Share Name Share Symbol Market Type Share ISIN Share Description
Cabot Energy LSE:CAB London Ordinary Share GB00B0D47T64 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 4.25p 19,937 08:00:00
Bid Price Offer Price High Price Low Price Open Price
4.00p 4.50p 4.25p 4.25p 4.25p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 4.3 -3.5 -0.9 - 27.56

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Date Time Title Posts
24/5/201820:38Did anyone call for a CAB? ... No , I didn't think so.62
14/12/201708:51Buy Carbo at 9.5p*93
08/11/200520:34CARBO BREAKOUT1,803
26/1/200517:16carbo - boom191
02/12/200319:48Cater Barnard USA (CAB) - Serious Action imminent??1

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Cabot Energy (CAB) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-05-24 14:57:424.312,400103.44O
2018-05-24 14:56:034.318,000344.80O
2018-05-24 11:10:534.3098542.36O
2018-05-24 07:01:314.287,500321.00O
2018-05-24 07:00:294.281,05244.97O
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Cabot Energy Daily Update: Cabot Energy is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker CAB. The last closing price for Cabot Energy was 4.25p.
Cabot Energy has a 4 week average price of 4p and a 12 week average price of 4p.
The 1 year high share price is 5.88p while the 1 year low share price is currently 3.38p.
There are currently 648,459,524 shares in issue and the average daily traded volume is 283,520 shares. The market capitalisation of Cabot Energy is £27,559,529.77.
buggy: Give them a year and they will fritter away the money and come back for a placing for working capital. Even if you previously did not know know much about the company or its past history it's recent history would have provided ample clue: ...having director's exercise warrants at nominal value, 1p, is a good sign of management that is looking after themselves. [Apparently these warrants are in lieu of payments spite of the hefty salaries that they are taking. Even in exercising the warrants they still did not dip into their pockets to pay for them but is apparently foregoing some future warrants as a means of payment. When you work out the number of shares being exercise and the future warrants that is being used to pay for these your head spins. They exercised options for 3,132,227 shares at 1p each payed for by waiving rights for 691,000 shares. [ Complicated maths there if the options are at 1p each: 3,132,277 = 691,000] For a board that is confident in their performance the warrants will be performance linked and at a sliding exercise price and not a nominal value. As it stands if by some miracle the share price was £2 per a share our directors will be exercising hefty warrants at 1p each???? For those that were gullible enough to take part in the placing at %p per a share ..they are already under water even before today's announcement which in effect says that the trumpeted new drillings that is supposed to be generating free cash flow is producing diddly squat between them.
buggy: I am just speculating on the price for mid next year. I will still be here long after that unless something changes drastically. I am hoping to stick around for any of the Italian licences to be tested.. first will probably be the Shell managed onshore licence. That may be the company maker, so as long as the price is ticking along based on the Canadian assets ... I will stick around until the Italian licence by Shell is drilled. At the moment none of these have been factored into the share price... mainly because it seems as if it will never be drilled due to the slow pace of Italian regulatory process. Anyway hopefully news this week or next that they have started the second side-track in Canada. Also operational update due before end of year, hence a couple of news events that may tick over the price depending on which way it falls.
maxk: It's all happening..
befuddled: Hermod, How much money was involved, if you have this information then you must also have more information on the other remnants of the business, please share it with us it cannot effect the share price or the prospects of any return to shareholders!
dmhzx: The kiss of death on a share price is news that they need to raise cash for working capital. This means a placing of some sort. Their nominated advisor will tell them that a rights issue is very costly, so insitutions will have to be approached directly. This then means a HUGE discount to any sort of prevailing price, and consequently a massive dilution. Best approach from here on in is for holders to get out now, wait till the placing is announced, and then buy on the resulting dip. As whatever the price is at the time, the placing price will be substantially less. If you don't believe me, just check out the recent history of SEN. Mentioned they needed cash for working capital in June when share price was 6. price collapsed to 1.4, placing at 1p announced in December, price dropped to 1.1. It is now back up to 1.5. - An very quick 50% gain for whoever got placing shares. Don't see why this one should be any different. (Actually, the best approach for holders is to dump the existing shares and then approach whoever is doing the placing and get on the list for some placing shares!)
jpmegias: Buy Carbo at 9.5p* Suggests Conrad Windham of Being a shareholder in Carbo (CAB: AIM) has not been a fun experience, nor has it been a profitable one. Since 2000 turnover has fallen year-on-year from 76.3 million pounds to 52.5 million pounds. Since 2000 pre-tax losses have grown from 0.47 million pounds to 6.89 million pounds. Since 2000 the number of employees has fallen from 1,158 to 686. Since 2000 Carbo has been one of the real dogs of the market, and has been valued as such. But now is exactly the time to consider buying shares in the company. However, widows and orphans would do best to steer clear for the time being. The Business "Pioneers in abrasive engineering", is how Carbo describes itself. The Group operates different brands that market separate abrasives equipment to meet the individual requirements of manufacturers. Carbo's products are used in over 100 countries in several different industries such as aerospace, power tools, hand tools, furniture, automotive and tobacco production. In addition the Group owns Anglo Abrasives Ltd, which is one of the leading distributors of abrasive products within the UK. The Group's brands include the following: Dilumit Kirċher - Located in Düsseldorf, Germany, Dilumit are producers of high-quality grinding wheels. Dilumit's product range is aimed towards - although not exclusively - the metal working industry. C.F. Schröder - Schröder supplies abrasive products in such applications as metal, glass, flooring, and wood to 29 different countries. The claim to fame for C.F. Schröder Abrasives is having discovered silicon carbide, the first synthetic abrasive product in the world. BMA - Italian based BMA manufactures abrasive papers specialized for use with accessories, wood and auto applications. BMA stocks both jumbo rolls and flat goods in all available grades and types for calibration, sanding and finishing of raw and varnished surfaces. DGS - DGS are described as being "specialists in vitrified bond grinding wheels and segments for precision applications". DGS products are distributed in sixteen countries. Getting Carbo Group Back On Track One of the key reasons for Carbo's decline in recent years has been due to a shortage of working capital, which prevented it from filling orders due to either a lack of stock or credit facilities. No bank would lend to the Group due to the dire situation. The shortage of working capital prevented the purchase of sufficient raw materials for production to be organised efficiently. However, since the start of 2004 prospects have begun to look much brighter for the Group. In February 2004, 3.2 million pounds worth of convertible loan notes were converted into equity, which will result in an annual saving of around 220,000 pounds. Also in February an agreement was reached after several months of negotiation with GMAC Commercial Finance to provide funding of up to 9.5 million pounds, secured on the Group's fixed assets. A significant part of the tangible asset base is property; the German sites - apart from Stuttgart - are all freehold or long leasehold. In September 2004 the leasehold on the site at Stevenage, which had been unused for the past two years, was terminated through the consideration of 1.8 million shares in Carbo, and a one off cash payment of 70,000 pounds. The termination of the Stevenage lease will save the group 100,000 pounds per year in rental costs. At 31st July 2004 the balance sheet showed fixed assets of 17.061 million pounds. Rationalisation has also been occurring in Germany, where 75 employees have been made redundant; also 33 employees in the UK have been made redundant. The estimated costs of the redundancies in Germany and the UK are estimated at 1 million pounds. At Trafford Park, Manchester the entire operation has been closed with relocation of activities to Düsseldorf. The company has moved to new smaller premises, which comprise an Anglo Abrasives distribution depot and a small plc office. The closure of the Trafford Park depot will result in savings of 600,000 pounds per year. The final phase of the Group restructuring took place in August 2004 when the company raised 3.7 million pounds through issuing 32 million new shares, and the conversion of debt-to-equity. The refinancing ensured that over 1 million pounds could be invested in the German subsidiary, as well as providing further working capital. Financial Insight Interim accounts at 31st July 2004 showed long-term creditors of 19.748 million pounds. However, 16.1 million pounds of the long-term creditors is the provision for the German pension fund. The pension fund is self-funded, and is effectively a long term liability with no need for "repayment". Annual funding costs to the pension fund ensure a hit to the P&L each year; however the overall deficit should not be a concern. The accounts to 31st January 2004 showed a 500,000 pounds increased provision for the UK pension fund under FRS 17, this is unlikely to be a one off, but I do not anticipate this being a cause for concern. Improvement In Orders The restructuring and rationalisation has resulted in a strong improvement for the business. On 1st September 2004, CEO Lars Nyqvist reported that Carbo is "starting to see significant improvement in incoming orders. The order book is growing by the month, currently up by ?3 million on this time last year." On 27th October 2004, in the company's interims, this was reiterated, "We have a good order book. the remaining four months of the financial year will show what can be achieved." Forecasts It is difficult to forecast accurately the loss that Carbo will make for the year ending 31st January 2005, since the figures will be confused by the various exceptional costs and the time the management has devoted to ensuring the company survived. Turnover should be expected to be around 50 million pounds. For the year ending 31st January 2006 I forecast turnover to rise to between 60-65 million pounds with a profit of 1.5 million pounds, which would equate to EPS of 2.44. If my forecasts are remotely accurate Carbo is currently trading on a 2006 PE of 3.9. It is possible that the Group could make 2.5 million pounds to the year ending 31st January 2007, which would equate to 4p/share of earnings. Carbo is in the Engineering & Machinery sector, which has a sector average PE ratio of 13.2. If my figures are accurate shares in Carbo could be trading at between 20p - 30p within twelve months. The Roy Mitchell Factor What gives this tip extra credence is the near 8% holding of Roy Mitchell. Mitchell is a shrewd Scottish accountant who has worked in the City for the London-based hedge fund Man Group and is best known for spotting the potential of Indigo Vision. Mitchell emerged with a disclosable holding in December 2003 when Indigo shares were trading at 34p, today they trade at 103p. Says Mitchell "My conclusion was that Carbo had been a dog, in the 'would-not-touch-with-a-bargepole' category, but I was intrigued by new management coming in and the existing shareholders being prepared to put money in." Mitchell adds that "I see Carbo as a classic recovery situation. For years the management would not bite the bullet and consequently paid the price. Now they have the money injected - from old and new investors, plus they have a relatively new management led by Lars Nyqvist, who has already turned round one abrasive company. Then there are the new directors who have extensive industry experience and all put money into the placing." Mitchell concludes by adding that he is "confident of at least a 100% upside from these levels!" Conclusion Carbo is still a high risk share; it is not completely out of the woods yet. For several years now this renowned abrasives company has been a dog, and continues to be viewed as such by the market. However, within the coming months we should see evidence that the turnaround is well underway, and the company is moving into profit. Furthermore it is highly encouraging to see Roy Mitchell holding 8% of the equity. I believe that there is strong upside from this level but would caution investors not to rush to buy. Investors should be aware that there is not a huge free float right now and should be aware of paying over the odds. *Conrad holds shares in Carbo. Key Data: Share price: 9.5p Stockmarket: AIM EPIC: CAB Market Cap: 5.84 million pounds
25october1969: Hi Dell I was trying to find the announcement you mention as I recall seeing it previously but cannot find it now. I think the point to bear in mind is that the company came as close as is possible to going bankrupt and it is the management who have kept it afloat. They were the ones who lent over £3m with the right to convert at 21.25p and then actually went ahead and did convert at 21.25p at a time when the share price was falling. If they had done a rights issue at 14p no one would have taken it up and I think and this is only my opinion, not fact, they went the placing route to save on costs. That did not stop me phoning up and talking my way into the placing, an option that was open to any shareholder. I do not know what the reaction would have been for those only wishing to invest small amounts but if you don't ask you don't get. I remain hopeful that cheerier times are ahead and I am sure that if any shareholder has concerns the management will be willing to address them via email or phone call or at the Agm.
25october1969: Hi Michael I am just back off holiday so I have not yet had a chance to go through the latest Accounts in any great detail so the answers are slightly off the top of my head. a) The main reason as I understand it for the reduction in turnover was the lack of working capital. They were not allowed usual credit terms by suppliers so lacked the raw materials to meet all orders. With the cash from the equity issue this problem will disappear and I would expect turnover to increase - my main interest however is always in margins and I would hope these will be maintained or improved b) The Board talked to me at length about how costs would be reduced and they seem to be delivering on the plans they mentioned. For example employees have been reduced from 995 to 692, cessation of bonded production in Manchester via transfer to Germany. I believe more reorganisation type savings have still to be generated c)Easier to talk in terms of half years - they have indicated that 6 months to 31.7 not good though I think last 3 months not bad. next 6 months I would hope for improvement but remember they do not get equity cash till end August so I would aim for breakeven but still generating cash. I think the key 6 months are to 31.7.05 there can be no excuses if they do not deliver a profit with a good order book and the means to deliver to customers at good margins. The other factor is restructuring of the abrasives industry and who knows what mergers takeovers could happen! d) No fixed price in mind at the moment, the expectation is that I would like to think that a post tax profit of say £2m can be earned for year ended 31.1.06 applying a pe of say 10 should give market cap of £20m with (I think) 59.6m shares in issue that would give share price of 33.5p. Would not necessary see this as a selling point but would certainly have long chat with Board to see how they see company moving forward after that. I clearly have a vested interest so my views are obviously tainted and this is a high risk share, I cannot see there being fireworks with the share price but would hope for steady progress regards Roy
25october1969: From memory, huge item in Accounts is German pension provision which is self funded and matched by asset on other side of balance sheet. I have found the FD, Stuart Dootson to be very helpful and he always answers the questions I ask him, in a friendly way. I was told that decision on whether placing or rights issue would be made on 30 April and announced early May. As this has not happened I have written to Stuart today to find out what is happening. I do not think they waited on price to fall, as this would mean they raise a lower amount of capital, initial intention, I understand was for placing at 14p with share price today at 13p to buy that would not work. Remember that a few months ago the Board bought in at 21p re the debt conversion, they are not going to want to give away shares on the cheap
holdcroft: I think that the recent hype of Carbo has ultimately been based on the apparent high asset value per share relative to the share price and the possibility of a take-over bid as indicated in the press announcement of 28th September 2001: "The Company notes the fall in the share price today. The Company wishes to confirm that it remains in discussions with several interested parties regarding a sale of all or part of the Group. The Company's bankers remain supportive and discussions are also continuing with regard to a potential refinancing. Trading remains challenging, although the UK bonded business now appears to have stabilised and the plant at Dorfner continues to perform strongly. The net asset value of the business at the last balance sheet date was 17p per share." Clearly, since then, the management have been progressing in line with these stated intentions. Nothing in the announcement of 29th January is inconsistent with that. Some will be disappointed that a complete Gyllenhammar take-over is now apparently ruled out. Ultimately, what the board are doing is ensuring that the core business is returned to operating profitability and that borrowing is reduced to a serviceable level. This task has been not started just in the last few months but has been ongoing for a good deal longer. The current share price is low because the company is still losing money at a rate which will quickly erode the net assets down to nothing. Hence, a large discount to the net asset value. It is the thought of this together with the scuppering of take-over bid hopes that is causing the current fall. With the likely (IMHO) return to operating profitability and reduced debt servicing costs in the forseeable future, I see a future with the share price at a premium to the then net asset value. A bit of history taken from the last Interim Results: Net assets at end July 2000 were 15.883m, or 20.07p per share. Net assets at end Jan 2001 were 12.458m, or 15.74p per share. Net assets at end July 2001 were 10.162m, or 12.84p per share. If you draw a graph and extrapolate to today, you might reach 10p per share. With possible future dividends approaching some substantial fraction of 1p per share (it has been 1.3p), a good premium would be deserved and 15p per share would not seem unreasonable. Please offer opinions, counter-opinions, etc. Please correct me where I'm wrong, misguided, or over-optimistic etc. I think it would be nice for a change if everybody could avoid ramping, de-ramping, and personal slanging matches etc.
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