Concepta Share Discussion Threads

[grahamg8] 24/1/2013 09:54

Not so fast Papy. We approved B,C,D shares at AGM on 06/08/10.
B shares 25cps on 27/10/11
C shares 12cps on 19/01/12
dates may vary slightly depending on speed to credit your a/c.

So we should have the D share option available.

Fingers crossed for a slight bonus from an RTO. I still have pencilled in around 0.5cps, not a lot but better than a kick in the teeth.

[papy02] 24/1/2013 09:41

Enfin !

2.25c special dividend on Feb 15. So no option to take as capital, though I've never used that option so not a prob for me.

CPT still negotiating re "a change in investment policy or reverse takeover"

[rbcrbc] 21/1/2013 11:16

The last update was over a month ago, so hopefully we will get another update soon. If the parties supposedly wanting to do a deal are dragging their feet it'll very soon be time to tell them to put up or shut up.

[ibarty] 21/1/2013 00:29

Given that they promised to return 2.2c before year end, I am quite surprised we have heard nothing. That said maybe no news is good news as maybe they are working on an attractive deal

[rbcrbc] 18/1/2013 13:52

YYYYAAAAWWWWNNNN....

[grahamg8] 16/12/2012 17:58

RBCRBC. Correct under normal circumstances but not when a company is being wound up. That is why NAV and distributable reserves are quoted and are different. I think a lot of PIs are going to be pleasantly surprised. Grab yourselves a copy of the statutory accounts of any company and turn to the balance sheet. The current assets eg investments,stock,cash are always equal to the permanent assets such as share capital, share premium and cumulative profits. Current assets can at least in theory be turned into cash which is what cpt have been doing. But as a going concern they are only able to return an amount equal to the profits. By getting permission the share premium can also been made available. That is why we get the 2.2cps as distributable reserves. The share capital itself can only be released on winding up. Hence the NAV was quoted at from memory 2.7cps and why we have to wait a bit longer for the remaining value to be released.

[rbcrbc] 16/12/2012 12:39

I had always thought of the share capital as being just an accounting figure and not actual cash anywhere - but I am not an accountant.

If a change in investment policy or reverse takeover happens then there will be some of the 2m EUR originally allocated to wind up costs left over, but no way of telling how much.

But rather than being distributed we might collectively end up with a small %age of the new business, how much will depend on how much the new owners put in to the pot / the value of the business involved in the RTO.

Even if the winding up goes ahead the liquidators should have a few euros left from the windup costs to distributed at the end. But this will be quiet a small amount.

I think that the fat lady has sung, but hasn't quite left the stage, we don't know how many bows she will take.

I have made quite a few pennies on the wind up process so many thanks to the management who have made efforts to maximise the value.

[pejaten] 16/12/2012 00:21

Maybe I misunderstand, but I thought this meant that we get 2.2 c of distributable reserves leaving net assets of 1c equivalent to the nominal value of the share capital? If this is the case , and liquidation costs already included, we should expect 1 c more? I still think this could be interesting.

[papy02] 14/12/2012 15:41

So, well done Tiltonboy, re selling at 2.45c !

[rbcrbc] 14/12/2012 14:41

Looks like I spoke too soon.

So definitely 2.2c

but:
The board of Carpathian has now terminated discussions with parties interested in a capital reorganisation,

and

Carpathian continues to be in discussions with parties regarding a change in investment policy or reverse takeover

appear at first sight to be contradictory, but I guess there is a difference.

So still maybe more to come.

[rbcrbc] 14/12/2012 13:18

I thought the 15th was the deadline date - I don't really expect an RNS until Monday morning - which I'm guessing will say shares suspended, talks continue. I am prepared for the heart attack when my portfolio shows a large loss.

[papy02] 14/12/2012 12:40

Well, they are taking it to the wire here.

Though I guess the shares get suspended from tonight anyway, so they may just miss (yet again) the latest "expected" date for an RNS on the distribution, and leave us hanging (suspended!) until they are finally ready.

Keeping an eye out, and hoping, for an RNS this pm, tho

[tiltonboy] 05/12/2012 17:26

Managed to sell a few at 2.45c

[rbcrbc] 05/12/2012 16:34

Up today - the bid closed at 2.25c - above the distributable reserves level - does somebody know something, has something happened ?

[papy02] 30/11/2012 11:47

Hi RBCRBC. Yes I held a topup via spreadbet on the Dec 12 future, but have closed that on a "spike" (got around 2.2c) after the reply re company (or I assume, Investment Manager) not motivated to resolve quickly.

From today's news, looks like that was the right decision!

I believe suspension just means your position is frozen. The concern for me would have been what spread was applied by IGindex to the mid-Dec rollover.

[rbcrbc] 30/11/2012 09:31

Didn't somebody here hold via a spreadbet ?
How would delisting affect that ?

I suspect that the buyers were trying to use the 15th December deadline to force CPT to accept a lower price than management knew we are worth, so their bluff has been called ;-)

[rbcrbc] 29/11/2012 19:31

RNS Number : 0416Q

Carpathian PLC

01 November 2012

The Company expects to be able to make a definitive announcement on the final distribution to shareholders together with the outcome of the reorganisation discussions by no later than 30 November 2012.

THAT'S TOMORROW FOLKS !!!

[boros10] 26/11/2012 22:23

Steve36

Your analysis seems sensible.

[steve36] 26/11/2012 17:08

I agree total net assets is what is important. My point is that this is greater than distributable reserves and therefore we ought to get more than the 2.2c that was recently advised as being the distributable reserves total.

[deucetoace] 26/11/2012 11:33

Oh sure but is that anything to do with the share capital - on liquidation all that's relevant is total assets.

[steve36] 26/11/2012 10:25

A balance sheet might show assets of 10, with share capital of 2 and distributable reserves of 8. The maximum amount normally distributable to shareholders would be 8 but on liquidation the amount payable would be 10.

[deucetoace] 26/11/2012 10:04

The reason I was given for the major difference between the two figures is that

" The interim NAV is a balance sheet figure, whilst the indicated distributable reserves amount is a net cash figure"

The share capital figure that you mention is surely irrelevant?

[steve36] 26/11/2012 09:59

Should get an announcement this week. In addition to the distributable reserves, the share capital would also be returned to shareholders in a liquidation. That amounts to another 1c. That may be wishful thinking but the assets represented by share capital couldn't normally be included in distributable reserves, so that is perhaps the reason for the discrepancy between previously reported nav and what was described as distributable reserves?

[rbcrbc] 04/11/2012 20:06

I read it as 1.2c of the distributable reserves being held at group holding level, and made the assumption that the other 1c is held in subsuduaries (or as receivables).