A group holding nearly 15% of Anexo plc shares allege a deliberate delay in publishing 2024 financial results to disadvantage minority investors during a contentious buyout bid, threatening legal action over potential unfair prejudice.
The ongoing power struggle at Anexo plc, a prominent listed legal business, has escalated as a faction of minority shareholders has accused potential buyers of conspiring to delay the reporting of financial results. This group claims to hold nearly 15% of the company's shares and has raised serious concerns regarding what they describe as prejudicial treatment. Currently, Anexo, which owns the Liverpool-based law firm Bond Turner, is facing a buyout offer from majority shareholders Alan Sellers, Samantha Moss, and DBAT Advisors Limited.
A deadline for an agreement regarding the buyout was delayed to 17 June; however, the company has now announced that its 2024 full-year results will not be shared until the end of June. This situation places minority shareholders in a precarious position, requiring them to make decisions on whether to accept a potential offer without a comprehensive understanding of the company's financial health. In particular, while the senior management team—including Buyers Sellers, Moss, and DBAY—has access to internal financial information, minority shareholders find themselves operating in an information void.
In an open letter that has gained traction on social media, the minority shareholders articulated their frustration, asserting that they cannot fully appraise any takeover offer without access to audited financial data. The letter indicates that the current timeline is "deliberately orchestrated" to benefit those who are managing the company, thereby raising concerns over a conflict of interest. They argue that such circumstances render the takeover process substantially unfair and potentially coercive.
Given these circumstances, the minority shareholders are demanding that no announcement regarding the takeover should proceed until the audited financial statements for 2024 have been published and adequately reviewed by all parties involved. The letter also calls for independent oversight to ensure that the sale process is conducted equitably, emphasising the need for the board to act in the interests of all shareholders, not just the majority.
Furthermore, the minority group has indicated their readiness to initiate a class action lawsuit for claims of unfair prejudice, stating, "We will not hesitate to seek appropriate legal remedies to protect our rights and interests." This highlights the depth of their discontent and the serious actions they are willing to take to safeguard their investments.
In investor reactions, shares in Anexo Group plc dropped by 0.8% to 61.5p following the announcement of the delayed financial results. The ramifications of this internal conflict could extend beyond immediate stock performance, potentially impacting the company's reputation and future investor relations.
In a broader context, it is worth noting that delays in financial reporting are not uncommon in various companies, often linked to the complexity of audits and the thoroughness required in financial disclosures. For instance, other companies like Aseana Properties Limited and Travis Perkins plc have also experienced reporting delays due to auditing complexities, indicating that such occurrences may resonate within the industry at large.
As the situation with Anexo unfolds, all eyes will remain on how the company addresses the concerns of its minority shareholders while navigating the intricacies of the buyout process and its financial disclosures, a balance that will be crucial for restoring investor confidence and maintaining market integrity.
Reference Map:
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative appears to be recent, with the earliest known publication date being 29 April 2025. An open letter from Iconik Capital KG, dated 29 April 2025, expresses concerns regarding a potential takeover bid involving Anexo plc. ([accessnewswire.com](https://www.accessnewswire.com/newsroom/en/business-and-professional-services/iconik-capital-kg-announces-anexo-plc-anx.l-lon-anx-open-letter-1021116?utm_source=openai)) The Law Society Gazette article was published on 2 May 2025, indicating that the content is fresh. However, the report references an open letter that gained traction on social media, suggesting that the core information may have been disseminated earlier. The delay in financial reporting is a common issue in the industry, with similar instances reported in the past. ([nairametrics.com](https://nairametrics.com/2019/10/07/fcmb-financial-results/?utm_source=openai)) This context may affect the perceived novelty of the narrative. Additionally, the report mentions that the company has now announced that its 2024 full-year results will not be shared until the end of June, which is a recent development. Overall, the freshness score is high, but the presence of earlier discussions and similar instances in the industry suggests a moderate level of originality.
Quotes check
Score:
9
Notes:
The direct quote from the minority shareholders, "We will not hesitate to seek appropriate legal remedies to protect our rights and interests," is not found in earlier publications, indicating potential originality. However, the report references an open letter that has gained traction on social media, suggesting that the content may have been disseminated earlier. The absence of identical quotes in earlier material supports the originality of the content.
Source reliability
Score:
8
Notes:
The narrative originates from the Law Society Gazette, a reputable publication in the legal field, which adds credibility to the report. The report also references an open letter from Iconik Capital KG, dated 29 April 2025, expressing concerns regarding a potential takeover bid involving Anexo plc. ([accessnewswire.com](https://www.accessnewswire.com/newsroom/en/business-and-professional-services/iconik-capital-kg-announces-anexo-plc-anx.l-lon-anx-open-letter-1021116?utm_source=openai)) This source is a known entity, enhancing the reliability of the information.
Plausability check
Score:
7
Notes:
The claims made in the narrative are plausible, as delays in financial reporting are not uncommon in various companies, often linked to the complexity of audits and the thoroughness required in financial disclosures. For instance, FCMB Group Plc announced a delay in filing its third-quarter 2019 financial results due to the commencement of an interim audit. ([nairametrics.com](https://nairametrics.com/2019/10/07/fcmb-financial-results/?utm_source=openai)) The report also mentions that the company has now announced that its 2024 full-year results will not be shared until the end of June, which is a recent development. However, the narrative lacks specific factual anchors, such as names, institutions, and dates, which would strengthen its credibility. The tone and language used are consistent with typical corporate communications, and there is no excessive or off-topic detail unrelated to the claim. Overall, the plausibility score is moderate, with some concerns regarding the specificity of the information provided.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative presents a recent development involving Anexo plc, with claims of minority shareholders accusing potential buyers of conspiring to delay financial reporting. The information is sourced from reputable publications, and the direct quote from the minority shareholders appears original. However, the presence of earlier discussions and similar instances in the industry suggests a moderate level of originality. The plausibility of the claims is supported by similar occurrences in the industry, but the lack of specific factual anchors and the absence of identical quotes in earlier material raise some concerns. Given these factors, the overall assessment is 'OPEN' with a medium confidence level.
