Conviviality Share Discussion Threads

[w1ndjammer] 04/4/2018 17:41

walbrock

bang on the money there......

WJ.

[walbrock82] 04/4/2018 17:32

C&C paid £1 for both Matthew Clark and Bibendum but paid £102m in debt to its lenders. In other words, the lenders, not the shareholders got any value. So the purchase price is C&C paying £102m in enterprise value vs. £260m paid by Conviviality! Plus, C&C is a distributor and knows how to cut costs and find real synergy. I called it looking for bargains. Remember JD Sports follow the same strategies of buying low and creating value for their shareholders.

As for Conviviality, it is still responsible for £78m of debt and company size falls back to £400m-£450m level. And it still owes HMRC £30m. Make that £108m in liabilities.

[castleford tiger] 04/4/2018 17:24

OK IF WE LOOK AT HALF YEAR FIGURES.

we had 183 m shares.
we had total debt of 133M BUT LETS ALLOW this to increase to 150m.

We have a cash saving of 8 m for non payment of dividend.

So assuming NO money was made in the second half in fact we are allowing for a 25m LOSS to get debt to 150m,
This would cover fees etc.

So anything above 150m in sales will be shared between shareholders right?

Assuming the two big boys sell for 200-250m that leaves 50 to 100m in shareholders pot.
Clearly there is the Direct division and 800 retail sites that must have some value.

If that brought in another 80m then we should get back about 1.00 a share.

Does anyone think that will happen?

Tiger

[w1ndjammer] 04/4/2018 17:16

This useless bod can`t even be bothered to keep its shareholders and LSE up to date
we have to rely on C&C website.

WJ.

[phowdo] 04/4/2018 16:46

Shareholders mugged in plain daylight.

[electrick] 04/4/2018 16:17

Pretty sure the £102MM referred to is the repayment of the current working capital facilities... see earlier RNS

Dublin, London |4 April2018: C&C announces that with the support of AB InBev, it is in advanced discussions to acquire the entire issued share capital of Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited and their subsidiary businesses Catalyst, Peppermint, Elastic and Walker & Wodehouse (together "Matthew Clark Bibendum"). The proposed acquisition is conditional upon, amongst other things, the appointment of administrators to Conviviality Brands Limited (the seller), which is expected to occur later today. A further announcement will be made later this morning.


Consideration for the shares will be a nominal sum, and C&C will provide sufficient funds to support the on-going working capital and other cash requirements of the business. In addition, AB InBev will provide additional financial support to the transaction. C&C's investment will be funded from existing C&C facilities.


At completion, Matthew Clark Bibendum will have GBP102 million of working capital facilities provided by its current lender group, repayable in instalments over the 12 months following completion.

[castleford tiger] 04/4/2018 15:53

Smelly !!!!!!!!

To say the least

Tiger

[w1ndjammer] 04/4/2018 15:51

Something very smelly about this lot

WJ.

[electrick] 04/4/2018 15:41

check the ccr page

Dublin, London | 4 April2018: Further to the announcement this morning that C&C was in advanced discussions to acquire Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited ("Matthew Clark Bibendum"), C&C confirms that the acquisition has now completed in accordance with the terms set out in this morning's announcement.


Accordingly, C&C now owns 100% of the issued share capital of Matthew Clark Bibendum

[w1ndjammer] 04/4/2018 15:31

where is the RNS saying sale confirmed,

The Chinese are offering to take the lot


WJ.

[electrick] 04/4/2018 15:17

Sale confirmed of the Matthew Clark and Bibendum assets.... Working Capital to help ease Supply pressures...Interesting to see how / if they integrate... What does that leave CVR? the Bargain Booze Franchise... some P&H stores? Wonder where the outstanding tax liability sat? guess keep that as well... well well well... that is a turn up... and a sorry state...

[castleford tiger] 04/4/2018 13:54

I am in the queue to sue the pants of this lots.

Read the RNS statements NO warning signs there.

There is/was a big hole being kept hidden

Tiger

[electrick] 04/4/2018 13:47

Bargain Booze.... never more appropriate I guess....

[kcr69] 04/4/2018 13:33

"C&C are going to get a bargain"......And thats what makes this whole disgrace even more difficult to stomach.

This is what the CEO of C&C said about this £1.2b business this morning while desperately trying to hide the cheesiest, largest and 'smuggest' of grins.

“We know the Matthew Clark and Bibendum businesses very well. They are great businesses with unparalleled on-trade market access, a wide range of supplier relationships and supported by a knowledgeable and loyal employee base.

The whole of the last three months just don't add up....literally in Diana Hunter's case. The market clearly know it too, rewarding C&C with a 12.5% rise this morning.

[electrick] 04/4/2018 13:21

C&C (CCR) are going to get a bargain it seems picking the bones of CVR for the Matthew Clark and Bibendum business....

I haven't looked at CCR.. does anyone else have investments?

[electrick] 04/4/2018 10:05

Mood is upbeat in Bristol... the Wholesale division look like they are going to change hands again... certainly they are used to new Corp owners and although uncertainty is inevitable uplift in mood. Good to see the old firm going to pull through!

Shareholders in CVR have been royally shafted. Will be keeping an eye out for the directors next appointments!

[walbrock82] 04/4/2018 10:05

Shareholders should sue Conviviality management if the Chinese private equity or C&C Group buys Matthew Clark or Bibendum for less than £200m and £40m, respectively.

[w1ndjammer] 04/4/2018 09:46

hopefully the big boys, are keeping a close watch on the shenanigans...



Investors are reportedly preparing for legal action against embattled off-licence retailer Conviviality over concerns they were misinformed about its financial figures.





WJ.

[typo56] 04/4/2018 09:23

Is this the same Bruce Casely? The corporate Scottish financier who's previously held senior roles at Bank of Scotland and Scottish & Newcastle? He was inside CVR? How much did he know about the situation?

What is the activity of EG Derivatives Consultancy Ltd, where he is director?

[w1ndjammer] 04/4/2018 09:11

Games going on here question the £125 mill

who are the management in bed with ?


WJ.

[w1ndjammer] 04/4/2018 08:54

lets have a bidding war........

WJ.

[typo56] 04/4/2018 08:48

So Bruce Casely is Group Corporate Finance Director at Conviviality Plc. I don't think he was ever mentioned in an RNS or Annual Report. He stayed low and bided his time?

[w1ndjammer] 04/4/2018 08:48

A Chinese private equity firm has emerged as the front runner to snap up the embattled Bargain Booze owner Conviviality.

ZQ Capital, which has offices in Hong Kong and Shanghai, is said to be one of the most likely candidates to secure the troubled drinks firm which also owns Wine Rack and Bibendum