Share Name Share Symbol Market Type Share ISIN Share Description
Esken Limited LSE:ESKN London Ordinary Share GB00B03HDJ73 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.50 -3.6% 13.38 311,922 16:35:21
Bid Price Offer Price High Price Low Price Open Price
13.64 13.96 14.10 13.64 13.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 110.72 -150.34 -28.81 84
Last Trade Time Trade Type Trade Size Trade Price Currency
17:13:23 O 3,772 13.38 GBX

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Date Time Title Posts
03/12/202119:51Esken 2021 400
06/8/202118:00Esken Limited (Formerly Stobart Group)6

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Esken Daily Update: Esken Limited is listed in the Industrial Transportation sector of the London Stock Exchange with ticker ESKN. The last closing price for Esken was 13.88p.
Esken Limited has a 4 week average price of 11.58p and a 12 week average price of 11.58p.
The 1 year high share price is 39.50p while the 1 year low share price is currently 11.58p.
There are currently 630,926,123 shares in issue and the average daily traded volume is 1,709,589 shares. The market capitalisation of Esken Limited is £84,417,915.26.
thepiedpiper1: Wow glad I bought more below placing price
lpavlou: They have to reduce the share count now as the spread is just too wide. I expect a 10 for 1 consolidation is necessary.
peach: Similar to tomtum1, I also bought recently. My thinking is that is looks like an interesting set up: 1)at 14.5p mkt cap is c£150m ; and underlying NAV looks to be around £380m. Tosca and Harwood are large shareholders that have recently participated in new issues so appear committed and motivated for realisations. Carlyle put in £120m for a 30% stake on London Southend airport. This released £100m to ESKN to pay down debt which together with the equity raise pretty much clears net debt. But it also points to the value of the airport being at least 280m for ESKN's remaining 70% share. Carlyle will be looking for a lot of upside and probably saw ESKN as a distressed seller here so the £280m should be conservative. The energy division has long term contracts and is returning to normal cashflow of c £20m. ESKN was going to sell this but decided to retain and do the capital raise. Makes sense, as the cashflow is needed to support the airport cash burn in the near term. I have no idea how to value the energy division but have stuck a 5x multiple on the £20m of EBITDA expected this year for a c £100m value. Given long term contracts it could be conservative. There are legacy liabilities (c 31m) taken on from some plane leases etc and some non-core assets (book value c40m) such as Carlisle Lake District airport etc. I'm assuming these broadly net out. Management set out a conservative cashflow forecast looking out a few years and they assume they get to some modest net debt (less than 1xEBITDA on energy division) a few years out. If they are able to sub-lease any of the planes there will be upside to this. So, this looks like 2.5x upside to fairly conservatively valued assets post a corrective equity raising, with motivated shareholders and a strong operator joining the equity of the airport. Interestingly, management noted Carlyle has been involved in more than 50 airport transactions so know their stuff and see an angle here. Also reading the notes on the deal it shows ESKN has drag rights on the airport but Carlyle will only permit it if they get something like a 3x return.... . There are clearly risks here around cash burn while there is a return to travel and how quickly the airport can replace airlines that have ended their slots at the airport. But Carlyle are aware of this and still closed the deal.
tomtum1: I'm in today. Been watching for a while. Wanted to get as close to the placing price as possible.
lpavlou: 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
garycook: CORPORATE ACTION NOTICE Important information about your stock 30 July 2021 A corporate action is taking place in relation to ESKEN LIMITED (stock code BP0TT37), which you currently hold in your portfolio (a/c 2229755). Please read this notice in full and make your election by 11th August 2021. What is happening? Open Offer Ex-entitlement Date: 28th July 2021 Subscription share entitlement ratio: 1-for-8 Subscription ratio: 1-for-1 Exercise price: GBP0.14 per new share New shares: 26th August 2021 Esken Limited has announced an Open Offer; your account has been issued with 1 non-transferable subscription share for every 8 shares held. Your options are: OPTION 1: Do nothing (Default). Your subscription shares will lapse if you do not exercise them by our deadline date. OPTION 2: Exercise your subscription shares in full or in part. Under the terms of the Open Offer, each subscription share entitles you to 1 new share in Esken Limited at GBP0.14 per share. OPTION 3: If you have exercised all your subscription shares on option 2, you may also apply for additional shares. Excess applications may be subject to scaling back. Refunds resulting from this are generally received back from the company within 2 weeks.
greg the grinch: f66 - That is their excuse. Considering existing shareholders OWN the company - I still dont see the morality of screwing them - everyone with more than e.g. x number of shares should be entitled to a full pro rata share first. LSE should tighten up the rules but it will not happen because this is easy money for well connected.
greg the grinch: This is a general statement, shareholders get screwed all the time with many companies. It does make me wonder about new investors via a placing - could these include any insider shorters that got wind of the raise and price? IMHO, new investors should be at the back of the queue after all the PI's have had their fill. This is the only lemon in my porfolio.
fenners66: So they just sold the equivalent of 62% of yesterday's company for £55m at 14p a share! In 2019 they paid a reduced dividend of 9p a share and 18p in the year before that. So those shareholders who were advocating this as an income stock - that's why I started looking at it, but declined - get royally rogered when the company should never have been paying the high dividends in the first place. Another damning indictment of management.
mayers: I'm not entirely certain what that means, john09. I presume you are suggesting that on past management performance a share offer should be at below 20p The previous offer at 40p certainly preceded a fall in the share price rather than a rise. I cashed in some time ago as I had no confidence that the management was able to run the company effectively. Developments as perhaps you suggest seem hostile to airlines opening up and indeed restrictions may get worse, such that the share price may fall below 20p.
Esken share price data is direct from the London Stock Exchange
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