Capital & Regional Share Discussion Threads

[kibes] 07/9/2009 09:32

Spec7 - at 45p with 70 million shares before the dilution the market capitalisation was £31.5 million. The offer injects £62.8 million cash (after costs) taking this to £94.3 million, but there are 350 million shares as a result giving a corresponding price of 27p/share. However, the concerns about covenants and loans have been alleviated so the price should pick up in theory. But 10th September may be tricky as it is the time small punters will be able to sell and many will not be impressed if the price goes down.

[spec7] 06/9/2009 18:11

So what is the equivalent of the last few months 45p ave ??

[kibes] 06/9/2009 17:26

chinahere - it's not 3 times the number of shares in issue but 5 times. Total 350 million shares. Its a 2 for 1 issue plus a further 2 for 1 in the placing and open offer. The equivalent to the peak in new shares would be 336p.

[chinahere] 05/9/2009 16:55

While ADVFN was down I also posted this on Interactive Investor.

Quick calculation. (Please correct me if I'm wrong).

The new OO gives £69.1m new cash
There used to be approx. 71m old shares
Shares reached £16.80 at height so old market cap. reached £1,192,800,000

So I make the equivalent peak in new shares of around £5.92 per share.

Of course C&R have disposed of assets since then and we are talking top of the market bubble-peak numbers. However, the new alliance with Parkdev should be a good future growth opportunity for them.

The current £0.35 looks like a good price to me assuming they survive, and with the OO they hopefully will !

[spec7] 05/9/2009 09:58

I don't understand that as it shows the 100 spike as 50. surely it should be about 33. thats why i don't understand CR saying these are cheap because you cant base the figures on the 100 spike when the ave over the last 6 months was about 45 which would make the OO at 24p expensive...

I have obviously got this totally wrong so can someone put me right :-))....please !

[1nf3rn0] 05/9/2009 09:56

But CAL have the additional market cap gained by the shares issued 2 for 1. SO you need to add that value to the old market cap at the peak, then divide by numbe rof shares

[chinahere] 05/9/2009 09:24

Hargreaves Lansdown are normally quite good at re-charting after rights issues and open offers etc. (better than Google Finance anyway).

I just plotted the full CAL chart on H-L:



(change Period to All and Update)

It now plots an all time high of 841.73 whereas pre open offer it was double this at about 1700.

We now have 3 times as many shares so I thought that the old high would be more like 561 in new shares?

Can anyone confirm what the old high in new shares should be?

Thanks!

[cockneyrebel] 04/9/2009 13:08

gawd these look cheap don't they - not surprised to see buyers today.

CR

[g2am] 04/9/2009 10:19

The only thing is when applying for the OO you don't get a reciept per se to show how much you asked for. Well I didn't anyway. Worth a shot though.

Yeah I've just tried and the same thing happened, I wasn't able to get a dealing quote. Not that I'm planning to sell just now anyway

[la atherton] 04/9/2009 10:06

G2AM - Me neither but thought it might be common practice.

By the way my Shares show up, but when you try and get a quote for selling, it stops you.

[g2am] 04/9/2009 09:55

Don't see why not

[la atherton] 04/9/2009 09:47

My broker iii has supplied me with 11800 shares in CAL, but the OO was for 14000. I asked for the full offer and the funds were available.

Do i have grounds for complaint?

[1nf3rn0] 04/9/2009 07:12

Anyone know how many shares Mr Barber has sold to take his holding below 3%?

[ccraig69] 03/9/2009 20:56

I have mine and can sell

[g2am] 03/9/2009 14:05

Does anyone have their new shares yet? I'm have just checked and my new shares are showing up. I didn't think they could give you them before the 10th Sep?

It also looks like I can sell them today if I wanted!!!!!

[diku] 03/9/2009 13:50

someone just picked up 300k @ 35.19p on the Plus market...

[diku] 03/9/2009 12:54

General meeting of shareholders on Monday..and the result of the take-up of OO...so not long to wait now...anybody think a good % take up could spike the price upwards back to above 40p...

[jeromeribot] 03/9/2009 12:38

naturally taken up the OO here. all strapped in and ready for the ride??

[ojh2kent] 03/9/2009 12:26

cheers guys much appreciated

[fireplace22] 03/9/2009 12:07

Good timing there lomax.

[lomax99] 03/9/2009 12:06

Also, ignoring a comparison to NAV for a minute, the share price factor in little/nothing for the c. £20M PA they are making from their property management business - depending on valuation this should easily add a further 20 - 40p to the current SP! On that basis I see little justification for an share price discount to NAV.

[fireplace22] 03/9/2009 12:05

This is not just an asset play the co has a property management side producing a valuable steady income. To value the company as function of its NAV only considerably undervalues it by a considerable degree.

[davius] 03/9/2009 11:57

I calculate NAV on a flat basis as 34p to take account of the dillution and extra cash. However, that doesn't make any allowance for the improved financial position of the company (e.g. clearing down the £58m revolving credit facility) or current and expected recovery in commercial property price. Or for that matter, the potential of the extra cash.

I suspect that we'll find the RI fully subscribed. Anyone that planned to sell their allocation is an idiot if they haven't already done so. There may still be a few knocking around though.

[kibes] 03/9/2009 11:11

Davius - this went to 98p because people thought the NAV was more than that in my opinion. But it wasn't, it was only 71p and after the open offer the NAV was reduced to 32p. Personally I think this will trade at a discount to NAV as do most of the other property companies ie less than 32p. Also I think the bottom will have to be tested to flush out weak investors, therefore I wouldn't pay more than 24p myself.

[davius] 03/9/2009 09:25

ojh, there's a chance that ACE could spike up if they announce the expected "cash flow breakeven" at the AGM in a couple of weeks. And MNR awaits news of it's banking covenants, so another possible there. Both not without risk but a chance of relatively short term movement. The other stock I'm looking for a rise on in the near term is UNIQ, it's been becalmed for a short while but awaiting further news on business sales.

As for CAL, I'd agree with other posters that short term we're not likely to see a significant move up, until any leveraged positions due to the placing unwind. But then it should move ahead, my feeling is back into the 50s, but I'm no more to be relied on than anyone else.