Countryside Partnerships Share Discussion Threads

[steam belcher] 11/8/2003 13:29

Not sure there is a real market for these shares - just monority few and Bennelog.

There has been so little trade that I doubt if you could buy any.

[wonder boy] 05/8/2003 14:25

Thought I'd bring this thread back to the top. CSP has just completed it's disposal programme which has resulted in a massive drop in gearing (to around 40%) and left it focused on its core business i.e. gyms.

Will do some research on this one over the weekend and post my findings next week. Looks very cheap though with a prospective P/E of around 2.5. Any opinions / comments about the company would be appreciated. Cheers.

[shortermer1] 31/10/2002 11:09

RNS Number:1789D
Crown Sports PLC
31 October 2002


Not for release, publication or distribution in or into the United States, Canada or Japan



PRESS ANNOUNCEMENT


FOR IMMEDIATE RELEASE


31 October 2002


CROWN SPORTS PLC
("Crown Sports" or the "Company")


RELEASE OF DEFENCE DOCUMENT


Crown Sports is today writing to its Shareholders explaining why they should
continue to reject the unsolicited and inadequate offer of 5 pence per Crown
Sports ordinary share made by Altium Capital Limited on behalf of Bennelong UK
Limited ("Bennelong") (the "Offer").



The document draws Crown Sports Shareholders' attention to the following:



Maximising Shareholder value

* Since the announcement of the Offer on 16 October 2002, significant
interest has been shown in the Group's businesses



* The Independent Directors concluded that materially higher value could
be achieved for Shareholders through the disposal of some or all of the Group's
trading businesses



* Significant progress has already been made:

- exclusivity granted to a proposed #14.5 million cash sale of Crown
Golf. A contract is expected to be signed shortly; the deal would be subject to
shareholder approval

- the Crown Golf proposal equates to 5 pence per Crown Sports Share and
compares to Crown Golf's net assets as at 30 June 2002 of #15.6 million

- the Crown Golf proposal represents a multiple of 9.5 times operating
profit (after allocation of central costs) for the year ended 31 December 2001

- the Crown Golf proposal implies a discount to net assets as at 30 June
2002 of only approximately 7 per cent. compared to a discount of 75 per cent. to
net assets implied by the Offer

- the Company has entered into discussions with a number of parties who
have expressed interest in acquiring the health club businesses

- in relation to the remaining trading businesses, the Company has
received a number of approaches and the Independent Directors will be entering
into discussions as a matter of urgency




Ray Pierce, Independent Director of Crown Sports, said:

"The proposed terms agreed for Crown Golf and the level of interest so far shown
for the Group's other trading businesses lead us to believe that there is
materially more value in Crown Sports than represented by the Offer. We are
determined to deliver this greater value for the benefit of all Shareholders."



Current trading

* Encouraging like-for-like turnover growth of approximately 1 per cent.
and 7 per cent. for Dragons Health Clubs and Crown Golf, respectively, for the
nine months to 30 September 2002 (compared to 1 per cent. and 6 per cent,
respectively, for the six months to 30 June 2002)



* Cost and capital expenditure reduction programmes initiated prior to
the interims are delivering cost savings in line with the Independent Directors'
expectations



* Since 30 June 2002, the Company has sold its 9.9 per cent. stake in
Esporta plc and has used the proceeds of #14.5 million to retire debt; taking
account of this, net debt as at 30 June 2002 would have been #33.8 million.
This debt position compares to the Group's tangible assets of #88.3 million as
at 30 June 2002



* The Independent Directors continue to expect a satisfactory outcome
for the current year with overall trading in line with their expectations



Enquiries:


Crown Sports Tel: [phone]
Ray Pierce

Hawkpoint Tel: [phone]
David Renton
Tom Bayne

Buchanan Communications Tel: [phone]
Mark Edwards





The Independent Directors accept responsibility for the information contained in
this announcement and, to the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case), the information contained
in this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.



Hawkpoint Partners Limited ("Hawkpoint"), which is regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for Crown
Sports and no-one else in connection with the offer from Bennelong and will not
be responsible to anyone other than Crown Sports for providing the protections
afforded to clients of Hawkpoint, nor for providing advice in relation to the
contents of this announcement nor any other matter referred to herein.


This information is provided by RNS
The company news service from the London Stock Exchange
END

[shortermer1] 28/10/2002 10:32

Only 1 MM left at 6.5p to buy now.

Looks like someone is stakebuilding at 6.5p.

I wonder what the next take out price will be?

ST.

[shortermer1] 25/10/2002 15:00

Serious buying going on at 6p.

ST.

[shortermer1] 25/10/2002 06:55

Flying up pre mkt!!!!!

ST.

[shortermer1] 25/10/2002 06:54

IMO, a counter bid is coming or Bennelong UK Ltd will come back with a better offer.

:-))

ST.

[shortermer1] 25/10/2002 06:53

Crown Sports PLC
25 October 2002


PRESS ANNOUNCEMENT


EMBARGOED UNTIL 7.00AM


25 October 2002


CROWN SPORTS PLC
('Crown Sports' or the 'Company')


OFFER REJECTION

Crown Sports notes the announcement on 17 October 2002 by Bennelong UK Limited
('Bennelong') regarding the posting of its formal offer documentation.

The Board announces that a committee of independent directors of Crown Sports,
comprising Martin Knight, Ray Pierce and Robert Rayne (the 'Independent
Directors'), has been established in order to consider the offer by Altium
Capital Limited on behalf of Bennelong of 5 pence in cash per Crown Sports share
(the 'Offer'). In the light of his interest in Bennelong, Jeff Chapman,
Chairman of Crown Sports, has agreed to take no part in the consideration of the
Offer.

The Independent Directors, who are being advised by Hawkpoint Partners Limited
('Hawkpoint'), believe that the terms of the Offer substantially undervalue
Crown Sports. As a result, the Independent Directors are actively pursuing all
options to maximise shareholder value, including the potential sale of some or
all of Crown Sports trading businesses. In providing advice to the Independent
Directors, Hawkpoint has taken into account the Independent Directors'
commercial assessments.

Commenting on the Offer, Ray Pierce, Independent Director of Crown Sports, said:

'This bid substantially undervalues Crown Sports and the Independent Directors
are actively exploring all options to maximise shareholder value. We will be
writing to shareholders next week and advise shareholders to take no action at
this time.'

Enquiries:

Crown Sports Tel: [phone]
Ray Pierce

Hawkpoint Tel: [phone]
David Renton

Tom Bayne
Buchanan Communications Tel: [phone]
Mark Edwards



The Independent Directors accept responsibility for the information contained in
this announcement and, to the best of their knowledge and belief (having taken
all reasonable care to ensure that such is the case), the information contained
in this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.

Hawkpoint, which is regulated in the United Kingdom by the Financial Services
Authority, is acting exclusively for Crown Sports and no-one else in connection
with the offer from Bennelong and will not be responsible to anyone other than
Crown Sports for providing the protections afforded to clients of Hawkpoint, nor
for providing advice in relation to the contents of this announcement nor any
other matter referred to herein.


This information is provided by RNS
The company news service from the London Stock Exchange

[dubbsie] 24/10/2002 16:43

To get a yes vote!

[shortermer1] 24/10/2002 08:41

People are still buying at 5p, why on earth for??!!

Is there another bid coming?

ST.

[shortermer1] 22/10/2002 09:24

Why are people buying this stock at 5p? It makes no sense as the price offered in the bid talks is 5p so why would anyone want to buy at the current price??

Maybe there's a counter bid in the offing??

ST.

[button1980] 17/10/2002 08:24

is this stock not trading today?

[sugarbeast] 16/10/2002 23:29

overhang possibly cleared ??

[dubbsie] 16/10/2002 13:05

Unfortunately only dipped a toe, but nice profit, although I have to say this is a steal at 5p and someone should make a better offer, PLEASE!

[blockbuy] 16/10/2002 12:57

what's the point of having it on my watch list, see it drop to 2.5p and do nothing eh???

Ah well....looks like I'll have to make my money the hard way now

lol

well done to all those who have made a killing.

BB

[tony14] 16/10/2002 12:49

5P a share seems a bit opportunist to say the least. This mornings activities had all the hallmarks of corporate action afoot, only wish I had loaded the truck at 2.5p!

[balcony] 16/10/2002 12:46

well done >(tony 14 ) 25% a very good call.

[kamlani] 16/10/2002 12:43

Will we see more then 5p on the bid side then or will that be the best ?

We will now know in about 2 hours what the big players thing when the delayed buys come in

[shortermer1] 16/10/2002 12:35

What did I say???????

Offer at 5p recieved.

:-)

ST.

[shortermer1] 16/10/2002 12:17

Nah, definitely more to it than that I reckon.

Should see a holding in company announcement soon. Looks like someone is a keen buyer, buying just over 6mln shares at nearly 100% premium to the then market price.

Either someone is stakebuilding or we'll see a bid approach very soon.

All imo of course.

ST.

[tony14] 16/10/2002 09:51

Something a stirring, large blocks changing hands at 5p suggests somebody thinks these are undervalued or corporate action afoot. Dipped my toes in for 25k at 4p.

Regards

[gsg] 16/10/2002 09:36

Well something big is in the wings. Very large x trades going thru. Anyone with any ideas?

[gsg] 12/10/2002 23:29

Tony : Any idea when it might prove profitable to take some of these off the mm's hands?

[gsg] 12/10/2002 16:10

Tony : I agree. Got my finger on the buy button but cant't quite bring myself to press it. Will wait and watch for the mo.

[tony14] 12/10/2002 13:03

GSG, very hard one to call, but looking at the recent trades history, there has been a lot of MM selling activity. Maybe there is large sell order being worked through the system. It would be reassuring to see management piling in at these lowly levels. Something is not quite right at the moment and I am quite content to wait for any upturn. Monitoring patiently with interest.

Regards