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CPUB Capital Pub

232.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Capital Pub LSE:CPUB London Ordinary Share GB00B03QJ181 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 232.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Capital Pub Share Discussion Threads

Showing 376 to 397 of 425 messages
Chat Pages: 17  16  15  14  13  12  11  10  9  8  7  6  Older
DateSubjectAuthorDiscuss
21/6/2011
08:56
Another Bid perhaps?
llwyd
18/6/2011
04:52
Last Annual Report (March 10) showed 28 pubs (largely freehold) then revalued to £67 million
sleepy
17/6/2011
15:33
Many congratulations here guys.
essentialinvestor
17/6/2011
15:32
Shanklin,
"I don't see what FSTA get from buying CPUB."

There is huge competition among the former regional 'integrated' brewers to build their quality Managed estates. Youngs have just bought Geronimo Inns comprising 26 London freeholds. They paid £60m reflecting a multiple of 9.8x EBITDA but this is expected to fall to 7.3x 2011 EBITDA on the basis of new pubs coming onstream which weren't reflected in current year's figures. Greene King have bought several tranches of pubs from Punch Taverns. Last batch of 4 was at 7xEBITDA
Marstons have gone down the road of building new food-led pubs from scratch on out-of-town locations with good parking (e.g. retail parks etc.). They're building 60 in total targeting 6.7x EBITDA. Assuming CPUB are heading for EBITDA around £6.75m in the results to be announced next week, FSTA's bid of £2/share equates to £54m for 34 London freeholds which is 8xEBITDA with presumably more growth to come from the recently acquired pubs. It is an opportunity to add a quality London estate at a reasonable price.

jeffian
17/6/2011
15:17
David - many thanks for organising the Mello evening which I found very interesting.
Anyone here know who the big CPUB shareholders are?

sleepy
17/6/2011
15:14
Well, if I was management, I'd refuse... unless FSTA are looking to revamp their board.
shanklin
17/6/2011
15:07
Obviously the latter is made more difficult by the fact that management don't control the shareholder register.

Shanklin,

That is why they have gone hostile and notified the holders that they intend to gain their support. If key management and directors are not intending in being part of a larger group then the buyer may try to impose a restriction on them competing within a radius and against the purchased estate if a deal is to be done.

davidosh
17/6/2011
14:59
David

As discussed, I don't see what FSTA get from buying CPUB. I'm sure they can run most pubs less well than CPUB... so, if its a hostile bid and management do not join FSTA, it would not seem to be of great benefit to them.

And, if I were one of a number of entrepreneurs driving CPUB forward, there's no way I would want to get caught up in a much larger group.

So, either:
- extract as much money as possible from FSTA and CPUB management just start doing the same thing again in a new company
- tell FSTA to go away and carry on growing CPUB

Obviously the latter is made more difficult by the fact that management don't control the shareholder register.

shanklin
17/6/2011
10:59
Sleepy....they own the freeholds of almost every single one ! It is covered in their AR but their strategy is to acquire freeholds wherever possible.

Good to see you at our Mello event btw and fingers crossed for a result long term here as I doubt Fullers will have a hope unless a much higher bid is made and I am happy with the two year plan and a dividend coming too.

davidosh
17/6/2011
10:31
David - many thanks for your post of 27 April - as usual you were ahead of the game. Does anyone know how many of Capital's pubs are owned rather than leased?
sleepy
17/6/2011
10:05
A fighting response from the Board which suggests a deal is quite a long way off if Fullers are trying to get us for anywhere near £2 !

Response to announcement by Fuller, Smith and Turner PLC

Capital Pub Company PLC ("Capital" or "The Company") notes the announcement made by Fuller, Smith and Turner PLC ("Fuller's") regarding its approach and conditional indicative offer proposals to the Capital Board.

The Capital Board, with its advisers, considered both the indicative offers of 175p and then the rapidly increased offer of 200p per share and unanimously decided that even the higher indicative offer substantially undervalued the business and its prospects. Therefore it was considered to be without merit, rejected and deemed inappropriate to engage further with Fuller's on these proposals.

Capital has a clearly defined growth strategy of expanding its estate organically and through highly selective acquisitions. This successful strategy has built the estate to 34 London pubs operated today and delivered sales growth of 24% in the current year. The Company has a stated plan to grow its estate to 45 - 50 pubs over the next two years to further enhance shareholder value.

Capital will be reporting its final results for the year ending 26 March 2011 next week on Tuesday 21 June where the management will elaborate on its significant operational and financial progress. As reported on 18 April Capital will also be announcing with its results the resumption of dividend payments to shareholders.

The Capital Board advises that shareholders should take no action.

Capital will make further announcements to shareholders if appropriate.

davidosh
17/6/2011
09:19
Yep, I'm still holding from 85p. Nice one, cheered up the day. Thread strangely quiet!
P

llwyd
17/6/2011
09:02
No, I hold here too and pleased to see some outing of value here. Shame the company didn't announce it themselves.

Steve.

stevemarkus
17/6/2011
09:00
No, you're not the only one left! I still have a large holding from my original purchase as an EIS. What a relief to finally see a price substantially above what I paid. Dividend reinstatement is another bonus!
P.S. Would this have been the first time you were the last one out of the pub?

ferrism
17/6/2011
08:55
Capital Pub Co rebuffs Fuller's two takeover offers; shares soar
aim_trader
17/6/2011
08:36
No posts for two months and not a word here on the potential offer from Fullers ??

I must be the only one left in the CPUB !!

I do think Fullers will have to pay well over £2 if they really want us though. Results next Tuesday so we will know more then.

davidosh
02/5/2011
20:36
A nice review here of the Boaters Inn by the river in Kingston



Friends were there over the weekend and said it was rammed. They do good jazz gigs on a Sunday for anyone interested.

davidosh
27/4/2011
09:12
The update from Greene King today looks very positive for CPUB.

They have made an acquisition which make the share price look very cheap too..

Acquisition



In line with our strategy to expand and improve the quality of our Retail estate, we are pleased to announce the completion of the acquisition of Realpubs for a total consideration of £53.1m. Realpubs currently operates 14 premium London pubs, of which all but one are freehold, and their offer is a well developed and highly successful one, targeting the premium, pub dining customer within London. The acquisition is being funded by our existing bank facility.



These are large, highly profitable and well invested sites with forecasted average weekly turnover of £24.5k in 2011 and forecasted average EBITDA per site of £450k. The implied forward EBITDA acquisition multiple is 8.4x. Food is currently 33% of sales and growing strongly, with around half of all sales being driven by customers coming to eat in the pubs.



Malcolm Heap and Nick Pring, the two founders of Realpubs, have been retained for a minimum of two years. They will become part of the Retail management team helping to spearhead our growth and offer development in London, including the conversion of a significant number of existing Greene King pubs to the Realpubs premium urban local concept, and within the premium segment on a national basis.



Rooney Anand, Greene King chief executive comments:



"Driven by our clear and consistent strategy of delivering excellent customer value, service and quality, trading at Greene King has been strong and as a result, we remain confident for the outcome for the year. We continue to supplement strong underlying organic growth with targeted, value-creating acquisitions to accelerate our strategic aim of growing our Retail business to around 1,100 pubs and building the best Retail estate in the UK.



We are excited by today's acquisition as it fits well with our strategy, by further strengthening our London presence and accelerating the development of our premium pub offer. The addition of Realpubs takes the total number of Greene King sites within the M25 to 217 and positions us strongly ahead of, during and after the Olympics in London in 2012, when London and its pubs and restaurants will be visited by tourists from across the world."



That is a heck of a price per pub they have just paid out ! Nearly £4m per pub and the revenue per pub is only 15% higher than the level of a CPUB once it is refurbished and in first full year. The EBITDA per site is £450k. I wonder how that will compare in the finals in June ? I think CPUB will have had a fabulous April trading period.

davidosh
18/4/2011
06:56
Excellent stuff with divis on the way at last:

Pre-close trading update

The Company's financial year ended on 26 March. The Company has traded extremely strongly throughout the financial year with revenues up 24% compared with the prior year. Full year results will be announced on 21 June and the Board expects these results will be in line with market expectations.

London has remained a buoyant market in which to trade and our pubs, with their offering matched to their local environment, have traded strongly.

The New Cross House (formerly the Goldsmiths Tavern) which was acquired in February will re-open on 9 May 2011 after an extensive refurbishment. The purchase of the Rye, Peckham is expected to complete this week, and refurbishment of the recently acquired Mansion in West Dulwich will shortly get under way with the pub due to re-open in mid September.

With the recently announced additions to the estate alongside its strong deal pipeline, the Company continues to consolidate its position as London's largest independent free house operator.

Dividends

The Company has traded well through the difficult economic conditions over the past three years and is strongly cash generative. Capital now benefits from a more conservative balance sheet with gearing halved to below 60%, net debt of approximately £22 million at the year end and a more efficient and robust capital structure.

As a result of the excellent progress the Company has made and a continued encouraging outlook, the Board has decided to resume the payment of dividends. At the announcement of results for the year ending March 2011 on 21 June, it is the Board's intention to recommend to shareholders a cash dividend with a scrip alternative. The dividend will be at a level not less than the last final dividend payment for the year ending March 2008 of 2.1p.

Clive Watson, Chief Executive, said:

"The Company is trading well, the balance sheet is robust and the time is right to resume paying dividends to our shareholders."

gingerplant
04/4/2011
14:21
Looks like they have bagged a 33rd pub and some development potential too...
davidosh
17/3/2011
17:53
Thanks for that, nurdin.
"Alex will assume some of the day to day responsibilities undertaken by Clive Watson, the Company's Chief Executive. Alex's appointment will enable Clive to focus more on acquisitions and on driving the future expansion of the business."

From past experience, anything which allows Mr Watson to drive expansion has to be a good move.

ferrism
17/3/2011
12:32
Almost went unnoticed..



Trading Update

Current trading remains strong and in line with previous trends as announced at the time of the Company's trading update last month.

nurdin
Chat Pages: 17  16  15  14  13  12  11  10  9  8  7  6  Older

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