Cng Travel Share Discussion Threads

[the drewster] 12/5/2006 14:44

Well, I guess we draw ever nearer to finding out whether we can ever retrieve anything at all out of what is my worst financial investment EVER.

Still feel incredibly mis-led by the former manegement (indeed some of them remain, so this lot hardly get away scot free in my eyes).

I think it will be a fingers crossed job, if the management (try to) buy it back and we analyse what has happened, they will have floated to fund the debt, then bought it back at a fraction of the price. If it happens, I will certainly be raising questions with the powers that be over some of the historical RNS and subsequent events. That said, perhaps the fact that they don't want to try a buyout at these levels tells us everything anyway. (and before you say it, I know, they are damned if they do, damned if they don't)

[robsy2] 12/5/2006 14:08

Katy
yes my understanding is that the only active business they have now is Tzell.

[upside potential] 11/5/2006 18:48

i have reduced further, have to say: trying to manage the risk (s); silence and range of other factors concerns me ; will keep a small residual punt on cause i think it could easily go 40-50p in event things improve. any trades are basically sells but the bid is holding ?....of course hoping may yet pop higher. the communication factor at cng is simply chronic for a listed co. with shareholders.

[katylied] 11/5/2006 18:33

Robsy2

Are you saying CTV no longer have the hotel inventory that was the very core of the original business? That is wierd, because I don't recall them ever saying they had disposed of it. Ditto with their booking settlement system, which I seem to recall, they had previously stated, was being retained...

[robsy2] 11/5/2006 18:18

OK
Results will be out in a few weeks , they are waiting for KPMG to sign off o the accounts.
What will be in them?
Company is in the close period so no concrete info on figures
So What do we know now?
All businesses except Tzell have been sold. The company has been Tzell only since the beginning of Q4 2005, so the business as a whole is cash generative again.

So 2005 has seen the cutting out of anything loss making including the team that run the website hence it's out of date, they're planning to get it fixed in the next couple of weeks.
Plans to expand the Tzell model which is low risk and profitable.

I think the 2005 FY results could look good , all the bad things have been got rid off, lots of losses have been booked in the HY results 2005 so we should be able to see the underlying EPS looking ok just being held back by the exceptional losses on discontinued busineses.
EVO are still the broker but I haven't seen anything from them for a while.

[spiv 1] 10/5/2006 20:08

Well lets hope they haven't totally screwed it up Drewster. The date must surely be long overdue now.

[the drewster] 10/5/2006 16:58

Spiv, I agree that the information (positive all the time) issued time and again prior to the profit warning was verging on criminal, but hey, there's nothing any little PI like me or thee can do about it.
Trying to make the best of a bad situation, I am hopeful that an american outfit might want to take out Tzell in one swoop. A couple of years ago, it was suggested that Tzell was easily worth 70p a share, and there have been 2 years of growth since then. Allowing 20p for debt and closing down costs, and we could possibly see 50p (yes, hopeful I know).
On the downside, maybe all of the board have lost interest and we will see some even more dire results prior to administration and be lucky to get 5p back.
Really couldn't begin to guess which one is closer to the truth, and only time will tell.

[the drewster] 10/5/2006 12:48

I seem to recall he held just under 10% of the company, so about 5.5mln shares.
TDW Major Shareholders suggests 5.4mln, so no reason to think that's not right.
Guess he could stop most takeover approaches on his own, which I guess could be good or could be bad!

[robsy2] 10/5/2006 12:41

What was Finbars holding?
The last published estimate on the site was from EVO from July 05?
I'll see what I can find out.

[the drewster] 09/5/2006 16:32

Are they still trading?
What has Finbarr done with his holding and has he any sort of "Orderly Market" obligation as part of his leaving deal and if so when might that end?
Have they got any advisors, and are there any published estimates? (If it's still EVO, then I wouldn't think they were worth anything anyway!)

[robsy2] 09/5/2006 15:01

I have a telephone appointment with PJ King tomorrow. I will bring up the website problem and see if I can glean some info about the results for 2005. Any other points anyone want me to make,just let me know.
Robsy

[upside potential] 20/4/2006 11:59

fairplay chaps. i recall i posted here a while back that i had been on the co. website to try and call someone. i called ireland and simply got an answer machine telling me to call the US....was not impressed at all and it is why i bit the bullet and reduced my position: these fundamental things instil nil confidence but clearly i still hold a few and pray for some upside.

[the drewster] 20/4/2006 10:26

Do we have any figures about Tzell and any continued, accellerated, or depressed growth?

Disappointingly, the website (CNGTravel) still has links and details about places to stay, which I thought were sold off at a whopping loss.

Not impressive.

[upside potential] 19/4/2006 08:26

my word, don't want to get too excited but are these trying to turn ? saw a couple of decent chunks go through yesterday at around 20p

[the drewster] 11/4/2006 17:38

Another penny - wow, 39 more and I could be in profit.

[katylied] 09/4/2006 14:04

I guess a problem for an MBO is that all shareholders must be treated the same. This very low share-price might well suit management, but it is not just the small share-holders who would be well and truely rogered by a buyout. The departure of Finbarr and Smurfitt from the board (added to Sheamus Ross) means very large chunks of shares are held outside of the boardroom. Their kids (Ross & Smurfitt) are no doubt on the board, to protect their dads' interests...

[robsy2] 06/4/2006 13:42

I spoke to some of the NY management a while back and mooted the idea that it could be a snip at this price but they said they had no money, expensive divorces etc etc.

[the drewster] 06/4/2006 10:44

Some VERY large rollowver trades in March.
On 2nd, there was a 2.1million trade rolled over at 20 and 20.02 (both reported as separate sells) and then on 31/3 another one for 2,012,853, this time at 16 and 16.02.
Could easily be the same person partially rolling over a trade, and again the 0.02p per share differential suggests it was a rollover. Given the time differential, it seems someone has a large (short or long I don't know) position which they are happy to pay over £400 a month to keep open.
On 1st Feb, the same 2,012,853 shares were rolled over for a 0.03p per share commission, so £600 in Feb!
3rd Jan it was 17.5 and 17.52

Can't find such an odd number before then though, so must have been accumulated as a number of smaller orders?

Anyone any views? Buys were going through at 18p on 3rd Jan, so I'd be surprised if such a large order was a buy, but it certainly looks like a rollover, albeit I can't find a trade of that size in Dec or late Nov (a few 850,000 and 900,000s went through, again appearing to be rollovers).

Should be some interesting days and weeks ahead. I would have thought the management would be considering a buyout at these lowly levels if they really believe in the business, at least then they would get their money back - would just be us that ended up with a tax loss!

Be lucky.

[upside potential] 06/4/2006 08:46

ticking up, my word: someone is buying a few anyway.

[spiv 1] 05/4/2006 16:18

Interims were Sept 29th so 6 months on gives March 29th and at the moment no sign of results or even an announcement to give a date for results.

[the drewster] 05/4/2006 15:55

I thought a company had 90 days from a period end to release figures?
Wasn't the period end 31st December?

Tzell is a good business, but it may only cover the debt the management (previous mainly) have incurred with chasing the consumer marketplace.

[robsy2] 05/4/2006 15:23

Are they overdue? the statement at the bottonm of last years accounts was dated MAY 2005 so i don't think thye are overdue.
I cannot see how this has gone bust.