Cenkos Securities Share Discussion Threads

[topvest] 24/12/2019 13:03

That's excellent news. The Woodford backed activist investor is not the best of shareholders to have. I am genuinely optimistic on Cenkos for 2020. Deal flow should be much improved. Hopefully 2019 will be break-even or so.

H2 transactions - £198m raised including 2 IPOs
H1 transactions - £166m raised including 1 IPO

Per the reported transactions.
Is this the bottom?

[trident5] 24/12/2019 12:02

Looks like he got most of them from Crystal Amber.

[mikeoxard] 24/12/2019 11:51

old news. came out yesterday

[mattboxy] 24/12/2019 11:50

Major Shareholding Update The Company was notified on 20 December 2019 that Andrew Stewart (former Chief Executive Officer and a founder shareholder of the Company) has purchased shares in the Company. He has advised the Company that the total shareholding now controlled by him is 4,214,150 ordinary shares, representing 7.43% of the Company's issued share capital. Opinions please?

[its the oxman] 24/12/2019 11:30

Looking for a break of 60p

[albert zog] 23/12/2019 14:27

Wasn’t Andy Stewart the guitarist in the Eurythmics ? With Annie Lenox on vocals ?

[its the oxman] 23/12/2019 12:15

Still v cheap here c.50p

[keith95] 23/12/2019 10:36

"You haven't even mentioned the cheap GMO crops"

...nor the earlier onset of Alzheimer's in the USA .... that UK can look forwards to - see Trump.

They are not called Brexidiots for nowt.

That said, I expect UK market to rally as the USA did with Trump, low regulations and low wages are always good for stocks ...

and I see Cenkos is starting to join in.

Look forward to the ride and the takeover - and don't be short on AIM.

;)

[seagreen] 23/12/2019 10:35

Well Andy Stewart thinks the doomsters are wrong and it is a good time to buy.

Struth the loss of the Investment trust team is old news and they are working out their gardening leave anyway. If it is profitable enough it will be easier to replace in today's market anyway they are very lean and mean.

[spob] 22/12/2019 18:02

Crunch time for Aim after another bruising year





Market needs to innovate to stop decline becoming terminal


Kate Burgess 4 hours ago

Financial Times


On Christmas Eve, shares in Aim-quoted Stirling Industries will be cancelled.

It will be a swift and crushing end to a shortlived acquisition vehicle floated in 2018. It will also close a bruising year for London’s Alternative Investment Market.

Stirling is being liquidated, having failed to raise the money it needed to buy Ipsen, a German steel-hardening business, from public or private equity investors. An illustration of the reluctance of investment institutions to back small companies, it marks a moment for Aim, which celebrates its 25th birthday next year. The number of companies on London’s junior market has almost halved since 2007. Then, Aim boasted a line-up of more than 1,600, now it has about 870.

In fact, more companies quit Aim in 2018 — about 80 against almost 60 in 2019. But 65 companies joined the market last year. This year, new entrants won’t top 17. And little new money has been raised — only about £380m. That is more than small-caps raised elsewhere in the EU, but compares with £1,563m last year.

One of 2019’s noisiest exits from Aim was by Goals Soccer Centres, the five-a-side group once backed by sporting entrepreneur Mike Ashley that uncovered accounting irregularities and unpaid VAT of more than £13m. It was delisted in September and sold via administration in November. GSC is one of Aim’s many miscounting sagas, ranging from Utilitywise to Eddie Stobart Logistics, which does nothing for Aim’s reputation as a Wild West market populated by cowboys and hustlers. Eddie Stobart found untold mathematical blunders in its accounts, suspended its shares in August and sold its operating businesses. It will be hard to hang on to its Aim quote much longer.

Stirling Industries blamed geopolitical collywobbles for its demise. Other companies have variously denounced the high costs of maintaining a public market quote, regulation, corporate governance strictures and what brokers call dequitisation, the general reduction of share markets. Tax breaks on debt and low inflation are driving investors away from shares and towards bonds. At the same time, companies can raise money privately more easily without recourse to public markets. The worst defection for Aim may have been that of Shore Capital, the small company broker and Aim adviser, which deemed its listing expensive and pointless.

The fall of one-time investment star Neil Woodford, a longstanding champion of Aim, has taken its toll too. Verseon, the biotech-blockchain enterprise, squarely blamed Woodford’s woes for blocking its ability to raise funds. It cancelled its quote last week.

Also last week, shareholders in Defenx, the cyber security group floated on Aim at 148p a share in 2015, agreed that its majority owner, BV Technology of Italy, could take it off the market at 3p a share. Defenx argues it is too tiny and trading in its shares too sticky to win external backers.

Similarly, Avesoro Resources, a gold miner operating in west Africa and once known as Aureus Mining, is being bought off the market by its Turkish majority owners. The group says it fears if it stays on Aim it will not be able to cover next year’s spending plans.

Liquidity — how quickly shareholders can cash in — has been a big theme for regulators and investors following Mr Woodford’s fall, with compliance departments increasingly herding institutional investors away from small-caps and towards larger businesses.

Jamie Hambro, chair of the eponymous wealth management group, worried this month that the perceived risk of illiquidity could spell the end for small-cap markets. That is exacerbated by EU rules (Mifid II) forcing price transparency on brokers, something Mr Hambro frets is killing off research.

Research, says Aim cheerleaders, aids transparent pricing of stocks and lubricates trading. They warn if investors stop backing entrepreneurs, it will stymie innovation, growth and job creation.

It is a glum message for the festive season. Some Aim groupies are exploring public-private crossover funds to help bridge the gap. Others hope for more tax perks to lift it out of the doldrums. But Aim already enjoys myriad reliefs, from stamp duty to eligibility for tax-light individual savings accounts. And politicians may not be so indulgent as before. This year, the Office of Tax Simplification started questioning the justification for Aim’s inheritance tax breaks.

Aim’s defenders must come up with something more innovative than tax giveaways if the junior market is not to regress further.

[brucie5] 22/12/2019 15:04

keith95
20 Dec '19 - 18:07 - 3261 of 3263
0 0 1
A no deal Brexit cliff edge is certainly not off the table - because the EU will play hardball over UK regulations ... EU certainly does not want ... to use its own words ... a cut price competitor on its doorstep passing off maggoty orange juice and rat’s hair pepperoni pizza from USA as EU regulated foodstuff so the argument prevails.
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Yes, but aren't these going to be the golden dividends of 'taking back control'? You haven't even mentioned the cheap GMO crops from America laced with glyphosate, which the UK, once it loses regulatory alignment with the EU, will be able to stack its cheaper shelves with. Can't wait.

[f15jcm] 22/12/2019 12:15

From what I have read, Cenkos pay lower basic salaries but more generous bonuses. This means staff will likely favour Cenkos when times are good and the opposite in a weak market.

[albert zog] 20/12/2019 18:32

Loss of the investment trust team not helpful - gone to Panmure Gordon

[keith95] 20/12/2019 18:07

A no deal Brexit cliff edge is certainly not off the table - because the EU will play hardball over UK regulations ... EU certainly does not want ... to use its own words ... a cut price competitor on its doorstep passing off maggoty orange juice and rat’s hair pepperoni pizza from USA as EU regulated foodstuff so the argument prevails.

Cenkos is cheap but has lost income streams from Woodford and its Oil/Gas researchers ... so it needs to redefine itself.

I had a lot that luckily I bailed a year or so ago ... with a tiny holding now looking for Durkin to put it up for sale.

GLA.

[kenmitch] 20/12/2019 15:32

Have checked and there is not going to be an update. They tend not to issue updates unless it's if results are likely to be ahead or behind expectations. Companies have to issue an update then.

Recent transactions strongly suggest the worst is over and well and truly priced in too.

It was looking much more optimistic for 2020 too, what with clear cut Election result which meant no more cliff edge Europe votes, and Johnson could revert to traditional One Nation Toryism. But no sooner thought that and it was back to possible cliff edge later next year. The last thing business needs is yet more uncertainty over Europe.

Even so 2020 looks very unlikely to be as bad for the sector as 2019 and fingers crossed Cenkos continue to win new business.

Note too (as Edison note showed) how very cheap Cenkos share price is compared with Numis. Yet Numis has done well since the Election whereas Cenkos continues to bump along at multi year lows.

So it wouldn't need much for Cenkos share to recover fast.

[farview1] 20/12/2019 10:19

Hope so but care to explain why

[albert zog] 16/12/2019 16:34

Cenkos should prosper in 2020

[f15jcm] 16/12/2019 15:46

Very large volume today with an update due on Thursday. I significantly increased my position this morning. Not expecting Thursday's update to be glowing but the outlook should be positive given the political clarity (this stock hasn't moved since election).

[topvest] 14/12/2019 15:51

c£1.5m initially.

[topvest] 14/12/2019 15:45

The MJ Hudson IPO was a nice one for Cenkos and they got some warrants as well as fees. I am going to stick my neck out and say that Cenkos appear to be turning the corner!

[f15jcm] 14/12/2019 11:02

They've done one on Cenkos too, probably mostly the same content? hxxps://www.edisongroup.com/publication/resilient-broker-with-a-substantial-track-record/25465/

Numis had a very good day yesterday, closing 12.7% up. Across the whole London market, large liquid stocks seemed to perform much better than small caps, CNKS's spread was very wide all day. I think CNKS will significantly rerate before long for the reasons you have given. The downside certainly looks very limited given the existing price to book value.

[quepassa] 11/12/2019 10:09

EXCELLENT piece of new research today issued by highly-regarded Edison Research on Numis Corporation.

The research is full of market and sector insights and particularly gives detailed comparison metrics against Numis' peer group competitors including Cenkos.

The Background and Outlook section for the sector makes important reading.

The Peer Comparison tables (especially Price-to-Book ratio of 0.8 and share Yield of 9.5%)for Cenkos are to be noted and stand out against competitors' metrics.

If Mr. Durkin holds the dividend, Cenkos looks astonishingly cheap by way of peer group comparison in my view.

Pent-up smallcap/AIM M&A and New Issue demand are nearing bursting point.

ALL IMO. DYOR.
QP

[speedsgh] 09/12/2019 13:20

Cenkos are acting as joint broker, alongside Optiva Securities, on a placing to raise approx £4.5m ($5.6m) for United Oil & Gas (UOG)...