Caffyns Share Discussion Threads

[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 07:41

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

[1tx] 27/5/2022 16:04

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 14:15

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.

[spob] 27/5/2022 11:05

yes very nice

[clemo69] 27/5/2022 08:00

OMG We have lift off. What about that for a set of results!

[coolen] 03/3/2022 22:20

From the trades over the past week or so, maybe Perloff left a firm order with the market which jobber has been slowly filling. The total sales just about match Andrew's purchase.

[1tx] 03/3/2022 15:49

I see property investor Andrew Perloff has increased his holding from 13% to just under 14.5%;not sure where he has managed to find the shares as few are traded on the LSE.

[clemo69] 07/2/2022 16:45

Unlikely but not impossible. If they want out they will arrange a deal for preference shares and ordinary. Not so big a leap in my opinion

[cjohn] 07/2/2022 16:43

The takeover activity in the sector has improved sentiment around car dealers.

However, those damn preference shares giving management de facto control mean a bid for CFYN itself is unlikely.

[jaf111] 02/2/2022 10:31

finally starting to motor.....fingers crossed!!!

[jaf111] 02/2/2022 10:11

nothing unusual there!!!

[clemo69] 02/2/2022 10:10

Mms desperately short of stock...and I mean desperate

[jaf111] 01/2/2022 08:16

Surprisingly quiet with all the corporate action involving other car dealers……;.
And (as always)so so cheap….

[spob] 31/1/2022 17:17

Constellation snaps up 20% stake in UK car dealer Lookers


Move by Europe’s largest used car seller follows its recent acquisition of Marshall Motors

Peter Campbell and Sarah Provan


Europe’s largest used car seller Constellation Automotive has acquired a 20 per cent stake in UK dealership Lookers just weeks after agreeing a takeover of rival Marshall Motors.

Constellation, the owner of online platforms Webuyanycar, Cinch and British Car Auctions, bought 78m of Lookers shares in recent days, Lookers said on Monday.

Since the pandemic, Constellation has rapidly expanded its business, hoovering up both online car sellers as well as physical dealerships. In December, it bought Marshalls, one of the UK’s largest listed dealers, after striking a deal with the company’s controlling family.

Lookers said on Monday Constellation had indicated its support for the dealer’s “recently outlined strategy and senior leadership”. Shares in Lookers climbed as much as 3 per cent in early trading on Monday.

Analysts at Peel Hunt said Constellation’s purchase “appears to be a strategic stake at this juncture”. Control of both Marshalls and Lookers would make the company one of the largest owners of brick and mortar car dealerships in the UK.

Constellation acquired the Lookers shares from Tony Bramall, who stepped down as a non-executive director last month after a 14-year stint at the UK car dealership. It paid 102p for the bulk of the shares, Lookers said.

The group’s shares have more than doubled over the past 12 months, following a broader rebound across the sector as dealers benefit from pent-up demand during repeated lockdowns.

Lookers has been trying to reset its strategy after an investigation uncovered fraud by a former employee and tens of millions of pounds of inflated profits.