Candover Investments Dividends - CDI

Candover Investments Dividends - CDI

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Candover Inv. CDI London Ordinary Share GB0001713154 ORD 25P
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 115.50 00:00:00
Open Price Low Price High Price Close Price Previous Close
115.50 115.50
more quote information »

Candover Investments CDI Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

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!
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.
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 hold FRB | 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)
cockerhoop: Does that equate to about EUR 47m for the CDI stake?
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.
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!
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.
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.
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
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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