Candover Investments Share Discussion Threads

[smarm] 18/3/2014 07:57

Ok...e3.3 debt.

So net circa £3.2m to us.

S

[smarm] 18/3/2014 07:51

flyfisher - thanks...I can't see FT article as don't subscribe.

S

[flyfisher] 18/3/2014 07:31

smarm, ONO has debt and the sale price includes it, so you need to allow for the debt in calculating the value of the equity.
Also the 0.1% figure may be a rounded figure.
The ft comment would seem to give a closer approximation of value as ono is held in the books at cost.

[jaws6] 18/3/2014 07:23

smarm
looks you right ,they have said 2.2 million below value in last report.
Ono 2.2 1.7 - 0.5 - 2.2 2

but last night RNS shows we got seller ,will be watching to add if drop bit more.

[smarm] 17/3/2014 23:24

...just for clarification...

CDI own .1% of ONO shares. The takeover price is £6bn (circa). So does that make our stake worth £6m? I can only see a valuation of £2.5m. Has Christmas come early?

...???

Confused.

S

[flyfisher] 17/3/2014 19:53

Courtesy of the f.t.

The deal allows Ono's private equity owners to make a cumulative profit of about 60 per cent on their eight-year investment.

[jaws6] 17/3/2014 07:13

skyship
yes ,at last they took 7.2 rather then 7 billion as said in post 19 and 21

[jaws6] 14/3/2014 16:14

ono news in cityam
hxxp://www.cityam.com/article/1394762345/ono-investors-reject-second-vodafone-bid

[jaws6] 12/3/2014 13:30

Any more news in ONO ?
Did see some report may be before this week ends ,if happens

[stemis] 07/3/2014 15:34

SKYSHIP

Net assets of CDI are £156.3m. Annual running costs are £4.9m and interest £10.5m. Thereafter after two years (assuming no change of value of investments) the net assets would be £125.5m. The current market value of CDI (at 530p) is £115.4m. Hence the comment in the accounts

"Our operating model means that there are two clear components to NAV
progression. These are the value of the portfolio assets and any changes
therein; and the costs incurred in running the business, which are principally
the fees we pay to Arle, and the interest costs associated with the US private
placement loan notes. The impact of these costs on NAV will either be offset by
increases in the valuation of the portfolio during any financial period or will
exacerbate the impact of any reductions in portfolio value. NAV growth,
therefore, is solely dependent on improvements in the valuation of the
portfolio managed by Arle exceeding our costs."

NAV discount @ 540p = 24.4%; but that is likely to rise to at least 32% upon an EXPRO deal.

That seems pretty specific. Have I missed something?

[stupidboypike] 07/3/2014 15:34

Just joined the party with some NRI money. Probably the kiss of death!!!

Best regards SBP

[jgh03] 07/3/2014 14:44

Skyship - thanks for that, most reassuring.

[skyship] 07/3/2014 14:32

flyfisher - thnx for that. ONO only 1.4% of the portfolio - but all grist to the mill.

[skyship] 07/3/2014 14:29

JGH03 - RE move to the USA - possibly historic plans for Candover Partners - but most certainly nothing mentioned anywhere for CDI. First time I've come across a Wikipedia nonsense entry. I've spoken to CDI & they confirm it is total TOSH!!!

[flyfisher] 07/3/2014 13:24

Candover has an investment in Spanish cable operator ONO, recent news is that ono is to float, but has also received a bid approach from vodafone. The sale price suggested would seem to give at a premium to the book valuation of cdi's stake.

hxxp://news.sky.com/story/1220410/vodafone-bids-to-revive-5-7bn-spanish-deal

[jgh03] 06/3/2014 13:47

Late to the party as ever, I have started looking at CDI today. While carrying out my researches I came across the following on Wikipedia: "In 2014, Candover Investments is expected to relocate its headquarters from London, The United Kingdom to White Plains, New York, The United States. it will also be expected to delist from the London Stock Exchange and relist on the New York Stock Exchange. It will also fully Americanize its staff."

I have been unable to verify this statement either on Candover's own website, which seems surprisingly out-of-date, or elsewhere. Does anyone have any insight to offer - other than not believing evrything one reads on Wikipedia ?

[skyship] 06/3/2014 13:39

SteMis - I think you've rather misread something.

NAV discount @ 540p = 24.4%; but that is likely to rise to at least 32% upon an EXPRO deal. Once these trusts get into repayment mode the discount tends to reduce to sub 15% - as per HPEQ, MTH & NRI. MTH currently at c12% discount; NRI at c5%; CDI at c24%....

[stemis] 06/3/2014 13:23

Isn't the difference between NAV and market value just 2 years running costs? The only way there'll be any upside on liquidation is if the value of the underlying investments increase?

[badtime] 03/3/2014 15:52

Maybe not elm....I took 570 on Friday having bought in only last week at 480...sky has rightly pointed out the attraction of further gains..but political events elsewhere are having there say...I'm hoping that the so will drift a bit more so I can re enter...we shall see

[elmfield] 28/2/2014 09:46

Well done. Missed the boat. Doh!

[seekerofvalue] 28/2/2014 09:26

SKYSHIP,

It is very pleasing to read that you have found my discounted stock CDI a suitable investment. You appear to have sprinkled good luck onto the stock too. When I began buying these in December I did not expect such a rapid rise in price. Although the kicker of course will be Expro, once sold it could take the NAV above £8 and the share much higher.

[skyship] 28/2/2014 08:47

Glad many of the usual crew seemed to have bought in here. I've decided to let them run. The Expro sale could be some time away; but when it happens it will come out of the blue, so happy just to wait it out...

[badtime] 28/2/2014 08:33

Cheers for the heads up sky...took 570 having bought at 480 earlier in the week...but will continue to monitor and look for a lower price to get back in...probably won't get the chance but hey ho