will it ever recover to the 38p i paid for them??

Dave,

Thanks for posting that.

Well, I read that as reasonably positive, and I now believe that, in the longer term ARX may well turn out to be a sucessful company.

The product does seem to perform as expected, and I do think the referigerated ULD has enormous potential personally, providing of course that thay can develop it in order to sell it at a competitive price.

Short term though, the bear inside me focussed on one sentence;

----------------------------
"The Company anticipates further orders but timing can never be certain. Further announcements will be made as appropriate".
----------------------------

So no further orders in the pipeline then?

I wonder how likely a dilutive fundraising is?

On the basis of no further orders and only 2 million in the bank, I think it's on the watchlist for now.

This is a post on advfnBB by someone who attended the agm this morning

"
pyglet - 20 May'04 - 15:35 - 1051 of 1057

OK Guys here was my perspective of how the AGM went.

The meeting started promptly and ther were approx 25 shareholders there.
All the directors were there:
David Sebire - Chairman
Robert Bushman - CEO
Richard Scott - Finance Director
Steven Alterman - Non exec Direc
Anthony Leon - Non Exec Direc

All 11 resoulutions were proposed and agreed in about 15 minutes.

The Chairman then read out a precis version of this mornings RNS epmhasising that they were happy with where they were at the present time and were extremely confident of orders in the next few months.
FAA approval has been applied for the AKE2 and that is expected to be approved within 30 days.
Deliveries have commenced to Virgin and 250 have been delivered so far - all from their European operations.
It is expected that the New Mexico plant will be fully operational in Oct 04.
Whilst they initially said that trials would take 3 months they have walked back from that and ststed that it will take 6-9 months from when that particular airline started it's own trial.
Work has begun in building and testing the refrigeration boxes in conjunction with Kelvin for an undisclosed prospective client and trials are going well - the weight of these boxes is 300kg but weight is not a problem as the advantages of these refrigeration boxes far outweigh the increased weight.

A question came from the floor asking whether there were any other competeitors in this market with the same sort of material to which the board said they didn't think so (more later).
Another question was asked about further applications to which RB said that in the background there are lots of applications ie Trucks, shipping and panels for various applications and he believed that this could in fact be a bigger market than the ULDs, but he stressed it was important to get the core of the business up and running before they intended to diversify.

The meeting closed and then there was informal banter. I collared Robert Bushman who is enormously enthusiastic and is strongly convinced of aeroboxes future. He said that come this time next year it will be a whole new ball game.

He highlighted some of the difficulties that he has come up against in the trials - Quantas would like a window in the ULD. Delta airlines would like the ULDs configured so that the base is able to be picked up with a fork lift truck. BA have said come back when the ULDs are below 90kg (the AKE2 is 83 KG). The current one that Virgin has signed up and has had 250 delivered is 93 kg and they too are waiting for the lighter version.

There has been problems getting approvals for the ULD to be certified because of its collapsible nature but that hurdle has now been overcome and he went into detail about the politics they have and keep encountering beween the various flight authorities and regulators - the politics of the FAA, the European equivalent red tape at Brussels but all these hurdles have been seemingly negotiated now.

I mentioned to Robert Bushman have you heard of 3DM worldwide as they are into the "plastic are stonger than steel" area. He replied that they had a meeting with them yesterday and that if there was to be any collaboration in the future then it may be under some sort of licensing agreement - but was impressed with 3DM as a company.
The Chairman had said in the AGM proper that as he and Richard were new guys they were still unable to purchase any shares.

I asked him at the end of the meeting whether he was going to buy any and he would like to but the board will not let him as he is privvy to some price sensitive information not yet in the public domain and that presently the share price is ludicrous!!

All in all it was good meeting and I came away suitably impressed that these guys know what they are doing and are working hard to get aerobox off the ground(excuse the pun). They seem totally committed and I was mightily impressed with the enthusiasm of them all and in particular Richard Scott and Bob Bushman."

slmchow,

thanks for that.

Do you know what size the total order is for Virgin?

It show how bad their PR is. They annouced virgin's intentions to replace their Gatwick ULDs back in Jan when they announced the Aer Lingus order. But nothing on the actual order, unless I missed it.

I was surprise as it is news to me as well that Virgin have already received 250 units already. I am interested to know the total size of the order too.

who knows, but we could be near a buy trigger now? i think if one more client comes on board this name may have a future....

Plenty of enthusiasm.
NO FACTS
Is this what sent the price to 39p & back

exactly, that is why we need to see a trigger. i would rather pay 25p+ with a certainty of contracts (substantial) awarded, than mess arround in these while they yo-yo on speculation.

of course you have to "be in it to win it" but if contracts come you will be a winner even 50% higher than here.

buy on fact this tiome around...

rgds

agreed - when firm orders come in this could go big. But I think many are waiting for the news.

For those who want to speculate, now is the time to get in as this is now hovering at this cheap price.

some rapid but small tick ups

??????????????

SOmething afoot?

Something's afoot all right but not in the right direction. Watermark has just announced that it is suing ARX for breach of contract. Engines on fire, bale out fast!

What breach of contract, you cant make statement like that without more details please?

Hitting the share price whatever this news is, is Innobox likely to go the same way?

Adieh,

It's in the RNS!


27 May 2004

For immediate release 27 May 2004





Watermark Group plc ('Watermark or the Company')


Agreements with Aerobox plc





Watermark announces today, 27 May 2004, that it has served a notice for breach
of contract on Aerobox plc in connection with the contracts entered into on 3
September 2003. This requires Aerobox plc to remedy a number of significant
breaches and misrepresentations under the agreement relating to the production
of cargo ULD's for aircraft.



For the avoidance of doubt, no current or future income revenue contributions
from Aerobox plc have been factored into any 2004 or future projections produced
by the Company. Nor has there been any valuation reflected in the Company's
balance sheet in relation to its rights for equity in Aerobox plc under the
subscription agreement.



Watermark continues to believe in the opportunities which this market offers in
the long term. Future developments will be announced as appropriate.





For further information:


John Caulcutt, Chief Executive John West
Crispin Quail, Finance Director Claire Melly
Watermark Group plc Tavistock Communications
Tel: 01489 897800 Tel: 020 7920 3150



End.


This information is provided by RNS
The company news service from the London Stock Exchange

Thanks for that, all looks abit gloomy, glad only a very small holding, not worth selling just stick to the back of the drawer. Would like to know abit more about exact breach of contract?

From 3i BB

"Pyglet - 27 May'04 - 14:39 - 1570 of 1606

Just spoken to Richard Scott - they are drafting an RNS which should be released later today which will put more meat on the bone. He thinks that if anything it is a sihgn of good news and is nothing to panic about. He had to go as the lawyers were on the other phone."

guess arx have done a deal or are about to do a deal without going through the wmk path. wmk want to make sure they get their slice of the pie.

Initial panic seems to be over, if it is over a new contract then its a sort of
positive note, lol, keep smiling.

How interesting!