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NEXS Nexus Infrastructure Plc

0.00 (0.0%)
05 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Nexus Infrastructure Plc NEXS London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.0% 87.50 08:00:07
Open Price Low Price High Price Close Price Previous Close
87.50 87.50 90.00 87.50 87.50
more quote information »
Industry Sector

Nexus Infrastructure NEXS Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 22/3/2023 12:59 by pr100
If I were to build a house and sell it, I would need a hefty money satchel to get the job done. All builders need bridging loans on big contracts, especially with the cost of materials and labour rising. So a fighting fund of £12m doesn't seem untoward for a £95m order book. As and when they set up a new bank facility - presumably soon – there's also every chance that excess cash will be returned to shareholders. Tamdown's last announced net cash position of around £5m was fine when they had access to the bank facility and intracompany loans. Unsurprisingly, they need more now that they are on their own. Mr Market seems to be rating NEXS a buy as we speak.
Posted at 11/3/2023 10:42 by pr100
It's somewhat comforting that the new BOD of the restructured company will continue to have plenty of skin in the game with three of them in aggregate owning over 22% of the equity (at least for the duration of Mike Morris's 12-month lock-in). That's the same percentage as the BOD currently own.

However, a house builder without the 'glamour' of the divested assets might find it harder to attract new investors, albeit taciturn NEXS never really succeeded in setting the market alight anyway. It was never ramped or pumped and never courted much publicity in the investing media. Investors discovered it if they were searching for an 'E' play.

Doubtless some shareholders will try to sell their entire holding to Numis at 163p, especially with yesterday's news of the Silicon Valley bank collapse which could spread fear in that sector. But 163p is less than the £77m paid for the two divested assets so, in light of that valuation, it's too cheap.

OTOH, the market looks to be gearing towards an share price lower than 163p when the bell rings on 18 March (assuming the Tender offer is fully subscribed) - in which case earlier sellers at 163p would be able to buy their shares back at a lower price. But logic dictates that a market cap of around £12.2m (@163p) would be far too low for a company with around £16m net cash, a £95m order book, no debt and promised dividends this year and next. So, if the share price is manipulated to open lower than that then the assumption would be that it would soon find its right level.

The other big imponderable is what happens to any excess cash returned to Nexus in the event that the Tender Offer is under-subscribed. They have stated that they will find another way to distribute it to shareholders…but which shareholders? Will those who sold all their shares prior to 17 March miss out on any surplus cash? Will it be distributed only to shareholders in the NewCo - in which case do those who choose not to subscribe to the Tender Offer hoover up more cash than those who do subscribe?

Presumably not since the BOD have all pledged to subscribe for their full Tender Offer entitlement - and under "Risks", the Tender Offer circular states that there is *no* guarantee that any surplus cash will be returned to shareholders (which is odd considering that the chairman earlier pledges to find another way to return it).

But with the BOD and some other significant shareholders having committed to subscribe for their full entitlement, combined with recent market jitters, the likelihood is that the Tender Offer will be taken up in full, imho.
Posted at 03/3/2023 09:03 by pr100
On reflection, today's share price values Tamdown shares at 157p each.

Buy 1000 NEXS shares today @ 162p = £1620 outlay
Sell 830 back to Numis @ 163p = £1353 income
Leaving 170 Tamdown shares bought for £267 or 157p each.

That's still less than Tamdown's assumed cash assets but not quite such a screaming buy. But it's a clue that the MMs will price up the restructured business at around 157p per share when they start trading - if there are 7.5m shares in issue. And by my calculations that price should move quickly to above 200p if the company still has around £16.5m cash. But we have been warned that Tamdown's cash has been temporarily stressed over the past few months so shareholders can't make a judgement unless Nexus update Tamdown's current cash position.
Posted at 02/3/2023 11:27 by pr100
Tamdown cash at Sept 2022 was £4.6m according to the Nexus FY results but has clearly fallen since then judging by the 30 Dec RNS admission that "Cash within Tamdown has come under pressure since year end due to higher trading activity coupled with higher levels of debtors." What we need to know is its cash position today but that information is withheld. We do know that Tamdown will receive £12m from the proceeds of the asset sale but that doesn't tell us the net cash position.

Clearly, if Tamdown NewCo had net cash of £16.6m, no debt and only 7.5m shares in issue (assuming full take-up of the Tender Offer) then Tamdown on its own should be worth at least its cash value of 221p per share. So either the NEXS share price today is very wrong/manipulated or there's a lot less cash in Tamdown, and maybe other skeletons, which only the insiders know about.

The major shareholder seems very keen to take most of his cash out of Tamdown to fund a controlling interest in the divested operations without having to share the rewards with us pesky retail shareholders. To all intents and purposes this looks like an MBO - but only of the best bits of the group.

While it may be true that Triconnex and eSmart need investment, I can't figure out why Tamdown had to be dumped in order to raise that cash since the current Nexus Group has demonstrated its creditworthiness over time.

In short, this looks like shareholders are being kicked out of Triconnex and eSmart on the cheap so that the suits can pocket all the gains.

The BOD own 23% of the equity and need 75% support to get this proposal through the GM on 17 March. I don't think it's a done deal and I will be voting against unless more information is provided pronto.
Posted at 01/3/2023 15:18 by boadicea
Logically, accepting a tender offer is a sale carrying cgt implications outside an ISA. Only those lucky enough to have bought around the lows will find this a significant worry.
If the tender were not passed at the gm and the company instead opted for a gigantic special dividend (improbable) that would be taxable as dividend income. (Kills the cat by choking it with cream.)

Isn't the company now wide open to an opportunistic low-ball bid?
Posted at 01/3/2023 14:06 by pr100
Steve Moore on Shareprophets advises taking the money for 83% of your shares and holding on to the remaining shares to see how Tamdown pans out.
Either way, NEXS is surely a raging buy at today's share price which values Tamdown at approx 0p.
Posted at 01/3/2023 13:39 by pr100
OTOH, if shareholders don't subscribe to the Tender Offer then the number of shares in NewCo/Tamdown will be considerably higher than 7.5m, as will the cash pile presumably.

For some, the decision to sell or not would be influenced by their tax liability on the proceeds of sale - which will be at CGT rates at best and possibly at dividend rates since HMRC hasn't given any guidance. For those who may lose a third of their 163p sale price to tax, that's a bummer.
Posted at 30/12/2022 09:25 by pr100
Presumably we'll receive around £1.45 per share from the sale divi. What's Tamdown likely to be worth on its own? The MMs seem to think around 55p but I would guess more with the Levelling Up Bill and updated NPPF coming shortly to eliminate some of the uncertainties facing house builders. The big question will be how quickly it can generate cash - because if it fails to do so, dilutive equity issues could be on the cards. Even so, I would be happy to hold if only the new management could learn how important shareholder communications are in a listed company.

Imho, this deal undervalues the growth potential in both Triconnex and eSmart so I wouldn't rule out a counterbidder, albeit they'll have to move quickly.
Posted at 21/11/2022 08:45 by jonwig
PodPoint (PODP) issued a weak trading statement this morning: slowdown of installation, supply chain problems.

NEXS gave no indication of these issues with eSmart Networks, but it's possible the new tax onEVs could have an impact.

FY results ob 9 Dec.
Posted at 08/6/2022 07:03 by jonwig
H1 results:

Looks fine, though a small glitch with eSmart Networks held back total profits. Not a bother as far as I'm concerned. But it looks like we can forget an IPO there:

In December 2021, we announced that we would explore strategic options to crystalise shareholder value in eSmart Networks. This process continues, with the focus on a minority investment in eSmart Networks by a third party. We will update the market as to the outcome of this review when finalised but are delighted that, in the meantime, eSmart Networks continues to play a leading part in the ongoing electrification of the UK.

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