Share Name Share Symbol Market Type Share ISIN Share Description
Ei Group Plc LSE:EIG London Ordinary Share GB00B1L8B624 ORD 2.5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 284.60 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
284.60 284.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 724.00 -199.00 -46.20 1,260
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 284.60 GBX

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Date Time Title Posts
13/3/202012:16E I Group (formerly Enterprise Inns)76
18/7/201710:37*** Enterprise Inns *** -
28/3/200707:44THE EIGER CLUB-
05/4/200410:07Exeter Inv. G'p10

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Posted at 07/2/2023 08:20 by Ei Daily Update
Ei Group Plc is listed in the Travel & Leisure sector of the London Stock Exchange with ticker EIG. The last closing price for Ei was 284.60p.
Ei Group Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 442,701,324 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Ei Group Plc is £1,259,927,968.10.
Posted at 14/2/2020 11:06 by jeffian
By whom? I doubt Stonegate get direct access to share/bondholders until after completion?
Posted at 26/7/2019 22:03 by jeffian
Well I had the conversation with 'one who knows' how these things work. My line was that, with private equity putting up most of the £3bn to buy the company as financed currently, would they/could they find the other £2bn-odd to refinance the debt? Apparently, the answer is 'yes'. EIG's debt currently costs +/-6.5% and PE would expect to make a considerable saving on that. I have no idea. I would be disappointed if taken out of my EIG Bonds as they form a solid income base for my SIPP, but I won't have any say in the matter either way.
Posted at 26/7/2019 15:49 by leading
Ok spob, you are entitled to your view.

However, Mr Market doesn’t seem to agree with you, otherwise how do you account for the sudden movement in the bond price from about 111 to 105 when the bid was announced? It’s on ADVFN. See AK44

Posted at 26/7/2019 10:27 by jeffian
Thank you. For all the flak and rubbish that goes on on bulletin boards, they are genuinely helpful on occasions!

It will be interesting to see whether that condition applies. Whether Stonegate has a worse rating than EIG, the bonds are secured on a ring-fenced group of pubs so the security is the same.

Posted at 26/7/2019 07:39 by leading
I hold some of the 2031 6.375% Secured Bonds. Precis of the terms as follows:

After a restructuring event (which this is)if the bonds are rated by a rating agency and such rating is less than investment grade (tick) the bonds shall be immediately due and payable at their principal amount together with accrued interest without further action or formality.

So, I expect the bonds to be repaid on completion of the transaction. This also explains why the price of the bonds fell substantially after the takeover announcement.

Jeffian, I wish I had your CGT problem, maybe I could lend you some losses, but that is another story.

Posted at 22/7/2019 16:47 by spob
sometimes there are change of ownership clauses associated with company debts

not sure what the situation is for EIG

Posted at 10/6/2019 05:21 by lukmanpatel
Another troll by the username lsehotdealz haha, share price is stagnant and there’s talks of fundraise at 10p on that board lol desperation has lead to going round posting on different board to prevent share price from dropping, usually ud stay quiet and average down and accumulate if you see huge potential lmaoo he’s spamming all the boards
Posted at 17/5/2019 20:13 by leading

Thanks, I am away on holiday at the moment, so haven’t watched it. However, one thing did occur to me.

It is hard to see how the company justifies carrying goodwill on the balance sheet. If the assets are actually worth the tangible net asset value only, as in the recent disposal, then the goodwill should be written off I would have thought. If the goodwill is written off, then the NAV is lower and the discount of the share price to NAV becomes much smaller too.

So, I question the use of the supposed discount to support buybacks.

The question is why are the directors so keen on buybacks. I suspect there may be a misalignment of executive and shareholder interests? Would be good to know if the non execs are challenging them on this and making sure the interests are aligned. We live in hope, but not expectation.

Posted at 25/4/2019 10:42 by leading
A few thoughts on EIG.

NAV per share at 30/09/18 was 334p. Assuming this hasn't changed much gives a discount of share price (223p) to NAV of 33%. On a tangible NAV basis (excluding goodwill) its more like 25%. The share price has increased substantially lately coincident with the recent buybacks. There is still probably a bit further to go, but at some point the focus will switch to earnings prospects and dividends rather than the NAV discount to justify further progress.

All is not doom and gloom on the earnings front. Strong employment figures and positive real wage growth bode well. In the short term, the fine Easter weather must have secured a good start to the second half albeit against strong comparatives. Against this, there will be some cost inflation in wages (and pension contributions from April onwards).

Heroic assumptions ahead: It looks to me that the company should be able to meet all bond repayments due up to and including 2022 from cash flows as they fall due if it chooses to. I am assuming that the company generates £140m of cash p.a. being net cash from operations of £270m less interest of £130m. This assumes that capital expenditure on the estate continues to be financed from disposals. So, for the four years including 2022 thats £540m. Bonds due are £125m in 2021 and £250m in 2022 and about £270m of the amortising securitised bonds, all of which totals £645m. So, OK, the company needs find £100m from cash balances or disposals to make it work.

It is hard to see earnings making real progress on a declining asset base as properties continue to be sold to finance capital expenditure.

Regardless of my comments about debt service above, I wonder if a dividend will be reinstated soon. With the discount to NAV greatly reduced it becomes much harder to justify buybacks. Reinstating a dividend would increase the attraction to institutions, some of whom are mandated away from non-payers. A dividend of 3.35p would give a yield of 1.5% at a cost to the company of £15m p.a. which might be a suitable starting point. Perhaps we will see one with the next annual results.

Edited 26/4/19. Easter 2019 is in second half not first as in the original post.

Posted at 22/6/2018 13:52 by jeffian
"if they can buy an asset for £1.50 which has a tangible NAV of £2.48 then what's not to like ?"
Other than that it isn't worth £2.48 to you and me if we can't realise it?! They've been living off the "NAV" story for years but until the share price gets anywhere near it, it's just a figment of the accountants' imagination. Over the past few years, EIG have sold £100m's of pubs. Let's say they get NAV for the sales; for every £1 received, they could distribute it to shareholders via a dividend or return of capital (worth £1/£1 in the shareholder's hand) or they could pay down debt (NAV neutral but maybe good for sentiment and thus share price rating) but they choose to "reinvest" it in the estate (look at the annual property write-downs to see how solid that 'value' is!) or buy their own shares which immediately makes that £1 of hard cash worth just 60p in the shareholder's hand (150/248%). If they distributed to shareholders, there would be nothing to stop you piling in and buying more 'discounted' shares, but at least we would have the choice.

Their sole strategy is to seek to 'improve the quality' of the estate and hope that the market rates their shares at something close to the underlying NAV but time and again I have repeated the mantra that Directors/Management do not control the share price, only the market does that, and the management should concentrate on the levers they can and do control - revenues, profits, dividends - and if they improve those, the share price will follow in due course. In fact, all those KPI's have been flat for years - and are projected to remain so through to the end of the "5-year plan" in 2020 so with flat earnings and no dividend for 12 years, how exactly is 'shareholder value' being realised?

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