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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Clipper Ven. | LSE:CLV | London | Ordinary Share | GB0002643566 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.625 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
26/5/2009 21:36 | Joan, I quote from the RNS ... the Board's view that the Company's current market capitalisation does not accurately reflect its inherent value (the Company's share price having declined by approximately 54 per cent. between 22 May 2008 and 22 May 2009, being the latest practicable date prior to the date of this announcement) and that its ability to conclude any potential future corporate transaction could be impeded by the value placed on the Company by the market. To me the bit in bold says "How can we get people to pay what we want for a takeover when they can see a share price that bears no resemblance to this required sum". It is the first mention I have seen of them looking for an exit via a takeover and whilst it is still years away it is clearly something that they are thinking about in the long term. I can't believe you say this company is only built for the good times. They have done 750k OP in a nightmare year and net-cash has gone from 975k to 2.5 mill during that period. The current market cap at 5p is 1.95 mill and I estimate the NTAV is about 5 mill. If someone was to pay 20p that would be an EV of 5.3 mill for an EBITDA of about 1.1 mill in the last year and 2.6 mill over the last two years. I can't deny that this investment hasn't gone to plan but the fundamentals continue to get stronger and stronger IMO. It's just a shame that the market has allowed the Directors to build such large positions at such low levels in order to consider that they might get a delisting passed. Des | deswalker | |
26/5/2009 20:49 | So Des what makes you think they will sell this privately? There can't be anyone in this economic climate who would be interested in what can omly be seen as company built for good times. If I keep holding I will certainly vote against. This isn't the first company that has pulled the rug out from under my feet and delisted and the chances of trading afterwards are zilch. | joan of arc | |
26/5/2009 20:02 | Thanks Des. I was after the contact details for those I was considering the instigators, i.e. RNJ & WW. Thanks for the details on voting. I will have a look at TDW which is the nominee holder of my interests. | scburbs | |
26/5/2009 18:18 | Does anyone have direct contact details so private shareholders can express their views? | scburbs | |
26/5/2009 18:05 | If you assume they have 75% in the bag (i.e. including other holders who want to stay in). Then the buyout would have been quite cheap. This would be just £970k at 10p and £1.46m at 15p. I suspect with the take private news and the envitable share price crater they could now do the takeout at 10p, I would be a seller at that level and I suspect most (not all) small private shareholders would take up an offer at this level. | scburbs | |
26/5/2009 17:41 | Holders have been stitched up, surely Knox could have offered a fair price for all the private holders shares, still think if you are not bothered about seeing a price every day for your shares you will come out of this a winner, 150k year is worth saving especially when this stock rarely gets traded. | 8trade | |
26/5/2009 17:07 | The directors at Metnor seemed to get away with buying in what I thought was a closed period. David Barry also held a notifiable position there btw. | davidosh | |
26/5/2009 16:51 | Just to recap on the strategy. Buy every share you can get hold off when the price is on the floor and they when it recovers a bit vote to take it private. Can anyone comment on whether they can buy before the vote or have they caused a closed period to start? Even if they could buy it would be pretty unethical (not that that will stop them) to buy having caused the share price to crater. Nonetheless I intend to hold. I will vote against the take private resolutions, but I expect it to pass comfortably. Can anyone post a layman's guide to accessing voting rights on shares in a nominee account? | scburbs | |
26/5/2009 14:53 | Very poor behaviour, but not entirely unexpected. If they think the company is cheap make an offer. | scburbs | |
26/5/2009 14:07 | Thks saffy. It isn't ideal I grant you but the share has been wrongly priced for so long and the Directors say as much. Their point about a quoted market price hindering any corportae transaction just about says "we intend to sell the company at a much higher level but this isn't helped by the quote putting off any purchasers". The non-execs clearly feel there is value to be had as a minority shareholder. The other two players are clearly crucial. | deswalker | |
26/5/2009 13:59 | Carmensfella ... you have mail via TMF | deswalker | |
26/5/2009 13:45 | best of luck des.. holding shares as a minority holder in a private company is certainly not my cup of tea, and i had an incling about this one looking to go private in the amassing of shares by the larger holders. saffy.. | safman | |
26/5/2009 13:41 | To block the resolution requires 7,189,920 shares. The main two shareholders outside of management ... Mainsail = 2,250,000 David Barry = 2,352,500 and those who have divulged on here ... DesWalker = 250,000 pat dunk = 600,000 scburbs = 75,000 Joan of Arc = 100,000 tyrannosaurus = 19,500 Total = 5,647,000 So IF all those named above decided to vote against the resolution then we would need another 1,542,920 votes from the remaining 11,576,185 shares to block. There must be a very decent chance of that. I have some thinking to do ... | deswalker | |
26/5/2009 12:53 | who got the 100k at 4.99p ? | deswalker | |
26/5/2009 12:42 | So all Directors (incl the two non-execs holding 2.84%) are in favour. No mention of the intentions of Mainsail or David Barry. Operating Profit of 750k is more-or-less in line with the Trading Statement dated 9 Jan but net-cash balances are substantially better than I was expecting. 7,189,920 shares are required to block the resolution. The main two shareholders outside management own 4,602,500 so if they choose to vote against (which they may not if they get strong reassurances from management) then another 2,587,420 votes are required. I shall be getting my certificate out from my nominee today before deciding on my course of action. | deswalker | |
26/5/2009 12:25 | TIDMCLV RNS Number : 8139S Clipper Ventures PLC 26 May 2009 ? 26 May 2009 Clipper Ventures plc ("Clipper Ventures" or the "Company") Proposed cancellation of trading of securities on AIM (the "Cancellation") The Company today announces that its Board of Directors (the "Board") has resolved to seek shareholder approval for the cancellation of admission to trading on AIM of the Ordinary Shares in the Company (the "Cancellation"). Having carefully considered the matter, the Directors have concluded it is no longer in the best interests of the Company or its shareholders for the Company's shares to continue to be admitted to trading on AIM. The Cancellation is conditional upon the consent of not less than 75 per cent of votes cast by shareholders at the proposed EGM. Current trading and prospects In January of this year, the Company announced that, since the publication of its half-year results on 27 November 2008, economic uncertainty had continued, leading to price reductions in the corporate entertainment market. As a consequence, the Company took the decision to reduce its expected level of sales and margins in its corporate sailing division. Similarly, the market for sail training was proving difficult and as such, the Company reduced its expected level of income in this division. As announced on 30 March 2009, the Company subsequently entered into an agreement for the sale of the assets, business and brand of its loss-making Zapcat Racing business which faced a very difficult event sponsorship environment. As a result, and as previously announced in January 2009, the Group anticipates that its operating profit for the year ended 30 April 2009 will be significantly lower than management's previous expectations announced in November 2008. Turnover for the year was materially down compared to the previous year and operating profits are expected to be approximately GBP0.75m compared to an operating profit of GBP1.2m in the prior year. As at 30 April 2009, the Group had net cash balances of approximately GBP2.5m. It is the Board's view that, while the Clipper 09 race due to start in September 2009 will utilise a considerable proportion of this cash, the balance nevertheless provides sufficient working capital for the business over the coming year as well as a small reserve against the anticipated fleet replacement (a project which has now been started and is estimated to involve capital expenditure of approximately US$10m over the next 4 years). Despite current economic difficulties, the Directors believe the Group's prospects remain sound but do not expect to see significant growth in profitability while the global economic environment remains challenging. Background to the Cancellation In light of the above, the Directors have undertaken a review of the benefits of the Ordinary Shares continuing to be traded on AIM, recognising the following key factors: * the negative impact that the current world recession and falls in the value of global stock markets have had both on the sponsorship market and on small cap, low liquidity stocks generally; * admission to trading on AIM may no longer serve a useful function for the Company in terms of its ability to access capital; * the Board's view that the Company's current market capitalisation does not accurately reflect its inherent value (the Company's share price having declined by approximately 54 per cent. between 22 May 2008 and 22 May 2009, being the latest practicable date prior to the date of this announcement) and that its ability to conclude any potential future corporate transaction could be impeded by the value placed on the Company by the market; * the relative concentration of the Company's shareholder base, with four shareholders (two of them Directors) holding approximately 65 per cent. of the Company's issued ordinary share capital, resulting in limited trading liquidity in the Ordinary Shares; and * the disproportionate amounts of senior management time and regulatory burdens associated with maintaining the Company's admission to AIM and meeting related regulatory, reporting and corporate governance obligations. Consequently, the Directors do not consider that the Company can justify any longer the costs associated with being publicly listed and, following careful consideration, have concluded that it is no longer in the best interests of the Company and its shareholders to maintain admission of the Ordinary Shares to AIM. Strategy following the Cancellation Following the Cancellation, the Directors intend to continue to focus on enhancing shareholder value by continuing the Company's business in substantially the same manner as at present. The Company will not be bound to announce material events, interim or final results, nor to comply with any of the corporate governance requirements for quoted companies. However, the Directors wish to assure shareholders that they remain committed to a high level of transparency and do not intend the Cancellation to significantly impact on the level of disclosure of material events currently made to them. As such, the Board will post relevant information on the Company's website along the lines required by AIM Rule 26. They will also hold annual and general meetings in accordance with statutory requirements and the Company's articles of association, and will continue to send shareholders copies of the Company's audited accounts. In addition, the Directors intend that the composition of the Board will continue to include at least one independent non-executive Director for so long as this is beneficial and practical. Treasury shares On 19 September 2007, pursuant to a general authority given by shareholders to make market purchases of its own shares, the Company acquired 200,000 Ordinary Shares currently held by it in treasury (the "Treasury Shares"). Immediately upon Cancellation becoming effective, the Treasury Shares will cease to be qualifying shares within the meaning of the Companies Act 1985 (the "Act"). In accordance with section 162E of the Act, if shares held as treasury shares cease to be qualifying shares, they must be cancelled and the Company's issued share capital reduced by their nominal value. Although relatively immaterial in this case, as a consequence of such cancellation and reduction in the issued share capital of the Company, conditional upon Cancellation becoming effective on 26 June 2009, the Company will no longer hold any shares in treasury and the total number of Ordinary Shares in issue will be 38,992,942. Transactions in the Ordinary Shares following Cancellation Liquidity on AIM is provided by market makers who are member firms of the London Stock Exchange obliged to quote a share price between 8.00 a.m. and 4.30 p.m. on business days. Following the Cancellation, there will no longer be a market facility for dealing in the Ordinary Shares and no price will be publicly quoted. As such, holdings of Ordinary Shares are unlikely to readily be capable of sale and will be difficult to value. The Directors are aware that shareholders are likely to wish to continue to acquire or dispose of Ordinary Shares and, accordingly, the Company intends to use reasonable endeavours to put in place and maintain a matched bargain settlement facility. Under this facility, it is intended that shareholders or persons wishing to acquire Ordinary Shares will be able to leave an indication with the matched bargain settlement facility provider (which may be the Company Secretary) that they are prepared to buy or sell at an agreed price. In the event that the matched bargain settlement facility provider is able to match that order with an opposite sell or buy instruction, it will contact both parties and then effect the order. Shareholders who do not have their own broker may need to register with the matched bargain settlement facility provider as a new client. This can take some time to process and, therefore, shareholders who consider they are likely to use this facility are encouraged to register at the earliest opportunity. Once the facility has been arranged, the contact details of the matched bargain settlement facility provider and the process for the buying and selling of Ordinary Shares will be made available to shareholders on the Company's website at www.clipper-ventures Shareholders should note that, following the Cancellation, the Company will remain subject to the provisions of the City Code on Takeovers and Mergers. Extraordinary General Meeting The EGM has been convened to approve the Cancellation and will be held at the Company's registered office at 1A Granary & Bakery Building, Royal Clarence Yard, Weevil Lane, Gosport, Hampshire PO12 1FX, on 18 June 2009 at 9:00 a.m. In accordance with the AIM Rules, it is a requirement that any proposed de-listing from AIM must be approved by not less than 75 per cent of shareholders voting in general meeting. Those Directors who are also shareholders have undertaken to vote in favour of the resolution in respect of their beneficial shareholdings of 21,569,757 Ordinary Shares which represent, in aggregate, approximately 55.3 per cent. of the current issued ordinary share capital of the Company. Subject to the requisite shareholder approval, the last day of trading in the Ordinary Shares is expected to be 25 June 2009 and the Cancellation is expected to be effective from 7.00 a.m. on 26 June 2009. A copy of the shareholder circular convening the EGM is available on the Company's website www.clipper-ventures For further information: +------------------- | Clipper Ventures plc | | +------------------- | William Ward | Tel: +44 (0)239 252 6000 | | Jeremy Knight | | +------------------- | | | +------------------- | HB Corporate Limited | | +------------------- | Luke Cairns/Edward Cozens | Tel: +44 (0)207 510 8600 | +------------------- This information is provided by RNS The company news service from the London Stock Exchange END MSCLQLFLKEBFBBE this was my concern.. | safman | |
06/5/2009 10:02 | mesquida - you may well be right but I'm happier to see DS as a non-exec rather than an exec - Des | deswalker | |
06/5/2009 07:55 | The most relevant word in the last post from Des is ¨supposedly¨- as in ´supposedly independent non-exec team¨. Frankly I do not consider a non-exec to be independent if he was formerly an exec. Call me cynical but I do not believe that this sort of side shuffle was the original intention of the Cadbury proposals on corporate governance. | mesquida | |
05/5/2009 14:50 | I view today's news as a significant plus. In all my ruminations about possible MBOs & delistings I was implicitly assuming that David Stubley and Bob Dench would be party to any shenanigans and would vote their holdings (2.84% of Voting Rights) accordingly. Now that David Stubley has become a non-exec we now have a pretty strong, supposedly independent non-exec team who would be more likely to have the small shareholders interests in mind and thus act as a counterbalance to the main two execs. Perhaps this Board shuffle is the final deckchair move before an MBO (ie the setting up of a non-exec committee to study any offer ?) | deswalker | |
05/5/2009 12:49 | johnston u da bday present :) wait and see.... bye... | santa14 | |
05/5/2009 12:48 | Are we were now in the closed period leading up to results ? That would prevent the directors buying. | tyranosaurus | |
05/5/2009 12:38 | Another rise today. It will be interesting to see whether or not this rise puts a stop to the Director purchases as they increase towards 30% each. | scburbs |
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