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CDI Candover Inv.

115.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Candover Inv. LSE:CDI London Ordinary Share GB0001713154 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 115.50 114.00 117.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Candover Investments Share Discussion Threads

Showing 651 to 671 of 825 messages
Chat Pages: 33  32  31  30  29  28  27  26  25  24  23  22  Older
DateSubjectAuthorDiscuss
05/1/2017
15:15
Errr "The sale adds 23.9p to the NAV".

Errr, errr, durrr!

eezymunny
05/1/2017
15:05
Be careful also that CDI are comparing market price with valuations in the Annual & Interim reports that are 93.5% of market price so some of the gains won't be reported in NAV increases until cashed in.
cockerhoop
05/1/2017
15:00
Skyship,

Technogym currently E4.61 so a approx 15% rise since 30th June - value approx £8m if you use AR NAV methodology . Obviously Arle were happy to dispose of the majority holding for E3.25 pre IPO!

Lock in is finished now for Technogym so are perhaps looking to dispose, although I'd imagine Arle will wait for a dip :-)

cockerhoop
05/1/2017
14:51
Mmmm.....I doubt the NAV is that high but happy to be proved wrong. Don't forget that the debt accrues at 13% per annum and is on the gross amount of 30mn and not the net of 10mn.
langland
05/1/2017
14:37
langland - thnx - just found that too & calculated the Technogym holding now worth £9.1m versus £7.1m. The £2m increase adds another 9p/share.

NAV may now be up in the 175p-180p range; so anything below 100p surely has to be worth having a go at...

skyship
05/1/2017
14:24
I, too, recently bought back in with 10k based on the increased mkt value of both PR and Technogym. The BOD has saddled the fund with inflexible debt but today's news should mean a partial repayment of that (I hope). Both holdings are up about 15/16% from their 30/6 values. Technogym price can be found here.....

Also, with the oil price recovery it is possible we may see some improvement in Expro's fortunes. Currency is about 2.5% in our favour too. All in all, I though buying here was unlikely to lose me money over a 12 month view (famous last words).

langland
05/1/2017
14:08
RAM - been considering a small exposure here again since that Peter Spiller top-up. Rather belatedly bt 10k after today's Parques Reunidos news - as below.

The sale adds 23.9p to the NAV. Question is: what is the value of Technogym?
=============================================================================

5 January 2017

Candover Investments plc

Candover Investments plc ("Candover")* today announces a partial realisation of
its investment in Parques Reunidos ("Parques") which is managed by Arle Capital
Partners Limited ("Arle"). This realisation follows a first partial
realisation completed at the time of the initial public offering of Parques in
April 2016.

Candover has disposed of 26% of its interest in Parques for cash proceeds of
approximately EUR9.9 million (GBP8.4 million). Candover's remaining interest in
Parques is valued at EUR30.4 million (GBP25.9 million) at the closing price of
Parques on 4th January 2017 and is subject to a 90 day lock up. Candover's
interest in Parques was valued at GBP29.1 million in its unaudited accounts for
the period ended 30th June 2016.

Candover's retained interest in Parques of 2.47% will continue to be managed by
Arle, along with the remaining interests of the Candover 2005 Fund.

skyship
22/12/2016
02:44
Noted that CG added 731k at 88p yesterday. They a pretty cautious house, so interesting that they prepared to up their stake.
rambutan2
20/8/2016
19:29
Results next week and i bought a few for just under a £1. Hope net assett value is at least £1.50. The euro is a lot stronger so even though parques has fallen sterling is also down sharply.
robizm
13/5/2016
08:44
Many thanks Tiltonboy

Management certainly played a blinder negotiating an effective 20.6% interest rate!

So Numis go with a £1.55 NAV, certainly closer than Liberium imo.

cockerhoop
13/5/2016
08:20
● Numis views: Candover’s expensive debt facility leaves it with little flexibility. In mid-July 2015, the fund agreed a term loan facility with 17Capital, a specialist provider of debt, for up to €52m (£37.1m). The headline PIK interest on the loan is 13%pa, but the terms on minimum repayments mean that the loan has been accruing interest at 20.6%. Shareholders were obviously disappointed with the lack of a prospect of a cash distribution as the shares were down 10% yesterday to 126p. This represents a 19% discount to our estimated NAV, however, we see little value and Candover remains a high risk investment because the fund is small (£27m market cap), with a concentrated portfolio and expensive finance.
tiltonboy
13/5/2016
07:55
Liberum view
The decision to repay the debt is the obvious option given the punitive nature of the terms of the company's debt facility. Following the recent IPOs of two portfolio companies and FX movements, we calculate a pro-forma NAV estimate of c.180p per share. The shares currently trade on a 31% discount to this pro-forma NAV estimate.

tiltonboy
12/5/2016
17:41
This RNS is ridiculous. They are explaining why they are not paying a dividend but paying down their expensive debt facility. Are they thick or just plain stupid? I'm sure most shareholders want the Board to pay down the debt BEFORE we get a dividend and not AFTER. This investment trust has died in a sea of debt and still they can't get a grip on the error of their ways. Not impressed!
topvest
12/5/2016
15:19
Yeah, point taken regards VLE.
cockerhoop
12/5/2016
15:04
Some seem to be very conservative - NRI and your favourite VLE appear good examples but CDI has been an unmitigated diasaster.
cockerhoop
12/5/2016
14:31
Tiltonboy,

Have Liberum updated their figures.

With today news I get:

Net Debt (11.2m)
Technogym 8.8m
Parques 30.4m
Other bits and pieces from 31/12 2.6m

NAV £30.6m or £1.43 per share.

No longer holding, but interested in a morbid sort of way :-)

cockerhoop
29/4/2016
12:02
Blimey what a rubbish job management and the Investment Manager have done. Pretty much everything sold / nearly sold and they still don't have a net cash balance. An absolute disaster. Investment Manager and Director fees along with debt interest continues to drag against any recovery. It's starting to look like we may get virtually nothing!
topvest
29/4/2016
11:56
There's also the possibility that both IPO's were priced at low end valuations, and will rise over the comimg 180 days? But I have my doubts!
cockerhoop
29/4/2016
11:50
Thanks Tiltonboy

So it looks like Liberum have written down Parques and Technogym in the investment portfolio but haven't updated running costs or the roll up of interest...........

unless i'm wide of the mark with the increased debt!

cockerhoop
29/4/2016
11:30
Candover has announced the partial realisation of 62.5% of its Technogym investment, following the IPO of the company. The sale generated net cash proceeds of £11.7m; the remaining interest is valued £7.6m at the IPO price and the shares are subject to a 180 day lock up from the first day of dealing in the shares (3 May 2016).
The IPO price implies a 14.2% write down from the carrying value of the holding, which was valued at £22.5m at 31 December 2015; we calculate a NAV impact of -14.5p (6%). This is conjunction with the NAV writedown incurred on the Parques Reunidos IPO price implies a total writedown of 22% or 51.5p
Candover will retain a 1.5% interest in Technogym (subject to a greenshoe option). This holding will continue to managed by Arle, which will manage, in aggregate, 15% of Technogym, reducing to 11.25% if the greenshoe is fully exercised.
Liberum view
Following the receipt of proceeds from the Technogym IPO, the Parques Reunidos IPO (announced yesterday) and the partial realisation of Stork BV (July 2015), the company will have gross cash balances £34.2m, and pro-forma net debt of £11.2m.
Parques Reunidos and Technogym are the two largest investments in Candover's portfolio (together 124% of NAV at 31 December 2015), while these realisations would normally be positive for the share rating, the NAV writedowns implied by the Technogym and Parques Reunidos IPO prices detract from this and will make it difficult to meet the pre-distribution test on the debt facility. The refinancing facility allows for the first £21.8m of realisation proceeds (100p per share) to be returned to shareholders with all subsequent proceeds used to pay down debt. The initial return of cash is subject to a pre-distribution test that the portfolio value is at least twice the debt. The investment portfolio was valued at £82.6m at 31 December 2015 and we calculate a pro-forma value of £71.2m after adjusting for the markdown on Parques Reunidos and Technogym. We estimate the cover is currently c.1.7x, which would preclude any distributions.
Candover currently trades on a 23% discount to our pro-forma NAV estimate of 191.5p, which includes the implied NAV writedowns from Parques Reunidos and Technogym.

tiltonboy
29/4/2016
11:14
No near-term distribution either!
tiltonboy
Chat Pages: 33  32  31  30  29  28  27  26  25  24  23  22  Older

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