Corvus Capital Share Discussion Threads

[humbugg] 27/3/2008 16:30

credit agricole seem to like them having increased its stake.

[orinocor] 27/3/2008 14:12

CLS has market capitalisation of £650,000 and cash reserves of over 1 million pounds. The net asset value is 2 million pounds. This little company only lost £150,000 for interims and good outlook for the year as a whole.

[whiterussians] 27/3/2008 13:44

CMM has collapsed since the year end - share price wise and CVS own 22% of it, so that would be several MILLION off the asset values being reported


Also noted CMM buying back shares - most bought on enforced sale from man financial - it would be good to know who the underlying seller was...slippery...

[topvest] 27/3/2008 13:41

No wonder they have changed strategy to focusing on bigger deals. Small deals won't keep these directors in the manner to which they have become used to! £5m costs is outrageous for a business without any trading activites imo. I've seen the results and decided not to buy.

[whiterussians] 27/3/2008 13:36

£5m annual admin expenses, only £900k cash left. Ouch!!

[topvest] 27/3/2008 11:54

ok, thanks - must have missed that one!

[bubface] 27/3/2008 09:11

topvest they are talking bluewater where they sold about £1m worth which listed post year end ie december,what is unclear is whether that disposal is part of the £2.5m raised...probably.they seem to be mixing pre and post balance sheet events so it remains difficult to get a current picture.

[topvest] 27/3/2008 09:00

Much better disclosure on their investments last year..don't come across as a management team that likes to keep quiet about good news, so I would therefore assume that no news is bad news!

[topvest] 27/3/2008 08:57

Fairly pathetic disclosures so long after the year-end. What does this refer to..

"During the second half we continued to invest in newmarket entrants across a range of sectors and these additional gains will fallinto the first half of the current year."

Any thoughts?

Bottom line - no details of current investments!

[bubface] 27/3/2008 08:52

a2584728,thanks very much...pay cuts all round!
humbugg..not even close!

[pbracken] 27/3/2008 08:45

A2584728: I'm just explaining why you should be careful with this company. Its disclosure is very poor, matched only by its recent performance.

Anyhow, best of British to anyone who sails in her.

[humbugg] 27/3/2008 08:42

bubface,
i tend to agree with most of your recent posts. dont you just love the management speak, contempt, is that strong enough?

[a2584728] 27/3/2008 08:40

Dear me, you lot are such experts maybe you should be running the company......

[topinfo] 27/3/2008 08:16

Here we go, hang on tight Guys, 5p coming very soon today.

[topinfo] 27/3/2008 07:52

Should see 5p on this update.

[pbracken] 27/3/2008 07:47

This is the worry:

"Since 30 September 2007 Corvus has successfully realised investments for aggregate cash proceeds of 2.5 million. The Group had investments valued as at 30 September 2007 of 35.6 million."

There is no summary of the losses incurred in the divestments it has made since September, but it MUST have made large losses on them. There is no indication of the value of the portfolio today - though we know it to be massively reduced.

And then there is this very odd comment:

"It would be strange if I did not comment on the current market conditions that we are experiencing. It seems that what started as a liquidity crisis has moved to a solvency crisis and regrettably will roll through many sectors of the financial community.

I believe that our own position remains stable and despite the market turmoil the Company's strategy remains very much intact."

It strikes me that the company has sold its smaller AIM stocks not because of a change in strategy as it claims, but because it is short of cash, and was forced to do so. The costs of this business are huge (£5.4m) and caused a cash outflow of £3.3m last year. This is not sustainable.

My conclusion is that this business is under stress and its future hangs in the balance - one that will be determined by the performance of CMM. If that continues to underperform, CVS will very likely fail.

[supreme mo] 27/3/2008 07:45

Is the glass half full or half empty this morning bubface!?! lol ;-)

[bubface] 27/3/2008 07:43

i love the "the shareholders of corvus are not alone in reaping these benefits"..
also "if appropriate,we may consider a dividend payment if surplus cash resources permit"...well since every bit of cash goes into running this gravy train highly doubtful unless they win the lottery.

[supreme mo] 27/3/2008 07:42

will have to see what market thinks when it opens.....

[bubface] 27/3/2008 07:38

yes to a certain extent however admin expenses running at £5.4m per year gets through the money quickly enough,there was little cash on the balance sheet at the year end,they have realised £2.5 since then...but that only keeps them going for less than 6 months....which is where we are now.not sure where more cash is coming from,though i believe cmm are going to pay a decent dividend.
least it looks like they are going to battle it out quoted though the "the current market turmoil has seen a significant fall in our share price and the valuation placed on our business by the markets will be a significant factor in our strategic deliberations" leaves the window open to delist/privatise.

[matt c] 27/3/2008 07:28

Excellent!
Doubt has now gone. Conspriracy theories disproven.
A bounce back to 6/7p range looks likely in the near future.
Should see a 50% rise today at least.

[dalcon01] 27/3/2008 07:13

They seem happy enough?

[topvest] 26/3/2008 21:24

Not broken out of the downtrend yet and so could be down again tomorrow. I've decided to await the results and will reassess then.