Cqs Rig Share Discussion Threads

[andrbea] 17/7/2009 09:49

In June, the Company's portfolio recorded gains across several
positions, primarily those directly related to drilling rigs. This
was especially evident in one company as the drilling rig under
construction nears completion.
Financing markets are still exceptionally difficult as banks,
particularly those lending to the offshore rig industry, attempt to
repair their own balance sheets. However, during the month one of
the Company's portfolio holdings was able to raise equity via a share
issue, which led to an increase in the valuation of the Company's
position in it.

[robizm] 15/7/2009 18:26

If all goes well should be 25p in 18 months especially as the bonds redemption dates draw closer.

[andrbea] 15/7/2009 12:23

nav up a little bit more

share up 4% today

[lalria] 08/7/2009 22:17

improving day by day.

looking like going north slowly im happy with the pace as most other share are going south

[andrbea] 08/7/2009 11:19

ticker: RIG

another week-on-week improvement in the NAV

up 9%

[andrbea] 03/7/2009 13:33

good volume

don't be put off by the 'sell' column

could well be buys IMO

the same pattern all month (a full 'sells' column, yet a rising share price)

nia dyor

[andrbea] 02/7/2009 12:12

yesterday's rns

"As at the close of business on 30 June 2009 the Estimated NAV per
share was 0.76 pence"

so we've gone from a negative shortfall of 0.63p to a positive value in the space of a week


Great stuff!

[andrbea] 01/7/2009 15:53

up from 2p to 5.25p this month

the swing from negative to (soon?) positive nav seems to be swinging things

nia dyor

[andrbea] 30/6/2009 15:40

4.25 to 6

ugly spread 'cause MMs don't want trades?

[andrbea] 30/6/2009 12:46

Indeed :-)

at this rate of nav recovery, positive perhaps by this time next week?

cf
23.6.09 S-Fall 1.59p
today: s-fall 0.63p

[robizm] 30/6/2009 12:43

nav is now MINUS 0.63P PER SHARE, Will be positive soon.

[andrbea] 29/6/2009 11:40

getting going

3 more buys since last post (rise now 8%)

[andrbea] 29/6/2009 10:49

Results day

1 trade reported so fr (a 20k buy)

they reported a loss (for the period)

but they did get their loan renewed (April 2009)
and the rising oil price should be a godsend for their forecast looking forward.

extract:

"The Directors believe it should be able to operate within the level
of these new financing terms based on its cash forecasts and
projections. The projected income and capital repayments over the
next 18 months are expected to repay a material proportion of the
debt to the secured lender. Leading up to the end of 18 months, the
Company will review its options to extend or replace its financing,
or issue new equity to repay some or all of the residual debt.
Furthermore, it may be that by then asset values have recovered to a
point where the sale of assets to repay the residual debt also
represents an attractive option."

[andrbea] 25/6/2009 12:29

3 sells get reported

.. and it goes up

been like this for a few weeks now. ;-)

[andrbea] 18/6/2009 09:36

150k trade : a buy perhaps? (ca 6300 quid)

[andrbea] 17/6/2009 07:37

2 (large) trades

ok = block & ordinary?
C = cash?

rollover, but an hour apart?
2 buys or 2 sells?

10 ZD001R0SFL 4.25 1417559 OK C 3.5 5.0 15:11:00 1,417,559

8 ZD001R0MG2 4.25 1417559 OK C 3.5 5.0 14:26:00 1,417,559

[andrbea] 16/6/2009 15:38

a buy (or sell?) of 60240 quid

a buy presumably as we're up 6% today

[andrbea] 16/6/2009 15:05

and:

9 June 2009

should do well in the future if the NAV improves and the price of oil stays high.

[andrbea] 16/6/2009 15:04

this was on 8June


Post on iii:

This company currently owes more than its asset value but the RNSs indicate that since it resumed trading a couple of weeks ago the deficit has reduced. This is due to the increase in the value of its asset base which consists mainly of corporate bonds and the fact that it paying down debt.

If you go over to say, Hargreaves Lansdowne, and check out the performance of the corporate bond sector you will see that it has been on a steady upward path over the last five weeks, so if this continues the deficit will decrease and the share price should rise. Quite simple really, but this is still a high risk share. However we can expect a steady stream of RNSs indicating the NAV, which should keep driving things upwards, unless significant defaults occur with some of the bonds held by RIG.

[andrbea] 16/6/2009 13:36

taking current (low) price levels into consideration, isn't this better now (less debt/share)?

cf:

As at 13 May 2009, the estimated liabilities of the Company exceeded the
estimated assets of the Company by approximately £4.45 million equivalent to a
shortfall of 4.57p per share

rns today:

As at the close of business on 15 June 2009 the estimated liabilities
of the Company exceeded the estimated assets of the Company by
approximately GBP1,690,482 million, equivalent to a shortfall of 1.74p
per share.