Candover Investments Share Discussion Threads

[horndean eagle] 14/12/2015 19:26

Wouldn't use that logic. Parque has debt. The mooted sale price will include that.

[skyship] 14/12/2015 17:24

Hmm - agreed - may be rather better than that:

Candover portfolio at 30th June 2015 IMS:

Parques Reunidos Investment

Date of investment - Mar'07
Residual cost of investment - £31.8m
Directors’ valuation - £41.9m
Movement from 31st Dec 2014 - £2m1
Effective equity interest (fully diluted)- 3.9%

E2bn = £1.46bn

3.9% = £56.9m = +36% = +67p

[strathroyal] 14/12/2015 16:56

RCT - I see a couple of times you have said that the PR sale is worth 115p per share. Are you sure, as this is supposed to be over 50% of CDI's assets isn't it?

[skyship] 14/12/2015 13:48

RCT - thnx for that.

I bless Technogym (our 2nd largest holding) most days as I set off for another 20mins on my 2001 BT3200 Treadmill. Bought second-hand last February as part of my fitness regime for back problems. Technogym long rumoured for IPO - they should get on with it...

[rcturner2] 14/12/2015 12:36

Will be about 115p a share so plus the 86p already coming, will mean virtually the entire cap will be in cash, with the other assets held for free.

[cockerhoop] 14/12/2015 10:46

From this mornings Exspansion 14/12


The auction to buy Parques Reunidos enters its final phase with Apax Partners as favorite to acquire the Spanish company of leisure facilities for 2,000 million euros.

Arle Capital, current owner of Parques Reunidos, would be about to declare the winner of the auction to Apax Partners to enter into exclusive negotiations with the firm and close the deal, according to sources close to the process.

Apax have made the best binding final offer, ahead of Carlyle and Lone Star, the auction close last Friday.

Other market sources warned that the process is not terminated since Arle Capital still be open to new improvements Carlyle offers and Lone Star. If these firms do not react today, Apax would clear the way to seal the purchase.

Apax is expected to rush the purchase in partnership with a Canadian investment fund with which to share the financial outlay.

If Arle Capital Parks choose a buyer before the end of the year, it would be the largest operation of venture capital in Spain in 2015, ahead of Pepe Jeans, Gestamp Solar, Eolia, Renovalia, Geriatros and Goldcar.

[leedsu36] 13/12/2015 11:32

Gresham Plc HY2015 (Ex Spark Vent.)Fri 13:21" 3,492,065 ordinary shares in Castle Street Investments plc, representing 4.9% of Castle Street's issued share capital"

"Castle Street Investments is a cash shell with £21.9m of net assets comprised of £17.9m cash and £4.8m deferred consideration receivable, offset by provisions and payables relating to the wind down of the business. The company was originally an online dating business known as Cupid, which was sold"

"The main shareholders are well known deal-doers with a successful track record and are well known to GHAM. We took on the shareholding as an asset swap in the fund raising and are looking to support the management in their next acquisition

The above a recent item in the news....I suppose you call Gresham gamblers as well as Nigel Wray?.......all involved with everything Smith and Weaver touch

You could say 'Midas touch'

[leedsu36] 12/12/2015 14:31

Gambler?

A couple of friends of mine heavily researched a new buy and build that was about to begin by two experts in their field Ian Smith and Tony Weaver (Accumuli,Capita etc etc etc fame) ctp I bought into @ 0.6p they stand today @ 83p ...not a bad gamble even if I say so myself (although I did know they have a proven track record of course)

I bought into their own merchant bank MXCP @ 0.7p currently at 3.2p (terrible gamble I suppose)

I then followed them again as they moved in and invested £millions of their own cash into PINN and I got in @ 6p...it's been a long wait but my gamble has paid off PINN currently 11p

They are currently advising CSI a cash shell with £22m in cash where to go with it and we're hoping they carry on with their tech business model,there are rumours of Nasdaq listing amongst a lot of other rumours,

Anyway I'm following them again because over the last few years they've turned my gamble to close on £850,000,now admittedly I'm a gambler,but I like to think I know a good thing when I see it,now please look at your own choice of shares and their recent graphs.

NOW PLEASE BE HONEST WITH PEOPLE,LIKE I HAVE,

[leedsu36] 12/12/2015 14:06

They have sold for a reason you fool,now why don't you and your pal stop trying to kid people,you should be ashamed in your positions and one day you will be outed.

[skyship] 10/12/2015 17:55

Trades show Barwon sold their last 1.353m @ 200p. $64,000 question is - who bought it?

I assume someone is going to look rather silly quite soon. Hopefully the seller!

[skyship] 10/12/2015 17:03

Fingers tightly xxed - we could certainly use some good news here...

[cockerhoop] 10/12/2015 10:48

This mornings article from elEconomista - Translated

Suggests deadline for bids closes tomorrow.


The venture capital funds Apax and Carlyle are postulated as favorites for Parques Reunidos, as confirmed by industry sources to elEconomista . This operation, according to experts, is around 2,000 million euros and will, predictably, the price difference which determine who will be the future owner.

The transaction, thus nears its end, since phase-such as this newspaper has learned the process for receiving binding bids closes tomorrow Friday.

At first, the absolute favorite to clinch Parques Reunidos was the British fund Apax, which took part in the previous competition, when he left Arle Capital Parners winner in the year 2007, but industry sources explained to this newspaper that the giant Carlyle his heels. So few options for the third fund would be at odds: the American Lone Star, which was keen to re-invest in companies of Spain after the crisis.

The sources explained that Apax was running as a favorite for two reasons. The first is that in the 90s, was a shareholder of Parques Reunidos, until went public in 1999. The second goes back to before the summer, as Apax began working in the process months before Arle's decision to put on sale the leisure group.

Increase bids
However, the British fund is feeling his breath on the nape of Carlyle, because this second fund will present an economically more compelling offer to Arle Capital Partners. However, Carlyle has declined to comment. Despite this, the fund more interested in the operation remains Apax, which could improve its offer today and tomorrow.

This transaction shall be terminated before the end of the year, although it will materialize (ie, will have the approval of regulatory and competition authorities) are expected early next.

The sale process goes back to last summer, when the leisure and entertainment group decided to hang the poster sold. However, since the initial bid many funds have been left behind.

At first, as advanced elEconomista , were submitted to this competition the US fund manager KKR, Chinese background Fosun, the investment firm Investindustrial Italian origin, the largest fortune of China (Wanda) and the British fund Advent , who once owned the group of entertainment from 2004 to 2007. They did not exceed the initial screen for not meeting the requirements of Arle.

Business Round
This operation is also very important as Parques Reunidos is the second operator biggest entertainment parks of the Old Continent, thanks to the impetus Arle Capital has given since taking her in 2007. However, this firm venture capital can make a windfall, as it did in its day the British fund Advent. It paid 240 million in 2004 and sold it three years later to Arle 1,000 million.

[skyship] 10/12/2015 10:38

That's good - Barwon are now out...

[leedsu36] 08/12/2015 19:42

Exactly.

Do not hold your breath,something is hidden here of that I'm certain and it will be ugly when it outs.

[topvest] 07/12/2015 19:34

Candover really have been a dog. Most PE groups have been selling assets on a premium to carrying value in a strong market. We sell at a discount. Underlines the excess leverage used in these investments. What a dog this has been. It would be nice if just for once they could announce some good news! Theme park sale at a premium seems the only hope, but I'm not confident.

[rcturner2] 07/12/2015 09:57

I suppose that any sale above the discount to the NAV is still positive for the share price theoretically at least.

[skyship] 07/12/2015 09:48

So, £6.7m from the sale of Fokker; now £12.0m from the sale of Stork. Total of £18.7m = 86p/share.

Price disappointing; but we do now have CASH, though of course still need to retire debt. Hopefully Parques Reunidos will do that for us.

The shortfall versus the last valuation is £7.9m - knocking 36p off the 375p NAV as at 30th June.

Good to have disposed of a small asset; now just need a better result from the sale of Parques Reunidos & Technogym.

Certainly not selling on this small setback...

[leedsu36] 03/12/2015 15:28

Come on Sky,you know as well as me it's a damn disgrace what JP are doing here.

[leedsu36] 03/12/2015 15:25

Losing all faith here now,i'd like to think that this is as low as we can go but my head tells me different,what is driving this never ending drop?

There just has to be something to out they've been hiding,why else would a decent stock continue to slide on seemingly good fundamentals?

[skyship] 30/11/2015 13:56

Interesting "Holdings" RNS today - see link in above Header. Could it be that JP Morgan Securities has taken out the Aussies holding?

[cockerhoop] 23/11/2015 13:43

Looks like the Parques Reunidos sales is coming to a head!




1st paragraph translated

'Arle Capital Parners , the investment company that owns the group Parques Reunidos , based in London, has warned the funds that choose to purchase if the sale is not compromised in two weeks will proceed to do an IPO.'

Suggest substituting consummated for compromised!

[rcturner2] 19/11/2015 08:37

Possibly you have the wrong thread lol?

[leedsu36] 19/11/2015 08:29

Value destroyed here,placing coming,too much being skimmed off the top by greedy directors.

[skyship] 11/11/2015 16:11

FELIX - thnx for that. So, together with the cash more than enough to trigger the first 100p payback.