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Anexo: rebel shareholders speak for c10% and want to block bid, open letter sent

By Tom Winnifrith | Tuesday 29 April 2025


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


The letter is below and is pretty hard hitting, In essence rebels owning c 10% accuse the greedy husband and wife team who own 34% of Anexo (ANX) and offshore fund manager DBAY (which owns 28%) of sitting on information not available to other shareholders and using that to launch a low ball bid. And, of course, although Alan Sellars and Samantha Moss have taken out cash of more than £70 million via share sales, dividends and fees since 2018, the bid is in loan notes. Not a cent of cash is on the table.
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