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Real-Time news about Cng Travel (London Stock Exchange): 0 recent articles
|tifosigb: I expect Finbarr is one of the "Potential Offerors", it wouldn't supprise me. Hopefully it'll drive the share price up a few more pence. I wonder how much has been indicatively offered ? Find out soon hopefully.|
|katylied: Equally 'The Drewster', as long as management have been
brewing this little scam (and odds are, for quite some
time), there has been zero incentive for them to make
the business perform. The lower the share-price, the
more demoralized the investors, the better chance
of success at a low MBO price...|
|the drewster: Assessment ... we get a single day's notice, and an RNS that goes on about the recent share price movement (which had been ZILCH!!!!)
Just feels wrong somewhere, but resigned to being unable to do diddly about it.|
|the drewster: Course they will - we get one day's notice "in response to the recent movement in the comapny share price" ... what movement was that then?
A day later, there's the cash offer, which the boys acting for us managed to talk up 8%
And then the little snippets like the directors actually having a pice of the lucrative pie that will be left start coming out.
Amazing that there doesn't have to be significantly more transparency about these things, as it leaves a pretty bitter taste.|
|nilip: Here's the full RNS :
Cng Travel Statement re. poss. offer
CNG Travel Group plc
21 May 2007
21 May 2007
For Immediate Release
CNG Travel Group plc
Statement re Possible Offer
The Board of CNG Travel Group plc ("CNG" or the "Company") ("the Board") notes
the recent movement in the Company's share price. The Board confirms that it has
received an approach from a consortium ("the Consortium") led by PJ King and
Barry Liben, the group chief executive and president of Tzell Travel Group (a
wholly owned subsidiary of CNG) respectively, which may or may not lead to an
offer for the Company at a price of 14.5 pence per CNG Share (the "Possible
Following the approach, the Company constituted an independent committee of the
board of directors comprising Luke Mooney, Ralph Manaker and Zara Stassin ("the
Independent Directors") to consider the Possible Offer. The Independent
Directors are being advised by IBI Corporate Finance. The executive directors of
the Company (namely PJ King and Willie Lynch) together with certain
non-executive directors (Seamus Ross Jnr and Michael Smurfit Jnr) are conflicted
from considering the Possible Offer because of their involvement with the
Should an announcement of a firm intention to make an offer be made pursuant to
Rule 2.5 of the Irish Takeover Panel Act, 1997, Takeover Rules 2001 to 2006 the
proposed offer price of 14.5 pence per share is at a level which the Independent
Directors would intend to recommend to shareholders.
However, shareholders should note that while discussions with the Consortium in
relation to the Possible Offer are at a very advanced stage there can be no
certainty that an offer will ultimately be forthcoming.
The holder of 1% or more of any relevant securities in the Company may from the
date of this announcement have disclosure obligations under Rule 8.3 of the Irish
Takeover Panel Act, 1997, Takeover Rules 2001 to 2006, as applied.
A further announcement will be made in due course. In the meantime, shareholders
are advised to take no action.
CNG Travel Group Tel: +353 1 296 3399
IBI Corporate Finance Limited Tel: +353 1 637 7800
The Independent Directors of CNG accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
Independent Directors (who have taken all reasonable care to ensure that such is
the case) the information contained in this announcement is in accordance with
the facts and does not omit anything likely to affect the import of such
IBI Corporate Finance Limited, a subsidiary of The Governor and Company of the
Bank of Ireland (which is regulated by the Financial Regulator), is acting for
CNG and no-one else in relation to the Possible Offer and will not be
responsible to anyone other than CNG for providing the protections afforded to
clients of IBI Corporate Finance Limited nor for providing advice in relation to
the Possible Offer.|
|the drewster: I hope you are right, but am so cynical that I think any recovery will go to lining thepockets of those who have "turned things around", that way they won't give a damn about the share price as they will have got their money back elsewhere.
Before you say that's just nonsense, please explain why a revenue generating part of the business was "spun off" (without ANY financial details being given) to management?
Absolutely my worst ever investment, and wished I had operated more stop losses on the way down. Totally my own fault for believing the EVO reports and following the director buys, but still think there's an awful lot more could have been done to avoid the troubles we're now in.|
I agree with your points concerning the board members being present at the time of the previous disasters. However, I would suggest that perhaps Finbarr really did treat this as his own personal company right up to two hours before the 2005 AGM when he was bundled out of the company.
I was at the meeting and raised a public argument, which i did not drop easily, with regard to the previous Ross family interest. I then took the oportunity to speak with Shamus Ross Jr after the meeting. He was very forthcoming with the answers I wanted. Namely, that part of the CNG plc group as it now was had previously been lent money by the Ross family. That money was almost totally lost. It was effectively stolen by a group of Americans who sold the previous incarnation of CNG a total Pup (NOT TZELL). The exact details of this remains a dirty secret of the pre floatation CNG, presumably because its embarassing that some seriously wealthy Irishmen got screwed over in America on a massive scale. The Ross family were given stock in CNG as 'compensation' for that loss of value when the floatation happened. This information was actually in the 2004/5 annual report, though cloaked in such a way as to make it appear insignificant.
Tzell was also purchased independlty of this other 'error' and remains the one excellent purchase.
MAjor sharehoders then gave Finbarr a chance to restore/create value with his great hope, TLC and with Places to Stay. History now shows that TLC was doomed before it started. It was supposed to take advantage of the poor state of the travel industry. It's launch coincided with an upsurge in the travel industry and availability of suitable inventory of rooms was shut off to TLC. It never caught on and therefore never would. It was the idea of TLC which sold the company potential to Techinvest, who tipped it as an excellent technology play based on the TLC software. I would speculate that its possible Finbarr himself sold the idea to Techinvest. He was the smooth talking salesman at the helm who used to mix with Irish politicians on the international trade stage. It does not follow that he was necessarily a great businessman.
Immediately post 9/11 would have been the perfect time for TLC. It was right to ditch it. Places to Stay was a terrible purchase. Finbarr would have been a the centre of it. Infact, he was apparently interested in buying it.
I also spoke with senior TZELL management at the same meeting. Its very clear that Tzell was not directly controlled by Finbarr or the Irish at all.
Finbarr is gone. TLC is gone. Places to stay is gone. The cancer has been cut out. Post this era, CNG has long since been refinanced in the USA via a big name in corporate finance. This could not have happed if it was not a viable proposition.
The only thing that appears the same now, is how frustrated we all are, and thats because we don't get enough information. That needs to change if the current managment expect to generate enough interest to facilitate a reasonable recovery in the share price.|
|tifosigb: We can't be to far from an encouraging update on this company. Just re-read the statements for previous interim and full year results. I had forgotten how frank and honest the statements were with regard to previous mistakes. I had also forgotten just how many shares the current directors were holding between them:
P J King (our current CEO, appointed after the previous disasters) has
627,644 shares - (563,043 he was holding as at the end of 2004). This means he has an actual paper loss of over half a million pounds to recover. He also has options of 724,112 which are not 'back in the money' until north of 60p. Plus another 100,000 excercisable @ 103p.
Shamus Ross Jr. is on the board tasked with recovering Ross Family money of almost £20m. They have 18,840,258 shares , which have been held since before the end of 2004. They lost it all once but were bailed out by the floatation when they were 'awarded' these shares for the dubious late repayment of a previous loan to a pre flaotation CNG. However, history does not change the fact they need their money back. I am sure he and the family are very committed to recovering value.
Michael .W. Smurfitt Jr. is also on the board tasked with recovering value on 2,908,984 shares held by his Dad Dr Smurfitt since before the end of 2004. They too are nursing a multi million pound paper loss. Again, I am sure his interest is one of ensuring no repeat of previous mistakes , no reckles gambles and sure footed prudent recovery in business value and share price.
Zara Stassin is holding 568,640 shares (536,960 of which pre date the end of 2004). Again, an active board member nursing a paper loss of around half a million pounds.
Luke Mooney holds 167,241 shares (153,780 of which pre date end 2004). £135,000 is not an inconsiderable paper loss to be sat on.
My point here is: Despite my extreme discontent with the historical way in which this company was previously run and my dissappointment with the way the 2004yr AGM was held in 2005, I consider that these people have very real intrests in restoring shareholder value and that this year could very well show that this is to be a reality, through the prudent growth of Tzell.
I also think it unlikely that any further asset stripping has or would take place here because it would require the collusion of the whole board and would be very obvious and public.
This compmay is now a simple play on Tzell and I reckon could well now be seriously under valued.
Any other thoughts...............?|
|robsy2: I thought it would be useful to review the fundamentals on CNG and would appreciate a bit of feedback:
CNG: Where are we now?
The share price is down 90% over the last year
The company is now valued at 17m
The loss making bit has been sold, the company has stopped the rot and it's apparently not going bust
There are lots of big shareholders, some high profile, all carrying big losses.
These guys will favour an orderly exit and will have the clout with the bankers to manage the situation and maximise the shareholder value.
The market in these shares in pretty well non-existent, in the last 2 trading days 20k of stock has changed hands, the share price has varied +/- 12% and the spread is 15%
So the big holders have no option but to either seek a buyer or settle down and stabilise the situation around Tzell (hopefully they can manage to do both)
Tzell is a well established, low risk, defensive, cash generating business that has EBIT 10m$ a year.
The future valuation of CNG is underpinned by Tzell.The oft mentioned figure here is circa 70p a share.
The company is apparently in talks to be taken over and one report mentions 4 possible suitors
Given the above scenario the current share price does not reflect the fundamental value in the business.So the conclusion is that we should all be buying some more at these levels.
If anyone sees any flaws in the arguments, do please let me know before I plunge in again!
All the best
|robsy2: What does this mean??
Rule 8.3- CNG Travel Group
Cantor Fitzgerald Europe
04 October 2005
IRISH TAKEOVER PANEL
Lodge with the Stock Exchange (which may publicise) and with the Panel.
Use separate form for each class of securities in which dealings have
Date of disclosure 4th October 2005
DISCLOSURE UNDER RULE 8.1(a), 8.1(b)(i) and 8.3 OF THE IRISH
TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2001
Date of Dealing 3rd October 2005
Dealing in CNG Travel Group Plc
(1) Class of securities: Ordinary Shares
Amount bought Amount sold Price per unit
(3) Resultant total of the same class owned or controlled
(and percentage of class) 694,116 1.21 %
(4) Party making disclosure Cantor Fitzgerald Europe
(5) EITHER (a) Name of purchaser/vendor (Note 1)
OR (b) If dealing for discretionary client(s), name of fund
(6) Reason for disclosure (Note 2)
(a) (i) offeror or associate of offeror (Note 3) NO
(ii) offeree or associate of offeree NO
Specify which category or categories of associate ((a) to (l) page 3/4)
If category (l), explain
(b) Rule 8.3 (i.e. disclosure because of ownership or control of 1% or more the
class of relevant securities dealt in) YES
Signed, for and on behalf of the party named in (4) above
(Also print name of signatory) Ross Tanton
Telephone and extension number: 0207 894 7214 / email@example.com
Date of Disclosure 4th October 2005
Form 8 Enclosure
Cantor Fitzgerald Europe is the beneficial owner of 694,116 CNG Travel Group Plc
ordinary shares. 679,116 of these shares are held to hedge Contract for
Differences ("CFD") positions for clients and 15,000 of these shares are held to
hedge Spreadbet positions between Cantor Index Limited and other clients.
A Long CFD is a product where the client to whom the product is sold is taking a
long economic interest in the underlying share price such that the client can
realise a gain if the price of the underlying securities rises above the
A Spread Bet is a product where the client to whom the product is sold can
realise a gain or a loss depending on whether the price of the underlying
security increases above or falls below the reference price. The client's
Spread bet position is described as his "stake". A "stake" is expressed in
pounds (sterling) per "point" and a "point" is the price in pence of the
underlying shares. A client with a "stake" of #100 per point will make a gain
of #100 for every penny increase in the underlying shares and he/she has an
exposure equivalent to 10,000 shares.
A purchaser of a Spread Bet or a CFD contract will realise a gain if the price
of the underlying security goes up. A seller of a Spread Bet or a CFD contract
will realise a gain if the price of the underlying security goes down.
There are no written or oral agreements between Cantor Fitzgerald Europe and any
clients concerning the control of voting rights in relation to the underlying
shares used to hedge the CFDs and Spreadbets.
The CFD contracts are open-ended and there is no rollover into new contracts.
Contracts for Differences Disclosure Date: 04-Oct-05
CNG Travel Group Plc Cantor Reference
Fitzgerald Underlying Number Price
Product Name Date Executed Buy/Sell Of Shares (pence)
CNG Travel Group Plc, Long February 10, 2005 Sell 50,000 100
CNG Travel Group Plc, Long February 11, 2005 Sell 30,000 100
CNG Travel Group Plc, Long March 1, 2005 Sell 20,000 84
CNG Travel Group Plc, Long March 8, 2005 Sell 25,000 80
CNG Travel Group Plc, Long March 8, 2005 Sell 25,000 80
CNG Travel Group Plc, Long April 5, 2005 Sell 10,000 63
CNG Travel Group Plc, Long May 10, 2005 Sell 25,000 55
CNG Travel Group Plc, Long May 10, 2005 Sell 25,000 55
CNG Travel Group Plc, Long May 17, 2005 Sell 12,500 53
CNG Travel Group Plc, Long May 17, 2005 Sell 20,000 53
CNG Travel Group Plc, Long May 18, 2005 Sell 72,858 54
CNG Travel Group Plc, Long May 18, 2005 Sell 48,758 54
CNG Travel Group Plc, Long May 25, 2005 Sell 15,000 50
CNG Travel Group Plc, Long May 25, 2005 Sell 20,000 50
CNG Travel Group Plc, Long June 15, 2005 Sell 30,000 48
CNG Travel Group Plc, Long June 17, 2005 Sell 60,000 33
CNG Travel Group Plc, Long July 5, 2005 Sell 50,000 24
CNG Travel Group Plc, Long July 25, 2005 Sell 10,000 30
CNG Travel Group Plc, Long July 25, 2005 Sell 10,000 29
CNG Travel Group Plc, Long July 26, 2005 Sell 20,000 31
CNG Travel Group Plc, Long September 14, Sell 100,000 34
Spread Bets Cantor Reference
CNG Travel Group Plc Fitzgerald Stake - # per Price
Expiry Date Date Executed Buy/Sell 1 Point = 1 pence (pence)
December 20, 2005 September 19, Buy 150 35.6
Cng Travel share price data is direct from the London Stock Exchange