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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Candover Inv. | CDI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 115.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 115.50 | 115.50 |
| Top Posts |
|---|
Posted at 26/9/2017 15:55 by skyship I see now why CDI are a weak market - Parques Reunidos down 20% since the 30th June valuation - and still falling...NAV would seem to be back from 156p to 128p (before any tax loss credit), so CDI surely have further to fall if PR doesn't swiftly recover! |
Posted at 13/4/2017 20:55 by pscambler I think this sale will be Arle's own holding or, more accurately part of it. They held 37ish% if I recall.The point remains though, a value investor was prepared to pick up a wedge at pretty much market price (assuming the message is accurate). I was mentally prepared for -7p finance closure, 10% d/c to the market and then delist and wait for the bits and pieces. As long as € and PQR hold up CDI still look value. PQR closed up 2% in a declining market today, as far as I could tell on no news other than Arle's sale. |
Posted at 13/4/2017 16:03 by pscambler I ask because in Feb Arle reported as ceasing to be a holder (2nd bullet below). Maybe they acted on behalf of Candover and other shareholders? No RNS from CDI suggests they still holdFRB | Fri Mar 10, 2017 | 12:23pm EST BRIEF-Arle to distribute 26.76 pct of Parques Reunidos among its investors Parques Reunidos Servicios Centrales SA : * Says Arle Capital Partners Limited (Arle) will distribute the shares of Parques Reunidos among its investors * Arle will cease to be direct or indirect holder of the company's shares * Currently Arle manages funds holding 26.76 percent of Parques Reunidos' outstanding share capital * The shares to be distributed among about 150 institutional investors and Candover Investements Plc to receive about 2.5 percent stake in the company * The distribution of shares is expected to take place in the second quarter Source text for Eikon: Further company coverage: (Gdynia Newsroom) |
Posted at 13/4/2017 12:14 by cockerhoop Does that equate to about EUR 47m for the CDI stake? |
Posted at 24/2/2017 15:01 by cockerhoop Tiltonboy,It doesn't look as if your figures above include the £2.3m positive difference between trade receivables and payables. From memory I think the minimum CDI have to pay on the loan is approx £40m so that lops approx £5m off NAV at completion and of course running costs. |
Posted at 10/1/2017 10:18 by skyship Tilts - What was good news this AM was that JPEL NAV for November, which of course includes the uplift from the Innovia sale - bought just 2yrs ago from this CDI shower! |
Posted at 10/1/2017 09:17 by tiltonboy SKY,Given the news this morning, I might be on the low side, but this is CDI after all. Might have one last top-up. |
Posted at 09/1/2017 19:52 by cockerhoop Tilton,I'm sure you're aware but CDI are discounting the market value for Parques & Technogym by 6.5% in their NAV calcs. |
Posted at 08/1/2017 12:15 by skyship Thnx for the analysis folks. Seems my inital gut reaction was too optimistic. However the high discount for a liquidating company still supports a purchase at this level; especially if we see an H1'17 cash redemption.My portfolio did better than expected in 2016 due to a very high allocation to Private Equity (up to 65% at one stage). For 2017 I'm prepared to make small purchases of the 2016 PE Dogs, so have recently bought and added to CDI, LMS & OCL: # CDI - CGT recently added a chunk at 88p; and as we all know Peter Spiller is no slouch, especially inn the PE sphere # LMS - recently added on new management and valuation grounds; also the countdown to the next Tender, which may well accompany the Finals in March # OCL - CEO recently bought 1.76m shares at average of 143p; and an NED invested £100,000 @ 164p |
Posted at 07/1/2017 20:57 by langland Obviously, we can only guess at the detail but I have calculated the NAV at end Dec at around 1.54. It seems logical to me that there should be some uplift over and above the June NAV because PR and TechG are both about 15/16% higher. Against this the gross debt, which we are saddled with, should only be 6.5% higher at 32.8mn. (Annual interest rate is 13% so should be half for the 6 months.) So what happens now? Maybe they will sell the TechG stake as well to raise say another 8mn. Whether they do or not remains to be seen but I think there is another possibility which has not been mentioned and that is a capital return. The implication from the debt refinancing RNS was that the facility should incur charges for 2.75 years. So we have another 15 months (at a minimum) of interest cost to bear….at 13% pa = 16.25%. We do not know the small print but what is to stop CDI repaying a chunk of the debt out of cash balances and take the hit on the additional 16.25% interest cost. If you actually work through and crunch the numbers, I think it would be possible to return say 30 pence now and still be within the debt covenant of assets must be at least twice the debt. If I have worked the numbers correctly, the interest hit would reduce the NAV to 147/8. 30p capital return reduces share price to 68/9 and NAV to 117/8. They could then repeat the process with TechG and return perhaps another 20-30p. |
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