Celadon Pharmaceuticals Investors - CEL

Celadon Pharmaceuticals Investors - CEL

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Stock Name Stock Symbol Market Stock Type
Celadon Pharmaceuticals Plc CEL London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 53.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
53.00 53.00 53.00 53.00
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PHARMACEUTICALS & BIOTECHNOLOGY

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Posted at 10/8/2011 09:24 by chaka
Caparo Energy Limited

("Caparo Energy" or the "Company")

Caparo Energy closes second tranche of Mezzanine

Further orders placed with Suzlon

Directorate changes

Notice of EGM

Closed Second Tranche of Mezzanine:

The Board of Directors of Caparo Energy (the "Board") is pleased to announce that Caparo Energy (India) Limited ("CEIL"), the Company's wholly owned subsidiary, has closed a second tranche of mezzanine funding. This second tranche of mezzanine financing, which is for a 4 year term, of Rs. 1,500m (US$33.5m) is being provided by the Infrastructure Development Finance Company Limited ("IDFC").

As stated in the Company's previous announcement of 20 June 2011, the terms of both tranches of mezzanine financing entail no equity dilution for Caparo Energy's existing shareholders. The Board believes that this will result in enhanced equity returns for investors. The Company expects to repurchase/buy-back both tranches of mezzanine from internal cash flows and the issue of senior debt instruments, bonds or other debt refinancing, within three to five years.

The Board believes that securing these two tranches of financing, totalling Rs 5,000 (US$112m), is a significant step forward for the business and anticipates that this additional funding, along with the Company's existing resources, would enable the Company to develop approximately 700 MW of wind projects.

Purchase orders for 260 MW placed with Suzlon

Since our previous announcement, CEIL has placed specific purchase orders with Suzlon Energy Limited ("Suzlon") for a further 260 MW of wind projects for delivery by March 2012. When combined with the 100 MW ordered in February 2011, CEIL's total purchase orders have grown to 360 MW, of which 52 MW have already been commissioned, with the balance expected to be commissioned in stages by March 2012. The Company will release further updates of orders being placed for delivery by March 2012 in due course.

The new purchase orders for 260 MW cover five individual projects located in the states of Maharashtra, Gujarat, Karnataka and Rajasthan. All of these sites have wind data using a met mast measured at different heights for an average period of over four years and are fully permitted.

The Company has selected these sites based on detailed analysis and independent wind studies completed by internationally recognised firms in this field, and the Board is confident that these projects represent some of the best sites being commissioned in India over the next two years and that the Plant Load Factors ("PLF") for these sites are very attractive.

Following the placing of these orders, which are ahead of the schedule previously announced, the Board anticipates that by March 2012 the Company will have a total of 500 MW of fully operational projects connected to the grid and generating cash flow. Additionally, the Board expects to achieve the full 1 GW of project orders with Suzlon by March 2013.

Management Team of CEIL

CEIL has been building its management team and would like to report that it has identified and recruited certain key personnel to further execute the Company's strategy:

R. Ramakrishnan has been appointed as President of CEIL. Prior to this appointment, he was CEO/Managing Director at GMR Industries (GMR Group is a diversified infrastructure group in India with interests in power, airports and roads) for four years before becoming Group Corporate Head of its Renewable Energy business. Previously, he was the Chief Executive of Sanmar Group and, prior to that, was with the Murugappa Group for 20 years where he worked in Sales & Marketing, International Business Development, Product Management, Manufacturing & Technical services.

CEIL has also made a number of hires in various departments across the company including wind resources, project planning and execution, finance, legal and operations and maintenance, as it continues to look towards the Company's progressive growth for the future.

Directorate changes

The Company would also like to report changes in the composition of the Board:

Angad Paul, CEO of the Caparo Group, is stepping down from his current role as Non-Executive Chairman of the Company and will continue as a Non-Executive Director. Accordingly, Ravi Kailas has been appointed Chairman of the Company, in addition to his current role as CEO of the Company.

In addition, Charles Wilkinson, Independent Non-Executive Director of the Company based in Guernsey, will not be standing for re-election at the forthcoming AGM.

In light of these developments, the Company intends to appoint two additional independent Non Executive Directors to the Board in due course.

Notice of EGM

The Board announces that a circular containing a notice of Extraordinary General Meeting ("EGM"), to be convened for 5 September 2011, at 10 a.m at Anson Place, Mill Court, La Charroterie, St Peter Port, Guernsey, GY1 1EJ, Channel Islands, is today being sent to shareholders. The purpose of the EGM is to seek shareholder approval to update the relevant Board authorities to issue shares and dis-apply pre-emption rights and to change the name of the Company from Caparo Energy Limited to Mytrah Energy Limited.

The notice of EGM and form of proxy, together with an explanatory covering letter from the Chairman and Chief Executive Officer, is being posted to shareholders today and will shortly be made available on the Company's website at www.caparoenergy.com.

Ravi Kailas, Caparo Energy's Chairman and Chief Executive Officer, commented:

"The closing of the second tranche of mezzanine financing in a timely manner puts our company in a position to fund over 700 MW of wind projects without any dilution to existing shareholders. We are also pleased with the strengthening of our management team with people who have a proven track record in the industry. By placing 360 MW of orders with Suzlon for delivery by March 2012, the Company demonstrates again its ability to build utility scale wind power projects with an unprecedented efficiency.

"As the Company's transformative growth continues, its identity has also evolved. Accordingly, the Company is proposing to change it's name to Mytrah Energy Limited and we are excited by the Company's prospects of trading under this new identity. The Board would like to re-iterate its gratitude to have begun as Caparo Energy and would like to thank the Caparo Group for their on-going support to the Company."

Further information on the Company can be found at www.caparoenergy.com.

Posted at 10/10/2009 11:37 by boadicea
contoul - All you have to do (in theory) is wait but I cannot tell you how long that will be and I doubt (from past experience) that Barc will be much help on the details - although I would hope to be wrong in that. They are the first place you should try. (I assume they are your nominee holder.)

My only other suggestion would be to contact the company direct e.g. on 01 223 597 891, to enquire how long the compulsory acquisition and settlement will take.
You may find further contact info here -
http://www.celsis.com/about-our-company/investor-relations/contact-celsis-investor-relations/

Posted at 03/9/2009 11:18 by verger
I am a veteran of RTD & CEL, and now they've both gone. Profits from them have more than covered many other disastrous investments! I have some shares in RENE (Reneuron) a stem cell research company showing promise, although we have been clobbered recently with a massive share placing with major investors at 3p. Nevertheless, it is slowly climbing. Could be useless, but there again...
I have some shares in AHT (Ashtead); you may wish to check it out. And I have just a few in XAR (Xaar), printer ink and all that; has plummeted from £3+, but is slowly recovering.

Posted at 18/8/2009 10:24 by dpeach
wywcu1, looks like KBC managed to pick up all of 717 shares yesterday !!
The investors chronicle says 'sit tight'

Posted at 15/8/2009 11:40 by bookworm1
Investors Chronicle recommends hanging on to your shares and I agree with them. There is a chance that the bid will get revised. Also if they get more than 50% but less than 75% shareholders who do not accept the offer will become shareholders in a private equity group. As a long term strategy that might work out as a better investment than Celsis IMO.
Posted at 08/8/2009 09:20 by dpeach
I think we should all sit on hands at the moment and whatever shares you have hold on to them, at present we would still get 232.5 even if we hold them. I think as per DS in the FT on Friday the institutions are putting a slide rule over this one and probably aren't impressed either... 33% below research we paid for is taking the holding institutions and PIs for fools.

From the F.T on Friday, David Schwartz column:

Last Monday brought news that Celsis, one of my recent trades, was the target of a surprise takeover offer. Ordinarily, announcements of this nature are pleasing. But the Celsis offer brought little joy. The acquirer offered 232.5p per share, a disappointing premium over the previous day's closing price

I do not understand why the Celsis board accepted this weak offer. Celsis is a steady profitmaker. Company-sponsored research by Edison suggests its fair value is almost one third above the offer price. Celsis pays no dividend although it can afford to do so. I suspect that a commitment to pay a reasonable dividend could have boosted its share price to a level very close to the offer price, assuming management wished to remain independent.

Another point to consider is that the world economy is at the bottom of a downturn and an expansionary phase approaches. Market statistics suggest a bull market is underway. In this kind of environment, an independent Celsis will probably be worth more in the near future without a takeover premium.

My conclusion is that the acquisition price is too low. I wonder why a major financial institution such as Gartmore accepted such a poor offer so quickly. I contacted Gartmore but no one was available to explain its decision.

The deal is now quite advanced with 38 per cent of the shares already committed. Even so, I am hopeful that uncommitted institutional investors with clout will do the job that the Celsis board should have done and demand a higher price.

Posted at 06/8/2009 19:41 by davidosh
GWtF.....I certainly feel the private investors have been let down by directors and larger holders here but fortunately there is always something that is better value at the moment to reinvest in.

I have been switching more funds into TND over the last few weeks as it looks like they have done a very good deal with ASDA and are probably on a p/e of three with directors buying heavily. MUBL came up with great results are also on a p/e of below four and the FD has been buying. LOQ and LNG are my other two net cash low rating favourites with interim results coming in next couple of weeks or so at both. They all have fairly well informed boards on ADVFN.

Posted at 04/8/2009 08:54 by davidosh
For private smaller shareholders to prevent this happening we will need the support of at least two and probably three of the institutions as around 75% of the company is held by them. I have done this lobbying before and do think there is a chance to make a stance here but you need to be fast and I do not have the capacity and time to take on every situation myself. Who is up for the hard work involved ?

There were only six private investors at the Agm so you can see where the lethargy is seen and directors own very little of the company so these private equity guys know how to take advantage.

Posted at 28/6/2009 14:32 by dpeach
From Investors Chronicle :

Celsis pushes profits higher

Created: 26 June 2009 Written by: Jonas Crosland

Celsis International delivered a decent performance, thanks to another solid result from its Rapid Detection division which tests pharmaceutical company products for contamination. Turnover there rose 9.2 per cent to $23.7m (£14.5m).

However, turnover fell 13 per cent to $10.7m at IVT, Celsis' unit that supplies human and animal cells to drug developers for the purposes of carrying out early-stage safety tests on new drugs. Business levels declined following consolidation within the pharmaceutical industry and a general squeeze on research and development budgets as a result of the economic downturn.

Meanwhile, sales at the Analytical Services division, which provides outsourced laboratory testing services to pharmaceutical and consumer product companies, fell 4.7 per cent to $18.1m - although business picked up in the second half after falling 9.2 per cent in the first half. And following a strategic review, Celsis has decided to close the loss making Development Services division, which provided very early-stage and pre-clinical drug development laboratory services. Ongoing losses and closure related costs totalled $2.4m.

Celsis continues to run a tight ship, though, and reduced operating expenses by 9.7 per cent to $23.5m. Moreover, cash flow from continuing operations rose from $12.9m to $13.7m and, while the gross margin did edge slightly lower, it still stands at an impressive 69.8 per cent.

CELSIS INTERNATIONAL (CEL)
ORD PRICE: 182p MARKET VALUE: £39.8m
TOUCH: 179-186p 12-MONTH HIGH: 200p LOW: 129p
DIVIDEND YIELD: nil PE RATIO: 7
NET ASSET VALUE: 251c* NET CASH: $4.6m


Year to 31 Mar Turnover ($m) Pre-tax profit ($m) Earnings per share (¢) Dividend per share (¢)
2005 30.4 6.20 35.7 5.10
2006 33.1 7.20 20.8 nil
2007 47.4 8.70 26.8 nil
2008 52.9 10.5 32.8 nil
2009 52.5 12.8 41.9 nil
% change -1 +22 +28 -
Ex-div: -

Payment: -

*Includes intangible assets of $32.3m, or 147¢ a share £1 = $1.631



Click here for a guide to the terms used in IC results tables

For more analysis of company results as they're released, go to www.investorschronicle.co.uk/results


--------------------------------------------------------------------------------

IC VIEW:
GoodValueCelsis has cut costs and improved cash flow, while demand for its rapid detection services remains robust. True, there has been a slowdown in companies spending on research, but Celsis is well placed to take advantage of any improvement. Good value.

Last IC view: Buy, 144p, 17 November 2008.

Posted at 12/2/2009 09:42 by davidosh
The nil dividend has always been my complaint and I did raise the subject at the last Agm....In most defensive plays there will be a steady dividend return and if this is only seen as a growth play you need growth to excite investors with their cash. When there are so many on very low ratings that can be difficult.

I still like the company and its ability to weather the downturn and the cash backing rather than debt worries. However management need to show they can take action on the Analytical Division and also keep investors happy with buybacks or dividends or the share price will probably drift back. That of course may not worry them directly if planning a buyout or they wish to buy shares but investors in these markets want good secure dividends or a confident growth pattern and CEL is falling in between it seems. That is not to say the share price is expensive and long term will no doubt be fine.

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