Caffyns Share Discussion Threads

[cjohn] 09/4/2024 10:53

Perloff above 20%

[manrobert] 18/8/2023 17:01

Hi lo,assume you got your 10 shares yesterday?ndon bus

[manrobert] 14/8/2023 12:04

couple of small buys gone through this morning.

[londonbus] 13/8/2023 01:22

I have had a small order for about 10 shares at the market price in for weeks. Never gets executed.

The float is small.

[manrobert] 09/8/2023 12:54

could that be a share buy back?

[manrobert] 07/8/2023 08:21

my small buy has put the shares up 25?

[manrobert] 06/8/2023 07:14

hi london bus,i wasinterested in your comment of 5th august.did you have a limit order or above market size? i am interested in buying and have followed company over many years?

[londonbus] 05/8/2023 22:00

Nightmare trying to buy shares. I've had an order at Trading 212 for weeks - just sits there...

[londonbus] 30/6/2023 17:43

Because the Second Preference Shares are voting, for the purposes of valuation they really should be regarded as Ordinary Shares when looking at PTBV

[1tx] 02/6/2023 16:39

Against which just the surplus Lewes property is worth about half present market value,probably rather more if alternative use permission is obtained.....

I would think if shares can be bought in any number under a fiver the "usual suspects" will snap them up.

[pugugly] 02/6/2023 10:20

Being marked down on the accounts but still too high (imo) based on illiquidity and family control. True bid offer now 480/500 but while writing noted 2500 buy at 536 -

[1tx] 06/1/2023 14:07

The rights of different classes of shareholders are governed by the New Articles of Association adopted in Jan 2016,the 6% Pref Shares Votes are not allowed to be used to conflict with Premium Listing Rules.

[nicholasblake] 22/12/2022 13:28

@jay083 If there were ever to be a transaction expect prefs to get compensation.

[jay083] 22/12/2022 12:44

Hello all,
Have been doing a bit of reading up on this as on the face of it looks like a bargain.

...obviously the catch is the 6% preference shares (well that plus the illiquidity). I can't see how its possible to value the company without understanding the value the preference shares would command. clearly they have a ransom value (whether thats the face value, the same value as the ords or even greater...who knows?).

I see that there is 3m of 6% preference shares 'Authorised' but not allotted. Could the family vote though issue of those also (providing they stump up the £300k) - assuming they have the same voting rights.

To be honest, I'm not really sure why its still listed and hasn't been MBO'd on the cheap already and can't really see how this will pan out for minority shareholders.....seems to be too much opportunity for them to be left with the crumbs of any deal that would realise value. Personally I think it would be better for them to restructure the preffs for ords, say something like 4:1, which would give them ~20% plus the ords they already own (total ~31%).

Appreciate any thoughts. From a quick trawl of the board looks like there are a few long therm holders here and this is topic that has come up frequently in the past.

TIA

[1tx] 25/11/2022 09:58

Probably an underestimate of property value.But we all,including AP have been sitting here for years.....and the Caffyn family since the nineteenth century since they started with horse drawn vehicles!

[clemo69] 25/11/2022 09:17

Property surplus of £13.3m worth more than the entire company. Incredible

[this_is_me] 25/11/2022 07:57

Yes, total assets £90 million; market cap £14 million.

[spob] 25/11/2022 07:29

pound coins selling for 30p

[spob] 25/11/2022 07:28

We operate primarily from freehold sites and our property portfolio provides additional stability to our business model. Annually, we obtain an independent assessment of the values of our freehold properties against their carrying value in our accounts and had an unrecognised surplus to carrying value of GBP13.3 million at 31 March 2022, our last financial year-end.

[clemo69] 09/11/2022 16:26

Some decent volume going through today

[cjohn] 25/10/2022 08:41

Property-orientated investor Andrew Perloff takes his holding above 15%.

[1tx] 27/5/2022 17:04

Good results as expected;the longer term may be tougher for all car dealers.Notice interest in the vacant Lewes property.Unfortunately as I am a holder the modest share price relative to NAV is probably deserved unless something turns up.I made a multiple times of cost return on my investment in Marshall Motor Holdings following its take over last year....So far Caffyns an average divi;and a fairly thin profit assuming the market maker paid me near offer price.We live in hope (LOL Just about!).

[cjohn] 27/5/2022 15:15

Very strong results.

With the uplift in asset value from profits and the decline in the pension liability, NTAV, including the off-balance sheet property surplus, is now about 48 million.

Market cap currently around 16 million.

So PE below 6.
PTBV: 0.33.