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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Connaught | CNT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 16.65 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 16.65 | 16.65 |
| Top Posts |
|---|
Posted at 09/9/2010 11:52 by via con FWIW from FTSUPPORT SERVICES News analysis Investors count cost of Connaught gamble Many of the City's biggest investment funds were among those who suffered the biggest losses, writes Alistair Gray The retail investors who piled into Connaught stock shortly before the company went into administration can console themselves with the knowledge that many of the City's biggest investment funds were among the biggest losers from its demise. KPMG were appointed administrators of the property services group on Wednesday and warned of possible job losses at Connaught's social housing maintenance operation, which employs 4,400 people. People close to the situation said that although the compliance and environmental divisions had avoided administration and attracted interested from possible buyers, Connaught shareholders were unlikely to recover any value. A Financial Times analysis of figures provided by JunctionRDS, the data provider, shows that several well known institutional investors had already endured multi-million pound paper losses. Large institutions such as Fidelity Investments and Aviva Investors dominated the shareholder register as the share price fell by 66.5 per cent within three trading sessions after the FTSE 250 company issued its original profit warning in June. The biggest shareholder was F&C Asset Management, which was demerged from Friends Provident last year. It was sitting on an estimated paper loss of £18.6m three days after the profit warning. Scottish Widows Investment Partnership, one of Europe's largest asset management companies and part of Lloyds Banking Group, took an estimated hit of £13.8m. The demise of Connaught also highlights the dangers of passive investment strategies. The tracker fund run by Legal & General Investment Management, the UK's biggest shareholder, was one of the few institutions that remained a top 10 shareholder as of the start of September. Many professional shareholders bailed out in the days and weeks after Connaught's first profit warning as the company replaced senior executives and drafted in Deloitte to conduct an independent review of its accounting practices. Indeed, Barclays a member of a lending syndicate led by the Royal Bank of Scotland sold its entire debt exposure of £19m for about 37 per cent of face value. Although the company blamed its original warning on public spending cuts as councils deferred projects to improve their social housing stock, it soon became apparent that Connaught's problems were company-specific. Rivals such as Mears insisted they had not experienced similar problems and analysts said the problems at Connaught were more down to contract mismanagement. Many institutions saw the writing on the wall over the summer but thousands of individuals willing to take a punt piled in. Retail stockbroking houses acting on behalf of their clients bought the vast majority of the shares. Still, Guy Knight, director at the Share Centre, says it is unfair to characterise retail investors as significantly less canny. "They are disadvantaged in terms of access to the company. If you have a big shareholding, you're closer to the immediate news [source] as opposed to a retail investor who has to rely on the regulatory news service." Among the individuals nursing heavy losses is Sir Roy Gardner, who became chairman in May. He spent almost £500,000 buying shares at 314.8p in the days after his appointment. |
Posted at 08/9/2010 22:06 by lord jerry Why are some private investors crying to be buried before they die? If a part of the company (social housing) goes into administration and the other part remains trading, why shouldn't the trading (profitable) part remain floated in the stock exchange? After all, they were part of the original company. But when most PIs are giving up hope rather than fighting for their right, it's stupid. That's why people like EK needs to still cover their short positions; because it's not over yet. If the government takes the view that the stock market is a casino where private investors should always be screwed; the nation should not expect to prosper by counting on a poll of savings and good retirement funds |
Posted at 07/9/2010 07:04 by ellemaitch Look , every investor (deep down) has other PI investors fortunes at heart , whether long or short , it is all about opinions and nobody makes the correct call 100% of the time . With this company , all the information was there . Losses for the current and next financial year ; debts spiralling out of control ; company (theoretically) insolvent ; The only strange thing is why RBS would lend anoth £15m to a loss making insolvent company and wont lend to profit making small UK businesses !!!! Today is a good day for me as short here , tomorrow it will be others turn ! |
Posted at 02/9/2010 12:45 by standtall WARWICK.!HOT OF THE PRESS! I HAVE 30M. Merchant Capital launches tranche 2 of kick-out plan Donia O'Loughlin FTAdviser Published Thursday , September 02, 2010 Merchant Capital Limited has rolled out its second tranche of its kick-out plan, emerging markets, offering investors exposure to Brazil and China. Advertising The three-year plan will offer investors exposure to two emerging markets - Brazil and China. The plan offers investors a growth payment of seven per cent gross semi-annually, with the possibility of early maturity if both of the underlyings are five per cent or more above their initial levels on any of the twice yearly kick out dates. Merchant Capital pointed out this is a capital at risk product, which means an investor could lose some or all of their initial investment. The plan is available as a direct investment but not for Isas. The minimum investment is £5,000, up to a maximum of £2m. John Gracey, director at Merchant Capital, said the plan offers investors significant upside driven by two of the most important Bric emerging markets, Brazil and China. He said: "There is considerable doubt as to the prospects for the more mature markets of USA and Europe, but the consensus is that prospects for growth in the emerging markets are stronger and more certain. "Our new plan offers investors a competitive growth payment with a maximum of 42 per cent and the possibility of early maturity on a six monthly basis. "It also requires commitment for a maximum of just three years. "Investors will receive the full return of their capital so long as neither of the two underlyings is more than 50 per ent below its initial level on maturity. This protection level is only measured on the plan's maturity date." |
Posted at 13/8/2010 12:28 by standtall Connaught shares plummet further as chairman tries to calm nervesFriday, August 06, 2010 by Jamie Ashcroft Connaught's (LON:CNT) shares tested new lows as the recently appointed chairman Sir Roy Gardner appealed for investor support, saying that the business is "worth fighting for". This afternoon the company gave further details of its stricken financial performance. Connaught said it intends to make further provisions against future losses from current contracts, and it will have to make "significant write-downs" on its assets. Afternoon trades saw the stock down 40% on the day at 17.40p. As a result of the company's ongoing trading review, Connaught now expects to report a material loss at an EBITA level and its adjusted financials will reach breakeven at best. Proactiveinvestors recommends Fusion IP: commercialising the next big thingWestminster Group wins contract extension for securing Juba Airport in Southern SudanRed Rock Resources in deal to acquire 60 pct of Migori gold project in KenyaLast month, the company told investors that its net debt will significantly exceed £120m by its financial year-end, 31 August 2010. Connaught said it identified an urgent requirement for additional funds, and it has entered into negotiations with its lenders to secure additional funding for its current and ongoing needs, and the discussions have "been constructive". The company's shares began 2010 at around 360p per share, and initially through the first half the company had achieved "strong growth" in each of its three divisions. However on 25 June, after a detailed analysis of its business, the lead-up to and following the new government's emergency budget, Connaught reported that 31 contracts in the Social Housing division had been deferred, negatively impacting 2010 revenues by around £80m and earnings (EBITDA) by £13m. In the wake of the announcement, Connaught's share price fell from 320p to 215p, the shares continued to slide the following week and they ended the month at just over 105p. After the most recent profit warning, on 26 July 2010, the share price closed at just over 31p after a turbulent session, with Connaught's share price giving way once again, falling a further 80% and wiping over 120m from its market value. "It is clear we face challenges in turning this group around ... This is a business worth fighting for and my new team and I ask for your continued support for our efforts to rebuild Connaught," Sir Roy Gardner commented. "My focus, and that of the new executive team, will be to continue the plans for the refinancing of the company for the benefit of all our stakeholders who have shown loyalty to Connaught over the years. The business remains committed to delivering excellent quality and service for our clients." On the 29th July, the company was granted a stay-of-execution as it secured a £15m short-term overdraft facility, and deferred payments due on its existing facilities for July and August. The company continues to negotiate options for its long-term financing. |
Posted at 10/8/2010 07:25 by standtall looks like morgan sidall could be a suitor with cash to spend.Tuesday tips round-up: Wm Morrison, Morgan Sindall, RM... Wm Morrison, the supermarket chain, trades on a 2011 price to earnings ratio of 11.9, which makes it one of the cheapest European food retail stocks. Morrisons will face a constrained consumer over the next year, but its plans to become a "nationwide" grocer by further expanding in the south, progressive dividend policy and robust financial position make it a buy says the Independent. If investors are looking for a punt on the construction sector Morgan Sindall might not be a bad bet, especially as the group maintained its 12p dividend yesterday, giving investors a chunky 7.5% yield. With cash up 55 per cent to £138m, and a forward order book £500m healthier (at £3.7bn) than at the start of the year, this yield is well protected. Hold says the Independent. Hill & Smith, which makes crash barriers for motorways, is hoping that government cuts do not cause an accident for its backers. The company said yesterday that profit in the first half of the year jumped by 4.9%, helped by a rise in overseas orders. But the chief executive, Derek Muir, said that the firm's full-year earnings would be hit to the tune of £15m to £20m as the Government eyes up transport for a painful dose of public spending cuts. Avoid says the Independent. Hill & Smith shares trade at around seven times earnings and yield about 4.5%- but the spending review could put pressure on their price in mid-October. If the shares continue to weaken, it may present an opportunity for the longer term. Buy says the Times. |
Posted at 09/8/2010 05:36 by standtall Connaught ponders debt for equity swap amid more lossesMonday, 9th August 2010 PROPERTY MARION DAKERS BELEAGUERED housing maintenance firm Connaught will press ahead with talks with lenders this week to thrash out a last ditch refinancing. Among the options being considered is a debt for equity swap, which would hand control of the FTSE 250-listed company to its creditors. A person familiar with the situation said yesterday it would be "very surprising" if the company were not forced to surrender at least some control in exchange for a financial lifeline. Connaught has already arranged payment deferrals in August, but will come under pressure from creditors again in September. Another option is a rights issue, but with shares changing hands at just five per cent of prices seen before a surprise profit warning in June, insiders believe the firm would struggle to raise enough cash. Shares were suspended nine times on Friday, as investors flocked to dump the stock following Connaught's announcement that it would write down assets and suffer "material losses" this year. The firm lost half its remaining value, closing with a market cap of just £21.7m. New chairman Sir Roy Gardner pleaded with investors on Friday to stick with the ailing firm. "This is a business worth fighting for and I ask for your continued support," he said. |
Posted at 07/8/2010 11:11 by trenory Seabass: YES cannot keep falling and Friday afternoon was pure madness...stops were being triggered, investors were taking any price and the MMs had a field day....Some poor investors managed to sell at 10p!!!!!! Can't keep dropping and a correction is now due...Market cap of 21 million for a ftse 25o company (especially the size of cnt woth 10,000 staff) is madness. Yes they have big problems but look at examples from the past RBS at 10p in a big hole and look at them now.Put it this way I don't see the government lettingthis go belly up it would be a crisis to have 10,000 people on the dole overnight the economy is very fragile and it is inthe governments interest to sort this out. So having looked at all the options I closed my short on Friday and I am now long at 16p for a rise to more reaosnable levels which I consider to be around the 25p region. This is my take on things and is not advice for anyone else but for me to short this now would be a lot more riskier than going long. GLA |
Posted at 30/7/2010 09:35 by bobsidian Little wonder long term investors are increasingly shunning equities as an asset class. Little wonder they are increasingly treating the class as an underweight volatile component of any diversified portfolio.As you say, very few if any shares are safe in this economic environment. Ask any Japanese investor if they are involved in their own stockmarket and the answer is a resounding no. With the U.K. and the U.S. possibly reprising the Japanese fiscal and monetary playbook from the mid 1990s onward your apparent cynicism may be the voice of the future as far as western equity markets are concerned - no longer an investor, just a trader. |
Posted at 26/7/2010 21:08 by simon gordon Guardian - 26/7/10:The Financial Services Authority is believed to be considering a "full-scale" investigation into Connaught, the embattled maintenance group that admitted today it is in urgent need of cash. Connaught shares slumped by 70% to 31.46p as the company revealed it was about to breach the terms of its overdraft. It is the second time in a month that the group's shares have been savaged. They were trading at more than 300p before the company signalled the beginning of its crisis with a profit warning towards the end of last month. A City regulation expert with knowledge of Connaught said: "There are multiple areas which could mean a full-scale investigation surrounding the business and the conduct of individuals." The FSA declined to comment. The FSA is already thought to be looking into the actions of Peter Jones, the managing director of Connaught Partnerships, the company's social housing maintenance division, who made £265,000 by selling shares in the company days ahead of the June warning. Jones has been suspended pending the outcome of an internal inquiry. Any wider regulatory investigation is likely to focus on statements made by the company and how quickly executives communicated bad news to investors. In a presentation to City analysts on 28 June, Connaught claimed it had an overdraft of £211m and insisted it had "good headroom on covenants". Today, after admitting the covenant breach, the group revised its overdraft limit to £200.6m. That analyst presentation coupled with an interim management statement on 8 July in which the company said that "the business continues to perform well and the outlook remains robust" prompted upgrades by City analysts working for institutions including Panmure Gordon, Brewin Dolphin and Altium Capital. Their more bullish recommendations are likely to have persuaded investors to buy shares in the embattled company. Richard Breeden, a former chairman of the Securities and Exchange Commission, has lost more than £15m after increasing his stake in Connaught following last month's profit warning. Also nursing losses is the Swiss bank UBS, which spent about £1.5m adding to its stake earlier this month. Both Breeden European Ventures and UBS declined to comment. Connaught said that its latest financial crisis was prompted by a reduction in working capital, partly caused by suppliers and clients demanding stricter payment terms. It denied it had been put on any credit blacklist, although documents seen by the Guardian suggest at least one agency has refused to provide it with a rating. That report also lists two recent county court judgments apparently filed against the company. Such a report could affect the payment terms Connaught is offered by suppliers. |
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