Share Name Share Symbol Market Type Share ISIN Share Description
Candover Inv. LSE:CDI London Ordinary Share GB0001713154 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 115.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
114.00 117.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.20 -15.50 -70.00 25
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
08/4/201419:02Candover Investments - A Recovery Play !113
27/4/201016:28The Candover Investments Thread139
09/5/200608:47Controlled Demolition Inc11
24/9/200208:37New Candover appointment12

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topvest: Still not very impressed at how long this has taken and the lack of communication. Be lucky if we get more than £1 back, although the share price is probably the closest guide at this stage.
tiltonboy: Perhaps a little credit should be given for holding on to Parques Reunidos. The share price has been quietly ticking up recently.
buttanc: There is a useful figure for debt repayment in the analyst presentation on the website. It says: Repayment of the outstanding loan is subject to a minimum return of 1.4x. Full repayment would dilute year end NAV by c.7pps. So I assume that NAV per share would have been 156p after debt repayment. I though about selling today, but on this NAV the share price seems too low. Short of a collapse in the share price of Parques Reunidos, the eventual payout will be significantly more than 120p.
langland: Obviously, we can only guess at the detail but I have calculated the NAV at end Dec at around 1.54. It seems logical to me that there should be some uplift over and above the June NAV because PR and TechG are both about 15/16% higher. Against this the gross debt, which we are saddled with, should only be 6.5% higher at 32.8mn. (Annual interest rate is 13% so should be half for the 6 months.) So what happens now? Maybe they will sell the TechG stake as well to raise say another 8mn. Whether they do or not remains to be seen but I think there is another possibility which has not been mentioned and that is a capital return. The implication from the debt refinancing RNS was that the facility should incur charges for 2.75 years. So we have another 15 months (at a minimum) of interest cost to bear….at 13% pa = 16.25%. We do not know the small print but what is to stop CDI repaying a chunk of the debt out of cash balances and take the hit on the additional 16.25% interest cost. If you actually work through and crunch the numbers, I think it would be possible to return say 30 pence now and still be within the debt covenant of assets must be at least twice the debt. If I have worked the numbers correctly, the interest hit would reduce the NAV to 147/8. 30p capital return reduces share price to 68/9 and NAV to 117/8. They could then repeat the process with TechG and return perhaps another 20-30p.
skyship: That's good - Barwon are now out...
rcturner2: I suppose that any sale above the discount to the NAV is still positive for the share price theoretically at least.
skyship: So, £6.7m from the sale of Fokker; now £12.0m from the sale of Stork. Total of £18.7m = 86p/share. Price disappointing; but we do now have CASH, though of course still need to retire debt. Hopefully Parques Reunidos will do that for us. The shortfall versus the last valuation is £7.9m - knocking 36p off the 375p NAV as at 30th June. Good to have disposed of a small asset; now just need a better result from the sale of Parques Reunidos & Technogym. Certainly not selling on this small setback...;pkw=technogym&pmt=e&gclid=Cj0KEQiA-ZSzBRDp3ITHm5KO_JYBEiQA1JjHHPo4CFvGRqsi8iLVhflKnC6VjkF0lPZd9_RCapt1HyIaAr_M8P8HAQ
rcturner2: hazl, investment trusts tend to have a discount, which is the difference between the share price and the NAV. This discount can widen significantly, particularly if the NAV is falling. You essentially get a double whammy, which is pretty much what happened here. If you buy Candover you are essentially buying stakes in 5 private companies, basically at a significant discount to the true value of the companies in question. Now whether you think that is a good idea depends on (a) the outlook for the companies in question and (b) the ability of Candover to extract the value from their holdings. We are due the next valuation sometime in August and that will give a good idea of the current position and the outlook for the trust. The last trading statement for Candover showed that for 4 of 5 businesses things are going reasonably well, with one stinker in the portfolio. Hence the discount to NAV for the stinker (expro).
iainjross: I saw Skyship's post on the Fool and had a good read through the posts on here, those by Felix99 were very useful, and this thought this was looking like a nice opportunity but on having a deeper look at the numbers I am just not sure I see the attraction here. Assume that the Net Asset Value is written down to £100m in August. Given that the US loan notes are due in Dec then the new loan facility shall be exercised. I shall assume that they draw it all (E52m) and so: E19.4m @ 1.15 years (13%) = 2.522 + 0.3783 = E2.9003m E32.6m @ 2.75 years (13%) = 4.238 + 4.238 + 3.1785 = E11.6545m Total = 52 + (2.9 + 11.65) = 52 + 14.55 = E66.55m (£46.68m) So paying back the loan and interest leaves £53.4m (100 - 46.68) and this gives a Net Asset Value per share of 245.18p (53.4 / 21.78 * 100) which is below the current share price. It seems the share price already has a premium built into it. Am I missing something here? All comments welcome.
jgh03: The monthly investment by Fallen should not be construed as a comment on the share price versus value, but as part of aligning his interests with those of shareholders generally. The Annual Report for 2014 (page 34) says that "... the Board agreed a revised remuneration structure, to take effect from 1st January 2015, comprising solely of a fixed salary of £500,000 with no further pension contributions or performance-related bonus. As part of the revised remuneration package Mr Fallen is required to invest £10,000 of his gross monthly salary, net of taxation, in the shares of the Company throughout 2015." Of course, he may well be very happy about this at the current price.
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