Share Name Share Symbol Market Type Share ISIN Share Description
Carillion Plc LSE:CLLN London Ordinary Share GB0007365546 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 14.20 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 5,214.20 146.70 28.90 0.5 61
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 14.20 GBX

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16/1/202007:39Carillion - Charts & News11,691
29/9/201708:34Carillion downturn. Why?13
14/7/201721:26*** Carillion ***2

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Carillion Daily Update: Carillion Plc is listed in the Construction & Materials sector of the London Stock Exchange with ticker CLLN. The last closing price for Carillion was 14.20p.
Carillion Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 430,254,629 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Carillion Plc is £61,096,157.32.
pyueck: Guys everybody knew there would be huge dilution before today. But let’s remember that a d4e swap will mean the company has less debt and the company a) potentially will survive and b) the leverage for existing shareholders will be lower. The share price is 14p, a year ago it was over £3. The fall is not without good reason, I.e the companies profits were a lot of rubbish. However to say that the value of the shares will be 1p after a d4e swap is wild speculation. We don’t know the terms yet. Debt holders won’t be able to convert debt that is trading at 20p in the pound to the current value of the share at face value. They will take a haircut, in conjunction with existing shareholders also having a rights issue or more likely and open offer. Even if the share is diluted 90% this would in know way mean the share will be 1p. It will depend on how much the share is diluted and what the value of the newly structured company is. Hence why banks are keen to ensure the turnaround plan is realistic before they ageee to it. Again I am not underestimating the scale of the issues and total collapse is a real possibility still. However the rns I think at least shows that administration is not on the cards this weekend (I thought it may well have been) and that discussions with lenders are ongoing. A big part of me thinks lenders will not want to see this one go south, they have nothing to gain from it. So much is up in the air any speculation of what the dilution will be or what the resulting share price after any deal will be is just speculation. All I think is that today’s share price reflected the incorrect news that the creditors had rejected the proposals and that administrators were waiting at the door. I don’t think it’s quite that bleak, yet ...., and for that reason I see a rise on Monday to around the 20p mark. If a deal could be thrashed out, even just to sort out the short term financing, before Monday it could reach 25p. But as I say the long term value, who knows.
kingston78: I have seen many corporate failures over many years and it is my belief that CLLN will join the list unfortunately. Debts far outweigh assets. Whatever value that you perceive that the company has is insufficient to pay off the liabilities. It does not matter in what form the restructuring will take place, so long as the lenders refuse to throw good money after bad, there is no hope of the company surviving. In other words, the share price will be reduced to ZERO. Buyers will buy some parts of the business, but the proceeds will go towards preferential and secured creditors, not the ordinary shareholders. Looking at the share chart, the recent feeble attempt to push up higher has failed. People have commented on low readings of RSI etc and there was some hope that as they rose the share price would follow suit. The technical indicators have been moving up positively, but the share price has moved up marginally. It has not been high enough even for day traders to make a decent profit whilst the trades carried high risks. Today's initial rise has turned into a loss at the close is a very bad sign technically. I am convinced that the share price will halve from the current level to 7 or 8 p when the graph hits the bottom of the bollinger band before halving again to 4 p. This is my prediction based on my observation of share price movement in this type of situation.
kingston78: Market makers don't care about the price of any company as they always try to keep a tight and balanced book. They make money by the spread between bid and ask, whether the share price goes up or down. I suspect that the reason for the share price to be fairly stable is that demand and supply are at a similar level. Holders do not want to sell at a substantial loss. Buyers are not keen just in case they get burnt despite the low price. This is an interesting time. Some people comment that there is enterprise value and the share price is too low. What enterprise? Have you not come across shares that are below 1 p each? Low does not mean cheap! This share is a time bomb waiting to happen. I suspect that it will reveal more bad news as management, auditors and advisers investigate into all aspects of the company. The RSI is ticking up gently but the MACD and Stochastic are still pointing downwards with a low reading. I foresee the share price halve from the present level on announcement of bad news and then halve again, taking it to about 5 p as the die-hard shareholders call it a day by selling.
kingston78: Many people may have forgotten about the Company's pension deficit. The Pension Trustee will act in the best interest of the pension scheme members and in accordance with the law. No one will take over Carillion in its present form because its liabilities are huge whereas the profitability of some of its contracts is in doubt. Competitors would like to see it collapse into administration and then picks the best parts for a song. Some posters have commented that the RSI is very low so they thought the share price would rise. This theory is misplaced. RSI is a mathematical formula and it can stay very high for a long time sustaining a rising share price, unwinding the overbought situation. The same is true in a depressed share price when the RSI remains low and unwinds itself. You need to look at technical factor such as the MACD. The Bollinger band has a lower limit of 10 p and I would not be surprised to see it drop to this level.
fenners66: JAF Its not obtuse. I have given real statistics to show you 1, shorting does not move share prices on its own - the results do that - see both Roku and Ocado as examples the Roku example was Live as I wrote it and extreme. 2, If selling shares is the problem - then every long who makes a profit does it by selling shares - how dare they that has the same effect as shorting ! 3, I have pointed out that no one buys shares in the market to help the company - they buy shares to sell and help themselves. 4, The example of shorts on CLLN shows full well that they were not moving the share price - shorts have been held for years its the news that did that. Indeed the price now is the function of supply and demand now , once the shares have been bought or sold that is it - until the next time they come to the market. I buy shares I create demand - seconds later that demand is gone and the share price reverts or whatever I am no longer affecting it. Short closing - when the shorts get it wrong can help make the longs profits (as long as they then sell as well !). Its all just supply and demand
fenners66: If shorts are greedy - i.e. want to make a profit then longs are identical. If you want to send donations to the directors at CLLN to help with their financial position then I'm sure they will be gratefully accepted and no one will call you greedy - provided of course you have not gone short or long in the meantime. As far as shorts damaging a company - lets nail that BS right now - the only reason they could make any profit out of this co. is that the share price was not supported by the co.'s results - they were mis-reported and the damage was being done by failing to address the company's issues instead adding figures to P&L and BS as the easy way out. Look at Ocado 2nd highest shorted company on the market, highest short point early 2016 Today it releases GOOD news - not admitting it made up its accounts and lo the share price rises 20% and the shorts lose whilst the longs gain. Shorting a company ; even massively; guarantees NOTHING it remains a risk just as going long - it is the company's results that ultimately drive the share price in either direction.
fenners66: Ok so a bit more Research - you know the stuff you rampers do not do.... Appointed Jarvis Plc 14 October 2004 Advfn share price chart quotes 1200 (must have been adjusted for rights issues) Resigned 30 June 2006 Advfn share price chart quotes about 85 So presided over a period where the advfn representation of the share price fell about 93% they later went bust as we know.... Is he (as a Chartered Accountant ) going to trumpet that as his finest hour?
calahan: Decent article here that summarise some things fairly well (I've copied it below for the convenience of those who can't view it. Apoologies for the wall of text for those that can). hxxps:// Carillion crisis: Four questions that won't go away - 31 August, 2017 By James Wilmore Share price rollercoaster – when will it end? Nearly two months since Carillion’s share price collapsed after a major profit warning, the group’s fortunes remain on a knife-edge. The contractor and services firm saw its share price dive 70 per cent last month on the day it revealed chief executive Richard Howson was to step down following an £845m writedown. The group has remained in the headlines as its share price has, with every announcement or non-announcement, seen significant fluctuations. Last week shares slid to a new low as investors were seemingly spooked by the fact that it had delayed the announcement of its half-year results – even though this had been revealed at the time of Carillion’s July trading update. Its stock then subsequently edged back up – apparently off a £300m contract win in Manchester, revealed by Construction News. Such fluctuations show no signs of abating, giving some credence to suggestions from analyst UBS that, while the firm can potentially be recapitalised, a worst-case scenario could even see shares eventually fall to zero. Carillion’s interim chief executive Keith Cochrane will be hoping to steady the ship next month when he reveals the results of a strategic review. Why is Richard Howson still there? As the man at the helm of Carillion for the last five-and-a-half years, it was no surprise that Richard Howson immediately stepped down as chief executive after last month’s damaging update. However, interim boss Keith Cochrane told Construction News Mr Howson was being kept on for up to a year to essentially help collect money from problem contracts. Eyebrows were then raised even higher by the news, as revealed by CN, that Mr Howson was taking back his old title of chief operating officer as part of Carillion’s “leadership221; team. As one commenter on our website put it: “You’ve got to be joking!”. Yet analysts have been less moved, with one saying: “[Howson’;s] background is construction, so it makes sense that he’s at the forefront of getting cash through the doors from these contracts.” Each of the senior people I’ve spoken to about Carillion’s woes has, without fail, described Mr Howson as being a well-liked and respected character. But questions remain over how such a situation arose on his watch. Will Carillion be bought? So far, no suitors have emerged. One senior industry executive told me the major deterrent for any buyer would be the size of Carillion’s pension deficit, which stands at around £600m. Apple Value analyst Stephen Rawlinson told Construction News: “Any predator will be mindful of the pension liability, which could be a barrier to any deal.” Balfour Beatty, one tipped suitor, has already ruled itself out. It appears its boss Leo Quinn is resisting the chance of a sweet irony, as it was only three years ago that Carillion sought to take over a struggling Balfour. Now the tables have turned. But parts of the business could still be bought, as Carillon has said it is looking to sell assets to pay off debts, along with reducing net borrowing. It is hoping to raise £125m in the next 12 months. What happens next and can Carillion survive? Consensus among analysts still appears to be that Carillion will do a debt-for-equity swap to escape its woes. “This appears the most logical outcome,” Mr Rawlinson says. But he adds: “There’s no way of understanding the value of the equity at the moment because you don’t know what’s going to happen. You don’t know where they’re up to with the debt, but there has to be some kind of debt-for-equity swap.” What should be remembered is that Carillion is an integral part of a number of high-profile government contracts. “Carillion is a major player on PFI and government contracts, so the government won’t want to see it collapse because of debt,” says Greg Malpass, an independent M&A construction industry analyst. Meanwhile, Balfour’s Leo Quinn has tipped Carillion to survive and emerge a “smaller”; but “better” company. Mr Rawlinson echoes this sentiment. “I think they will survive. You have to remember Carillion is the UK’s largest FM business. They know what they’re doing.”
spob: Carillion fights for survival after share price crash Troubles faced by UK construction group risk spreading to thousands of subcontractors by: Gill Plimmer Financial Times 13 July, 2017 One of the UK government’s biggest contractors and an employer of 50,000 people worldwide, Carillion is fighting for survival after a calamitous fall in its share price wiped nearly three-quarters off the company’s value in three days. A damaging profit warning, revelations of a sharp increase in debt and larger than expected writedowns on four projects this week confirmed what many short sellers in the market had bet on for years — that Carillion’s finances were far shakier than appeared. Carillion is the biggest manager of military bases for Britain’s Ministry of Defence and its other activities range from maintaining tracks for Network Rail and building roads for the Highways Agency, to hospitals in Canada and Oman’s parliament. " [Carillion’s woes] will raise questions on how the industry is built on balance sheets that don’t have any foundations; they don’t have any assets " Rudi Klein, Specialist Engineers Contracting Group Fears are now growing that the shockwaves triggered by this week’s announcement will spread to thousands of sub-contractors used by the group. On Thursday, Oxfordshire County Council said it would end in September a 10-year deal with Carillion to build schools and supply property management services, which had been signed in 2012 and was due to run until 2022 and be worth £500m. Bankers at Lazard are scrambling to find a solution after Carillion on Monday announced a “corporate and strategic review” — and its share price has plunged by 70 per cent to 59p since, although it recovered 3 per cent on Thursday. Already the group has written off £845m of operating profit from construction contracts, replaced its chief executive, Richard Howson, and suspended its dividend. Its more dramatic options to stave off bankruptcy include a rescue takeover, a debt-for-equity swap or a heavily dilutive equity raising from shareholders. The debacle puts thousands of the company’s contractors and subcontractors at risk and highlights the frailty of UK construction companies, which have almost no assets and outsource nearly all of their work. The sector is vulnerable to slow payment practices — for years Carillion has had a reputation for late payments to suppliers. Questions are also being asked by analysts over accounting practices in the industry, including how early companies record profits on long-term contracts, which can affect how much they can borrow. “Everyone will be watching the Carillion process with a lot of anxiety,” said Rudi Klein, chief executive of the Specialist Engineers Contracting Group. “There’s thousands of contractors and sub-contractors tied up in the company and the way things are going they will be incredibly concerned. Now the subcontractors are wondering if they will get paid in three months and if they are paid late they may suspend work.” Mr Klein added that Carillion’s woes “will raise questions on how the industry is built on balance sheets that don’t have any foundations; they don’t have any assets”. Carillion has been shifting from construction to less risky support services contracts, such as facilities management, which now accounts for almost two-thirds of revenues. Almost all of the losses have come from its building arm, which was hit by a squeeze on contracts and margins after the financial crisis. The company has faced delays to payments on public-private partnership contracts in the UK — an area it is withdrawing from — as well as rising materials and labour costs. It has also suffered, along with industry rivals, from a slowdown in signing contracts since the Brexit vote. This week Carillion highlighted some key projects — including Merseyside’s Royal Liverpool Hospital and an Aberdeen road project — on which it has taken large writedowns. This sparked concerns that the company’s problems could run deeper, with profits potentially set for a sharp decline. The company announced savings from axing its £80m dividend and withdrawing from business in Qatar, Saudi Arabia and Egypt. But these are unlikely to make a significant dent in its debt mountain — its net debt has risen from £42m in 2010 to £695m in the first half of 2017 and is expected to reach £800m in the second half. Carillion’s market value on Thursday morning was about £250m, dwarfed by its £663m pension deficit, meaning any rescue deal would need to be negotiated with trustees. Some analysts are forecasting a diluted rights issue of about £500m — double the company’s current stock market value. “The most likely course of action will be a rights issue, but we would not rule out a more dramatic restructuring (an exit from construction?), or potentially a combination of both,” analysts at RBC Capital Markets said in a note. But Stephen Rawlinson, analyst at Applied Value, said he viewed a rights issue as “extremely unlikely”. “Why would any investor put money into Carillion when the trustees would have first call on it? There needs to be an agreement with pension trustees and they don’t tend to act quickly.” Sources close to the company said that an emergency rights issue would take time to engineer given the instability in the share price and the churn in the share register. The company is exploring a range of other options, including a debt-for-equity swap, the source said. The option of a purchase of part or all of the business has been downplayed, as rival British contractors including Balfour Beatty — the subject of an aggressive takeover attempt by Carillion in 2013 — appeared to rule out bids. However, industry watchers speculated that a Chinese company could make a play for the group given Beijing’s ambitions to move into the British construction market. “I can’t see any British firm bidding for it,” said one industry source. “Why would you invest? How many businesses do you know that have only had [just] one profit warning? They have hardly any assets they could sell and the pension trustees would have first access to the proceeds anyway.” Carillion insisted it had substantial liquidity and was in no danger of breaching banking covenants, which do not mature before 2019 and 2020. It said that with £4.8bn new orders last year and £2.6bn so far this year it was still winning work and going about its business as usual. But there are concerns that the situation could quickly deteriorate, particularly if the group started struggling to pay suppliers. “If you’re a contractor working for Carillion you’ll be worried about progress payments over next three months because they may slow down payment to the supply chain by even more than 120 days,” said Mr Klein, who added that he was advising subcontractors to assess the risks and chase outstanding payments. Mr Rawlinson did, however, point to rivals of Carillion that have survived similar problems. “The sector has been prone to over optimistic views of costs and revenues for a long time,” he said. But although some such as Jarvis, the rail contractor, have gone into administration, others such as Serco, Mouchel and Balfour Beatty have faced spectacular blow-ups and survived. Supplier payments attract attention Carillion’s slow payments to suppliers have come under the spotlight as analysts and hedge funds said the practice was a sign of the company’s parlous financial state, write Emma Dunkley and Gill Plimmer. The UK construction company warned this week that it needed to shore up its balance sheet as its debt spiralled and it made £845m of contract writedowns. Some analysts and investors said invoice payment methods and use of supply chain finance had exacerbated its debt problems. Carillion took the decision a few years ago to extend payment terms to its suppliers to 120 days, nearly doubling its previous payment timeframe. The move was part of a new government-backed payment system it had adopted, called the Early Payment Facility. Under this scheme, partnering banks would offer to pay a supplier earlier than 120 days for a charge. Carillion would then pay the bank back at the end of the term. This process, sometimes known as “reverse factoring”, is designed to ensure suppliers have fast access to cash. One analyst said the move to extend payment terms allowed Carillion to keep cash for longer, at a time when its cash reserves were low, and move debt off its balance sheet. But the controversial practice, an initiative of former UK prime minister David Cameron, has concerned some investors. One hedge fund manager told the FT he had been shorting the stock for a couple of years because Carillion had failed to agree invoices or pay them quickly. “When we see payment terms lengthening it’s a red flag and that’s why we shorted it,” he said. Carillion was one of the biggest users of reverse factoring. One of the risks is if banks become nervous about Carillion’s ability to pay, they could limit or withdraw the facility. According to Carillion’s website, partner banks include Lloyds Banking Group, Royal Bank of Scotland and Santander. One industry expert said: “The banks will probably have put in place credit insurance so if Carillion falls into insolvency they might have insurance that will pay out.” Another issue is that if suppliers become worried, more of them will ask for earlier payments, putting pressure on the funding facility to deliver this. COMMENTS (3) Upaswellasdown 6 hours ago Gill – well done on getting the competitors to rule out bids.Was that on the record? A few other comments - Chart showing net debt and order book – a bit misleading – the 2nd y-axis gives the initial impression that orders have fallen to zero.In any event, an order book of £16bn vs net debt of £200m looks ok but what matters is how this order book turns into FCF.Pre-tax profit margins of 2.8% imply post-tax margins of 2.2% and suggest the order book could be worth £363m.But how much of that profit will become cash?E.g. will it become large contract debtors?Should also bring this chart up to H1 as ND vs orders is probably much more alarming then - I wasn’t aware that a trigger for involvement by pension trustees is the relative size of the deficit vs market capitalisation. Is that right?Obviously there are probably other possible triggers.But I can’t see that they will get in the way of any recapitalisation that improves their credit position compared to the precarious position it is in now. - A debt for equity swap could only take place if the current shareholders are almost totally wiped out.It’s a possibility but probably worse for them than a very dilutive right issue - e.g. see Mouchel where equity got 1p / share - Maybe have confused banking covenants with debt maturities – the facilities / bonds which mature in 2019 and 2020 will have maintenance covenants that need to be complied with at each half year testing period.So the debts are a problem long before they need refinancing (though that is when the rubber really hits the road) - You should probably also include Laing and Mowlem in the list of failed contractors ReportShare RecommendReply @MusapuriR 11 hours ago How and why is this mismanagement allowed especially with such a large £663m pension deficit ? The people responsible should prosecuted. ReportShare 1RecommendReply Thisisnotworkingout 1 day ago 663m pension deficit? Bye bye.
pj0077: Good evening benders!A group of us on here can make the CLLN share price rise to 71pence tomorrow.... anyone want to join?!
Carillion share price data is direct from the London Stock Exchange
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