Concepta Share Discussion Threads

[grahamg8] 23/4/2010 07:53

Agree Gunter and Marben, conflict of interest or the other alternative is that there was a falling out in the board on the disposal strategy. The end result is the same Laxey want to have total control or to hold a gun to the existing Directors without going over 29.99%. Now we have results out on 7 May that should be the trigger date for an approach if there is going to be one because surely we will have an updated NAV and we will see the opening shot somewhere between the share price and the NAV. Last time NAV was 81 cents, so if a similar figure comes out we may end up well North of 32.5p before certainty and speed of a bid looks better than holding on for possibly more in the future.

[nigelpm] 22/4/2010 23:13

What street is that on?

[goodluckpete] 22/4/2010 22:56

word on the street is somewhere in the region of 32.5

[nigelpm] 22/4/2010 22:16

25 cents would be my opening shot if I were laxey.

Thing is they now have 27% so can potentially afford to stick a low ball offer on the table and take out stock as and when.

[marben100] 22/4/2010 21:58

Well, to spell it out, it looks like Laxey are going to bid for CPT. Why else would their director resign - followed by a huge increase in their stake - if not to avoid a conflict of interest?

Shouldn't be long to wait now, before we see what they're prepared to offer.

Cheers,

Mark

[sscrabble] 22/4/2010 19:38

They might try and buy it on the cheap and resell it bit by bit.

[gunter guil] 22/4/2010 19:14

So Laxey's man on the board resigns and then Laxey up their stake. Something going on....

[nigelpm] 22/4/2010 18:29

Laxey partners now have just under 27%.

Fireworks to begin I suspect.

[chrishauser] 22/4/2010 17:03

The RNS is out someone is over 25%??

[porketh] 22/4/2010 12:12

Interesting. Will wait with bated breath....

[deucetoace] 22/4/2010 10:52

33 million shares have just been traded - according to the LSE at 20c but they are not very accurate with their figures. Does this mean AMVESCAP have sold their stake on - we will no doubt get an rns tomorrow. Interesting times.

One might hope that whoever bought them is going to be very activist and will put even more pressure on the management to get the price up to near the NAV.

[grahamg8] 16/4/2010 07:43

Not long to wait now. Last years results came out on 1 May 2009. Not only should we get an updated NAV but also news on progress on disposals and cost reductions. In the Cluj/Arad disposal note issued on 23 March the strategy was restated.... to maximise the cash returns to investors in the medium term....
Although the disposal was principally about reducing management costs it also conserved cash by avoiding the need to provide further financing for the development. So there might be something left in the kitty for the shareholders in the reasonably near future.

[nigelpm] 07/4/2010 21:07

Indeed but shows what might happen if good news was released.

Thinking about the dis-chord between shareholders' equity and market cap. ;-)

[loglorry1] 07/4/2010 20:57

Seems to be trades of about 150K shares which bumped the price up. That is about EUR 27K worth so not huge volume. Could be just clumbsy execution of someone wanting to get a position and not wanting to work an order in a thin market.

[rbcrbc] 07/4/2010 16:54

Looks like we had some eager buyers after lunch - do we have a leak of a nice RNS for the morning ?

[hectorp] 06/4/2010 14:25

Makes much sense Mark,
well, ( rubs hands), onwards we go then into spring and summer.

[gunter guil] 06/4/2010 08:14

Any views on Andrew Shepherd, the Laxey chap, resigning from the board?

[nigelpm] 23/3/2010 19:01

Yep, think you've got that spot on Mark ;-)

[gunter guil] 23/3/2010 10:33

Totally agree with you Mark.

[eeza] 23/3/2010 10:07

Presumably Laxey would have known this was in the offing before taking 2 mill more shares a week or so ago.

[marben100] 23/3/2010 09:53

Hi gg,

Must admit, I suspect that if CPT and its shareholders were prepared to ride out the recession for another 5 years or so (maybe less), we might make a lot more money.

CPT is a play on the CEE economies and over that sort of timeframe, I strongly suspect they'll outperform.

However, major shareholders (i.e. Laxey & Weiss) are in it for a quick buck IMO and just want assets realised and cash returned ASAP, without taking on any additional risk.


AIUI the plan is to ditch the non-core assets, without having to pump cash into them, but not expecting to make any cash from them either, and then focus on maximising value & realisations from the core-assets.

Cheers,

Mark

[gunter guil] 23/3/2010 08:59

Seems as though it's justified given the new business plan to deliver returns in the medium term ad cncentrate on the core assets. However, somebody believes they can make money over the long term.

Clearly though this does get rid of a lot of debt, the servicing requirements and saves us a lot of money.

[lord gnome] 23/3/2010 08:53

I think you have it marben. The main contractor has taken over this basket case to prevent work grinding to a halt and the whole exercise being written off causing the main contractor to lose a packet.
As you say, not ideal, but it certainly makes sense for us to be shot of the liability.

[marben100] 23/3/2010 08:50

It would have been better if the transaction had been on an arms length basis - but these devlopment properties were identified as "non-core" in the interims, so down for disposal ASAP.

I do note that, as at the interims, the Arad loan stood at €11.4m, whereas it now stands at €39.8m, with a further €19.4m to be drawn. Assuming all above board (& I expect Laxey & Weiss have been keeping a beady eye on things), construction must have been proceeding apace & the co. needed to call a halt to the cash-burn from adding further to debt.

I guess the main contractor preferred to take the risk, rather than abandoning the project & halting work, which may have been othe only other choice.

Not ideal, but it seems to make sense.

Cheers,

Mark

[hectorp] 23/3/2010 08:26

Perhaps CPT is in such a bad state in other respects that they must have made this decision a bit reluctantly? I admit I do not know Gunter.