Esken Share Discussion Threads

[neilyb675] 22/2/2024 14:54

IN AUCTION for past 10 mins+

[fenners66] 22/2/2024 14:31

LOL !

So desperate

[neilyb675] 22/2/2024 13:42

LOOK at trades 241-244, those are rather large.....are they TOSCA going over the threshold.

[neilyb675] 21/2/2024 16:31

Final 10 minutes of normal trading (from 4.20pm) onwards the share was in auction. This is very unusual.

[nige co] 19/2/2024 16:22

Its a crying shame what's happened to this company. I was a shareholder briefly quite few years ago under the name Stobart, I sold my shares at a small profit around 109p. Looking at today's current share price at 0.20p down 50% today. The reason for my investment was the airport. I've not followed it since I sold out. What a car crash. Sorry for shareholders who still own this once great company.

[neilyb675] 19/2/2024 14:51

0.20 - 0.23 (GBX) at 14:27:20
on Market (LSE)

[neilyb675] 19/2/2024 11:25

you think they upped to just under the thresh-hold for a takeover very recently and then let this happen.....

[fenners66] 19/2/2024 11:21

What's your question about TOSCA in aid of ?

[fenners66] 19/2/2024 11:21

"Neilyb675
11 Feb '24 - 13:26 - 721 of 735
I think you need to read the RNS properly...
...That points strongly to this being CGI trying it on."


And now you can see that has been successful - which may come as a shock to you if you have
been placing your faith in the board.

[fenners66] 19/2/2024 11:18

You still of the opinion these are going to the moon?

[fenners66] 19/2/2024 08:55

"Neilyb675
30 Jan '24 - 15:53 - 705 of 732

after hours RNS imo, deal been done, CGI on board this will fly to the moon"


I think we can put that idea to bed.
-50% and soon to be reduced to a minority holding in LSA at best.

[neilyb675] 19/2/2024 08:50

fenners

did you see any mention of TOSCA in the RNS today...?

[stockriser] 19/2/2024 08:45

Mcap now £2 million - what a horror story - you could not get darker days really.

[fenners66] 19/2/2024 08:38

Told you so.

Perhaps you will take a bit of notice now Neilyb675 /the stinger ?

Take note - because of the uncertainty they still are on hold to sell assets and raise cash ... easy to blame a third party when you are making no progress..

But the parts that are relevant to the market.
"would amongst other things result in EAL's shareholding in LSA being significantly reduced to a minority interest."
"cancel existing shareholdings and issue new shares to different parties so as to achieve a change in ownership of LSA."

Now do you understand why having hold of the debt for a loss making business is where the power lies ?

[neilyb675] 19/2/2024 07:14

Further to the announcement issued on 5 February 2024, Esken, the aviation group, announces that the board of the Company's wholly owned subsidiary, London Southend Airport Company Limited ("LSA"), together with its advisors, has negotiated a recapitalisation proposal with Carlyle Global Infrastructure Fund ("CGI") which will be funded by CGI and Cyrus Capital Partners ("Cyrus") (the majority holder of the exchangeable bond) as a solution to the dispute in respect of the convertible loan between CGI and LSA.

In order for the recapitalisation proposal to proceed on a consensual basis, Esken and its wholly owned subsidiary Esken Aviation Limited ("EAL") (as the parent and intermediate holding company to LSA) would have to accede to this proposal by 4 March 2024. Esken, together with its advisors, is urgently reviewing and assessing the terms and potential financial impact of the recapitalisation proposal on the Company and its wider stakeholders and will then decide whether to accept the terms of the recapitalisation proposal.

The recapitalisation proposal includes a commitment by LSA to make an application to court for a restructuring plan under part 26A of the Companies Act 2006, absent Esken and EAL agreeing to the terms of the recapitalisation proposal. Esken understands that the terms of the proposed recapitalisation proposal, whether implemented via a restructuring plan or consensually, would amongst other things result in EAL's shareholding in LSA being significantly reduced to a minority interest. Funding of the proposal agreed with the board of LSA includes support from both CGI and Cyrus to secure the future of the airport.

A restructuring plan is a court process which can, if the court so decides and various other criteria are met, amongst other things cancel existing shareholdings and issue new shares to different parties so as to achieve a change in ownership of LSA. Esken is considering whether the terms of LSA's recapitalisation proposal are acceptable or whether it will contest LSA's restructuring plan through the courts.

The uncertainty that CGI's demand for repayment by LSA has created, has stalled any progress on (i) the disposal of non-core assets (ii) the potential £20 million funding facility from certain of Esken's larger shareholders into EAL and (iii) the amendment and extension of the exchangeable bond, all as referred to in previous announcements, until the position becomes clear.

In parallel with its assessment of the recapitalisation proposal for LSA, discussions are continuing with Cyrus, as majority holder of the exchangeable bond, to understand the impact of such recapitalisation proposal on the exchangeable bond and which may include a restructuring of Esken. These discussions include the provision of additional liquidity to Esken and its subsidiaries.

There can be no certainty that any of these discussions will lead to a consensual agreement, but Esken believes that a consensual outcome would be in the interests of all parties and will take all reasonable steps to facilitate such an outcome. The Company is also undertaking contingency planning, including exploring access to alternative funding to cover its liquidity needs. The recapitalisation proposal, if agreed to by the Company or imposed on it by the courts, could have a material adverse impact on the Group.

[neilyb675] 16/2/2024 08:15

The market maker code 200 means I need Shares badly but do not take the stock down. While the volume of shares swapped in their favor is no longer adequate to cover all orders, brokers get this crucial notification when trading stocks on an exchange.

[fenners66] 11/2/2024 22:00

Oh come off it ! What happens when companies are threatened with administration.
Quick deal with the administrator and everything carries on - pre-pack those wanted to be retained by the company's new owners don't even know what has happened....

[the stinger] 11/2/2024 21:14

No amount of owning debt will be relevant if operations end. Value destroyed.. simple. Politely explained in the last update.

[fenners66] 11/2/2024 16:10

If they own enough debt (I have not looked at the BS ) then they will get LSA - certainly not Kamikaze