Esken Share Discussion Threads

[tomtum1] 26/8/2021 23:02

I agree and it's why I took a little nibble. It's never going back to the levels pre- pandemic however if flying returns to any sort of normality this will be an easy double bag.

[lpavlou] 26/8/2021 20:46

Value of the Biomass division covers all the debt, this leaves Southend Airport for free. However it is loss making and with furlough ending soon, they will have to make some difficult decisions. Still a punt for me, but can't disagree that 14p has more upside risk than downside risk.

[fenners66] 26/8/2021 17:11

And in another year's time, another fund raise?
EU is considering banning US passengers again. Delta variant taking off, perhaps even immunity from vaccines fading.
How long before the airport - could - operate profitably?
I think this may be loss making for many more years and therefore the possibility of a new fund raise being required every year.
Since shareholders are getting in deeper each time there will be some element of adding cash to preserve the existing shareholdings until it can reach the promised land of profitability. As long as shareholders can be tapped rather than extra debt it has a chance - but at what cost ?

[tomtum1] 26/8/2021 15:17

I'm in today. Been watching for a while. Wanted to get as close to the placing price as possible.

[garycook] 17/8/2021 07:21

95.1% take up of New shares.



17 August 2021

Esken Limited

("Esken", the "Company" or the "Group")

Results of Open Offer

On 27 and 28 July 2021, the Company announced details of a proposed fully underwritten Firm Placing and Placing and Open Offer (together the "Capital Raise") to raise gross proceeds of GBP55 million.

The Company is pleased to announce the results of the Open Offer, which closed for acceptances at 11.00 a.m. on 16 August 2021.

The Company has received valid acceptances from Qualifying Shareholders under their basic Open Offer Entitlements in respect of 58,613,958 Open Offer Shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 16,383,762 Open Offer Shares.

Accordingly, a total of 74,997,720 Open Offer Shares have been accepted or applied for under the Open Offer, including the Excess Application Facility, representing 95.1% per cent. of the Open Offer Shares.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. The remaining 3,868,045 Open Offer Shares, representing 4.9% per cent. of the Open Offer Shares, will be allocated to the Placees with whom the Open Offer Shares had been conditionally placed under the Placing. These Placees are the same institutions who subscribed for New Shares pursuant to the Firm Placing.

The Capital Raise remains conditional on, amongst other things, the approval by the Company's shareholders of the resolutions set out in the Notice of General Meeting contained in the combined prospectus and circular published by the Company on 28 July 2021 (the "Prospectus") at the General Meeting to be held at 11.00 a.m. today. The Company will announce the results of the General Meeting as soon as practicable after the meeting concludes.

Capitalised terms not otherwise defined in this announcement have the meanings given to them in the Prospectus, which is available on the Company's website (www.esken.com/investors).

David Shearer, Executive Chairman of Esken, said today:

"It is pleasing to see the level of support which we have received from our existing shareholders in the Open Offer. On behalf of the Board, I would like to express our gratitude to all those who have provided their support. The successful fundraise will give us a sound platform as we emerge from the pandemic."

[casholaa] 12/8/2021 18:31

@pav, you should check this and not rely on it but I think that 'aim' companies are not subject to the strict rules, my memory isn't that great.

[erdingtonian] 12/8/2021 17:10

Seems I've got the full amount of excess shares, or at least that's what's indicated by HSDL. GLA.

[lpavlou] 12/8/2021 16:45

If the equity raise had completed, where are the RNSs informing us of the of the increased holdings from the major shareholders

[casholaa] 12/8/2021 10:17

@Pav, agm on 17th... good luck

[lpavlou] 10/8/2021 20:01

Dead cat bounce or is this the low

[lpavlou] 09/8/2021 21:13

The share price held up much better than I expected. I now reckon the Biomass Division is worth more than the airport. Whilst there is no bank debt, they still owe 50m for the Eddie Stobarts bonds and 120m to Carlyle as unless there is a big turnaround, they will want their money back rather than 30percent stake in Southend.

[fenners66] 09/8/2021 09:47

"We are therefore commercially agnostic"

as per my previous post they are trying to spin bad news as good news or at least agnostic as they say , on the back of the contract being SO BAD that losing it does not matter.

So where was the previous RNS saying they had won business from Ryanaire but the business was awful and they could take it or leave it ?

Awful management reaction.

Essentially how can you trust any RNS as telling shareholders the whole truth.

Next positive RNS , "we won this business" , one would wonder if it actually makes any money....

[jotoha2] 09/8/2021 08:23

Oh dear , they surely knew this was going to happen , so quite smart to get the funding done before reality kicked in , 7p new target with gusto now.

[simmsc] 08/8/2021 01:33

They can't get all their tips right, but they should comment if things go wrong. Maybe they feel they don't need to, because they do get most things right.

[john09] 07/8/2021 23:28

It was indeed a terrible tip. Cant remember when i bailed 26p ish? They haven’t mentioned it since they tipped it

[lpavlou] 07/8/2021 16:55

Another poor RNS after the market closes. No way they could have got the rights issue away and underwritten if this news was known beforehand. There won't be much of a loss this year, but will have a big impact gong forwards as neither EasyJet nor Ryanair will be using the airport. Expect the rights issue price to be tested on Monday

[john09] 07/8/2021 00:56

Just read the rns . You cant make it up

[fenners66] 06/8/2021 23:27

"However, the financial impact of Ryanair's base closure will be mitigated by a reduction in costs directly associated with serving Ryanair's base and the low level of passengers expected during the winter season. "

In other words , punters we have got some really bad news but we will pass it off as loss making , QED its good news?

BUT when did they find out ?
Before the cash call ?

[y1phr1] 06/8/2021 19:00

Glad I got out at 33p maybe get back in around 10 p if Lucky

[y1phr1] 06/8/2021 18:58

Ryanair to cease operations at Southend airport from October. Things seem to get worse and worse here will definitely pick these up cheap later.

[fenners66] 06/8/2021 12:08

"you may also apply for additional shares " ....

So at the moment it looks like there is a turn to be made on them, but once allocated and everyone sees the same opportunity will it still be there?

Regardless, this is a loss making cash burning business.

Will it be enough cash this time , or another fundraise next year ?