that each share of AMAVF is backed up by an ordinary share of Arcam and represents that as well in the GE process. When the squeeze out happens, these will be cashed out like Arcam shares in Stockholm. Just for the heck of it, I put in a limit buy order today and it hit (also bumped up the stock price, you're welcome). I figure, why not..I'll buy some on the cheap with the assumption it'll be cashed out higher in a couple of months.
Who's selling? Those who have no idea what's going on (I still am not 100% convinced that I know)and just want out because they are freaked.
Just my 2 cents..
When I first read the title, I couldn't help but think "What's a printer handle?"
Metal Additive Printer Handles Crack-Prone Materials
A digitaleng.news - Editor’s Pick: Metal Additive Printer Handles Crack-Prone Materials -Posted by: Anthony J. Lockwood - May 16, 2018
GE Additive recently took the wraps off its new-generation EBM system for metal additive manufacturing, the Arcam EBM Spectra H. Essentially, this high-volume industrial machine is the company’s all-new metal manufacturing technology platform. It’ll be shipping later this year. Still, this unit has many new and improved features that make it noteworthy right now.
So, what’s in it for you? Perhaps foremost, the Arcam EBM Spectra H is designed to enable you to work with high heat and crack-prone materials like titanium aluminide and nickel Alloy 718 at temperatures exceeding 1000°C. This capability could expand your production horizon to include more high-temperature, anti-corrosive components. Aside: The company plans on rolling out additional high-heat materials.
At a Glance: Arcam EBM Spectra H
Electron beam melting metal additive manufacturing system handles high-heat and crack-prone materials.
Incorporates automatic calibration technology; dust-tight environment throughout process.
6kW beam; movable heat shield; automated sieve and hopper filling station.
9.84×16.9-in. (250×430 mm) build volume; automated powder recovery.
Produces repeatable and reliable parts out of titanium aluminide and nickel Alloy 718.
But efficiency is also a big focus here, and it comes in a variety of forms. For one, build speed is up to 50% faster compared with current EBM machines. Reasons for this include a 6kW beam that reduces all pre- and post-heating steps, an improved layering procedure that reduces heating times as well as a movable heat shield that keeps heat in the build area.
Speaking of the latter, the Arcam EBM Spectra H delivers a 9.84×16.9-in. (250×430 mm) build volume. That’s about 39% larger than current EBM machines. It’s also a dust-tight production environment throughout the process. This helps maintain powder batch integrity while it protects the operator from the powder.
Two, there is lots of automation. For example, automated calibration technology improves the beam position and focus accuracy, which eliminates manual calibration processes. The system features an automated, self-dosing sieve and hopper filling station processes, automatic powder hoppers and automated powder recovery among others.
Video: Arcam EBM Spectra H Machine Uses Electron Beam Melting Technology
At engineering.com - Video: Arcam EBM Spectra H Machine Uses Electron Beam Melting Technology - May 18, 2018
The most ridiculous thing about all of this is...
It's hard to quantify what the most ridiculous thing about this is.
"In the buy-out proceedings, the minority shareholders will be represented by a trustee who will be appointed by the Swedish Companies Registration Office. The trustee’s main objective is to protect the rights of the absent shareholders in the dispute."
Dispute? What dispute? GE hasn't made an offer for us to dispute.
GE was able to find each of us in September of 2016 during their initial bid of 285 SEK and a month or so later when they upped the bid to 300 SEK. The shareowners that sold up to that time left GE controlling about 76% of ARCAM. Since then they've been dealing with and purchasing shares from the largest shareowners left. GE hasn't contacted any of us since 2016. Where's the dispute? That we didn't take the 285 or 300 SEK offers in 2016? Over a year goes by and now they want to own Arcam outright. The Swedish securities statutes allow that when GE exceeded the 90% ownership level. Yes, they've got what they wanted.
The thing is, General Electric doesn't want it. If they did, they'd hand over all our contact information that they've had since the September 2016 offer to the trustees and make us a fair offer. A fair offer today. "The trustee’s main objective is to protect the rights of the absent shareholders in the dispute."
GE has had our contact information for 18 months and by not contacting us with whatever their present offer is, they are delaying the outright purchase of the remaining shares.
It's had to identify what the most ridiculous part of General Electric's buy-out is.
Someone at GE need's to have an epiphany about how to close this. GE has some bright people. Is this really what their plan is? To drag this out? If so, I give them high marks.
The most ridiculous thing about all of this is that they say they don’t have information and even suggested to me that if any of us know more we forward it. Seriously? Can’t they do the basic homework to determine the custodian and status of amavf?
"Additive will drive innovation that will be realized across these businesses"
GE’s Power Services business has unveiled a range of products and services targeting gas turbine fleets of other OEMs, including Siemens’ and Mitsubishi
Did anyone here NOT get GE's 9-6-2016 offer?
Who didn't receive this from their broker? I received it from Fidelity. I didn't have to ask for it. GE knew how to find us then. GE knows how to find us now.
The Swedish securities protection for minority shareholders has no drive. It looks like "the team" has never done this before. It's very disappointing. GE should step up and do the right thing. Best guess is that they could have this all wrapped up in three weeks if they wanted to give us a fair value for our shares.
Offer to Purchase for Cash all issued and outstanding ordinary shares and American Depositary Shares (each ADS representing the right to receive one ordinary share)
Can someone please forward this information to Axel and whoever else is getting paid to represent us?
I don't like it.
The focus is way too broad for my taste. I anticipate that industrial 3D printing in metals will continue to outperform any other type of 3D printing in the near future.Therefore, having ONVO, which is a biotech company as #1, and SLM Solutions which focuses on industrial metal 3D printing as #8 on the ticker weight list shows a completely different focus than what I currently want in my 3D printing portfolio.
Thanks.
What do you think of the ARK 3D Print Index ETF (ARKK)? Top 10 holdings:
Company Ticker Weight(%)
1 ORGANOVO HOLDINGS INC ONVO 7.36
2 HP INC HPQ UN 5.75
3 RENISHAW PLC RSW 5.70
4 3D SYSTEMS CORP DDD 5.68
5 PRODWAYS GROUP SA PWG 5.62
6 MGI DIGITAL GRAPHIC TECHNOLO ALMDG 5.53
7 STRATASYS LTD SSYS 5.17
8 SLM SOLUTIONS GROUP AG AM3D 5.16
9 EXONE CO/THE XONE 4.77
10 MICROSOFT CORP MSFT 3.80 ?!?
Latest from Axel Weibel from an email received this morning. Doesn't seem like he wants to give holders of AMAVF much positive news..
Only the ordinary shares in Arcam are included in the squeeze out procedure. The so-called ADS (American Depositary Share), representing the right to receive one ordinary share in Arcam are not included and were not supported by Arcam as we are informed. It is still unclear to us if the ticker AMAVF represents an ADS, ADR or an ordinary share. The holders of ordinary shares will receive the price that is determined by the arbitors.
Kind regards
Axel Weibull
Advokat - Partner
Advokatfirman Lindahl KB
P.O. Box 11911, SE-404 39 Göteborg, Sweden
TELEPHONE +46 31 799 10 00
DIRECT DIAL +46 31 799 10 13
MOBILE +46 708 15 49 71
FAX +46 31 799 10 99
VISITORS Södra Hamngatan 37-41
EMAIL axel.weibull@lindahl.se
________________________________________
Regarding sending to Viktor and Axel, my contact with them led me to believe they just don’t know much re the amavf shares and don’t see it as their responsibility to. But they wanted to know anything we learned so might not hurt to educate them with things you discover.
Unfortunate situation but hopefully you all are right that eventually you get paid. Makes sense. I had sold all at 41.50 before it stopped trading and bought back in a solid position between 26-30 because it seemed a sure bet to make 25% or more and didn’t mind having cash in Ira tied up. But then got nervous with Axels replies and got out. I hope for all u holding it comes through and my guess is it will.
“I Think You Ignore Additive Manufacturing at Your Peril”
I check in with Greg Morris of GE Additive, hearing his views on AM’s continuing promise and importance. Representatives of John Deere, Smith & Nephew, B&J Specialty and Tangible Solutions share their views on the same question.
Peter Zelinski
Blog Post: 5/11/2018
PETER ZELINSKI
Editor-in-Chief, Additive Manufacturing
Video: “I Think You Ignore Additive Manufacturing at Your Peril” - 5/11/2018
From the included transcript:
Not really "agree to disagree"...
I think we'll have to agree to disagree on the valuation price we think GE has to pay us but you're right that there's huge potential here.
I've only said what I believe the shares are worth, not what GE has to pay us.
GE has a huge upside potential with their additive, aviation, energy, transportation, and medical business. Additive will drive innovation that will be realized across these businesses. Additive with grow the fastest.
About Predix...
I've never seen anyone, GE included, saying "Our overall maintenance costs are down xxx%, our production rate is up xxx%, and our year over year profits are up xxx%. GE's Predix system has played a fundamental role in each."
I've thought about buying into GE but have yet to pull the trigger. They are huge and seem to always find a way to shoot themselves in the foot. The investment community gets rattled and the share price takes a hit.
SLM Solutions, ticker AM3D, is the best pure play right now that I know of.
I bought into it at 29eur and added more at 33.5eur. Short term is hard to tell, but long term I think its safe to predict a buyout at a higher price than the current all-time high of around 50eur. There are only a few highend industrial players in this sector, and SLM is right at the top. Eventually someone will buy them to grab a piece of the AM pie, like GE did with Arcam.
Thanks for posting your response from Fidelity. Makes me more confident that we'll get our money eventually.
I agree that AMAVF and its products has a great future especially under the GE umbrella. I think we'll have to agree to disagree on the valuation price we think GE has to pay us but you're right that there's huge potential here.
Do you think you'll try and track AMAVF by buying GE or would you rather invest in a different pure A-M stock?
Offered share price on AvanzaBank's-Placera Arcam message board.
Mrtwenton was a presence on the Avanza Bank's Arcam message board. He might still be there but like us, there is little traffic there. It would be good to hear from him again.
Anyway...
Posted on April 23rd on the Avanza message board - https://www.avanza.se/placera/forum/forum/arcam.html
Hej
Bifogat finner du information kring förfarandet. GE Sweden har under förra veckan kommit med sin första inlaga. Yrkandet är att lösenbeloppet ska bestämmas till 345 kr. På det löper sedan den 3 januari en ränta om 1,5 %.
Beträffande tiden för utbetalning vågar jag inte säga mer än att det skulle kunna ske under hösten om förfarandet är okomplicerat.
Med vänliga hälsningar
Axel Weibull
Advokat - Partner
file:///C:/Users/User/AppData/Local/Microsoft/Windows/INetCache/IE/P31DUT13/Informationsskrivelse%20till%20minoritetsaktieägarna%20i%20Arcam%20Aktiebolag.PDF
The Google translation:
Hello
Attachment, you will find information about the procedure. GE Sweden has made its first submission last week. The claim is that the amount to be paid is 345 kr. On January 3, an interest rate of 1.5% has expired.
Regarding the time of payment, I dare not say more than it could happen in the fall if the procedure is uncomplicated.
Best regards
Axel Weibull
Attorney - Partner
file: /// C: /Users/User/AppData/Local/Microsoft/Windows/INetCache/IE/P31DUT13/Information letter%20to%20minorityaktieägarna%20i%20Arcam%20Aktiebolag.PDF
GE claims that the amount to be paid is 345 kr. Today, that's about $40.42 US. I don't think it's prudent for anyone to sell for less unless they have an immediate need.
If anyone's received a message in english from Viktor or Axel stating the same, please post.
RE: underlying holdings are in ARCM
Virtually everything you stated was echoed by Fidelity for me.
So far, I'm not impressed at all with Victor or Axel.
GE is betting the farm on Additive Manufacturing and Predix/Digital twin technologies to reinvent the company. They will succeed with both. I expect that the Predix/Digital Twin arm will face stiff competition from other offerings from business' who core focus has been in the digital realm. Their aviation, energy, medical, and transportation business' should provide a stable customer base.
For Additive Manufacturing, it's their world to conquer.
Victor and Axel are focused on the specific task at hand - overseeing the legalities of the liquidation.
They do not see the bigger picture of what Additive Manufacturing means to GE. IMHO, now, more than ever, I see that my 600 SEK value estimate for current share value is LOW.
GE says that they're using EBM to make the LEAP fuel nozzles...
INTERVIEW: INSIDE THE GE ADDITIVE SPECTRA H WITH ANNIKA ÖLME, ARCAM
INTERVIEW: INSIDE THE GE ADDITIVE SPECTRA H WITH ANNIKA ÖLME, ARCAM - 5/8/2018
Though the company have yet to confirm details of Spectra H customers, Ölme assures me that “the interest is quite high” and GE has already had a number of orders for the system.
Looking at the industry broadly Ölme comments that, “I think that, one trend that we see is really an explosion of laser companies. And that I think I shows the interest of various different companies to enter the additive business,”
“IF YOU LOOK AT ELECTRON BEAM, HOWEVER, WE’RE KIND OF ALONE IF THAT, SO THE TRENDS ARE KIND OF WHAT WE DO. BUT WHAT WE CAN SEE WITH OUR CUSTOMERS IS REALLY MORE CUSTOMERS GOING INTO SERIAL PRODUCTION, AND TAKING IT FROM PROTOTYPE TO SERIAL PRODUCTION.”
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