Cenkos Securities Share Discussion Threads

[boonboon] 04/8/2017 07:28

Maybe he doesn't get on with the new CEO.

[quepassa] 04/8/2017 07:24

First the CEO,
next the CFO

Who next??


Interesting timing.


No reason given for his departure

Who knows but clearly no successor lined up


ALL IMO. DYOR.
QP

[cwa1] 04/8/2017 07:22

The Board of Cenkos announces that it has been notified of and accepted the resignation of Mike Chilton, Finance Director, as a director of the Company with immediate effect. Mr Chilton will remain an employee of the Company until 30 September 2017, a date which follows the anticipated publication of the Company's Interim Results.

[topvest] 02/8/2017 18:15

Must be struggling to get this over the minimum amount by the sounds of things.

[speedsgh] 02/8/2017 12:40

Further to posts 2307/2308, Hipgnosis Songs Fund Limited have again pushed back the closing date for the proposed £200m Placing/Offer for Subscription (minimum target of £100m) to allegedly allow additional time for due diligence by potential investors. The closing date had already been extended once before until 1/8. New closing date is 12/9. Cenkos Securities plc are acting as Sponsor, financial adviser and Bookrunner...

Placing, Offer for Subscription & Timetable Update -

...Potential additional cornerstone investors continue to undertake due diligence on the Company. Accordingly, the Company has decided to extend the closing date for the Placing, Offer for Subscription and Intermediaries Offer to on or around 12 September 2017...

[speedsgh] 30/7/2017 08:09

Small £3.5m fundraising for Rotala (ROL). Cenkos acting as Nomad/joint broker...Fund Raise and Acquisition - HTTPS://www.investegate.co.uk/rotala-plc--rol-/rns/fund-raise-and-acquisition/201707281253024588M/

[keith95] 27/7/2017 17:09

Mount Teide27 Jul '17 - 06:49 - 2362 of 2364 1 0 (Filtered)

Mount Teide27 Jul '17 - 06:52 - 2363 of 2364 1 0 (Filtered)


FFS ....... Either summarize or post the link.

Cenkos Securities plc ("Cenkos" or "the Company") is delighted to announce that on Thursday 22 June 2017, the Company was awarded the Small Cap Advisor of the Year award at the fifth annual Nex Exchange Small Cap Awards 2017.

[speedsgh] 27/7/2017 08:16

Further to post #2339 TP Group (TPG) have announced the results of their Open Offer which accompanied the £20m placing. Cenkos acted as sole broker on the fundraising which has raised a total of £21.85m...

Result of Open Offer -

The Company announces that it has received valid acceptances from Qualifying Shareholders in respect of 28,408,820 Open Offer Shares, including applications for 12,563,795 Open Offer Shares under the Excess Application Facility. This represents approximately 47.1 per cent. of the maximum number of Open Offer Shares available under the Open Offer...

...In addition to the £20.0 million conditionally raised through the Firm Placing, the Company has therefore conditionally raised gross proceeds of approximately £1.85 million through the Open Offer...

[mount teide] 27/7/2017 06:44

Mercantile Ports & Logistics

Complaint number 3 sent to NOMAD Compliance Executive at Cenkos Securities, AIM Regulator and SFO.


Dear Ms Wood,

After careful consideration, we believe the contents of the following Mercantile Ports & Logistics Financial and RNS Statements, warrants a formal complaint to AIM Regulation and the Serious Fraud office. What do you think?


30 June 2013 - INTERIM REPORT

'I am pleased to report that the Ground Breaking ceremony has taken place and that development work continues in line with management’s expectations. With the monsoon season drawing to a close, the project’s EPC contractor advises that activity ON THE SITE will accelerate as planned.'

Reality: THERE IS NO ON-SITE DEVELOPMENT WORK OR ACTIVITY WHATSOEVER AND, THERE WILL NOT BE ANY ON-SITE DEVELOPMENT WORK UNTIL THE SINGLE LANE DIRT TRACK ACCESS ROAD, WHICH CURRENTLY ENDS AT THE EDGE OF A TIDAL CREEK SOME 50M SHORT OF THE DEVELOPMENT SITE AT KARANJA, IS EXTENDED BY BUILDING A BRIDGE TO SPAN THE TIDAL CREEK. Source: Google Earth Historic View

Work on extending the dirt track over the creek DID NOT BEGIN UNTIL late H2/2013 - Source: Google Earth Historic View


8 April 2014 - RNS - Closure of Debt Facility

'The SITE DEVELOPMENT WORKS at Karanja are progressing as per management's expectations and the project's EPC contractor is PLEASED with progress. The COMING MONTHS will see significant progress on the development of the APPROACH TRESTLES, REVETMENT, RECLAMATION, and PILING WORK for the jetty. Manpower ON-SITE continues to RAMP UP, with a labour force of approximately 400-500 people EXPECTED to be working onsite in the COMING MONTHS.'

Reality: BREATHTAKING DISHONESTY - the small road bridge to span the tidal creek is still in THE EARLY STAGES OF CONSTRUCTION and it will be another 8 MONTHS(DEC 2014), BEFORE IT IS COMPLETED AND, CONTRACTORS AND THEIR HEAVY MACHINERY GAIN FIRST ACCESS TO THE SITE. Calendar year 2014, IN FACT SAW NO WORK WHATSOEVER CARRIED OUT ON-SITE, BECAUSE THERE WAS NO MEANS OF ROAD ACCESS! Source; Google Earth Historic View.


30 June 2014 - INTERIM REPORT

'Chairman's Statement - I am pleased to report that the level of activity on the ground has continued in line with management's expectations and in accordance with the plans agreed with the Company's EPC contractor. DURING THE PERIOD and SINCE THE PERIOD END, WORK HAS CONTINUED TO PROGRESS on two of the three key areas of the build out, INCLUDING LAND RECLAMATION and dredging in the approach channel.'

Reality: BREATHTAKING DISHONESTY - AS REPORTED ABOVE - THERE WAS NO MEANS OF ACCESS TO THE PORT SITE UNTIL DEC 2015, FOLLOWING COMPLETION OF THE BRIDGE OVER THE CREEK AND GENERAL REPAIRS TO THE DIRT TRACK ACCESS 'ROAD'. SO HOW COULD LAND RECLAMATION WORK HAVE PROGRESSED DURING THE PERIOD UP TO 30 JUNE 2014 AND SINCE? - A BLATANT LIE. Source: Google Earth Historic View AND photographs taken from a light aircraft hired by a small group of shareholders at their own expense, to check management's claim, that the contractor’s workforce had mobilised on-site, and progress was being made with the development work!


Cash Position Timeline: Post £73m IPO:

8 April 2014 - RNS - Closure of Debt Facility

'The syndicated facility is for GBP 48 million for a term of ten years with interest payable at the base rates of the respective banks plus a range of 3 per cent to 3.55 per cent per annum, resulting in a present effective rate ranging between 13.2 per cent and 13.75 per cent per annum. The Company expects to make the initial draw down from the Debt Facility during the second quarter of this calendar year.'


30 June 2014 - INTERIM REPORT

'£45.5m Cash balance - DEBT DRAWDOWN: Zero

Cash position reflects the progress and costs that have been incurred ON-SITE and the Company has so far incurred Capex of GBP 21.15 million by the end of the period.'

Reality: THE COMPANY AND ITS PRINCIPAL CONTRACTOR IS YET TO GET ON-SITE! - THE ONLY CONSTRUCTION COSTS INCURRED TO DATE SHOULD HAVE BEEN THE SMALL BRIDGE UNDER CONSTRUCTION OVER THE CREEK - WHICH WE ESTIMATE AT £2M TO £3M.


Prelims - 31 Dec 2014

'The Group has conserved its resources during periods of lower than anticipated activity, with the Group’s operational spend accelerating in line with increased activity on site. The Board remains confident that the Group has adequate resources in order to complete the facility at Karanja, with cash at the end of 2014 standing at £41m.'

Reality: The year end £41m cash balance suggests a cash burn of £4.5m in H2/2014 - which seems a little high considering there was NO on-site activity during the entire year, other than to build a small bridge on the approach road to allow heavy machinery access to the terminal, which was completed in Dec 2014(Google Earth Historic View), together with some berth dredging, carried out using the low cost, low productivity, ‘stone age’ technology of a mobile crane equipped with a bucket grab mounted on a small floating pontoon, rather than a modern computer controlled, high performance suction dredger. INTERESTINGLY, THERE IS NO MENTION WHATSOEVER OF ANY DEBT DRAWDOWN IN THE CHAIRMAN’S STATEMENT.

However, buried AWAY on page 25 is this little gem:

'As at 31 December 2014, the Group’s non-derivative financial liabilities have contractual maturities (and interest payments) as summarised below:

Within 1 year - loan interest payment of £2.97m!

Now this suggests that during July and Dec 2014, MPL made use of the £48m debt facility to drawdown somewhere between £15.5m and £22.5m; determined by the date it was drawn down between July 2014 and Dec 2014. Lets assume a mid period date of September 2014. This would indicate a bank loan drawdown of circa £19M @ the average 13.5% loan interest rate.

THIS WOULD SUGGEST AN OUTRAGEOUS AND TOTALLY IMPLAUSIBLE CAPEX/CASH BURN OF £44.6M (£21.1m + £4.5m + £19M), BEFORE THE COMPANY AND ITS PRINCIPAL CONTRACTOR COULD EVEN GAIN ACCESS TO THE SITE, NEVER MIND COMMENCE CONSTRUCTION OF THE TRESTLE, TO GAIN ACCESS TO THE 200 ACRE AREA OF FORESHORE AND INTERTIDAL ZONE ALLOCATED FOR LAND RECLAMATION AND BERTH CONSTRUCTION.



Kind regards,

[garycook] 27/7/2017 05:02

Looking forward to the Interims in September.Also there should be a dividend increase to maybe 3p.That would give an 8% yield,on the current share price if it stays around £1.

[keith95] 26/7/2017 13:45

Yup - Looking like £2 Billion to be raised this year.


All good.

[topvest] 26/7/2017 12:19

£60M raised for Arena Events completed with first day on AIM today.

[keith95] 26/7/2017 11:43

Another $530 Million dollars logged on the Cenkos web site for July via Hurricane bond and equity placing .....

[orchestralis] 19/7/2017 12:21

I bought some yesterday.

[keith95] 19/7/2017 12:18

... can I borrow your hammer to nail my itchy fingers to the table?

BTW NAHL updated this morning .... probably wise to wait for results to be released IMO slightly caught here at 1.43 average but interim dividend due soon.

Numis same sector as CNKS is also still buying back shares strongly ... suspect it might go back down to 210p with this dip ... but Morningstar has a fair value target of 217 so one to watch.

[garycook] 17/7/2017 01:02

Keith,Do not bail at 130p then. Wait for the £2 when it comes ?

[keith95] 16/7/2017 12:56

GaryCook - Cenkos makes money - knowing me, I'll bail @ 130 and it will rocket back up to 200p ...

[garycook] 15/7/2017 04:51

Keith,That would be nice.

[keith95] 14/7/2017 17:22

Share price is currently bouncing along the lower channel of the uptrend ... 5p dividend in Autumn with 130p target .... before a re-trace ....

[topvest] 13/7/2017 19:46

Cenkos having a good run of late. Encouraging.

[speedsgh] 13/7/2017 07:48

Marlowe (MRL) have announced an oversubscribed placing to raise c£10m from new and existing institutional shareholders. Cenkos are Nomad/sole broker to MRL...

Acquisition of Ductclean (UK) Ltd & Placing -

... The Company proposes to raise approximately £10 million gross (approximately £9.68 million net of expenses) through the issue of the Placing Shares through Cenkos, the Placing not being underwritten, at the Issue Price...

[speedsgh] 13/7/2017 07:40

Further to posts #2312/2316, Angling Direct (ANG) have today been admitted to trading on AIM & confirmed successful completion of their placing raising £7.4m of new funds. Cenkos acted as Nomad/sole broker...

Admission to AIM and First Day of Dealings -