Celsius Resources Share Discussion Threads

[dasv] 04/3/2014 14:59

nice earner for Jeff cleaerly but surely better loan rates can be obtained elsewhere.

[harrogate] 04/3/2014 14:34

That is what I thought. But I agree with the loan facility that AVAP has just put in place surely it could have been used in some way to take out all the 9.5% debt regardless of the messiness of the Jeff loan. I agree it is not great. But that is what you get with these guys.

[davydoo] 04/3/2014 12:44

The RNS doesnt make clear whether Soeren Ferre has been repaid yet, or is this what you think it is?

[davydoo] 04/3/2014 12:43

Sorry, missed that bit.

Whilst I can see Jeff's logic, lets pay me instead of the bank, I dont think this is good for the business.

What price relationships and credit records with commercial lenders?

[callumross] 04/3/2014 12:32

Exactly the same Davydoo. The statement makes clear that there is no effect on debt funding costs.

[davydoo] 04/3/2014 12:12

What were they paying on that junior debt? if paying Jeff 9.5% is a better deal!

[envirovision] 17/2/2014 22:53

Fall is a bit of a shocker

[russman] 17/2/2014 22:38

They still have not sorted out the $5m Bridge Loan.

[dasv] 17/2/2014 12:25

Some back of envelope type thoughts:-

Headline Discount to NAV is currently 50%.

They've got total balance sheets of £58m (assuming 2x revenue 6 month for 12 month figures), that's a 13% yield on the assets.

However they will be paying out interest on financing of (58m-28m) £30m debt.

I expect that's the reason why for £3.9m there's £776k profit at the end of it.

I think this could explain the RNS mention of re-financing/junior debt.

If they can borrow cheaper then the profitability gears up.

New lease deal is reassuring but lower yield means future earnings will be dampened. An expansion of the fleet plus cheaper financing is key for a step change in earnings.

It still remains an under valued, if illiquid, asset play (imo) with £28m assets for a market cap of £14m.

[diku] 14/2/2014 17:48

The price has been super glued to stay flat..

[callumross] 12/2/2014 09:57

Interim results due out next week so hopefully things will be clearer then.

[davebowler] 03/2/2014 15:57

Investec on Doric -note premium to NAV on a single asset.
Aircraft Leasing

Doric Nimrod Air One (DNA) Dividend Declaration

¢ Declaration of Dividend: The directors have declared a third interim dividend of 2.25 p/ share for the financial period ending 31 March 2014.

¢ This dividend will be payable on or around 31 January 2014 to holders on record 17 January 2014. The corresponding ex-dividend date will be 15 January 2014.

¢ Future dividend payments are targeted at 2.25 p/share paid quarterly.

¢ A quarterly fact sheet is posted on the Company's website

¢ The Company has purchased one Airbus A380-861 aircraft, manufacturer's serial number 016 which it has leased to Emirates Airlines ("Emirates"), the national carrier owned by the Investment Corporation of Dubai based in Dubai, United Arab Emirates.

Investec Insights

¢ Doric now has an asset management portfolio of $8bn. Taking a bet with a single airline and single aircraft was always a risk for the strategy, but today we read that; "Emirates circles the globe over 18,000 times in 2013". Figures show the airline's fleet travelled more than 751 million kms throughout the year.

¢ Throughout the year, the airline has received 24 new aircraft-a combination of Airbus A380s, Boeing 777s and 777 freighters. Nine new passenger routes have been launched.

¢ April saw the landmark commercial deal with Qantas come to life. The new partnership brings the total combined number of weekly flights from Dubai to Australia to 98.

¢ August brought the fifth anniversary of Emirates' A380 operations. At the five-year mark, its A380 fleet had carried more than 18 million passengers on over 45,000 flights.

¢ DNA trades at +18.4% premium, DNA3 trades at a 16.3% premium and DNA2 trades at a 25.3% premium generating historic yields of 7.6%, 4.9% and 7.6%. This compares to DP Aircraft offering 2 Boeing 787-8 aircraft both on a long term lease with Norwegian Air Shuttle ASA, that trades at a premium of +4.1% and 6.9% dividend

[diku] 27/1/2014 22:20

Does this share ever go up or down?...

[russman] 20/1/2014 22:33

Page 18 CLA AGM Investor Presentation> CLA strategy being implemented> "Transfer to LSE main board when appropriate". How we are not told.

[davydoo] 20/1/2014 15:52

Why would AVAP delist? they have a main market listing, a diverse shareholder base, a vehcile for future fund raisings. totally different to CLA.

I hold CLA. Im not predicting this, just aware of the risk it could.

[davebowler] 20/1/2014 15:24

But what about the knock on to AVAP holders if that went through? If I were a minority shareholder in AVAP I would sell even if was illogical.

[davydoo] 20/1/2014 14:55

AVAP has a more diverse shareholder base, it would be harder to get the votes to de-list.

Plus there is good reason for CLA to delist, same cant be said for AVAP.

If there is a share swap that's a different exit option, but the delisting one remains. Ive seen it too many times on small caps to discount it.

Ultimately, what's the purpose of a stockmarket lising? to me the main ones are to raise new funds or to provide a market for existing holders. CLA could make the case it needs neither.

[davebowler] 20/1/2014 14:49

Davydoo re. the elephant in the room.Buying its own shares increases NAV and cuts out weak holders.If there was a share swap followed by a delisting of CLA surely there would be a stampede out of AVAP shares by all shareholders who feared the same disreputable treatment be meted out to them!

[dasv] 17/1/2014 11:22

yes I would assume there's an overhang and CLA are helping out. It's approx 1% of shares in issue so NB: in my opinion, not indicative of a material strategic change in direction.

[envirovision] 17/1/2014 11:02

Lets hope its part of an overhang currently holding the share price down.

[davydoo] 17/1/2014 10:08

good summary harrogate

the elephant in the room is that CLA could keep buying its own shares, or AVAP could swap its for paper and them and then CLA de-list, CLA holders are then left with a minority holding in an unlisted company

:/

[harrogate] 17/1/2014 09:47

Given that we have large holders who are happy to sell at 15p not sure it indicates much upside for CLA. Jeff is increasing AVAP holding using CLA's own money. I am happy as an AVAP holder

[davydoo] 17/1/2014 09:42

15p! wow that's good business for the company, and therefore the other shareholders.

Interesting though that Jeff didnt buy himself, he has previously bought substantial amounts of SKYW and AVAP at below mid when prices were already low.

[russman] 16/1/2014 19:55

I am wary of putting a NAV value on AVAP's options.