Share Name Share Symbol Market Type Share ISIN Share Description
Eight Capital Partners Plc NEX:ECP NEX Ordinary Share GB00BYT56612
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.025 0.00 07:54:01
Bid Price Offer Price High Price Low Price Open Price
0.01 0.03 0.025 0.025 0.025
Last Trade Time Trade Type Trade Size Trade Price Currency
- 0 0.00 GBX

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Date Time Title Posts
22/8/201814:17Eight Capital PLC-
16/12/200807:02EnCap: Liquidating. A Bargain at 120P?111

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DateSubject
23/11/2003
11:31
flying pig: I agree that there appears to be a premium between the likely return and the share price. Not dramatic but better than the building society.
03/5/2003
01:59
energyi: from above: net assets at 31 December 2002 of $56.4 million are equivalent to 242.7c per share ... net asset value per share would increase the sterling equivalent to approximately 152.6p as compared with a current share price of 87.5p representing an approximate discount of 43%.
03/5/2003
01:56
energyi: Energy Capital Investment Co.PLC 29 April 2003 Chairman's Statement Compared with the hectic activity of the previous year, largely prior to September 2001, the investment disposal activity in 2002 was decidedly muted. However, on the corporate front, the return of $30m (#19.5 million) capital to shareholders in July was the highlight of the year. As shareholders are aware, the Board has continued to review actively ways to maximise shareholder value and shareholders have agreed to extend temporarily the life of the Company until the Annual General Meeting to be held in 2003 when the matter will be reconsidered. The primary reason for this extension was to examine options which might be more attractive to shareholders than an orderly winding up of the Company. After adding back the return of Capital and the associated costs in connection therewith totalling $30.3 million to the net assets at 31 December 2002, the total of $86.7 million is much the same as the total of the net assets at 31 December 2001 ($86.8 million). The net assets at 31 December 2002 of $56.4 million are equivalent to 242.7c per share on the reduced number of 23.2 million shares now in issue or 151.3p in sterling terms compared to 233.7c per share or 161.0p in sterling terms at 31 December 2001. Applying the current exchange rate to the year end net asset value per share would increase the sterling equivalent to approximately 152.6p as compared with a current share price of 87.5p representing an approximate discount of 43%. Portfolio transactions during 2002 were primarily limited to the sale of our interest in First Permian to Energen Corporation providing ECIC with cash proceeds of $1.3 million. However, significant progress has been made to improve the realisation possibilities of our remaining investments. In the first quarter of 2003, interests in CERES, Hilcorp Energy and Sierra 1996-1 were sold resulting in ECIC receiving cash proceeds of $2.8 million. Further, the sale of our interest in 3TEC to Plains Exploration is expected to close in the second or third quarter of 2003 providing ECIC with cash proceeds of approximately $6.3 million and 472,000 shares of the acquirer, which represents an enhancement, assuming the current price of Plains Exploration, of approximately $0.7 million over the carrying value as at 31 December 2002. We continue to believe our liquidation programme, supported by a favourable oil and gas pricing outlook, will maximise remaining value to our shareholders. As a matter of policy we are holding cash balances, currently totalling approximately $8 million, 50% in US dollars and 50% in sterling. Both oil and natural gas prices showed increasing strength throughout 2002. After reaching a low near $18 per barrel during the first quarter of 2002, crude oil steadily increased during 2002 to reach $31.23 per barrel by the year end. Similarly, natural gas reached a low of near $2 per MCF during the first quarter of 2002 but steadily increased to $4.75 per MCF by the year end. Both oil and gas prices remain strongly supported to date in 2003 primarily due to near historically low U.S. inventory levels present with both commodities. In addition, continued geopolitical concerns related to oil and concerns over US production decline rates, primarily associated with natural gas, have provided ongoing pricing support to date in the current year. In valuing our remaining project equity and certain private company investments at 31 December 2002, consisting primarily of MPAC Energy, BreitBurn and Cordillera, we have applied the NYMEX forward strip pricing at that date. Oil prices applied in the valuation, before adjustment for price differentials, were $27.35 per barrel for 2003 and averaged $23.80 per barrel for the subsequent 5 years. Natural gas prices applied were $4.54 per MCF for 2003 and averaged $4.10 per MCF for the subsequent 5 years. Consistent with prior years, such pricing was applied to proved reserves as provided by third party engineers with the resulting cash flow, net of all future development and operating costs, discounted at 10% per annum. After taking into account adjustments for portfolio companies' liabilities and other assets, the value of asset-based investments was $27.9 million, or 52 % of our investment portfolio at 31 December 2002. Investments valued at quoted securities' prices or at their realisable value, as with loans and investments under existing sale agreements, totalled $25.8 million aggregating to a total investment value at 31 December 2002 of $53.7 million. In order to expedite the liquidation of our remaining investments we have recently revised, with the full cooperation of EnCap, the management agreement to remove approximately $20 million of quoted investments from their management. Hitherto, these investments were subject to various sale restrictions by virtue of the fact that the Company was deemed to be an affiliate of EnCap in relation to those investments. We shall continue to keep under review ways to maximise shareholder value, including share buy-backs in the market, and to return any significant surplus capital to shareholders in a tax efficient manner. In this respect, as with last year, it is deemed not to be in the interest of shareholders to recommend the payment of a final dividend for the year ended 31 December 2002 or, indeed, to pay dividends in the future whilst the Company is in its present wind-down mode. Resolution 5 at the forthcoming Annual General Meeting proposes that the Company's life should be extended for a further year until the conclusion of the Annual General Meeting to be held in 2004. Your Directors continue to believe that it is in the best interests of shareholders to remain with the Company in its existing wind-down mode rather than to place the Company into voluntary liquidation. As reported at the interim stage, Gary Petersen, an executive director of EnCap, did not stand for re-election at the Annual General meeting held on 27 June 2002 and also on that day, Leo Deschuyteneer resigned following Sidro S.A.'s sale of their entire shareholding. On 21 November 2002 Andrew Pegge, who represents Laxey Partners' significant interest in the Company, was appointed as a non-executive director. I would like to take this opportunity to thank my fellow directors and those who have resigned during the year, together with our professional advisers, for continuing to assist the Company in enhancing the value to shareholders in pursuance of our exit strategy. Alan Henderson Chairman 29 April 2003
23/3/2003
08:46
energyi: ENERGY CAPITAL INVESTMENT COMPANY PLC ("ECIC") Announcement re 3TEC The Board of ECIC announces that Plains Exploration & Production Company ("Plains Exploration") has conditionally agreed to buy 3TEC Energy Corporation ("3TEC"). ECIC's ownership of 3TEC includes 447,095 shares of common stock, 131,498 warrants (to be exchanged for 92,048 shares in Plains Exploration and $0.9 million cash) and convertible preferred stock with a liquidation preference of $1.7 million. ECIC's interests in 3TEC will be acquired for a cash consideration of $6.4 million and 472,079 shares of Plains Exploration with an estimated value (assuming the current share price of Plains Exploration of $9.44 as at 18 February 2003) of $4.5 million. The Offer is subject to adjustments depending on movements in the share price of Plains Exploration prior to closing. This adjustment mechanism is intended to provide that the total value of the consideration received in respect of a 3TEC share will be between $15 and $19. The aggregate of $10.9 million compares with the valuation of $9.4 million as at 31 December 2002 and $11.3 million included in the reported figures for the half year ended 30 June 2002. Completion is anticipated in the second quarter of 2003. = = = ECIC's ownership of 3TEC includes 447,095 shares 447095 x $15.70 = $7.0 million /1.54= £4.55 million est. 35mn shs. O/S: £4.55 / 23.5 = 19.4p / ECP share
16/7/2002
07:28
shanklin: Would be very interested to hear views on the current NAV of ECP given the falling dollar, weakening share prices but a dollar oil price much greater than when ECP last stated their NAV. Am reasonably confident its higher than the current share price, but have little idea by how much. Any thoughts much appreciated. Regards Martin P.S. I hold ECP shares
27/5/2001
20:49
m.t.glass: 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).
Eight Capital Partners share price data is direct from the London Stock Exchange
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