Share Name Share Symbol Market Type Share ISIN Share Description
Carclo Plc LSE:CAR London Ordinary Share GB0001751915 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.85 -19.32% 11.90 3,127,568 16:35:04
Bid Price Offer Price High Price Low Price Open Price
11.80 12.00 14.50 11.00 14.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Chemicals 146.21 8.17 11.60 1.0 9
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:56 O 20,000 11.90 GBX

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Carclo Daily Update: Carclo Plc is listed in the Chemicals sector of the London Stock Exchange with ticker CAR. The last closing price for Carclo was 14.75p.
Carclo Plc has a 4 week average price of 11p and a 12 week average price of 9p.
The 1 year high share price is 49p while the 1 year low share price is currently 9p.
There are currently 73,286,918 shares in issue and the average daily traded volume is 1,002,946 shares. The market capitalisation of Carclo Plc is £8,721,143.24.
valuschmalu: You would have to think there will be a decent pop up in the share price tomorrow morning. Ends the day 14-15p?
boadicea: Well, that substantially clears the way forward at some apparent cost but I haven't evaluated that yet. At a quick glance it looks possibly sustainable with a fair wind, i.e. continued good profitabiity in the retained entities. I am assuming banks etc are fully in the picture and have given the nod to continuing support on the chosen path.
dangersimpson2: I agree that there is some asymmetry in the pension liabilities - the equity in the company cannot be worth less than zero. But it is a real debt that will take cash that would otherwise accrue to equity holders. The increase in the pension deficit of c£20m recently is a real killer because it has happened when the company is financially weak. I think £70-80m is a pretty punchy valuation for the remaining businesses. Combined operating profit was £8.1m in FY19 but there are £2.9m of central costs unallocated. They will save something not having WIPAC, but not all of these. So say they save £1m and are left with £1.9m ongoing central costs. (They cannot sell of thee businesses and delist to save all the central costs because this would crystalise the pension deficit and a buyout valuation would be much higher than the £49.1 deficit.) So £6.2m EBITDA. c.7x EBITDA would seem reasonable giving more like a £40-50m valuation. Let's be generous and say £50m £26.6m Debt - £1m Czech Sale + £49.1m PD = £74.7m liabilities. So Equity Value = WIPAC Sale + £50m - £74.7m = WIPAC Sale - £24.7m So they need to get at least £25m for WIPAC for the equity to have any value, and more than £35m for the valuation to be above the current share price, and that is with some generous assumptions. The pessimistic view would be more like the £50m I mentioned originally. Yes, a £20m improvement in pension deficit and a WIPAC sale for c£15m would justify the current share price, or a sale of WIPAC for £30m would give a 3x, but it is the expected value that matters not just the ratio of downside to upside. If the probability of a £20m reduction in PD AND a sale of WIPAC for £30m is less than 25% then the expected value is still lower than the current price. Personally, I rate the combined probability of those events much lower than 25%, others may take a different view.
dangersimpson2: Interesting find, price is the big question. Given the c£80m size of the debt & pension deficit, I think they need to get at least £50m for WIPAC for the rest to be worth more than the current share price.
queeny2: Consort accept cash bid at 40% premium.Which is STILL well below their share price when they bid for Carclo.Don't get excited about that, please.
gordongekko4: @ Baner - I would like to have some of what you must be smoking!!! Mark Rollins joined the Board of Carclo Plc in September 2017 when the share price was 140p. Two years later of Mark Rollins "doing an excellent job for shareholders" the shares are suspended at 10p. If it wasn't so desperately sad, I would be laughing at your comment. ONE CAN ONLY HOPE THAT MARK ROLLINS WILL NOT BE JOINING ANY OTHER PLC BOARD, LET ALONE BECOME CHAIRMAN, IN THE FUTURE.
rivaldo: Lakestreet continue to buy. They've come from nowhere over recent months and now have almost 10%: Https:// They and Duroc now own 23% of CAR between them. If Duroc make an offer they'd probably have to offer around 48p based on prior purchases.
1gw: It will be interesting to see if Duroc were buying today. According to their 2 press releases they've invested 42m SEK so far. Their declared holding is 7.35m shares or 10% of the company. At the current xrate that's around £3.5m invested at about 47p/share, according to my calculations. Lots of volume today so a good chance to mop up and average down if ultimately they believe there's a business here that they can turn round and they want to take control. Given their high historic purchase price (relative to today's price) it seems unlikely they would contemplate launching a full bid until either the share price recovers or 12 months have elapsed since their higher-priced purchases. So perhaps the best we can hope for in the near-term is that they continue to accumulate. I wonder if they would be an option to replace at least some of the bank funding - offering to buy shares up to the 30% level, or maybe even beyond if they are relieved of the obligation to make a mandatory bid when they cross 30%. Effectively they might be an option to get a placing away without too much further discount to the current price.
1gw: Speculation of course, but my guess would be that Consort overstretched themselves with the 13th July offer in order to get talking to Carclo. Carclo had said they would be prepared to discuss a proposal that they would be minded to recommend to shareholders so given they were discussing the 13th July proposal I think that must have been worth around 130p or more (given the 116p proposal was rejected out of hand). The Consort share price had fallen a bit between their proposals, so the "cost" to them in Consort shares would have gone up more than the headline price difference in the proposals. With Consort now presumably having seen the books, I think the Consort walk-away is telling us that Consort don't believe they can make a reasonable return on their investment in Carclo at their 13th July proposal level. I don't think the strategic benefits would have changed so I think that's down to the perceived value of synergies, maybe the resale value of Wipac and maybe also further thought about the pension deficit. Given the synergies aren't available to Carclo on a standalone basis, that would seem to put a medium-term cap on the value of Carclo, unless they can achieve significantly more value from Wipac than was implicit in the Consort proposal. Equally, for reasons discussed on this board before, it's quite difficult to see a white knight seeing much more value in Carclo than Consort could. Since we don't know the level of the Consort revised proposal, it's difficult to say what that cap is. But we can fall back perhaps on the 2nd July Carclo statement that the 116p proposal "in no way reflected the fundamental value of the Company". So now I imagine institutional holders will be putting pressure on the Carclo board to take actions in the near term which get the share price closer to that fundamental value that the board claim to see. It's good to see that Axxion continued to buy post deal-collapse, buying on both the 7th and yesterday. It would be nice to see other shareholders and indeed the board themselves showing confidence in the board's valuation and adding to their holdings while the shareprice remains below 116p.
yump: Or it could just be that its on a p/e of around 10, with some positive announcements and some growth forecast and the bond yield likely to have at least bottomed out and CAR share price hitting previous support.
Carclo share price data is direct from the London Stock Exchange
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