Cenkos Securities Share Discussion Threads

[quepassa] 28/10/2020 11:06

hopefully the major institutional hunt for dividends and yield combined with the emergence of this new and growing asset class will find favour and support.

[speedsgh] 28/10/2020 10:58

Let's hope they are more successful than when they tried to raise for the original Hipgnosis (SONG) IPO in 2017. That ended up being postponed and the company used a different broker (N+1 Singer) when they finally came to market a year later raising £200m.

Perhaps not a great time to be bringing this to market although there is a better understanding of the sector now that SONG have been listed for a couple of years, and it has the attraction of supposedly offering returns uncorrelated to wider markets.

[topvest] 27/10/2020 19:56

11 Nov is the date we hear on Round Hill Music and whether they got it away. A few small cap trusts have failed to raise £100m. Very surprised Buffettology didn't make it albeit institutions can copy the portfolio themselves by looking at the open ended factsheets! Round Hill Music is an interesting asset class where there may be significant institutional interest...that's where it counts!

[speedsgh] 27/10/2020 08:11

Loss of mandate. Cenkos have been replaced as Nomad/sole broker to Rotala (ROL) by Shore Capital...

[speedsgh] 27/10/2020 07:50

Cenkos are acting as sole bookrunner on a £10m placing for Agronomics Ltd (ANIC)...

[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



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 -

[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...

[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.

[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.



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!