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Real-Time news about Close Enhanced (London Stock Exchange): 0 recent articles
|erstwhile2: Oh and by the way, CED shares do not now exist. They were liquidated and the Glitnir note placed in a guernsey trust with the CED share register as the trusts beneficiaries. So if Weiss are sniffing they will only be able (i) to bid the trustees for the Glitnir bond or (ii) via the registrar make an offer to purchase beneficial interests in the defaulting note trust.
If they plan the former, I would not expect the trustees (Anson I think) to have a clue on the recovery value of the note so the trust is at risk of being pilfered. I would certainly encourage any former CED owners to make representations to the trustees that they are not interested in any bid for the note unless it is put to competitive tender via the ibank which is presently making the most active market in the bust Icelandic bonds|
|erstwhile2: If Weiss a buyer no one should be a seller. I suspect glitnir recovery will be greater than 30% = 13p/CED share...probably in phases as liquidators carry on|
|tiltonboy: As each week goes by, the strength of the commodity basket is increasingly being negated by the averaging process. It now looks like a payout of 188p may be achieved if the basket remains constant for the final 12 weeks.
Notwithstanding the current strength, plus the possibility of an additional payout from Glitnir, I sold a few today at 190p. Given where the share price had been, I'm quite happy with the result.|
|davebowler: From post 197 (prophetically) by erstwhile2
Glitnir downgraded to BBB yesterday, below A- threshold in CEDs investment methodology. Board may opt to sell this bond which would imply material loss given current credit spreads. This will hurt final entitlement whatever the commodities do. Two tiny sales today slapped the share price off 4% as the commodities moved higher, so on balance, this gets weaker before it gets stronger - my guess there's other sellers out there.|
|tiltonboy: I have taken the liberty of c & p'ing erstwhile's response to my earlier question:
CED: current share price does compensate for Glitnir risk. Default glitnir and assume a recovery of 30% - u lose about 40p or 11% of final entitlement. current share price is still 15% below this adjusted level which is ok value for the 19m to run. As we discussed, its not a zero in any traditional sense of the word as the final target is variable....in fact it's a better way to get paid for taking default risk than for taking commodity risk
Alternatively price the whole product as the final entitlement discounted @ (LIBOR+blended credit spread of MTN issuers)...which is around L+350 and you get a fair value over £3, so can't argue with owning it at 270p. Your call as to whether to hedge out embedded commodity posotion tho.
Those calculations clearly take into account the potential NAV figure at wind-up of 353p, which I think is a new high.
My thanks to erstwhile for his considered opinion.
|erstwhile2: Glitnir downgraded to BBB yesterday, below A- threshold in CEDs investment methodology. Board may opt to sell this bond which would imply material loss given current credit spreads. This will hurt final entitlement whatever the commodities do. Two tiny sales today slapped the share price off 4% as the commodities moved higher, so on balance, this gets weaker before it gets stronger - my guess there's other sellers out there.|
|bartender18: is there any way to find out the share price now its in private hands?|
|baxtdon: hi everyone i bought 100 pounds worth of shares in ceder and was wondering why i bothered as i had a tip of that this company was being took over and that the share price would go up well i have them now and am just going to ride it out i mean i have nothing to lose .|
|bonzoboy: From what I know about Cedar, I feel that the above comments may be correct. The share price, conditions and situation of Cedar and its buyout were orchestrated a long time ago. Just a thought...I will vote no to 5p, so they then say okay Cedar goes bust if we do not agree. I think not. The RBOS aint gonna let £ 38 mil of debt just slide away. Interesting times.|
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