Eight Capital Partners Share Discussion Threads

[energyi] 08/7/2002 18:25

Net Asset Value will now be 173p after tender offer.

Chart: comparison with Major Oil (XOI) and Natural Gas (XNG) Indices



Some nice lags in ECP, behind the US indices

[linhur] 08/7/2002 18:11

Tender offer result out today.
88.5% of the share capital wanted to be bought back at 140p!!!
Net Asset Value will now be 173p after tender offer.
It will be interesting to see whether the arbitrageurs will close their positions and what the new holding by Deutsche Bank (17%) will bring to the party.

Those of you who tendered will only get an extra 2.65% over the original tender offer of 3 for 8.
Settlement is 12 July.

regards
linhur

[anresu] 31/5/2002 15:37

Further clarification

If the offer goes ahead, they guarantee to buy three eighths of your shares. They will buy more from you if you wish to sell them provided the total sold is not more than three eighths of the total in issue. i.e. if others do not take up the offer.

[anresu] 31/5/2002 08:53

They are not offering to buy all of your shares.

For every eight shares you have, they will buy three leaving you with the other five. These five will have a claim on the "other assets". See the recent RNS for various estimates of what they may be worth - up to three years from now.

[flackwell] 30/5/2002 15:25

tender offer at 140p per share announced today. Can someone please explain what this means in laymans terms? I assume holders get 140p per share but what happens to any other assets that are left? (or is that it..)

[bomfin] 01/5/2002 17:43

CWA1,
You got these as well. Surprised BTB tacked back today. I did post here today just before it went up honest. I've got a watch list of about 30 stocks and stick to it. I noticed the big trades at mid price and new gas prices were going up and went for it. Wish I'd done more. BTB looks extra good to me.
bomfin

[cwa1] 01/5/2002 16:01

Hi Bomfin
you DO turn up in all the best places...or at least the ones I do...that may be a different thing ;-)

[bomfin] 01/5/2002 09:35

Bought a few yesterday on the basis that nat gas prices have been recovering in USA. Talk that production is down and see had a nice jump in nat gas prices yesterday with TTEN heading back towards $18.00/share. Do they still hold TTEN?.
regards bomfin

[flackwell] 01/5/2002 09:28

Laxey have bought 2M shares at 1.28 in ECP. See link:

[energyi] 16/4/2002 18:45

PORTFOLIO: FROM ABOVE (Estimates Only)
............................................... $m
Cash, net of current tax liabilities ........ 43.1
Less provision for EnCap's performance fee... (7.6)
........................................... ______
Net Cash..................................... 35.5
Nominally listed shares,
...supported by market quotations ........... 20.6*
Project equity investments ................... 3.2
Other investments ........................... 31.4
........................................... ______
............................................. 90.7

Listed Shares, Should Include:

Company..... (Sym)...No.Shs....Price...Value../..EoY Price
3TEC Corp... TTEN ...909,038..$18.00..$16.4mn ...$14.00

[energyi] 15/4/2002 19:29

Energy Capital Investment Co PLC
ACTIVITIES: Investment company primarily investing in mezzanine style debt instruments, equity securities and in project equity investments in the upstream sector of the oil and gas industry in the USA without the risk associated with exploration activities

Location: One Bow Churchyard, London, EC4M 9HH.
Tel: [phone]. / Fax: [phone]

Directors: / All Non-Executive :
A B Henderson (chmn) [RA]
Leo G Deschuyteneer [R]
James F Ladner [R]
G R Petersen [R]
William W Vanderfelt [RA]

Mr. Léo Deschuyteneer, a director of the Belgian investment company Sofina SA,
and Richemont SA


James Ladner, a co-founder of RP&C International and Managing Director of RP&C International's Continental European operations, is non-executive Chairman of Bank Austria Creditanstalt (Switzerland) and a Director of F. van Lanschot Bankiers (Switzerland) AG; Energy Capital Investment Company Plc and U.S. Value Investment Company Plc. Mr Ladner was previously an Executive Vice President of Coutts Bank (Switzerland) as well as a member of the Swiss Admissions Board and the Swiss National Bank's Capital Markets Commission. He is a graduate of the University of St Gallen. [e-mail]


William W. Vanderfelt, is Managing Partner of the Petercam Group, Belgium, the leading independent member firm of Euronext, Brussels. He is also a Director of several companies including Compagnie Immobiliere de Belgique, Energy Capital Investment Company PLC and Renaissance US Growth and Income Trust PLC.
His Firm:

37.15m 25p Ords - SEE BELOW...plus: 35.03%:
Banque de Luxembourg SA 4.75%, Liverpool Ltd Ptnrship 4.66%(dup),
Elliot Internatinal Ltd 4.66%(dup), Nicholas Greenwood 4.52%,
Morgan Grenfell UK Sml Co 4.32%, BWD Rensburg 3.18%,
Collateral Noms Ltd DBV 3.10%, Nortrust Noms Ltd 3.06%,
W W Vanderfelt 6.54%, Other Dirs 0.90%.

Shareholder / Investor Name...................... Disclosed

Sidro SA......................................... 3,xxx,xxx / 9.22 %
Aberdeen Asset Mgrs Ltd.......................... 2,xxx,xxx / 8.40 %
East Riding of Yorkshire......................... 2,xxx,xxx / 6.54 %
Ruffer Investment Management Ltd................. 2,xxx,xxx / 5.72 %
Clydesdale Bank.................................. 2,xxx,xxx / 5.19 %
Mercury Asset Management......................... 2,xxx,xxx / 5.10 %
................................SubTotal Shs O/S: xx.xx Mn./ 40.17 %
Paul E. Singer ("Singer") & Elliott Group........ 1,732,991*/ 4.6 %
Nicholas Greenwood............................... 1,679,000 / 4.5 %
Others (Above)................................... x,xxx,xxx /25.85 %
Others (Not Known)............................... x,xxx,xxx /24.80 %
................................Total Shares O/S: 37.63 Mn. / 100 %

Contact No. for N. Greenwood / Tom Casey 020 7463 6387

*Paul E. Singer /Related Companies:
The Liverpool Limited Partnership L.P. and Elliott International L.P.,
formerly Westgate International L.P.
Hambledon, Inc. ("Hambledon")........................ 840,921
Braxton Associates, Inc. ("Braxton")................. 892,070

Paul E. Singer's interests in the Ordinary Shares arise from his being the
sole director and executive officer of each of Hambledon and Braxton, as well
as the general partner of each of Elliott Associates and Elliott Capital
Advisors, and as the president of Liverpool Associates.

About Elliott Associates, L.P.
Elliott Associates, L.P., a New York hedge fund, and its offshore sister fund, Westgate International Limited, represent one of the oldest and most stable hedge fund groups. Elliott was formed in 1977 with $1 million of capital, and Westgate was formed in late 1994 with $80 million of capital. The two funds now have more than $1 billion of capital.

ELLIOTT PARTICIPATES in Emerging Markets Debt
Elliott is an investment fund with its principal offices located in New York City. Elliott was founded by Paul Singer in 1977 and he remains its sole general partner. One of the primary types of instruments that Elliott invests in is the securities of "distressed" debtors, that is, debtors that have defaulted on their payments to creditors. Singer testified that he invests in debt when he believes that the true or "fundamental" value of the debt is greater than the value accorded by the market. Elliott characterizes its approach to its investments as "activist." Thus, despite sometimes accepting the terms offered to other creditors, Elliott explains that it frequently engages in direct negotiations with the debtor and argues that, as a result, it has occasionally received a greater return than other creditors.

In August or September of 1995, Singer was approached by Jay Newman to discuss investing in distressed foreign sovereign debt. Newman, an independent consultant, had worked in the emerging market debt field at major brokerage houses Lehman Brothers, Dillon Read, and Morgan Stanley, as well as managing his own offshore fund, the Percheron Fund.... At Newman's recommendation, in October 1995, Elliott purchased approximately $28.75 million (principal amount) of Panamanian sovereign debt for approximately $17.5 million. In July 1996, Elliott brought suit against Panama seeking full payment of the debt. Elliott obtained a judgment and attachment order and, with interest included, ultimately received over $57 million in payment.

MORE:

[plovdiv] 14/4/2002 20:33

Energy Capital may be a bargain at these prices, near 120P.

Chart: 1 Year


They intend to liquidate under the management of the current mangement
This will initially mean spending cash of £18 million on buying back shares.
There are approximately 48 mn. shares outstanding and at 130P per share,
ECP can buyback about 13.5mn shares, or about 27%. This should serve
to increase NAV per share.

NAV was estimated by management (on xxxx) to be: 162P per share:

"The $87.2 million valuation, which represents the Directors' best estimate, this equates to $2.35 being 161.8p per share using the exchange rate of $1.4515/£1 at 31 December 2001 or 164.9p using the current exchange rate of $1.4242/£1, the
Company's net assets can be summarised as follows:

............................................... $m
Cash, net of current tax liabilities ........ 43.1
Less provision for EnCap's performance fee... (7.6)
........................................... ______
Net Cash..................................... 35.5
Nominally listed shares,
...supported by market quotations ........... 20.6
Project equity investments ................... 3.2
Other investments ........................... 31.4
........................................... ______
............................................. 90.7
Net liabilities and provisions & taxation.... (3.5)
........................................... ______
............................................. 87.2

[latestarter] 05/7/2001 06:24

still quite here despite the constant price rise

[m.t.glass] 27/5/2001 19:49

Since when the share price has quite steadily risen 43% in 8 months.

There is a lengthy thread on the Etrade BB.

Presumably too late in the day to get involved. I gather they stopped making new investments last summer ahead of cashing up. With the discount of price-to-nav narrowing towards the December windup, does anyone see much left to play for? Anyone know the current discount and how its trajectory compares with share price?(180p nav was the last suggestion I saw mentioned).

[mart] 30/9/2000 13:17

Thanks for that Kayak. Not really very inspiring I fear. Oh well.

[kayak] 30/9/2000 12:50

Comments in IC recently:

Published on 14 Jul 00 in Investors Chronicle

US oil and gas investor

Ord price : 81
Touch : 79 - 82
Market makers : 2
Normal market size : 1000

Energy Capital winds up at end-December 2001 and it seems
clear that most major investors want out. That’s not surprising
when the current NAV is 135p. Exiting depends on the main
partner in its oil and gas partnerships buying it out. That partner is
EnCap which in turn is part of the large Texas-based energy
company, El Paso. Last year Energy Capital invested $5.57m
(£3.68m), and reckons it got some good deals. That’s because
(as in the UK) the share prices of small US energy companies
have stayed depressed despite rising oil and gas prices and it
has been difficult for them to obtain bank finance. The split
between oil and gas investments is 45:55.


© Investors Chronicle
Note. The opinions expressed are those of the Investors Chronicle on the date
of publication. FairShares Software Ltd. cannot, and does not, give any opinion
on individual companies or investment decisions.






Published on 6 Aug 99 in Investors Chronicle

US oil and gas investor

Ord price : 61
Touch : 60 - 62
Market makers : 3
Normal market size : 500

The oil price topped $20 a barrel recently but Energy Capital's
shares remain friendless. One reason is selling by former
holders of recently converted loan stock Cutting the 1998
dividend by a third at the same time can't have impressed those
investors either, but EC had little option. In 1997 it decided to
change its investment policy: until then it took 15 per cent stakes
in US oil partnerships and looked for maximum cash flow in the
short term but got little in terms of equity holdings. The strategy
now is to do the opposite and invest in shares of junior oil and
gas producers listed on Nasdaq or in Canada.

The split between the two types of investment is now 50:50, and a
further move to equity stakes will continue to depress earnings
unless capital gains are included: adding in last year's capital
losses produced a 1998 pre-tax deficit of $5.89m.

In March, EC and its two leading Belgian shareholders turned
down a 65p a share bid for its assets from El Paso Energy, the
new manager of its US oil and gas partnerships. EC winds up at
end-2001, and at June's AGM the diluted NAV was reported to be
115p. That assumes average oil prices of $14 a barrel this year,
$16 next year, and $18 in 2001.



© Investors Chronicle
Note. The opinions expressed are those of the Investors Chronicle on the date
of publication. FairShares Software Ltd. cannot, and does not, give any opinion
on individual companies or investment decisions.






Published on 21 Aug 98 in Investors Chronicle

US oil and gas investor

Ord price : 85
Touch : 83 - 87
Market makers : 3
Normal market size : 1000

When Energy Capital was set up in 1994 it was given a
seven-year life. So it will soon be time to think of how to wind up
or restructure the company and narrow the gap between share
prier and asset value. Some form of US takeover seems the
most likely exit. Energy is a low-risk way to play the oil game, as
the partnerships it joins expect to be paid back most of their cash
before the well operator starts earning a decent return. It has also
been successful in realising $34m from $55.5m invested since
1994 while retaining $50m of investments. The low oil price
scuppered last year's results and, as wind-up day nears, it's
being offered more deals than seen in the past 12 months. Since
December, a further $17.3m has been committed and $9.6m
invested in six new investments.


© Investors Chronicle
Note. The opinions expressed are those of the Investors Chronicle on the date
of publication. FairShares Software Ltd. cannot, and does not, give any opinion
on individual companies or investment decisions.