Cabot Energy Share Discussion Threads

[ibarty] 19/2/2004 00:27

The announcement on 31 Oct certainly gave the impression that the refinancing was imminent. Has there been a problem with the "legal documentation" for the refinancing package? Maybe trading has got a lot worse? It is certainly possible, but surely any breakdown would have had to have been reported through RNS?

Given the names backing Carbo, I would guess that the refinancing packaging is still a possibility (it took months to finalise previous refinancing).Maybe there are other options in the pipeline though, such as the whole company being taken private (SILVERSLAGGAN A.B. did this with Bullough), or backed into another company. I mention Jarvis Porter before just because of the shareholder connections. Maybe foolish, but I still tend to think the delay in finalising may be positive.

[timely] 16/2/2004 21:58

Will we have to wait until the next results, traditionally released at the end of July before we get anymore news?

[timely] 09/1/2004 20:27

Why Jarvis Porter? Do you have inside connections?

[ibarty] 09/1/2004 06:13

More than 2 months since the restructuring and finalisation of the rights issue announced. Has something gone wrong? Is the company about to collapse OR is there a takeover from Jarvis Porter in the offing???

[skelatun] 02/12/2003 19:48

CAB now 5p bid - that's doubled from a month or two ago .... still think "something" is going to happen shortly with this stock!?

[skelatun] 28/11/2003 13:19

Cater Barnard (USA) plc - Proposed Move to AIM/Withdrawal from OFEX
Cater Barnard (USA) plc Newstrack Announcements 26/11/2003

CATER BARNARD (USA) PLC ("THE COMPANY")

ADMISSION TO AIM AND WITHDRAWAL FROM OFEX

Cater Barnard (USA) plc, the financial services company, announces that it has
made application for admission of its ordinary shares of 5p each to trading on
the Alternative Investment Market of the London Stock Exchange ("AIM"). It is
expected that admission to AIM will become effective and dealings on AIM will
commence at 8.00 a.m. on Friday, 12 December 2003 and, accordingly, the Company intends to withdraw from OFEX with effect from the close of business on
Thursday, 11 December 2003.

In connection with admission to AIM, the Company has appointed Beaumont Cornish Limited as its Nominated Adviser and Keith, Bayley, Rogers & Co. Limited, the Company's OFEX Corporate Adviser, will act as Broker. An AIM Admission Document will be published in due course and copies will be sent to the
Company's shareholders.

The directors of the Company accept responsibility for this announcement.

26 November 2003

There has not been much action with CAB (OFEX) as of late until the last month or so. It has started to creep up with the odd buy here & there.

(Up about 70% on the bid over the last few weeks.)

I reckon this move to AIM will be fanatstic for this stock and would expect to see some serious price movement once it debuts on AIM in December. Something is definitely going on ... otherwise why move to AIM??! I expect the move to coincide with an announcement/announcements (dont ask me what - just a "gut" feeling) and I then expect some serious upward movement!!!!

This may be a good time to acquire stock while it is still on OFEX .... before everything starts to happen .... shortly!!!!!!!!!!!!!!!

[magictrader] 03/11/2003 14:26

checkout WKI, white knight inv

up 70%%% going to 4 p min today news caem in

in the money 65% already, 4p by afternoon

online orders online 25k, phone your brokers

Good luck all

[robin kuntz] 03/11/2003 12:30

This baby is going back where it came from on Friday ! Might even see 14p soon. If I wasn't so cynical i'd say someone has made their money and its bug out time.

[squareroo] 03/11/2003 11:51

hmmm...........I can smell little fingers burning!!!!

[goodhard] 03/11/2003 11:51

Any one got a parachute?

[barts] 01/11/2003 09:03

Carbo shares leap on refinancing
By Joanna Chung
Financial Times; Nov 01, 2003


Carbo, the Manchester-based industrial abrasives manufacturer and distributor, said it was confident of turning around its lossmaking business as it unveiled a refinancing package to underpin vital restructuring.

Shares in Carbo closed up 45 per cent, or 7¾p, at 25p on the news.

The package includes a rights issue to raise up to €2m (£1.4m) at 14p a share, of which €1.8m will be underwritten by a number of investors. The group's financing company will also provide a debt facility of up to €14m.

Lars Nyqvist, chief executive, said: "It is a question of an old-fashioned company that has not changed with the times. We are changing it to a company that is now adapted to surviving today."

The funds raised will be used to complete the group's rationalisation, primarily to reorganise the German operations.

Turnover for the half year to July 31 was £29.4m (£27.1m) with losses before interest of £1.4m (£5.2m). The pre-tax deficit was £1.99m (£77,000 profit after £5.5m forgiven bank debt). Joanna Chung

[barts] 31/10/2003 19:54

Great game - and then along came the shorters..................

[niceandlegal] 31/10/2003 18:55

Great game isn't it Barts and gerty36, suggest you to stick to buying and selling short term to make a profit out of this one, what exactly do you know about the state of the abrasive business in the markets where this company operates?, I don't think you would be talking this one up so readily if you had a lot of insight, keep talking like this you might get a job on the board!

[gerty36] 31/10/2003 16:25

rather a nasty shake in progress 40p more realistic imho

[barts] 31/10/2003 15:46

Looking good from here!

Could it be possible to see 50p in a couple of months?

[ianproud] 31/10/2003 15:02

Press Release 31 October 2003

Refinancing of Carbo and Continued Restructuring of the Group

Carbo PLC, the Manchester based industrial abrasives manufacturer and distributor, has today announced that it has reached an “in principle” agreement with a UK asset based lender, subject to legal documentation, to provide new lending facilities to its largest subsidiary in Germany. In addition, the Company intends to launch a rights issue to all shareholders to raise up to €2 million at a price of 14p per share. This rights issue will be underwritten to a level of €1.8 million. The funds raised from the lender and through the rights issue will be used to complete the rationalisation of the Group. The Company has also today released its interim results, which are the subject of a separate announcement.

The refinancing will comprise new debt and equity. The Group’s financing company will provide debt of up to €14 million in the form of working capital facilities and term loans secured on fixed assets. A number of investors, with an specialist knowledge of the industry in which the Group operates, have shown their confidence in the Board’s plan for the future by committing, subject to legal documentation, to underwrite a rights issue up to €1.8 million, which will, nevertheless, be open to all shareholders.

Last year fifteen investors, including employees, strategic abrasive market investors and the Chairman, Lord Hodgson, invested £3.185 million in Carbo PLC. This was by way of a loan structured to be converted into ordinary shares at the rate of 21.25p for each 10p ordinary share. The Board is pleased to announce that, as part of the refinancing, more than 75 percent of the bond holders are committed to convert their bond holdings into equity. The Board is delighted with this show of confidence by the convertible bond holders and other investors.

The funds raised will be used to complete the rationalisation of the Group. This includes projects in both Germany and the UK. In Germany, the projects include the completion of the already announced head count reduction programme which aims to save €2.8 million in the first full year; the introduction of a new IT system and the consolidation of the product range by eliminating duplicates. This will dramatically reduce the number of manufactured products and facilitate the streamlining of the sales and administration functions. In the UK, the entire operation based in Trafford Park is to be relocated to a smaller area of the current site with the balance of the land being released to the freeholder.

The management of the Group will also be reorganised along functional reporting lines – manufacturing, conversion/distribution and export sales. This compares to the current geographical arrangement which causes duplication, overlap and waste. Ultimately, this will place the responsibility for both Bonded and Coated manufacturing in Germany and Italy under one manager. The Coated conversion businesses and marketing subsidiaries will be made the responsibility of another dedicated manager. Finally, export sales and marketing (sales made to non-Carbo owned overseas companies) will be the responsibility of a third manager. The main board will also be strengthened in the near future by the appointment of an additional Non-Executive Director, Stephen Knight.

The results of these measures will ensure that all products will be manufactured in the lowest cost area of the Group; that wholly owned Coated conversion/distribution businesses will provide a full service product range to customers rather than just Carbo manufactured products; and that export sales and marketing will maximise Carbo’s opportunities elsewhere in the world.

Lord Hodgson, Group Chairman, commented “Since the new Board took control of the Group last year, we have been implementing a phased restructuring plan. The restructuring of our operations in Italy and the UK is now substantially complete. The remaining area is the German operation and we now have the finance with which to complete this task. We are particularly pleased by the show of confidence by those who, as part of the refinancing, are committed to underwrite the rights issue and to convert their bonds to equity. I also value the broad commercial experience that Stephen Knight will bring to the company when his appointment to the Board is formally confirmed. The Group now looks forward to delivering improved results after five years of losses. ”.

Carbo PLC has subsidiaries across Europe in Germany, Belgium, Norway, Italy, Portugal and France. Manufacturing units are located in Germany, Italy and the UK. Carbo supplies high quality abrasive products throughout the world under various brand names including Carborundum, Carbo-Schroeder and BMA. They are used in a wide variety of industries including automotive, aerospace, metal work, furniture, cutlery, valves, power tools, hand tools and tobacco production. The Group also owns Anglo Abrasives Limited, one of the largest distributors of abrasive products in the UK, with branches located throughout the country.


For further information please contact:

Lars Nyqvist, Chief Executive, CARBO PLC Tel: [phone]
or
Stuart Dootson, Finance Director, CARBO PLC Tel: [phone]

[gerty36] 31/10/2003 14:42

wins pushing the bid again l2 1v1

[gerty36] 31/10/2003 14:36

good point there thumbtwiddle
would reckon if we stay here at the presnt levels 26-28 say
i would expect a very sharp rise at the open after the now certain good press these will get. The Daily Mail will want to say told you so

[thumbtwiddle] 31/10/2003 14:21

IMO, not enough traders bought in below the bid today to profit take by the close if we stay at 26.25/27.

[gerty36] 31/10/2003 14:18

can see it doing an iqe at this rate poss 100pc rise by monday?
l2 is 3v1
wins all the way:)

[thumbtwiddle] 31/10/2003 14:11

turn-around story indeed!

"The restructuring of our operations in Italy and the UK is now substantially complete. The remaining area is the German operation and we now have the finance with which to complete this task. The group now looks forward to delivering improved results after five years of losses."

[thumbtwiddle] 31/10/2003 13:38

they're an aggressive bunch - make or break a share they can.