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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Capital Pub | CPUB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 232.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 232.50 |
| Top Posts |
|---|
Posted at 01/2/2011 10:22 by davidosh Plus another placing at nil discount to the closing price yesterday when it was set. These placings at ever increasing prices are getting gobbled up. Conditional Placing of 1,796,875 New Ordinary Shares The Company announces that the Company's nominated adviser and broker, Panmure Gordon, has, in response to investor demand and pursuant to the terms of a Placing Agreement dated 1 February 2011 entered into between the Company and Panmure Gordon, conditionally placed an aggregate of 1 796,875 new ordinary shares in the Company (the "Placing Shares") at a price of 128 pence per share (the "Placing Price"), to raise GBP2.3 million (gross) for the Company (the "Cash Placing"). The Placing Price is the closing middle market quotation of an ordinary share in the Company on 31 January 2011 (as derived from the Daily Official List of the London Stock Exchange). The Cash Placing will further broaden the institutional investor base of the Company and the net proceeds from the Cash Placing will be used, alongside internally generated cash flow, to finance future earnings-enhancing acquisitions. The proceeds from the Cash Placing will reduce gearing to 57% and further strengthen the Company's balance sheet. |
Posted at 10/9/2010 12:23 by davidosh This came from Wetherspoons today...In the six weeks to 5 September 2010, like-for-like sales increased by 1.5% and total sales by 7.6%. Our sales, profit and cashflow continue to be resilient and the performance of our recently opened pubs is encouraging. The Board remains confident of a resilient performance by the company in the current financial year. So pubs relatively bouyant through the late Summer. Meict...Please note the investor dinner this month has been postponed just by one week and will be on the 27th. It is because the company presenting (RGD) are bringing out their results on the 22nd so we wanted them to be free to speak about them. It will be very well attended and five from the company coming so lots of questions for sure. |
Posted at 07/5/2010 07:28 by davidosh Very nice trading update and significant investment in the company at £1 per share announced today along with a disposal and estate revaluation....The Capital Pub Company is pleased to announce that current trading following the Company's year end on 27 March 2010 continues to be significantly ahead of last year, reflecting the strength of the London economy and our well-positioned estate of pubs. The Company benefits from having an excellent team of employees and managers whose achievements were recently recognised in being awarded "Managed Pub Company of the Year" (below 100 outlets) at The Publican industry awards. To help maintain this success and to incentivise our employees, the Company is introducing a share incentive scheme to enable employees with over one year's service to acquire shares in the Company in a tax efficient manner. The Company will match each purchase up to £1,000 per employee. The cost of implementing this scheme will predominantly be borne by the Directors who are not taking any increase in remuneration for this financial year. In addition, the Company has exchanged contracts on the sale of the freehold of the Marquis of Granby for a consideration of £3.49 million. The Company will continue to manage the pub on a short term lease. The Marquis of Granby contributed EBITDA of £280,000 to the Company in the year ended 27 March 2010. The proceeds from the transaction will be used to reduce borrowings. In accordance with accounting policies the Company has also had the majority of the estate revalued resulting in a book value of the Company's entire freehold and leasehold estate of £64 million (excluding the Marquis of Granby). The estate was last revalued in February 2007. The revaluation was carried out by AG&G Chartered Surveyors on 27 March 2010. The revaluation included all houses within the estate with the exception of two recently acquired pubs, one leasehold pub and one pub held as an investment property. The Company announces that 1,698,090 new ordinary shares of 50 pence each in the Company (the "New Ordinary Shares") have been issued to MREF II Investments Limited ("MREF II Investments") at a price of 100 pence each, raising approximately £1.7 million for the Company. Following this transaction, MREF II Investments' beneficial holding in the Company is 1,932,490 shares representing 8.7% of the Company's total voting rights. The proceeds from the issue of the New Ordinary Shares, in addition to the consideration from the disposal of the Marquis of Granby, will result in current net debt falling to approximately £23.3 million. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to be effective from 12 May 2010. Following the admission to trading of the New Ordinary Shares, the Company will have 22,283,998 ordinary shares of 50 pence each in issue. MREF II Investments is a Jersey incorporated company that is wholly owned by the Moorfield Real Estate Fund II ("MREF II"), a fund that closed in 2008 with committed equity capital of circa £390 million. MREF II is managed by Moorfield Investment Management Limited, a Moorfield Group company ("Moorfield"). Moorfield is a UK real estate and real estate related investor, developer and private equity fund manager. More information about Moorfield can be found on its website, www.moorfield.com. Clive Watson, Chief Executive of the Capital Pub Company PLC said: "Current trading remains strong and whilst we remain cautious regarding the economy following the General Election, we are encouraged by the strength of the London market. I am delighted to reward our staff for their continuing contribution to the success and development of the Company through the new incentive scheme which is being put in place. "We welcome MREF II Investments as a significant shareholder in the Company and we look forward to working with Moorfield and leveraging their significant real estate and investment experience. Both the disposal of the Marquis of Granby and the placing have reduced gearing and strengthened the balance sheet significantly. This provides the Company with a platform to continue the future growth of the business." 7 May 2010 |
Posted at 20/4/2010 23:30 by davidosh meict.....Great to see you at our dinner on Monday and will let you know if I find anything out about the official opening of The Victoria as I want the directors to do an investor presentation at some stage and a new pub would be a great opportunity. Did you manage to get any NWT ? |
Posted at 20/3/2010 23:24 by meict Seeing as we'll probably be getting some 'Investors Chronicle' aficionados who have bought in on the minimum of information, let us look at what we've all bought into. The management is top quality. Admittedly, gearing is high but repayment is easily sustainable from earnings. Although debt is high the balance sheet has strength with the Net Asset Value (approximately 160p and growing daily) being considerably higher than the share price. In fact, the NAV dwarfs both the debt and the share price. Whilst debt is growing, CPUB is utilising this debt to increase turnover and profits, which are far greater than the interest payments. Yes, £28 million of debt for a company that has a market value of £18.44 million is not everybody's idea of a winner but I think that a cash generative company that is selling at a little more than half its NAV is cheap. Surely, it should be selling at a premium to NAV not at a huge discount. With a NAV of around 160p and a Share Price of 90p it remains a takeover target. NAV plus a premium of 25% is £2 and cheap at that! Probably because of the amount of cash being generated there has been mention of reinstatement of dividend. This was in 2008, 3.15p (2.10p and 1.05p). Although I've said before that I'd rather see the company build the pub portfolio before paying dividends; I can see the management's reasoning for paying a dividend, it'll probably bring in institutional money, which in its turn will move up the price. The management has the ability to grow sales in any financial climate with an excellent tried and tested business model. Chief Executive and Co Founder, Clive Watson retains 1,960,889 shares, which is 9.5% of the total. A further 21% is held by: Giltspur Nominees (1,550,208 shares, 7.5%); R.J.R. Keeling (1,386,550, 6.7%); Rathbone Nominees (734,398, 3.6%) and Operations Consultant and Member of the Management Team, Scott Collins (660,620, 3.2%). If I had to name one complaint, it would be that the company does not provide enough information. Recent mention of an attempt to Sell and Leaseback six pubs (in 'The Publican' on 2 March) means that the Company cannot, at the moment, secure sufficient funding to take advantage of quality public houses Mention of the Victoria Inn Public House & Lodgings (The Wishing Well) was hidden away on the site and there was no mention in neither 'The Morning Advertiser' nor 'The Publican'. Meic |
Posted at 20/3/2010 22:08 by meict 'Finally, we would highlight what we consider a little gem - London based Capital Pub Company. The group owns the majority of its pubs, has traded very resiliently during the recession, is well placed for the world cup and would make an ideal acquisition target for one of the bigger boys in due course!'This is probably why the reason for the minor rally this weekend. Hopefully, Monday will bring even more discerning investors who avidly read the Investors Chronicle. M |
Posted at 08/3/2010 14:04 by 237gmoney JD Wetherspoon is widely expected to announce that it has completed a refinancing of its debts when it reports interim results on Thursday. With the pub operator having indicated that like-for-like sales grew a smidgen in the first half and that total sales improved four per cent, thanks to the opening of new pubs, the focus for investors will be the terms of the new banking facilities and what constraints they might have on the group's expansion plans Financial Times |
Posted at 04/2/2010 11:46 by 237gmoney David, there just seems to be a load of websites who have the same story about the trading update. I did see that Merrils had a investor conference for the pub industry earlier this week and it appears that many investors want to get back into the pub sector this year....Hence why there could be a strong possiblity there could be an offer for the whole company in the not too distant future... |
Posted at 30/1/2010 16:02 by cockneyrebel Nice: confident the company could add a further three to four pubs in 2010.Most small investors are looking at this on a PE basis but larger investors are often more focussed on enterprise value or discounted cashflow. I think the stunning part of the next results will be the cashflow. Already huge, it will increase even more with all the refurbs done imo. The real beauty of this share is that they can buy pubs and increase the estate out of cashflow while paying down debt. If you are growing like for like sales, growing margins and increasing the estate out of cashflow while achiveing this from roughly a similar size management central cost structure then the earnings growth down the line starts to look like becoming a bit stunning imo. If pubs are coming back under focus, as the Times suggests then CPUB could be in the sweetest of sweet spots with the World Cup on the horizon too imo. Hence my decision to chose this stock for the Motley Fool contest. You get all that potential and a stock trading quite a way under NAV by the look of it which sort of feels like a great risk v reward imo. CR |
Posted at 23/1/2010 20:37 by timbo003 It's worth remembering that this company was initially offered to the public via IFAs, it was EIS (Enterprise Investment Scheme) qualifying (with all those lovely tax breaks)and unquoted. Because it was EIS qualifying, most investors initial investors are likely to have been either VCTs or high net worth individuals with capital gains to shelter and it is highly likely that they subscribed for their shares in certificated form (not in nominee accounts) and there was a three year minimum holding period in order to qualify for the generous tax breaks. For this reason, I suspect that most shares are held as certificates, indeed, if this is the case, the effective free float is likely to be considerably smaller than most other AIM companies with a similar market cap.I held CPUB for a while, I bought in at around 50p last year and I sold out at around 75p, I needed the money for other things. I like the company and I like the few CPUB pubs that I have visited. I think the shares currently look good value right now and they will go higher, but I don't think CR will win the PPP share competition with them, the winner is likely to be a miner or an oily. I just wish I knew which one! |
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