Candover Investments Share Discussion Threads

[tiltonboy] 31/3/2018 22:51

Should have sold the PR holding when they had chance.

Another year of fees and salary for the inept.

[topvest] 31/3/2018 15:17

Results well over a month late now and so something is no doubt going on. Could be interesting when the results finally get announced. Largest holding has ticked down in terms of valuation though along with the exchange rate going the wrong way. Been a truly awful investment so far!

[manfrommoyse] 06/12/2017 21:57

but they dont own any now

Only PQR, which has had a recent bounce but assuming they still hold all they had at last update & can only sell their stake at a 10% discount then not much value in them, I'd agree that much

[robizm] 06/12/2017 21:24

These are use less techno gym now 8 euros per share

[topvest] 26/9/2017 20:29

I've no idea why they are still holding, but the mis-management of this former successful investment trust has been incredible. The Board of directors and investment manager must surely look at themselves and think, how did we screw this up so badly? Oh well they got paid, so no doubt not as painful as it could have been...very unlike us poor shareholders who are incredibly still waiting for the first return of capital. They have got everything wrong so far!

[skyship] 26/9/2017 15:55

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!

[tiltonboy] 29/8/2017 15:04

I can't I'm afraid.

[manfrommoyse] 29/8/2017 14:18

are you allowed to cut & paste it?

[tiltonboy] 29/8/2017 10:44

Interesting note from WINS this morning which talks about the possibility of "significant" value being realised from the tax losses.

[manfrommoyse] 23/8/2017 20:20

Recently, GBL bought a 15.0% in Parques Reunidos Servicios Centrales for €208 million. Parque manages leisure parks in Europe. The stock is traded in Madrid.

50% of the common stock is held by Pargesa (OTCPK:PRGAF) and 52% of the voting rights. I've written on these companies in the past. It is quite a web of holding companies spread across the francophone world. Pargesa is in turn controlled by the Desmaris family and Albert Freres. These families control entities through Canadian based Power Corp. (OTCPK:PWCDF) (OTCPK:POFNF).

[manfrommoyse] 23/8/2017 20:19

I would think (hope!)
1) Ironsides Partners will think like us. They hold a v. decent chunk of these.
2) Admin costs will be minimal cf the last 6mo, no Arle payments, no finance payments. However we should have had a projection.
3) Parques continues to hold its own. It is not particularly correlated to the IBEX
Today for e.g.
IBEX 10,338.10 -0.69%
PQR 15.99 0.28%
If Maybot could conspire to sink the £ for 6mo that wpould be handy
4) They find a big buyer - GBL, a Belgian holding company, bought a stack earlier in the year, sadly not from us. some other fund investing in Europe might be interested. hell, I'd do the rounds myself for nothing.

However, it is irritating they have made no apparent effort since the lock-up expired. Shifting even a few at close to market price would have cemented the idea they are bought into the stated strategy.

Is an AGM in the offing? I fancy a free drink and a bit of sarky sniping at the management!

[topvest] 23/8/2017 19:12

Yes, getting miffed myself. £1m of admin costs every 6m is ridiculous. What are the directors doing other than spinning this out? We need the last investment sold by the year end and costs brought down to virtually nothing. They seem to be gambling on the timing of the Parques exit which is very risky for a £30m holding. Just sell now, before the markets crash. If we don't at least get £1 back I think you have to ask the question just how the directors and Arle made such a pigs ear of this realisation strategy. There are 3 winners. Arle, bond holders and the directors. Shareholders have lost almost everything. Think there is the likelihood of only a partial return and a new life, but it needs sorting and quickly. They have had far too much time already. See Expro is down to nil now...what a surprise. Not impressed at all.

[manfrommoyse] 23/8/2017 09:13

not too bad.....exchange rate has run in our favour. Arle sold a huge chunk of shares in Jan in one go, not gradually into the market, (I think it was Jan) at about a 6% discount. Candover assessing options to maximise return so assuming -6% worst case we have a useful margin of error over Parques quoted price and Euro exchange. Fair value at 140 as I write, I'd say. May top up if I can get at that price over next couple of months. I would suggest Parques will be sold by year end or else major shareholders might get a bit miffed (not to mention the little chaps!)

[tiltonboy] 23/8/2017 07:37

156p NAV it is then.

Disappointed that the wind-up still seems some time off!

[tiltonboy] 22/8/2017 16:44

I would be amazed if it was anywhere near that level.

[luckymouse] 22/8/2017 16:27

Just copied it from Morningstar - seems to keep going up

[tiltonboy] 22/8/2017 16:22

Interested to see how you get to that figure LM.

[luckymouse] 22/8/2017 15:53

Estimated Nav 193.65
Discount % % -26.16
12M Avg Disc % -28.20
Last Actual NAV 163.00
Latest NAV Date 31/12/2016

[luckymouse] 14/7/2017 18:05

yes steady eddy

[tiltonboy] 13/7/2017 15:19

Perhaps a little credit should be given for holding on to Parques Reunidos. The share price has been quietly ticking up recently.

[luckymouse] 01/6/2017 10:29

Est nav is creeping up

Estimated Nav 174.22
Discount % % -21.51
12M Avg Disc % -32.17
Last Actual NAV 163.00

EDIT: Est Nav now 178.90

[tiltonboy] 23/5/2017 15:21

So, they still hold Parques Reunidos (why?), and no details of their plans for the holding.

Would love feedback if anybody went to the meeting, and got any sense out of the board.

[luckymouse] 14/4/2017 00:56

Daily tech target is 154 (curr est nav 156) - weekly target 168 - there is a gap at 168 also

[pscambler] 13/4/2017 20:55

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.