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Castle Acquisitions Share Discussion Threads
Showing 151 to 174 of 175 messages
|I'll leave that to you grgkecer.|
Are you going to start a new thread for CSU?|
|I saw that too. I think they've screwed Castle shareholders to feather their own nest here. For a value investor Chris Mills has paid a very high price for DWM.|
|mr mills is the largest shareholder in nas, and last bought shares in it two weeks ago...
29 May 2007
North Atlantic Smaller Companies Investment Trust PLC ('the Company')
( http://www.advfn.com/p.php?pid=quote&epic=NAS&cb=1180476057 )
Castle Acquisitions Plc ('Castle') announced on 25 May 2007 that it had
conditionally agreed to acquire the entire issued ordinary and preference share
capital of DM Technical Services Limited. This acquisition is conditional upon
Castle's shareholders approving the proposals at an Extraordinary General
Meeting ('EGM') to be held on 18 June 2007.
The Company holds 22.9% of the ordinary issued share capital of DM Technical
Services Limited and approximately 25% of the preference shares. At the
Company's year end, 31 January 2007, the ordinary shares were valued in the
Company's portfolio at £10 per share or approximately £11.7 million. The offer,
if approved by Castle's shareholders at the EGM on 18 June 2007, would result in an increase in the net assets of the Company of approximately £14.6 million or 75p per share.
|Thanks, Arthur, for posting the above. May not get a chance to have a good look for a few days since I am away.
Tho' I have probably 40-50 stocks, I can' think of many that would probably appeal to you since, with about half in Canadian mining stocks, they are pretty hairy. However, I still quite like PGS for a run soon and have recently bought into VDI (lots of cash and growing turnover but not yet profitable).|
|Well i'll give you a clue langland, i've been posting about it over here. If you'd asked me a few weeks ago i'd have happily told you since there was a huge line of stock up for grabs, but that's now gone and the price has moved up 20%. That still leaves anything up to 300% upside IMO but I could be wrong.
O.k here's another clue, it's a Gyllenhammar company (i'm a sucker for the Swede). You should be able to find it, perhaps we'll hear from you on the board.
Have you had a look at Volvere? I don't like the Dawnay Day mob much, a bit sneaky for my taste (but I have got an investment in PIV). Most of the market cap appears to be covered by cash with two profitble businesses thrown in for free. It looks like it could be worth £3 or more in a breakup, but outing the value will probably prove tricky.
Also EDP. Maybe i'm being insensitive, but with the death of Richard Jowitt there might be some action here. I think he had quite a big stake in the company which will probably now become available. It's a totally pointless collection of cash, undervalued property and a small software company. Jack Petchey has a stake I think, as does Chris Mills. It's only ever going to appeal to value hunters and only then for its breakup value IMO.
Uniq is an interesting turnaround play. Low psr, I think it could easily doulbe if they get it sorted. Lots of asset backing.
I could probably think of others.
If you've got any interesting ideas let us know.|
|Would be interested to know the other stock if you are willing to share it.|
|I haven't looked at it properly but it looks like CAQ are paying a very high price for DWM. If Hambros and Dawnay Day can sell their stakes at the price CAQ are paying they'll have made an absolute fortune on the deal in a very short time.
I'd like to get rid of Leeds too, I have at least one stock which i'd like to buy which I think is about the best risk/reward I have seen in a long time.
The problem is I can still se 50% upside in Leeds, but it's going to take the management to do something before we see it and they appear in no rush at all.|
Yes, I am still in Ldsg...still got 100+ but sold a third after final results. I have to say it has worn me out and I have been quiet on the thread because you and I think it's Des Walker who have it all covered. But rest assured I read all the posts such as they are. I will pop in from time to time if I think I can add something but I have to say that I am looking for the exit since I have got too many other things on the go. I will let you know when I sell since that will probably be the signal for 30+!
As far as CAQ is concerned, I held these for about a year probably but sold yesterday at 48 since I think the terms of the deal are less than fair. However, the market is firm so my view maybe wrong. I will look again when trading in the new company begins since, from the published figures, it looks as though it is growing nicely.
All the best L.|
|Congratulations on your prediction. Did you also foresee what it will be worth to the us?|
|Oops, duplicate post.|
|Hi langland, you've been quiet on the LDSG thread lately, have you sold or do you just have nothing to add as it plods along?
I didn't realise at first that this was Dowding & Mills they were bringing back to market. Here's my posts 21 & 22 on this thread. Maybe i'm not as full of nonsense as people think!
"I see Dowding & Mills have a potential takeover offer of 20p (in cash presumably). I thought this might be a suitable target for CAQ as they have quite a substantial pension fund deficit and Hambro's are a major shareholder in both companies. I guess I can forget that idea as well as Dawsons now.
There's been some selling lately, people getting bored of waiting I suppose so if you want some stock Rambutan, now is your chance.
I'm reconsidering whether DWM might be a target now as acoording to press reports Hambros and Dawney Day are behind the 20p a share potential bid. I wonder if they are planning to take DWM private and then bring it back to market via CAQ with the theory that the whole will be greater than the sum of the parts?
Could such a deal present them with a chance to make a quick turn of a few million quid?
Or perhaps they're just interested in DWM's properties?
All purely speculative of course!"
Hambro's and Dawnay Day only paid 30m for DWM, now they're trying to get 100 odd mil for it. It'll be interesting to see if the properties are still on the balance sheet.|
North Atlantic Value will hold 52.37% after the acquisition, including 9.5% held for Tudor Davies and 0.89% for Christopher Mills and Family. Naggar and Klimt each will hold 18.2%.
Certain discretionary, investment advisory and other clients of North Atlantic
Value and JOHCM Alternative Investments are existing shareholders in the Company
and Christopher Mills is a member of both of these limited partnerships and a
director of both the Company and DMTSL. Information relating to Christopher
Mills, North Atlantic Value and JOHCM Alternative Investments is set out in the
Information relating to Guy Naggar and Peter Klimt, being the controlling
shareholders of Starlight (a shareholder in the Company and DMTSL) and (together
with members of their immediate families) shareholders in DMTSL, is set out in
the Admission Document.|
|I haven't had a chance to look at it all yet, grgkecer, but am I right in thinking that this company that's been sold to CAQ is 100% owned by Chris Mills?|
|Now we wait to see the market response.|
|All right, for "pessimistic" substitute "conservative".|
|"The actuarial assumptions used for the full actuarial valuation are more
conservative than those used for FRS17 purposes and the surplus on the full
actuarial valuation at 30th September 2005 of £19.5m was therefore less than the surplus of £24.9m disclosed for FRS17 purposes. Having had discussions with the qualified independent actuary the Directors believe that, on a basis consistent with the full actuarial valuation at 30th September 2005, the surplus in the scheme would have been approximately £20 million at 30th September 2006."|
|I suspect it is only the unretired members who are covered by the annuities. But you are being a bit pessimistic, aren't you?
Surplus in the
|At least the surplus is still around 20m. the assets seem to be growing faster than the liabilities which was always my point, although I still don´t understand why they have any liabilities if every member of the scheme has been bought an annuity? Shouldn´t that mean that the liabilities are capped?|
|Usual lack of progress.|
|. . . and are the board of Castle pension fund members?|
|It´d be nice to know more about the pension fund itself, for example is it exposed in anyway to changing mortality assumptions. I always thought not because they´ve bought annuities for all of the members.
I´d also like to know exactly how big the surplus is. Presumably the fund now consists of a load of annuities and a load of fixed income securities, which effectively belong to shareholders if they can ever get their mits on them.
Perhaps the company are waiting for a change of government to see if there is a change in rules.
Look on the bright side though. If my assumptions are correct, the value of the FI portfolio should be rising nicely and the share price is significantly below this value so the yield to shareholders is much higher.|
|All this shareprice volatility! Results next week? More fruitless diligence no doubt.|
|Probably because there are only 157,573 Ordinary Shares in issue.|