Cenkos Securities Share Discussion Threads

[speedsgh] 05/9/2018 15:46

Further to post 2907, the Scheme Document in relation to the proposed £1.2bn takeover of esure Group (ESUR) by Bidco/Bain Capital has been published today. Cenkos are acting as joint financial adviser to Bidco/Bain Capital alongside Goldman Sachs (lead financial adviser) & Dean Street (joint financial adviser).

The Scheme Document states that the aggregate fees & expenses for financial & corporate broking advice to be incurred by the Bidco in connection with the acquisition are expected to be £17m (see pg61 of Scheme Document).

Scheme Document -

[speedsgh] 05/9/2018 07:42

Further to post 2859, Gusbourne (GUS) have confirmed that they have raised approx £3.7m via an Offer for Subscription. They were targeting £3-5m. Again no confirmation that Cenkos acted on the fundraising (£2.85m of which was taken up by GUS directors) but they are listed as Nomad/broker at the foot of the rns...

Result of Subscription -

[speedsgh] 30/8/2018 08:02

Note that Richoux Group (RIC) yday raised £1.09m via subscription. Cenkos are Nomad but neither of yday's announcements state that Cenkos acted as broker on the deal. Over 50% of the subscription shares issued were to Related Parties (i.e. company directors). Very small fry so probably not worth wondering over any further.

Subscription to raise approximately £1.09 million -

[topvest] 28/8/2018 13:08

Yes, today's is a good banker in August. 4m left to do a couple of chunky deals.

[speedsgh] 28/8/2018 12:32

By my rough calculations Cenkos have raised c.£678m to date in 2018 which compares to c.£940m to the same point in 2017. As topvest suggests, a few chunkier deals will be required to match 2017 full year performance.

[quepassa] 28/8/2018 10:17

Fees/costs of £1.7million in the Design Group placing.

Cenkos appears to be the Sole Placing Agent and they should likely get by far the largest chunk of this hefty sum of £1.7m .


ALL IMO. DYOR.
QP

[topvest] 28/8/2018 09:27

Sounds good news. Still need a few £100m+ deals in H2. Conditions are pretty good, so lets hope things improve.

[speedsgh] 28/8/2018 08:11

Cenkos are acting on a placing of up to £50m for IG Design Group (IGR)...

Acquisition of Impact Innovations, Inc. & Placing -

... In conjunction with the Acquisition, the Company is pleased to announce a placing with institutional investors to raise up to £50 million before expenses (the "Placing") through the issuance of up to 9,804,000 new ordinary shares of 5 pence each in the capital of the Company ("Placing Shares") at 510 pence ("Placing Price") per Placing Share. The Placing was significantly oversubscribed, with strong support from both new and existing institutional shareholders...

... The Company proposes to raise £50 million gross proceeds (£48.3 million net of expenses ("Net Proceeds")) from the issue of the Placing Shares at the Placing Price through Cenkos Securities plc...

[quepassa] 19/8/2018 17:45

Richard Bernstein of activist investor Amber Crystal quoted in The FT (18/8)about the need for industry consolidation and that Cenkos should carry out a strategic review with a view to putting part/all of itself up for sale.

Elsewhere in same FT article, the following words appears : "xxxxx Several broking executives told the Financial Times that they had received — and rejected — approaches from both City and foreign companies.".

Looks like the pressure is building and that the sector may be in play.


ALL IMO. DYOR.
QP

[arthur_lame_stocks] 19/8/2018 09:08

I think there's an article in the FT today suggesting that there's going to be a spate of m&a activity amongst brokers due to MIFID and with Crystal Amber writing to the BOD here suggesting they put themselves up for sale we might not have to wait too long for some action.

[topvest] 17/8/2018 18:28

Yes, saw that one. They have done well out of AA though and so was probably on the cards anyway. Just need a big deal or two in H2.

[speedsgh] 17/8/2018 08:19

Material loss of mandate. Cenkos & Morgan Stanley have been replaced by Peel Hunt & Citigroup Global Markets as joint brokers to AA plc (AA.). Liberum retain their position as joint broker.

APPOINTMENT OF JOINT CORPORATE BROKERS -

[tanneg] 17/8/2018 07:37

Another deal today for Shearwater Group



Proposed placing of between approximately £25 million and £30 million and open offer of up to £1 million to fund the Proposed Acquisition and provide additional working capital for the Enlarged Group

[speedsgh] 16/8/2018 07:40

Loss of mandate. Verseon Corporation (VSN) have appointed Arden Partners as Nomad and joint broker. Cenkos were previously Nomad/joint broker alongside Cantor Fitzgerald Europe who retain their mandate.

Change of Adviser -

[topvest] 15/8/2018 10:11

Yes, that's a better sized deal.

[quepassa] 15/8/2018 09:03

Could be some nice advisory fees for Cenkos on this £1.2billion take-over.

Prestigious work to be retained by Bain Capital alongside Goldmans on this large transaction.

ALL IMO. DYOR.
QP

[speedsgh] 15/8/2018 08:28

I note that Cenkos are actng as joint financial adviser (alongside Dean Street) to Bidco/Bain Capital on their proposed £1.2bn takeover of esure Group (ESUR)...

Offer by Blue (BC) Bidco Limited -

[topvest] 14/8/2018 20:10

All small fry. Need a big deal.

[tanneg] 14/8/2018 20:05

A late RNS by Arena Events - The Company announces today that it has conditionally raised up to £20 million (before expenses) by way of a placing of up to 33,333,334 new Ordinary Shares at a price of 60 pence per share

[speedsgh] 09/8/2018 08:49

Confirmation of successful completion of VLG's £18.75m placing on which Cenkos acted as sole bookrunner...

Completion of Placing and Acquisition -

Venture Life Group plc (AIM: VLG) is pleased to announce that, further to the announcement made on 6 August 2018, Admission to AIM of the 46,875,000 new Ordinary Shares ("Admission") became effective at 8.00am yesterday thereby satisfying all the conditions relating to the Placing...

[quepassa] 03/8/2018 15:54

Apologies for an an off topic post...

For lovers of the smallcap financial sector....


Sit up and take note that Slater Investments (of Jim Slater fame) has just UPPED its stake in little known but burgeoning AFH Financial Group (ticker:AFHP) from 9.37% to 10.04%.

ALL IMO. DYOR.
QP

[gostevie63] 03/8/2018 12:00

This has perked up nicely over the past couple of day. Just noise or something in the offing I wonder?

[quepassa] 02/8/2018 08:26

Interesting.

-Numis has gone from 225p to 425p in the year since August 2017.

-Amber Crystal have started engaging with management.

-Cenkos yesterday announce acquisition.

-Stockopedia writing; "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."



Interesting corporate,activist and sectoral events.

Perhaps more to come.



ALL IMO. DYOR.
QP

[speedsgh] 01/8/2018 15:57

FWIW Graham Neary's take on today's acquisition in today's Small Cap Value Report...



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...

[fenners66] 01/8/2018 15:46

Anyone a fan of Monty Python ?
Some just want to re-enact one of their better sketches all the time on these boards .....