Clerkenwell Ventures Share Discussion Threads

[eburne1960] 01/4/2010 00:30

Hurray, voluntary winding up!!

[outsizeclothes.com] 10/3/2010 13:00

Dear Management
I can't see why you want another 6 months. You haven't had the opportunity to invest in the leisure sector, so give us the cash now please as we might have opportunities to invest in other sectors!
Sincerely yours !

[solarno lopez] 06/3/2010 15:16

Believe me i was involved with a company controlled by the Chairman of West Brom with cash only and it COST

[eburne1960] 06/3/2010 13:21

Think you're being a bit pessimistic - after all, the company only has cash in the bank, so there's nothing much that needs to be sorted.

[solarno lopez] 06/3/2010 11:08

no chance of 34 p the Accountants and Solicitors will take a good chunk for winding up this company handing the cash back and don't forget the directors who will want a bit oh dear sub 28p more like

[eburne1960] 05/3/2010 17:05

They must have read my question!! RNS & suspended from 10th.

[eburne1960] 05/3/2010 12:57

Aren't these supposed to have said whether they are doing a deal or winding up by now?

[outsizeclothes.com] 08/2/2010 16:07

So far so good.
£3.054m net assets by 8331000 shares = 36.6p
No deals done, so it's coming back to us unless they get an 11th hour 59th minute bargain.

[outsizeclothes.com] 22/1/2010 17:23

Lift off starts !
Come to Big Daddy you beautiful cash ;-)

[outsizeclothes.com] 15/1/2010 14:44

We must be only days away from the year end statement, official "cash back" and AGM/EGM details.
I hope that they haven't blown too much in fruitless search, and that they managed to cover nearly all admin from interest received.

Looking forward to circa 34p, hopefully before the April 5th end of the tax year.

[hugepants] 03/12/2009 18:03

CRK would be worth buying if you could be sure they will liquidate the company if they cant find an investment within the time limit. The alternative is they delist.
I bought shares in a cash shell 3 years ago. They delisted 2 years ago and still have not made an acquistion.

PS. OVG has effectively 8p net cash and a 4.25p share price.

[eburne1960] 03/12/2009 17:46

Sorry outsize that was me! I wanted 42,500, but had to make do with 25/-. The marketmakers were saying there's just no stock to be had at the moment.

[outsizeclothes.com] 03/12/2009 16:04

Bah !
Had an offer in for 20k more at 24p but somebody else has just bought 25k and shifted the ask to 26.
Might have to shift my offer to 25p - Drat !

[outsizeclothes.com] 26/11/2009 13:43

Another 20k yesterday @ 24p.
Candy from a kid this !

[outsizeclothes.com] 08/10/2009 20:27

Bought 10k more @ 26p

[outsizeclothes.com] 28/8/2009 17:19

A buy now at 30p gives 35p+, allowing for expenses, at liquidation in March. That's a cash guaranteed annual return of 25%(+?). It was only a matter of time before investors woke up to this.
The alternative is that 2 managers with an excellent track record make a vulture reversal, and the company rockets.
Selling now would only prove the old saying - Stock Market Trading is an instrument designed to keep the impatient from achieving true wealth.

[nigelsom] 28/8/2009 16:32

Hmm - that explains it then. So buy now for a maybe 38 pence payout in the fullness of time (or a deal) less expenses. Those expenses would surely have an impact on just £3.8m. I've had a few of these propping up the bottom drawer since a short while before the last payout. Seems to me a good time to dip out of the wee remaining bit.

[jay083] 28/8/2009 15:52

Tipped by this lot. kicking myself, thought about buying in before it moved - just didn't want to be locked into such an illiquid share. hey ho...


Clerkenwell Ventures - Buy at 21.5p

Says exclusive small cap specialist website UKMicrocap.com

Company Description
Clerkenwell was admitted to AIM in October 2004 as a cash shell to acquire businesses in the leisure industry. Since then it has evaluated multiple opportunities but in recent years it has seen good businesses without a special need reluctant to crystallise value at prevailing levels and debt availability across the leisure industry substantially impacted by economic conditions. As a result, the company returned £26.79 million to shareholders in March 2009.

Financials & Recent Trading
Clerkenwell announced results for the six months ended 31 st March 2009 on 30 th June. These showed a pre-tax loss of £95,000 on no turnover, though £148,000 of this was a non-cash share based payments charge and stripping this out £230,000 of finance income compared with administrative expenses of £177,000. At period end the balance sheet showed net cash of £3.56 million and net current assets and net tangible assets of £3.20 million.

In February a General Meeting of shareholders re-approved the company's investing strategy. In accordance with AIM rules this gives it 12 months to make an acquisition or otherwise implement its approved investing strategy – otherwise the company will need to return to shareholders or return its funds to them and liquidate. Considering what we have said above and continuing adverse market conditions, we see the latter as the most likely occurrence though the company did note in the results statement that it had "continued to evaluate a number of businesses".


Management
Non-Executive Chairman David Page was involved with PizzaExpress for 27 years, including as both Chief Executive and Chairman. He co-founded AIM listed restaurant company Clapham House Group, where he is presently Executive Chairman.

Non-Executive Director Paul Campbell is a long-term business partner of Page's having been Finance Director at PizzaExpress and since its formation in 2003, Chief Executive of Clapham House Group. He is a qualified Chartered accountant and also has leisure sector experience from Relaxion, which was a leisure management company with operations throughout the UK, where he was Chief Executive.

*The value of investments can go down as well as up. Past performance is no guarantee of future success. Investing in equities can lose you part or all of your capital. The tips given here are of necessity, general. They cannot relate to the individual circumstances of investors. Anyone considering following the recommendations contained here should seek independent advice. Smaller company shares usually suffer a wider bid offer spread the blue chips and can be illiquid and hard to sell and must therefore be deemed higher risk investments.

Recommendation:
This is a simple story. Page and Campbell are sensible men and we believe they will only do a deal as true vultures. Having been patient and walked away from many a transaction over the past few years and both been buyers of shares since early March (owning 4.35% and 4.91% of the equity respectively), we simply don't believe this management will squander the cash they have remaining. The £26.79 million Page and Campbell have already returned to shareholders shows that if they can't find what they believe to be compelling value, they will simply give the cash back.

There are presently 8,344,688 shares in issue and £3.2 million equates to 38p per share. Outstanding share options are exercisable at 54p so shouldn't represent an issue, though on the business being wound down we would see some costs being incurred related to this process. However, the current share price of 21.5p leaves clear upside. In short, we see a low-risk gain in 6 months or a higher-risk gain further down the line on Page and Campbell pulling a deal off. At 21.5p, the stance is BUY.

Key Data

EPIC: CRK
Market: AIM
Spread: 20p – 23p (13%)

[nigelsom] 28/8/2009 15:45

oy oy, wot's goin' on 'ere?

[diamond1] 22/5/2009 19:06

Off topic. Or is it?

Dear Mr. Darling,

Please find below my suggestion for fixing Britain 's economy. Instead of giving billions of pounds to banks that will squander the money on lavish parties and unearned bonuses, use the following plan. You can call it the Patriotic Retirement Plan:


There are about 20 million people over 50 in the work force. - Pay them £1 million apiece severance for early retirement with the following stipulations:

1) They MUST retire. Twenty million job openings - Unemployment fixed .

2) They MUST buy a new British CAR. Twenty million cars ordered - Auto Industry fixed .

3) They MUST either buy a house or pay off their mortgage - Housing Crisis fixed .

4) They must send their kids to school / college /university - Crime rate fixed

5) Buy £50 of alcohol / tobacco a week there's your money back in duty / tax etc

It can't get any easier than that!

P.S. If more money is needed , have all members of parliament pay back there falsely claimed expenses and second home allowances

If you think this would work, please forward to everyone you know including your MP. If not, please disregard.


P.S. Good luck to Burnley FC on Monday. "C'mon you Clarets."

[diamond1] 02/4/2009 12:37

Don't say I didn't tell you about EEN. Up 30% in three weeks. Whoopeee.

[diamond1] 11/3/2009 08:40

Got my payout yesterday and stuck it in Emerald Energy (EEN) which must be due a re-rating upwards very soon I M H O. I don't want to be hanging around waiting for this lot to do something, that's for sure.

[outsizeclothes.com] 10/3/2009 00:13

How much cash is left in the Company ?
My back of matchbox figures say there should still be 36-39p per new share left. ( 8,344,723 shares & £3m or so, possibly £3.25m )

[ I've arrived at this counting that there was £30.3m on Dec 5th, with possibly £250k of interest to 5th March, minus £400k - £650k to do the distribution, lawyer, accountant, court etc. ]
Would others agree ?

[eburne1960] 09/3/2009 13:23

Clerkenwell Ventures announces that it has received Court approval for the
Reduction of Capital. This approval means for every Ordinary Share held at the
Record Date a Shareholder will receive 32.1 pence in cash. This amount is
expected to be paid out during the week commencing 9 March.

[tiltonboy] 09/3/2009 09:54

Would have made a great deal of sense to have done it same day. Not had mine yet, either.