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Real-Time news about Content Media (London Stock Exchange): 0 recent articles
|spig69: fft, Your holding is substantially more than my 400. Even so, I had this down as a sound long term investment. At present I don't miss the cash so I am tempted to just hold these for as long as it takes. If in 5 years time they get bought out or the share price has jumped significantly then I can look at selling. But why Korea? I still think it is a ploy to get rid of the very small shareholders (325 less than 100 shares). The share dilution comment worries me too. I haven't got long to decide......|
|bangers for bucks: I mailed them in march re share price see below
No, the "Matched Bargain Service" we set up through our share registrar has not seen any meaningful activity.
There have been some transfers of shares but they appear in the most part to be transfers that have been undertaken under private treaty.
On that basis, I can't really help to put a market value on the shares.
The team at Capita who run the matched bargain service might be able to help.
also Mr Webb confirmed results in July.
Peronally just sitting back and waiting for a possible buy out or re-list in USA.|
|bozzy_s: Good luck whatever you decide Rob. I hope this does a OCZ for you (they delisted from AIM, relisted on NASDAQ a couple of years later, and the share price jumped almost 100 fold soon afterwards - it's still 40 times higher than on AIM delisting).
This thread will remain open after delisting.
As for your shareholding, I believe you need to ask Selftrade to forward your share certificate. So instead of holding in a nominee account, you hold the certificate yourself. I think this is right, but please someone correct me if I'm wrong.
Best of luck to CMCP holders. FWIW I think holding shares in the private company is a better bet than selling at a big loss.|
|pimp: The timing of this is also a little suspect. Results due in the next few weeks and i suspect they would be good. If the share price rose above 1p they could issue more shares and swap debt for equity. They say they have to delist due to aim rules not allowing any equity below 1p. All imo .|
|wimirob: I couldn't put it better myself!
Why are the preference shareholders doing this? - because they think they'll make more money this way. Or put another way - they didn't think they would make as much money as things stood. ie the share price has shown that the business wasn't worth much whilst the preference liability was there. In short it was stifling the business.
This is why the chairman is claiming that it is a good deal for shareholders.
Unfortunately we won't get to see the impact on the market cap of this announcement as the business is being delisted - but the price they raise the 15% placing at (we will find out eventually) will be a sign as to what the business is currently worth freed from that liability.|
a few years ago, refinancing wouldnt have been an issue, but in todays climate, the amount of debt relative to the size of the company (equity wise) is huge. We know that they havnt had any problems in repaying the interest and capital on schedule, but that hasnt stopped companies in the past couple of years having problems rolling over loans.
If JP Morgans policy on loans has changed - and i am sure ít will have in the last couple of years - then CMCP is not big enough to be a special case. It could be that they wont fund the entire amount and insist on a partial sale of the library to reduce the debt amount. Or maybe CMCP is building up Collins to be able to sell it to reduce debt quicker before the re-financing. We wont know until CMCP approach JPM, or maybe they have, and we as shareholders will only find out a lot later (could explain why directors arent putting there hands in there pockets at these prices).
But, if the re-financing was a certainty, the share price probably wouldnt be where it is now - unless there is another negative that we dont know about yet !|
|djderry: I think it's somewhat disingenuous to say that the preference shares have somehow caused the share price implosion.If I'm not mistaken,even the CEO suggested that.At the time they were issued,the co. bought rights and libraries which they still have today.At the time all the pref. shareholders expected to make a good profit on them as the share price was heading up.
Let's be clear,the pref. shareholders are also the biggest holders of ordinary stock.Secondly,the business model,whereby the co. borries money to buy product to sell at a profit,is typical of the industry.Content have an excellent track record ,despite the pitiful share price The suggestion by one poster that the co. will have difficulty in re-financing is fanciful.They continue to pay down debt (albeit not as fast as we might like),they have reduced their finance costs and have,as their main lender,one of the biggest banks to the media sector.(With all the E.U. Banks getting money at 1%,it would be a good idea to look at changing lenders!).As I've said before,a few simple steps will multiply the share price many times over:have the directors pool their pocket money and buy a few million,call an EGM to allow the co. to buy back shares with the permission of the pref. shareholders,i.e.,themselves.|
|fft: There are 2 gorillas in the room.
1. is the pref shares payout, or dilution - but that is quite small compared to
2. the refinancing of the existing loan. It is being repaid, but at the time it was given, financing was quite easy to come by, and that is definitely not the case now. People say the library valuation supports it, but if that was the case, the share price would be higher, and CMCP would have become a target by now, so i suspect the real sales price of the library is somewhat lower.
As long as they dont get too involved with films and do a winchester, there is hope....|
|wimirob: 34Simon - many on the thread seem to think that the business has turned (ie why you are here). In any market share price and value can have an illogical relationship and the question is what will be the trigger to cause that gap to close.
The broader market outlook is now terrible - but the nature of illiquid small caps means that it is possible for them to outperform in the face of such a backdrop - partly because there is a very limited supply of shares that offer such short term price appreciation.
To the extent that people have bought in because of the low share price - they can see the upside - arguably because of the work that management have done in changing the business model of the company.
The question here is whether the combination of the business model (bank) debt and preference share issue debt is surmountable?
I would argue that the business model debt is surmountable - but what has been holding the share price back is the preference share debt. The company is probably still some time away from convincing the public markets that it can achieve sufficient value to cope with both forms of debt(particularly in the current markets). Hence AGM resolution 6 becomes key if this as appears likely is an attempt to swap preference shares for ordinary shares. Very difficult to guess what it might be if not this.
So all this is a long way of asking you to get as much information as possible as to what is intended by Resolution 6 - the issue of 1/3 new shares in the co? Is it for the preference shares? If so has it been agreed upfront or is there still some negotiation to go? Will it apply to all preference shares or only some? Is there any lock up on the new shares?
FFT - no luck with the flag counter?|
|wimirob: The point is that it is a similar business model. Invest up front for later cash generation. ie a debt funded model. In the case of companies holding content those cash flows are available over the long term - where the real value lies.
I agree with your comment r/e news releases. But the company was hit so badly by the misadventure with the DVD business that it clearly took the view that it needed to sort itself out (simply put - survive). Better not to build up expectations with regular news releases until the company has some momentum. ie avoid damaging the already dire investor sentiment.
There has to be a turning point though - and my reading of the recent results is that we may be close to it. This is where the issue of director share options becomes meaningful (and I look forward to some clarification on what they are actually proposing).
The next logical step is then promoting the share (via news releases etc) to get the share price up. Whether this will happen soon after the AGM or not until there is (hopefully) a further positive set of trading results remains to be seen - and will probably be driven by having sufficiently good news on a particular bit of content to start the news flow.
The share price has had a very long period of consolidation. A view of the CFL share price graph shows a similar consolidation from 2005 to 2006. The business model is supposedly lower risk than it was back then. Ironclad didn't quite do it for them at the cinema - but with 2 years+ worth of new acquisitions in the film business perhaps one of these might just be that one that hits the headlines and draws in investor interest far more effectively than the odd RNS currently would.
I remain patiently optimistic.|
Content Media share price data is direct from the London Stock Exchange