Esken Share Discussion Threads

[neilyb675] 23/1/2024 07:30

The convertible loan has a maturity date of August 2028. There have been no payment defaults by LSA in relation to the convertible loan agreement and LSA cashflow has been in line with expectations. Esken and LSA are investigating the validity of the alleged breaches in conjunction with advisers.

[blue square] 23/1/2024 07:26

Esken was already priced for administration, so nothing has
really changed.

[jotoha2] 23/1/2024 07:17

If CGI get his Lordship to agree with them then its finished for ESKN , fire sale will kill it stone dead , clearly some people have not been straight here .

[neilyb675] 23/1/2024 07:09

Update on LSA and Carlyle Global Infrastructure Fund

Esken, the aviation group, announces that, further to the announcement issued on 26 September 2023 and the circular issued on 6 November 2023 (the "Circular"), on 19 January 2024 its wholly owned subsidiary London Southend Airport Company Limited ("LSA") submitted its defence in relation to a court claim by Carlyle Global Infrastructure Fund ("CGI") alleging a technical breach by LSA with respect to the convertible loan agreement entered into between LSA and CGI. Esken is confident that LSA has a robust position in relation to the CGI claim.

LSA has subsequently received notification that CGI is alleging a number of further breaches by LSA with respect to the convertible loan agreement and that CGI has issued an acceleration notice to LSA, demanding repayment of the loan in the amount of GBP193.75 million by 16 February 2024. The convertible loan has a maturity date of August 2028. There have been no payment defaults by LSA in relation to the convertible loan agreement and LSA cashflow has been in line with expectations. Esken and LSA are investigating the validity of the alleged breaches in conjunction with advisers.

Esken believes that any such acceleration would have significant adverse implications for LSA, the Group and the Exchangeable Bondholders (as further set out in the Circular) as it would be value destructive for all stakeholders, including CGI itself. Esken is disappointed that CGI has chosen to take this action based on purported technical defaults, as Esken had viewed CGI as a long-term partner in the continued development of the airport. Esken and LSA will be engaging with CGI to resolve the present issues.

LSA is an attractive strategic airport asset in the medium term as aviation markets and the airport continues to recover from the unprecedented effects of the COVID-19 pandemic. The board of Esken believes that there is considerable value in the LSA business and continues to support its liquidity needs in line with the recovery plan. As a result, LSA continues to meet its obligations as they fall due.

As previously announced, Esken is making good progress in addressing the maturity and terms of the Exchangeable Bond and towards the sale of its non-core assets. In addition, Esken continues to focus on seeking a new owner for LSA, with a view to crystallising shareholder value through securing the right long-term partner, which recognises the inherent strategic opportunity and is best placed to support future growth. A successful outcome to the sale process would in any event repay the convertible loan instrument ahead of its maturity date.

[jotoha2] 23/1/2024 02:56

Amazing how such a rubbish share price can for some look very enticing , Tosca and RG have been left holding the parcel , and what a parcel it is , not looking good , but silly things happen in the market.

[neilyb675] 22/1/2024 19:58

from Supercharger on LSE:

"Even another new partner has joined AeroItalia from Southend for the summer, enter Mann Link starting off with trips to Denmark.

Looks like expansion well underway for Europe now with Switzerland, France, Holland, Spain and Italy also all covered-starting to look very good, and a great opportunity to buy in at this price before other routes are added."

[neilyb675] 22/1/2024 13:27

the .92225 trades are buys

[neilyb675] 22/1/2024 11:00

from Mikey279 on LSE:

"Looks like the shuffling has all but completed, free movement both ways

So much news due:

NCA disposals due for completion by end of February

Bond renegotiation

20m loan agreement

TR1 of Cyrus out

LSA offer can come in any time

Massive re rate on the cards if it lines up....or bust

10m mcap

IMO"

[neilyb675] 22/1/2024 11:00

As detailed in the Group's interim results published on 29 November, Esken is making good progress in respect of addressing the maturity and terms of the Exchangeable Bond and towards the sale of its non-core assets. As such, Esken is continuing to progress the process to seek a new owner for LSA, with a view to crystallising shareholder value through securing the right long-term partner, who both recognises the inherent strategic opportunity and is best placed to support future growth.

[blackhorse23] 22/1/2024 10:56

Game over in here ! Money moving to APH

[neilyb675] 22/1/2024 10:37

that 350k is a buy

[neilyb675] 22/1/2024 10:36

from Mikey279 on LSE:

"Looks like the shuffling has all but completed, free movement both ways

So much news due:

NCA disposals due for completion by end of February

Bond renegotiation

20m loan agreement

TR1 of Cyrus out

LSA offer can come in any time

Massive re rate on the cards if it lines up....or bust

10m mcap

IMO"

[neilyb675] 22/1/2024 10:35

As detailed in the Group's interim results published on 29 November, Esken is making good progress in respect of addressing the maturity and terms of the Exchangeable Bond and towards the sale of its non-core assets. As such, Esken is continuing to progress the process to seek a new owner for LSA, with a view to crystallising shareholder value through securing the right long-term partner, who both recognises the inherent strategic opportunity and is best placed to support future growth.

[neilyb675] 19/1/2024 14:53

0.85 - 1.00 (GBX) at 14:46:46
on Market (LSE)

[neilyb675] 19/1/2024 11:37

0.85 - 0.90 (GBX) at 10:18:51
on Market (LSE)

[neilyb675] 18/1/2024 19:07

from Mikey279 on LSE:

"Looks like the shuffling has all but completed, free movement both ways

So much news due:

NCA disposals due for completion by end of February

Bond renegotiation

20m loan agreement

TR1 of Cyrus out

LSA offer can come in any time

Massive re rate on the cards if it lines up....or bust

10m mcap

IMO"

[neilyb675] 15/1/2024 16:52

nice closing price

[neilyb675] 15/1/2024 12:01

926k buy just under full ask.

[neilyb675] 15/1/2024 09:54

from Mikey279 on LSE:

"Looks like the shuffling has all but completed, free movement both ways

So much news due:

NCA disposals due for completion by end of February

Bond renegotiation

20m loan agreement

TR1 of Cyrus out

LSA offer can come in any time

Massive re rate on the cards if it lines up....or bust

10m mcap

IMO"

[neilyb675] 15/1/2024 09:16

0.90 - 1.11 (GBX) at 09:16:23
on Market (LSE)

[neilyb675] 15/1/2024 09:15

0.90 - 1.06 (GBX) at 09:14:41
on Market (LSE)

[babbler] 15/1/2024 09:12

Don't forget the debt needs to be paid off from those proceeds.

[ameliorator] 15/1/2024 09:10

equivalent of buying £20 for a £1.

GLA

[neilyb675] 15/1/2024 09:08

As detailed in the Group's interim results published on 29 November, Esken is making good progress in respect of addressing the maturity and terms of the Exchangeable Bond and towards the sale of its non-core assets. As such, Esken is continuing to progress the process to seek a new owner for LSA, with a view to crystallising shareholder value through securing the right long-term partner, who both recognises the inherent strategic opportunity and is best placed to support future growth.