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CAV Cavendish Financial Plc

0.10 (1.29%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cavendish Financial Plc LSE:CAV London Ordinary Share GB00BGKPX309 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.10 1.29% 7.85 121,831 12:39:42
Bid Price Offer Price High Price Low Price Open Price
7.50 8.20 7.85 7.75 7.75
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investment Advice 32.65M -5.52M -0.0305 -2.57 14.22M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:19:21 O 50,000 8.018 GBX

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Date Time Title Posts
26/11/202307:12Cavendish Financial - FCAP and CNKS 19
20/9/200705:23Chelsea Supporter27
10/9/200313:17Are CHELSEA heading for BANKRUPTCY?85
21/7/200306:41Chelsea Village Sold ?29
17/10/200216:02KEn Bates out of Chelsea3

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Posted at 10/12/2023 08:20 by Cavendish Financial Daily Update
Cavendish Financial Plc is listed in the Investment Advice sector of the London Stock Exchange with ticker CAV. The last closing price for Cavendish Financial was 7.75p.
Cavendish Financial currently has 181,094,844 shares in issue. The market capitalisation of Cavendish Financial is £14,215,945.
Cavendish Financial has a price to earnings ratio (PE ratio) of -2.57.
This morning CAV shares opened at 7.75p
Posted at 19/10/2023 09:57 by quepassa
At today's mid price of 6.35p, the current MARKET CAP of Cavendish is just c £23.55 million.

The last known pre-merger cash positions were as follows:-

Cenkos as at 13/12/22 £14.2m

FinnCap as at 30/6/23 £9.1m

Even allowing for dividends and other merger related expenses, this share remains heavily cash-backed at its current highly depressed price.

The debut Cavendish Trading Update released less than a month ago on 29/9 sounded promising, relatively upbeat and referenced several significant transactions post-merger.

Posted at 03/10/2023 02:06 by arthur_lame_stocks
Personally I believe these shares are good value at the current price. They should be trading at a discount to NTAV, NCA and net cash with plenty of scope to pay for restructuring without ruining those metrics.

Eventually the market will recover and when it does I think we can look forward to this company making bumper profits.

I'll be a buyer if and when the STM takeover goes through and I may have some investing cash.
Posted at 10/9/2003 13:17 by pawsnjaws
Why are no trades taking place for CAV - does anyone know..
Posted at 09/7/2003 07:43 by silverdays
Flack, another variant of murphy's law I would say - and one to which I too fall victim. I now have the offer to purchase document for my CAV shares. It says, as rambutan points out, that if he gets 90% then the rest will be purchased compulsorily. Annoyingly, it also keeps harking on about the offer being a premium on recent closing and 50% better than average CAV price over the last X months - but says nothing about the loss for the loyal fans like me who piled in at the float at 58p and subsequent purchasers up to £1.60 (including several players at the time - Wise, Burley, Myers, etc). The interesting point is that if he gets 70% then CAV will be withdrawn from AIM, making the minority holding very difficult to trade. Harding's widow has apparently pledged the family 20%, so he has the 70% already. The only thing stopping him getting 90% is what Sky does with their 10%. My feeling is that Sky will sell with some sweetner being offered to offset their hefty loss. I didn't want to sell, I also bought for sentimental values but I now reckon I might as well, rather than end up with a 'dead' holding that will probably have to be sold anyway.

Any other shareholders have any thoughts on what to do or what Sky will do with their holding?
Posted at 03/7/2003 15:12 by marquis
Chelsea less than a year from collapse before Russian takeover
By Jason Burt
03 July 2003

Chelsea were less than 12 months away from financial collapse, experts claimed yesterday. The full extent of their plight was revealed as Ken Bates, the chairman, claimed he had sold the Premiership club to secure its future. "I think this is a great move for the club and the right time for me to sell up," he said.

It has emerged that Chelsea were struggling to cover repayments of £23m - due tomorrow - which are owed to a consortium of banks as part of an overall debt of £90m. Failure to make the payments would possibly have kick-started the first moves into putting the parent company, Chelsea Village, into administration.

Also on the business front, it appears likely that there will be an inquiry by the Financial Services Authority into the sale of shares just before the £60m takeover by the Russian businessman Roman Abramovich. There was a 50 per cent increase in the share price in the weeks before the deal was announced on Tuesday evening.
Posted at 03/7/2003 15:03 by marquis
It might be worth reading this site;

This article was interesting;

Some interesting accusations, I quote directly from the site;

"Another Village tradition is related companies being criticised by the authorities. Seymour Pierce were fined £75,000 by the Financial Services Authority (FSA) this summer after its head of corporate finance was found to have bought shares in companies that he was advising. The fine was imposed on the firm for allowing its 'Chinese walls' to break down. There is a fundamental understanding that finance houses which possess both price sensitive share information as well as an interest in the trading of those shares must maintain an invisible but inviolable barrier, a 'Chinese wall', to ensure that the two pieces of information do not come together as this presents a clear potential conflict of interest.

The FSA investigation centred on the dealing carried out by Clive Mattock, Seymour Pierce's head of corporate finance between June and December 1998. In addition to advising companies, Mattock bought shares in those companies on his own behalf and for private customers. The FSA also criticised Mattock for failing to declare his personal stakes in six corporate customers, and for failing to keep adequate records of transactions he carried out on behalf of his customers. At the time of the offences the company was still known as Ellis & Partners.

For the record the Village advisers at the time of flotation were Neill Clerk Capital Ltd, a company subsequently fiercely criticised by the AIM for its practices in the early days of the market (when the Village floated) before the rules were tightened up. Saffrey Champness Management International, the company behind Swan Management, erstwhile front company for the major shareholders in the Village have been named in Stanley Tollman's indictment as one of the offshore vehicles where Stanley hid his cash. And now Seymour have been caught out insider trading."
Posted at 03/7/2003 12:26 by silverdays
the telegraph today says that abramovich will now make an offer for the remaing 50% and take CAV private. harding's widow has pledged her 20% and some others too. But Sky are not guaranteed to agree with their 10% or so and the huge numbers of small shareholders (I bought a few at the float price of 58p) won't all want to sell either, especially if they bought high (up to 170p). What happens if I don't sell? At what % level does it become compulsory to sell the shares?
Posted at 01/7/2003 20:25 by snowmann
If anyone wondered why the spike in CAV share price , apparently Ken Bates is in talks with a Russian Consortium to sell Chelsea Village .

Price is something like £ 140-60 mill including taking on present debts .

Chelsea supporters may be pleased to get rid of Ken but a Russian consortium ??

Announcement is imminent apparently .
Posted at 07/5/2003 12:30 by silverdays
leeds and chelsea are no comparison imho. Chelsea's finished ground, hotels and general real estate value are massive plusses in CAV's favour. Leeds is a busted flush off the field (could still come good next season on it!)

Re. earlier discussion on assets of over 200mill this has to be virtually all property (you might get 25mill on all the squad players as a job lot - gallas, terry, cole, lampard essentially) and can only be liquidated by destroying the club - but, hey, maybe whoever takes over from cuddly ken will see CAV as a property company!

I believe CAV is well fixed for the future with or without champion's league football. The player wages will slowly come under control over the next 2 years and chelsea have some of the wealthiest supporters (except me) in the country that are and will be milked mercilessly (a recent trip for me and 2 sons to the bridge to see them thrash everton cost me over £150).

Keep the faith, CAV will prosper.
Posted at 07/3/2003 20:45 by hilary
February 14, 2003

Legal spat may shed light on Chelsea
By Russell Hotten

THE affairs of Chelsea Village (CV), the football and leisure group, have become a sea of conspiracy theories that stretch from its West London home to New York, Guernsey, South Africa and the Middle East.

The state of CV's finances, the true identity of shareholders, a US fraud investigation into a former director: such issues have generated intense speculation. Now shareholders await news of the emergence of a new investor, possibly as a prelude to CV's chairman Ken Bates relinquishing some control over the company.

Yet, despite indications early last month of something imminent, there has been precious little news of fresh investment. No wonder shareholders, many of them Chelsea supporters whose investment has been eroded steadily, complain that there are too many questions and not enough answers.

Some of these questions CV is not in a position to answer; others the AIM-listed company is not obliged to. But often the impression given by CV, 9.9 per cent-owned by BSkyB, the satellite broadcaster in which The News Corporation, parent company of The Times, has a 35.4 per cent stake, is that secrecy is preferable to openness.

The result has been a huge amount of criticism of the CV board, with Mr Bates singled out for special attention, particularly from the website, However, an issue that may soon shed some light on the affairs of CV is the fallout from a legal spat between two solicitors.

What started as a dispute between two men over money may end up revealing much about offshore interests connected to shareholders in CV and links to an investigation in America about a bank fraud.

Neil Jacobsen, of Jacobsen's solicitors in London, is suing his former partner, Mark Taylor, for money allegedly owed the firm, something which Mr Taylor is contesting.

While working for the firm, Mr Taylor acted for CV and later joined the board as a non-executive director. He eventually set up his own legal practice, whose main client is CV.

In the raft of claims and counter-claims that have been submitted in the case, Mr Taylor says that in 1998 Mr Bates lent him £500,000 to help to buy a house, and then a further £200,000.

But in a letter to Mr Jacobsen the Chelsea chairman denied lending money to Mr Taylor. It it later emerged that the money came from Harbour Group, a trust management company in Guernsey. One of the trustees for Harbour is Patrick Murrin, a non-executive director at CV.

And then, Mr Jacobsen, got a letter from Mr Taylor's solicitor, Alastair Pepper, of Carter-Ruck & Partners, a firm better known for libel actions and one which often acts for Mr Bates. The letter said that the £500,000 loan had been repaid to Harbour, and £200,000 written off.

The £500,000 loan had been made at a 1 per cent interest rate, well below the commercial rate. It is not clear if steps were taken to protect the loan by valuing Mr Taylor's property or ensure that there was provision for repayment of the money if the interest payments were not kept up.

Mr Jacobsen complained to the Guernsey Financial Services Commission about the workings of the trust, and Peter Neville, the GFSC's director-general, confirmed he was investigating Harbour.

It now appears that the US Department of Justice is also taking an interest in Harbour as part of its investigation into another individual who had close links with CV, Stanley Tollman. South African-born Mr Tollman is described by US investigators as a "fugitive from justice" after failing last year to appear in a New York court to answer fraud and tax evasion charges. Mr Tollman denies any wrongdoing, calling the claims against him "misconceived".

According to the indictment, one of the companies used by Mr Tollman and his associates was called Chelsea Acquisitions and that income from the alleged fraud found its way to a foreign bank in Guernsey.

Unfortunately for Mr Bates, his name appears as a shareholder of Chelsea Acquisitions, though he strenuously denies any involvement and does not know why he has been named.

Although Mr Tollman, who lives in London, has not been a director at Chelsea for ten years, he is a long-time friend of Mr Bates (the Chelsea chairman's dog is called Tollie) and the two men are thought to have kept in contact.

The reason that the US Justice Department is now digging deeper into the Guernsey connection is that Harbour, the subject of Mr Jacobsen's complaint, administers a trust called Swan Management.

Swan had been a 26 per cent shareholder in Chelsea Village, and it has been widely speculated that the beneficial owner of this trust is Mr Tollman. Last year Swan sold its entire holding in CV. Almost half the shares were bought by Mr Bates, taking his holding to 29.5 per cent, but the destination of the remaining 14 per cent is unclear. One month after this sale, Ashraf Marwan, an Egyptian financier and son-in-law of the late President, Gamal Abdul Nasser, emerged as a 3.2 per cent shareholder in CV.

This sparked much interest because Dr Marwan, an associate of the late Tiny Rowland, had been a shareholder in Cabra, which owned the freehold of Chelsea's Stamford Bridge. In 1992, after a long battle with Cabra, Mr Bates secured control of the ground after Dr Marwan sold him his stake.

It is possible that Dr Marwan bought some of the Swan trust shares. What happened to the rest is not known, though one theory is that they remain under the control of Mr Tollman. Swan originally bought its stake in Chelsea from Rysaffe, another Guernsey trust, in 1996. Rysaffe was administered by Saffery Champness, the chartered accountants, one of whose partners was Patrick Murrin. And, as mentioned earlier, Mr Murrin is a trustee of Harbour and a non-executive at CV.

Just to confuse matters further, Saffrey Champness Management International is named in the US Justice Department indictment as a firm that "managed and oversaw bank accounts held by Stanley S. Tollman".

The importance of all this is that the inquiries into Harbour might reveal more about the identity of those behind Swan Management which, in turn, might shed light on who owned a substantial stake in CV. There is no suggestion that anyone on the CV board has done anything wrong, and the use of trusts and offshore accounts is commonplace. But continued speculation could be damaging for the company, and is certainly a worry for shareholders.

With CV hoping to bring in a big new investor, the company can ill-afford to be the subject of so much suspicion. Investors are desperate for news, and with some shares in the hands of unnamed individuals or groups, rumours that there could be bid for CV won't go away. On January 8 CV announced that it was in talks to sell all or part of the unissued share capital (representing 15 per cent of the company) at a significant premium to the market price. "The injection of new equity into the company is in the best interests of the company and most important for its long-term future," the CV statement said.

Although shareholders would see their stake diluted, including Mr Bates, whose holding would fall to about 25 per cent, the sale was expected to raise up to £10 million for the loss-making company.

Paul Taylor, chief executive of the Rotch property group and a lifelong Chelsea fan, was tipped as the investor. And the California Public Employees' Retirement System (Calpers) has also been linked as an investor, or possible buyer of the whole club. Yet, there is still no news of the investor or investors, and the shares have eased back since that January announcement from 23p to 19.5p. Once again, many shareholders and football fans have been left wondering about the future of their club.
Cavendish Financial share price data is direct from the London Stock Exchange

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