Share Name Share Symbol Market Type Share ISIN Share Description
Cenkos Securities Plc LSE:CNKS London Ordinary Share GB00B1FLHR07 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.00 -4.55% 42.00 88,361 15:36:01
Bid Price Offer Price High Price Low Price Open Price
41.00 43.00 44.00 42.00 44.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 44.95 2.35 4.20 10.0 24
Last Trade Time Trade Type Trade Size Trade Price Currency
15:36:18 O 8,000 43.00 GBX

Cenkos Securities (CNKS) Latest News (2)

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Date Time Title Posts
09/12/201913:20Cenkos - Racing to the top?3,251
11/7/201613:04*** Cenkos Securities ***3
31/3/201512:18CNKS Cenkos228
23/11/201408:31$CNKS.L – investing is never easy-
04/7/201110:59Cenkos Securities7

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Cenkos Securities Daily Update: Cenkos Securities Plc is listed in the General Financial sector of the London Stock Exchange with ticker CNKS. The last closing price for Cenkos Securities was 44p.
Cenkos Securities Plc has a 4 week average price of 40p and a 12 week average price of 40p.
The 1 year high share price is 74.50p while the 1 year low share price is currently 37p.
There are currently 56,694,783 shares in issue and the average daily traded volume is 91,179 shares. The market capitalisation of Cenkos Securities Plc is £23,811,808.86.
seagreen: Historically when conditions are better they have paid out a very healthy dividend yield as a lot of the Directors and employees are shareholders. In a healthy market it is not too ridiculous to see a 20% return on the current low share price in a years time.
quepassa: For followers of the financial theory of Mean Reversion, Exhibit 15 on the Edison Research note today is fascinating. It details and graphs the ten year history of share price to book value for Cenkos. The ten year average is 2.4x, having peaked near 4x on a few occasions. The current ratio is just 1x which is a ten year (if not all-time) low. Edison comments: "Cenkos’s current rating at 1x book represents a low point over this period reflecting the difficult market background, but also suggesting an opportunity on a medium to longer view given the potential for a substantial recovery in earnings and return on equity." And The Employee Trust just keeps on buying.... ALL IMO. DYOR. QP
speedsgh: Further to posts #3205/3209, a recommended offer has today been announced for Brady (BRY). This is very much a fire sale. Possibly directors (and their advisers?) attempting to brush a sorry tale under the carpet. Recommended Final Cash Offer - HTTPS:// The offer is pitched at 10p per share which "represents a premium of 50.8 per cent. over the closing middle market price of 6.63 pence per Brady Share on 11 October 2019, being the Business Day immediately prior to the date of this announcement, and 31.1 per cent. over the closing middle market price of 7.63 pence per Brady Share on 3 October 2019, being the Business Day on which Hanover Bidco made the approach to the Brady Directors regarding the Offer." For any unfortunate shareholders it also represents a loss of 82% on the share price on 20 August, the day before the Trading Update which contained the profit warning. However, as the announcement makes clear, 10p per share is better than 0p... "Should either the Offer not become Effective or additional third party funding not become available, in each case, before Brady requires additional working capital, there is a risk of the offer lapsing and Brady Shareholders receiving no or little value." Cenkos are financial adviser & Nomad to Brady... "The Brady Directors, who have been so advised by Cenkos as to the financial terms of the Offer, consider the terms of the Offer to be fair and reasonable and in the best interests of Brady and Brady Shareholders as a whole. In providing advice to the Brady Directors, Cenkos has taken into account the commercial assessments of the Brady Directors. Cenkos is providing independent financial advice to the Brady Directors for the purposes of Rule 3 of the Code." It has been alleged that Brady, "in part with the collusion of Nomad Cenkos", withheld damaging price sensitive information from the AIM Market and investors. So maybe a small fee for Cenkos for financial advice on the deal but some possible mud to go with it?
speedsgh: Assuming that it is kept up-to-date, the Cenkos website is still showing Crystal Amber as a major shareholder... HTTPS:// Cenkos dropped off CRS's list of top 10 shareholders a few months back (found on their regular Monthly NAV Reports) but this is likely due to the continued fall in the Cenkos share price as opposed to a reduction in shareholding. Haven't seen any holdings rns in recent months to suggest that CRS have reduced materially. Would not be surprised to see some comment from CRS (either via official channels or Richard Bernstein tweet) on today's news confirming Jim Durkin's appointment.
quepassa: Despite the slump in share price - akin to other peers in the sector- the Cenkos Employee Benefit Scheme clearly continue to have strong faith and have purchased another big chunk of 210,000 shares in Cenkos as detailed in two separate RNS's today. This morning an RNS for 25,000... and this evening another RNS for 185,000 shares. This last RNS came out AFTER HOURS at 17.27 which is in my view a somewhat unusual time to release such an RNS. ALL IMO. DYOR. QP
lord gnome: Interesting that Stockopedia indicates that the company is currently valued at £36 millions and yet it has £40 millions of net cash on the balance sheet. Valued at less than the cash it holds. I realise that this is held for regulatory purposes, but even so, if anyone can even begin to turn this around, the share price should easily double for starters. Pity is that currently, I can't see it happening.
albert zog: I’m out of my measly position. Divi flow has been ok. But not clear to me when share price will ever pick up. Management situation here is bizarre. Deal execution in these markets also very poor, for all brokers not just Cnk. Can’t see there being consolidation either.
speedsgh: Hi QP. I am not qualified to make a qualitative comparison between WHI & CNKS. However the CNKS TU of 19/12 was backward-looking (and I am guessing largely as a result of the fees earned on the ESUR takeover which completed in Dec) whereas the WHI statement today is forward-looking so of potential relevance to all sector peers. AFAICT CNKS have been involved in just 2 fundraisings in Jan/Feb 2019: a £1.15m subscription for Personal Group (PGH) & a £21m placing/open offer for Kromek Group (KMK). Whilst 2 months does not make a year, it is interesting to compare Jan/Feb performance to recent years (based on fundraisings announced): Jan/Feb 2016: £270m Jan/Feb 2017: £163m Jan/Feb 2018: £54m Jan/Feb 2019: £22.15m Numis AGM Update on 5/2/19: "Since the start of the financial year [on 1/10/2018], UK equity indices have suffered material declines and the domestic political situation has significantly impacted investor sentiment in the UK. As a result the market backdrop has been particularly challenging for our corporate and institutional clients, which has ultimately impacted our trading performance in the first four months of the year... ... We have a good pipeline of opportunities, and would expect to see a meaningful increase in revenue, as and when there is greater clarity regarding the UK macro-economic and political landscape." All this would suggest that times are tough for the sector. AFAICS possible short-term drivers of CNKs share price: > Corporate action > Removal of Brexit uncertainty allowing UK plc to start investing again which would be beneficial for the sector AIMHO
speedsgh: Just some thinking out loud... Intriguing situation with Cenkos. Activist investor, Crystal Amber (CRS), notified Cenkos that it held 7.14% of the company in Feb 2018. No further update in their holding has been made since so one assumes they hold around the same level today (the Monthly NAV release for Dec 2018 on the CRS website actually shows them as owning 6.9% of Cenkos share capital). In their final results released on 7/9/18, Crystal Amber made the following comment: "The Fund has been a shareholder in Cenkos since late 2010 and increased its holding significantly during January 2018 at a share price which we believe ascribes little probability to the company being able to secure any further exceptionally large deals. Given the pressing need to deal with forthcoming retirement/succession issues relating to a number of Cenkos’s founders and the evident strategic interest in this sector (2017 takeover of Panmure Gordon and 2016 Kuwaiti investment in WH Ireland), we have now proposed to the board that it undertakes a strategic review of the company." Following this: CNKS rns dd 9/10/18 - CEO Anthony Hotson to stand down from the Board on 31/10/18 but remain an employee until 31/12/18. CNKS rns dd 31/10/18 - Anthony Hotson to remain an executive director & CEO until his successor has received FCA regulatory approval. CNKS rns dd 5/11/18 - Former CEO, Jim Durkin, to be appointed executive director & CEO upon receipt of regulatory approval; Antony Hotson to remain CEO in the interim. CNKS rns dd 12/12/18 - CFO Philip Anderson (appointed by Anthony Hotson in Jan 2018) to step down from the Board & leave Cenkos on 31/3/19. Anthony Hotson is still interim CEO today & regulatory approval of Jim Durkin remains outstanding. By way of comparison Anthony Hotson was announced as CEO on 5/7/17 subject to regulatory approval which was subsequently received less than a month later on 2/8/17. Regulatory approval of Jim Durkin's reappointment as CEO would therefore seem to be taking some time i.e. more than 3 months so far. I believe another poster has previously suggested that they have been unable to find evidence of Jim Durkin's application having been lodged with the FCA. If this is correct, what (if anything), does this indicate? Cenkos have lost their position as broker to no less than 10 clients since Aug 2018. AA (AA.), Michelmersh Brick Holdings (MBH), IG Design Group (IGR), Restore (RST), Comptoir Group (COM), Mercia Technologies (MERC), Science in Sport (SIS), Verseon Corporation (VSN), CML Microsystems (CML), Frontier IP Group (FIPP). Some of these would appear to be from the 'better quality' end of the Cenkos client portfolio. Over the same period Cenkos have independently acquired 3 new clients - Falcon Oil & Gas Ltd (FOG), Venture Life Group (VLG), Landore Resources Ltd (LND) - as well as the 12 Smith & Williamson clients upon completion of the acquisition of its Nomad & Corporate Broker business in Dec 2018. Clients acquired would appear to be lower quality than those lost. Crystal Amber "increased its holding significantly during January 2018 at a share price which we believe ascribes little probability to the company being able to secure any further exceptionally large deals." The share price in Jan 2018 was north of 100p so one would assume that they are not overly happy with the current share price. Having said that their stats as an activist investor would suggest that they have a plan in place & will be actively engaging with the Cenkos board in order to create longer term value so they may be less concerned over the share price in the short term. Whether the objectives/strategy of the Cenkos board aligns with those of Crystal Amber remains to be seen. Notwithstanding their involvement as adviser to esure Group (ESUR) in their £1.2bn takeover by Bain Capital (first announced in Aug 2018 & completed in Dec 2018), Cenkos fundraising activity would appear to have been pretty thin on the ground since Sept 2018. How much of this is company specific remains to be seen, although it is without doubt that the handling of the Brexit process by UK parliament, the uncertainty that this has created and consequent postponement of investment decisions by UK PLC has been unhelpful to the UK fundraising market in general. It will be interesting to note any commentary on Cenkos by Crystal Amber in their Interim Results which are scheduled to be released on or after 7/3/19.
speedsgh: FWIW Graham Neary's take on today's acquisition in today's Small Cap Value Report... HTTPS:// I've been mentioning this mid-tier investment bank a few times lately. The share price has been struggling as revenue forecasts for the rest of the year have been slashed. And then shareholder Crystal Amber came out swinging with the call for the entire company to be put up for sale. Today we learn that rather than putting itself up for sale, Cenkos has instead made a purchase of its own: the Nomad/Broker business of Smith & Williamson. The sale price isn't given, but I'm sure that Cenkos can afford it. I've not seen Smith & Williamson signing off vast numbers of RNS announcements. Six staff will join Cenkos as a result of the transaction. I continue to suspect that a trade buyer (for example £NUM? it has a £450 million market cap) would be willing to pay a premium to the current share price to take over Cenkos. There has been speculation that one or two of these smaller banks might be thinking about or hoping to merge. It's not my style to speculate on deals like this, as I've been hurt betting that deals would go through before. Nonetheless, I do think the Cenkos share price is near some interesting levels. The trailing value metrics are extremely strong...
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