Candover Investments Share Discussion Threads

[robizm] 14/1/2017 15:42

Done a load of reaearch on this and was a bit to hasty diving in at £1. They are truly useless and have visions of them doing a LMI and changing tact.

[cockerhoop] 12/1/2017 14:51

Yes I couldn't see a disclosed sale price for HA.

Regards Expro it does have $2bn of debt so I imagine any rise in the oil price will be welcome :-)

[robizm] 12/1/2017 14:45

The article on ha said it was hush hush on price. I am hoping the oil co has gone up. £42 mill to 1/2 mill is some drop

[cockerhoop] 12/1/2017 13:22

I'm sticking with £1.51 - the £8.3m they received for Techno was as per my estimate, HA was on the books for £1.6m so a chance of a good result there but i'd imagine if they got substantially more they'd be singing from the roof tops already.

My costs & interest charges may be a little higher than others but reflect effective rates rather than the notional 13%.

[robizm] 12/1/2017 13:03

I wonder if they will do a cash payout depending on what they got for the bed maker. Nav must be £1.60 ish

[skyship] 10/1/2017 15:09

Yes - a pity - I too would have topped up this morning!

[tiltonboy] 10/1/2017 13:34

SKY,

I thought your response was odd!

I hadn't realised at that stage it hadn't been announced, as I had picked it up off the morning "wires"

Wondered why there was no response in the price....and I didn't take advantage...d'oh!!

[skyship] 10/1/2017 13:10

Tilts - when you posted 419 above, were you in fact referring to the Technogym sale, ie, you had seen the sale announcement elsewhere - 2hrs before the ADVFN RNS?

[topvest] 10/1/2017 11:29

At least that's another investment closed out. 3 to go, with 1 just awaiting regulatory clearance. You then just have Parque R. in 6m and Expro whenever. Expro is the one that is looking 1-2 years off.

[skyship] 10/1/2017 10:18

Tilts - What was good news this AM was that JPEL NAV for November, which of course includes the uplift from the Innovia sale - bought just 2yrs ago from this CDI shower!

[tiltonboy] 10/1/2017 09:17

SKY,

Given the news this morning, I might be on the low side, but this is CDI after all.

Might have one last top-up.

[luckymouse] 09/1/2017 21:54

Well, the channel, fibs, base accumulation is all there, they just need to pull the f trigger - someone should ring them or their nomad up and tell them to get on with it - the dirs should be buying here & lining up a transaction or two - and what's the nomad doing - they should be on this if serious?

[topvest] 09/1/2017 19:57

About the first time they have applied a prudent valuation methodology on any of their investments....lol!

[cockerhoop] 09/1/2017 19:52

Tilton,

I'm sure you're aware but CDI are discounting the market value for Parques & Technogym by 6.5% in their NAV calcs.

[tiltonboy] 09/1/2017 19:25

I would discount the values of the remaining two holdings by up to 10% to allow a margin for when they get placed out.

Could really do with both shares rallying, but with a known overhang that may be difficult.

Think I will be lucky to clear 120p here. A case of good riddance when they have gone. At least I avoided buying them earlier/higher.

[skyship] 09/1/2017 17:25

Langland - thnx for that. Suddenly things are happening here; no wonder CGT took that cheap line the other day. Wonder who sold...it was a 3.3% stake, so there surely should been a separate RNS.

[topvest] 09/1/2017 15:17

Its subject to regulatory clearances so I guess they will announce when completed. No doubt they will bodge the announcement when it happens leaving shareholders in the dark as to whether it was a profit or loss. Unfortunately, any Arle disposal seem to hoist the "We are desperate sign" up so a good price never seems to prevail. Small loss I would guess!

[cockerhoop] 09/1/2017 14:00

Good spot Langland, no financial details disclosed I notice.

Things certainly seem to be moving on. I imagine the Technogym stake is being actively marketed currently if not already in the process of being sold and another tranche of Parques could be disposed of in 3 months time.

I'm inclined to agree there's a decent margin of safety at the current level but it's really hard to trust the management.

[langland] 09/1/2017 13:32

I presume this means we are out of HI. If so, why not mention it in the last RNS?

[topvest] 09/1/2017 08:13

Yes, totally rubbish management. The all-in interest rate is about 20% if you read the borrowings note in the accounts. Arle accounts are free to view on the Companies House web-site - they are doing very well. Consideration received to Candover shareholders; approximately nothing I believe and it had to be worth £20-£30m.

[skyship] 09/1/2017 08:04

It does look as though Arle the managers are siphoning cash from Candover and that the BoD may be complicit; but surely just conspiracy theory!

Remember too that the BoD sold Innovia for E498 back in Apr'14 - sold to other PE trusts. They all cashed in big time as the value tripled in just 2yrs.

Just unbelievably poor management; and all still in place. Didn't sell Expro into the oil bull market; then sold their best asset way too early.

How the Chairman is still there is totally beyond me...

[luckymouse] 08/1/2017 22:04

The 13% rate is high even by junk bond standards - apols i dont know the history here - does anyone suspect kick backs? Or fee raking, syphoning etc? Or just poor mgt?

[topvest] 08/1/2017 12:56

Still look at Candover and think about their stupidity regarding the 20% effective interest borrowings. Haven't seen a debt facility this high for years and years. Remember that they gave Arle away for nothing as well to attain "highest standards of corporate governance". They are a bunch of muppets and I will not be investing any more in directors that have run this once brilliant trust into the rocks!

FYI Arle Capital Partners made a c£3m profit in 2015 and c£5m in 2014. The directors, Arle and the lenders are all doing very nicely at our expense. This will not change in my view. Don't expect much more than a £1 back which where they were 5 years ago is totally rubbish and very difficult to explain. The initial basic error was of course too much leverage both in their investments and also in the investment trust. Then the stupid decision to set Arle free, which lost the investment trust £10m of revenue per annum - this would have funded the last five years of losses. You couldn't make it up really. The Board have made numerous errors of judgement whilst Arle carry on making lots of money for their smaller management team, not that they have done a single shareholder enhancing deal. Delayed realisation plans pretty much cost us our Expro investment but they continue to rake in the fees.

Encouraging that CG Asset Management have added though as no doubt they have done their sums. They are good stewards of your money, unlike this lot of debt fuelled and greedy stakeholders!