|ADVFN's market cap figure is very wrong. Approx 160m shares in issue = approx £10m valuation @ 6p.|
|Don't hold you breath!|
|I wonder if todays RNS will liven this sleepy little thread?
|Richard Griffiths increasing his CNMI holding to 12.95%
I track the rest of Richard Griffiths holdings on the WAM thread
|Perhaps this is why no one has any confidence in the management of the company. Only CNMI would suggest that when less than 2/3 of share holders are confident enough to take up an offer it was a successful placing!
As for directors putting in £163k that wouldn't even buy a bottom of the range Oyster!
RNS Number : 7624K
Camper & Nicholsons Marina Inv Ltd
27 June 2014
Camper & Nicholsons Marina Investments Limited
("CNMI" or the "Company")
Results of Open Offer and EGM
Camper & Nicholsons Marina Investments Ltd (AIM:CNMI.L), a leading international marina company, is pleased to report the results of the Open Offer that was announced on 6 June 2014.
-- GBP2.4 million raised pursuant to the Open Offer following Shareholder approval at the Extraordinary General Meeting.
-- Applications received for 15,486,525 Offer Shares, representing a take-up rate of 64.53 per cent, including that by First Eastern Holdings and FE Marina Investments.
-- First Eastern Holdings, FE Marina Investments and Clive Whiley to hold 53.45 per cent. of the Company's enlarged issued share capital.
-- Proceeds will ensure that the Company has sufficient funds to complete the agreed amendment to its facility with Scotia Bank including the replacement of the bullet repayment of $7.5 million due in 2015 with staged payments of principal from 2016 to 2019 and amendment of the associated interest rate; execute its development plan including the potential increase in number of marina berths at GHM and Cesme by some 3%; and fund the anticipated increase in working capital associated with supporting further growth within CNFE.
Sir Christopher Lewinton, Chairman of the Company, commented: "We are delighted to have received such a strong level of support for our proposals from our investors to enable us to continue to pursue our strategy which the Board believes will increase shareholder value."
Extraordinary General Meeting and Results of Open Offer
At the Extraordinary General Meeting held earlier today, the resolution put to Shareholders was duly passed. Accordingly, the Company will complete the Open Offer as announced on 6 June 2014. The Company has received valid acceptances in respect of 15,486,525 Offer Shares from Qualifying Shareholders, representing a take-up rate of 64.53 per cent.
The remaining 8,513,475 New Ordinary Shares that were the subject of the Open Offer will be subscribed for by First Eastern Holdings pursuant to the underwriting agreement. It has also subscribed for 5,343,336 New Ordinary Shares, being its entitlement under the Open Offer, and will therefore be subscribing for a total of 13,856,811 New Ordinary Shares representing, in aggregate, 57.74 per cent. of the total number of New Ordinary Shares to be issued. In addition FE Marina Investments has subscribed for 5,999,375 New Ordinary Shares being its entitlement under the Open Offer, representing 25 per cent. of the total number of New Ordinary Shares to be issued. Clive Whiley, who is deemed to be acting in concert with First Eastern Holdings and FE Marina Investments for the purpose of the Takeover Code, has subscribed for 253,906 New Ordinary Shares being his entitlement under the Open Offer.
Following the issue of the New Ordinary Shares, First Eastern Holdings and FE Marina Investments will, in aggregate, hold 86,865,377 Ordinary Shares, representing 52.40 per cent. of the Company's issued share capital. The aggregate holding of the Concert Party will be 88,619,283 Ordinary Shares, representing 53.45 per cent. of the Company's issued share capital.
Accordingly, as the aggregate holding of First Eastern Holdings and FE Marina Investments is in excess of 50 per cent. of the Company's voting rights, each of First Eastern Holdings and FE Marina Investments is entitled to acquire further shares without being required to make a mandatory offer, even if each of their individual interest in shares increases through a Rule 9 threshold, without the need for prior consent of the Takeover Panel.|
|directors are putting in £163,368.80|
|We did not take up the offer this time.
When the directors do not take up their full entitlement it seems that they are not even confident in their own management!|
|there right there! plus fundraising at 10p|
|Where are the results?|
|some interest gathering here|
|30/04/13 Entitlement take-up xxxx CAMPER & NICHOLSON ORD NPV (SUB SHS - CLAIMS P shares at 0.06 per share|
|So - RNS must be wrong - http://uk.advfn.com/news/UKREG/2013/article/56820053
|The price was 6p. Whatever it was still free money.|
I thought new shares cost 6.5p.
You may find you can only sell c£300 worth at 7p|
|Picked up our allocation of shares plus the extra we asked for today.
Price of allocated shares 0.6p current sell price 0.7p. Cant understand why peeps did not take up their allocation. Seems like free money to me and no charges on the deal!.|
|I think you are being unfair. They finished contracts and construction on time and to budget. They have sold many of their berths and been quick to respond to different business practices. I.E management rather than construction. They have seen the potential in the far east and gone for it.
It is not their fault that there has been a global recession which has clearly affected the luxury yacht market.
The company has demonstrated that it sees the problems that it has and finds a source of funds.
The eastern company which took a share is a case in point.|
|I have watched this company for yonks on account of the Camper name
However it is just a name that they are leasing for purposes of prestige
As PUG's lucid comment points out, the business skills of the directors have not yet proved enough for me to part with my ££££
No advice intended|
|Darias :> You are right on basic assumption re mooring requirement BUT CNMI management have, (certainly in the past) proved that they have been unable to generate (imo) sufficient cash flow to induce me to invest.
Has anything changed ??|
|Long time since I posted on these. I have recommended to the club that we take our allocation under the open offer. There are many luxury yachts on the seas which need a secure place to moor. CNMI are providing those places on a global basis.
There is not another marina company which has such a global reach.|
|Well Maris does not think so.|
|What a dog|
|Glad I kept clear of this one|
|Surely this should have been issued as an RNS!
I have been disappointed with this investment. I can see serious growth in the large yacht marina business but Campers do not seem to have grasped the nettle.|
|Always very quiet on here. Perhaps worth drawing attention to this, though, from early August - CNMI clearly planning to expand into the potentially-lucrative Far Eastern market.
Camper and Nicholsons Marina Investments Limited is pleased to announce the end of its strategic review period in conjunction with a significant investment in the Company by FE Marina Investments Limited, part of the First Eastern Investment Group ("First Eastern"), a pioneer of direct investments in China.
First Eastern has committed to invest approximately £4.2m at a price of 20.75 pence per new ordinary share in the Company, alongside the formation of a new joint venture with CNMI to access the significant opportunities available to both companies in the fast growing Asian market.
First Eastern will subscribe for 20,060,904 new ordinary shares totalling 25% of the enlarged share capital of the Company immediately following the issue of equity (the "Subscription")
In addition to the Subscription, CNMI and First Eastern have agreed to create a new joint venture, provisionally named Camper & Nicholsons First Eastern Limited ("CNFE")
The business of CNFE will be to pursue new and existing marina and marina-related projects, including real estate development opportunities, in territories in Asia and the Far East, including China and Hong Kong|
|Very quiet on here - and on the market.
Just to note this, since it's in my neck of the woods:
Camper & Nicholsons Marina Investments Limited
Key Middle East Appointment Accelerates Growth of Camper & Nicholsons Marinas
World leader in luxury marinas to manage renowned Yas Marina in Abu Dhabi
Aldar, Abu Dhabi's leading property development investment and management company, today announced the appointment of Camper & Nicholsons Marinas, to operate Yas Marina on Yas Island in Abu Dhabi. Located at the heart of Yas Marina Circuit and home to the Formula 1TM Etihad Airways Abu Dhabi Grand Prix, Yas Marina welcomed its first guests in 2009 and has a capacity for 143 yachts from 10m to 150m. The 10-year Management Services Agreement represents Camper & Nicholsons Marinas' entry into the Middle East market and firmly establishes the company as the world leader in luxury marinas, marina management and development.
Company press release here:
and a very nice marina it is, too|