Welcome to all those with an interest in the company! Any suggestions for improvement to the header or thread "rules" are welcome. initially, I intend to be "liberal" and posts of all sorts relevant to Avingtrans are welcome. Should things get out of hand, I may introduce more rules.

Please bear with me as this is my first thread. Given that Avingtrans is a nice quiet stock, I think one thread for all discussion of this company will be sufficient. When I have a chance I intend to write a more extensive Wiki entry for the company.

As a quick summary, Avingtrans is an engineering mini-conglomerate. Their subsidiaries are all niche light-engineering manufacturers. I find their launch of an aerospace component manufacturing busness in Chengdu, China particularly intriguing. See Avingtrans' website for more details: http://www.avingtrans.plc.uk/  I have been an investor for some time.

Following a capital raising @ 50p/share in September 2008 - see http://fool.uk-wire.com/cgi-bin/articles/200809170700176007D.html - to refinance earlier expenditure on acquisitions & investment in new ventures, Avingtrans' debt/cash position appears satisfactory to me. Per the interims to 30 November 08 (http://fool.uk-wire.com/cgi-bin/articles/200902100700080465N.html ), net debt stood at £4.7m, against net current assets of £4.9m & tangible fixed assets of £10.3m. Interest cover wasn't great in 1H09 (~2x) but should improve.

It is important to note that Avingtrans' Board has been revamped. Ken Baker drove the business originally and had been due to step down a little while ago. However, in the light of the recession & business difficulties, he postponed his retirement for a period. KB has now taken retirement and been replaced as Chairman by Roger McDowell, in March 2008. Stephen Bruh also retired at the same time, as a non-exec. Steve McQuillan was appointed as CEO in October 2008.  Peter Kenny was also promoted to the main board, from the medical & research division, as an executive director in 2008. So 2008/9 will mark the first full year for the new Board and we will see their impact on the business. I look forward to attending the AGM later in the year to form a better judgement of them. See this http://www.avingtrans.plc.uk/pages/people.html for profiles of the current Board members.

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