Candover Investments Share Discussion Threads

[tiltonboy] 13/4/2017 16:03

I would very much hope so!

No announcement yet...hope I wasn't being presumptious!

[pscambler] 13/4/2017 16:03

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)

[pscambler] 13/4/2017 15:56

are these part of the Candover holding or held by Arle separately?

[tiltonboy] 13/4/2017 13:15

That sounds about right.

[cockerhoop] 13/4/2017 12:14

Does that equate to about EUR 47m for the CDI stake?

[luckymouse] 27/2/2017 02:44

Buttanc - tks good fundy view - my fib trader target of 145-150 similar.
Will be cool to see if total returns end up there.

[skyship] 25/2/2017 09:49

buttanc - thnx for that...

[buttanc] 24/2/2017 19:51

There is a useful figure for debt repayment in the analyst presentation on the website. It says:

Repayment of the outstanding loan is subject to a minimum return of
1.4x. Full repayment would dilute year end NAV by c.7pps.

So I assume that NAV per share would have been 156p after debt repayment.

I though about selling today, but on this NAV the share price seems too low. Short of a collapse in the share price of Parques Reunidos, the eventual payout will be significantly more than 120p.

[cockerhoop] 24/2/2017 15:01

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.

[cockerhoop] 24/2/2017 14:19

Just had a quick look at why my year end NAV was on the low side (£1.51) and have noticed that the valuation metric to value Parques and Technogym has changed from 93.5% of listed price to 95% of listed price since 30th June.

I'm going to suggest this was beyond my control to spare my blushes!

[luckymouse] 24/2/2017 08:52

145-150p at a guess - not bad if you got in at c.100p

[tiltonboy] 24/2/2017 08:45

I could be wildly out here, but I think the current assets are:

£27.5m - Parques Reunidos
£ 2.3m - nett cash
£ 1.9m - other investments

The holding in Expro has been diluted by 98%, so no meaningful write-backs will be seen.

This gives £31.7m or 145p per share.

There will be finance, and debt repayment costs to come off this figure (I believe), so that probably takes us back into the 130's.

The big unknown is whether historic tax losses can be used, and if they can, what would they be worth. There looks to be over £250m of accumulated losses on the balance sheet, but how much of that could potentially be available?

I wonder if somebody like Gresham House might be interested? They like basket cases!

Would love somebody to shoot down my figures.

[topvest] 24/2/2017 08:04

How much do you think shareholders will eventually receive then, assuming values stay the same and its just exit costs to come? Management have never given any guidance and continue to be silent on the prospect. With the Chairman going I would not be surprised to hear of extra costs coming out of the wood work. This company is built on complexity and leverage, rather than simplicity and prudence.

[cockerhoop] 24/2/2017 07:54

Cheers Tilton - need to brush up my Latin :-)

[topvest] 24/2/2017 07:47

OK, misread. Thanks. Looks to me that Candover may well come back to life to utilise tax losses.

[cockerhoop] 24/2/2017 07:40

Over 10p higher than I expected (but doesn't take account of min finance costs) - interesting Arle washing their hands and dishing the Expro and the remaining Parques shares out to shareholders in specie.

[tiltonboy] 24/2/2017 07:38

They won't distribute shares to you. They will move from Arle to Candover.

[topvest] 24/2/2017 07:36

Not impressed that they are distributing shares in Parques. I can't hold shares in a Spanish listed entity, and don't want to. Expro is a different matter, but surely we should get the option for cash instead. Really frustrating company this one. £9.5m of admin and finance costs are destroying shareholder value.

Never fails to disappoint!

[skyship] 24/2/2017 07:17

Prelims (see Header) show 31st Dec'16 NAV at 163p....and rising with the PR price. Also the BoD seeing whether they can extract some value from the tax losses. Sp still looks to be behind the curve.
====================================================================================

Candover* Investments plc
Preliminary unaudited results for the year ended 31st December 2016

* NAV per share of 163p at 31st December 2016 representing a 10% increase
(15p) over the second half, but a 33% decrease (80p) compared to the prior
year (31st December 2015: 243p)

[asmodeus] 17/2/2017 20:01

Actually there was some good news. They were up 1.6% today, and have climbed steadily fro 90p to 115 since December (2016).

[eeza] 17/2/2017 19:08

Started on the wine too early.

[tiltonboy] 17/2/2017 18:29

SKYSHIP,

Not certain which drugs you are on, but that is the announcement from 10th January!