Cenkos Securities Share Discussion Threads

[kenmitch] 21/10/2020 20:24

Agree topvest. If they do a good chance of a “better than expected” taking update would follow. Hope they do get it away!

[topvest] 21/10/2020 20:05

Whether they get Round Hill Music away next month is likely the transaction that makes or breaks 2020. Hopefully the former!

[smicker] 21/10/2020 13:31

I was referring to this https://www.thisismoney.co.uk/money/markets/article-7478865/City-stockbroker-Cenkos-kicks-founding-shareholder-close-ties-Neil-Woodford-board.html Last RNS says has just gone below 3 percent but he has sold a significant holding to get to this

[trident5] 21/10/2020 13:15

Has anyone seen a negative note from Edison?

[speedsgh] 21/10/2020 12:53

New Edison research note released today... Strong activity and lean cost base - HTTPS://www.edisongroup.com/wp-content/uploads/2020/10/Cenkos-Securities-Strong-activity-and-lean-cost-base.pdf

[quepassa] 21/10/2020 06:57

I don't know about EX Directors but certainly there has been ZERO selling by current directors for at least six months.

[smicker] 20/10/2020 22:58

One of the ex directors seems to be unloading his holding. Unlikely much will happen until he completes from a share price perspective. Probably explains some of the lack of enthusiasm.

[topvest] 20/10/2020 20:27

It's all gone very quiet on this BB. Odd given the recent excitement. Quiet BBs often bode well though so fingers crossed. Let's hope they get this latest transaction done.

[topvest] 19/10/2020 19:41

Prospectus out. hxxps://s3-us-east-2.amazonaws.com/rhm-assets/u/2020/10/Round-Hill-Music-Royalty-Fund-Limited_Final-Prospectus.pdf Initial Placing and Offer for Subscription for a target issue of 375 million Ordinary Shares at US$1.00 per Ordinary Share Placing Programme for up to 750 million Ordinary Shares and/or C Shares Costs capped at 2% If it comes off totally and US$1,125M is raised then US$15M+ of fees for Cenkos. Announcement of the results of the Initial Issue 8.00 a.m. on 11 November 2020. 5. COSTS OF THE INITIAL ISSUE The formation and initial expenses of the Company are those that arise from, or are incidental to, the establishment of the Company, the Initial Issue and Initial Admission. The costs and expenses of, and incidental to, the formation of the Company and the Initial Issueare not expected to exceed approximately US$7.5 million (approximately £5.8 million), equivalent to 2 per cent. of the Gross Proceeds, assuming Gross Proceeds of US$375 million. The costs and expenses will be deducted from the Gross Proceeds. The Company will not charge investors any separate costs or expenses in connection with the Initial Issue. It is expected that the starting Economic Net Asset Value per Ordinary Share will be 98 cents, assuming Gross Proceeds of US$375 million.

[topvest] 14/10/2020 20:03

An interesting write-up in Citywire... hxxps://citywire.co.uk/investment-trust-insider/news/round-hill-hey-merck-we-pioneered-royalties-you-just-listed-hipgnosis-first/a1412897 Sounds better than Hipgnosis so very encouraging indeed!

[topvest] 14/10/2020 16:04

Record don't have any need to raise cash so not a big revenue generator. Nice client though.

[speedsgh] 14/10/2020 15:04

Loss of mandate. Cenkos have been replaced as sole broker to Record plc (REC) by Panmure Gordon... HTTPS://www.investegate.co.uk/record-plc--rec-/rns/change-of-adviser/202010140700069806B/

[topvest] 14/10/2020 08:18

I've added some more today. The Round Hill announcement was the evidence I was looking for over the last few months. If it comes off then it will be worth a circa. 5p dividend and re-rating to a £1 in my view.

[tanneg] 14/10/2020 08:01

£4.0 million placing & £0.5 million open offer for SkinBioTherapeutics plc announced today. https://www.investegate.co.uk/skinbiotherapeutics--sbtx-/rns/placing-and-open-offer/202010140700069884B/

[quepassa] 13/10/2020 09:18

IT'S SMELL THE COFFEE TIME. That is a PHENOMENAL deal and great coup for Cenkos as SOLE BOOKRUNNER and FINANCIAL ADVISER for the upcoming $375million IPO of ROUND HILL MUSIC ROYALTY FUND LIMITED on the London Stock Exchange. The potential fee income for Cenkos is not to be underestimated. The details of the fees payable by Round Hill will imminently be available when the Prospectus is shortly released. But on the basis of a likely circa 5% fee, my guesstimate of fees payable will be: $375million x 5% = $18,750,000 or GBP£ 14,400,000. On the basis that the lion's share of such fee would go to Cenkos, this is a big event and major fee-earning transaction for Cenkos. My guesstimate is that Cenkos will potentially stand to earn £12million to £13 million on this significant IPO. That will be a major event.That's a game-changer. Links to Round Hill Music Royalty's website and Intention to float document: hxxps://www.roundhillmusicroyaltyfund.com/investor-resources/announcements hXXps://s3-us-east-2.amazonaws.com/rhm-assets/u/2020/10/Intention-to-Float.pdf ALL IMO. DYOR. QP

[speedsgh] 13/10/2020 07:32

Material fundraising. Cenkos are acting as sole bookrunner/financial adviser on a placing/offer for subscription which is looking to raise up to USD 375m (£280m) for Round Hill Music Royalty Fund Ltd, a newly incorporated investment company which intends to float on the LSE main market. HTTPS://www.investegate.co.uk/round-hill-music/rns/intention-to-float/202010130700038467B/ This would be the largest fundraising that Cenkos have been involved in since they helped to raise £302m as part of the lisiting of Civitas Social Housing (CSH) in Nov 2017.

[bwm2] 07/10/2020 06:01

I haven't got them with me for page nos but look at the full annual and semi annual reports on the website together with the remuneration reports

[jamessmith23] 06/10/2020 22:25

No not patronising at all, but I don't think the majority of the staff costs at tesco are variable based on performance which is the difference. Are you familiar with differences on fixed and variable staff costs? The variable cost was £12m in 2018 and profit was £2m, if that doesn't bother you and make you want to work out how the system works then that's a little worrying. Companies in industries such as Cenkos are well known for the conflict of interest between fee earning employees and profit sharing shareholders, especially when employees aren't major shareholders, pretty sure it was in the small cap stockopedia report today actually. From the looks of it no one does know the answer, which is fine, I'll just have to do a bit of digging.

[topvest] 05/10/2020 15:19

Yes, a nice start to October. Need more of these whilst the IPO market is just about open!

[quepassa] 05/10/2020 14:41

Yes a very big fee for Cenkos on Calnex. Not surprised that this moved the dial significantly on the share price today once the quantum of the fee became apparent. Herewith a link to a visualisation and summary of some of the recent transactions executed by Cenkos:- hXXps://www.cenkos.com/transactions ALL IMO. DYOR. QP

[f15jcm] 05/10/2020 14:03

Hi James. Not sure if you subscribe to IC but Simon Thomson mentions pay in his article today 'a relatively low fixed cost base, and a remuneration structure highly geared to performance, which means profit increases sharply in a positive operating cash cycle.' https://www.investorschronicle.co.uk/comment/2020/10/05/ben-graham-recovery-plays/ I don't wish to patronise you but I think you may be getting overly hung up on staff costs. How does the likes of Tesco's wage bill compare to its profit? Net profit is what's left after staff (and everything else) have been paid, so does it really matter?

[topvest] 05/10/2020 14:00

Thanks - not bad. A bit more than I thought!

[speedsgh] 05/10/2020 12:28

"Subject to the terms and conditions of the Placing Agreement, the Company has agreed to pay Cenkos a fee of £200,000 plus VAT and a commission of up to 4.5 per cent. of the aggregate value of the Placing Price of the Placing Shares and the Sale Shares being sold." HTTPS://wp-calnex-2020.s3.eu-west-2.amazonaws.com/media/2020/09/23102001/Calnex-Solutions-plc-Admission-Document.pdf Cenkos fee = 200,000 + (22.5m * 0.045) = 200,000 + 1,012,500 = £1,212,500

[quepassa] 05/10/2020 10:54

Had a look at the Admission Document and this looks like a big earner for Cenkos. Docs available on the Calnex Solutions website in the Investors tab hXXps://www.calnexsol.com/en/?start=20 ALL IMO. DYOR. QP