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NEXS Nexus Infrastructure Plc

0.00 (0.0%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Nexus Infrastructure Plc LSE:NEXS London Ordinary Share GB00BZ77SW60 ORD GBP0.02
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 82.50 3,902 08:00:04
Bid Price Offer Price High Price Low Price Open Price
75.00 90.00 82.50 82.50 82.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Management Services 98.39M 2.71M 0.0671 12.30 33.35M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:18:16 O 3,775 92.6712 GBX

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Date Time Title Posts
02/11/202317:49::: NEXUS INFRASTRUCTURE :::370
26/10/201708:04Nexus Infrastructure plc23

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Posted at 02/12/2023 08:20 by Nexus Infrastructure Daily Update
Nexus Infrastructure Plc is listed in the Management Services sector of the London Stock Exchange with ticker NEXS. The last closing price for Nexus Infrastructure was 82.50p.
Nexus Infrastructure currently has 40,422,745 shares in issue. The market capitalisation of Nexus Infrastructure is £33,348,765.
Nexus Infrastructure has a price to earnings ratio (PE ratio) of 12.30.
This morning NEXS shares opened at 82.50p
Posted at 12/5/2023 13:37 by pr100
Optimism in the sector, from Barclays Broker Tips today:

"Analysts at Berenberg turned more positive on UK homebuilders, not least because the worst-case scenarios for house price deflation had been averted.

They also noted the relative improvement over recent months in sales rates, which supported pricing, even as modest build cost deflation was set to occur in 2024.

In particular, they upgraded their recommendations for shares of Crest Nicholson and Redrow, because their asset-backed valuations screened best within the group.

Affordability had also improved, estimating that mortgage payments had fallen to approximately 40% of a typical new homebuyers' earnings.

A "material" fall over time in average land prices was also anticipated, as were new government support measures for the new-build housing market before the end of the year.

The analysts marked up their target price for shares of Crest Nicholson from 220.0p to 310.0p and for Redrow from 466.0p to 643.0p."
Posted at 23/3/2023 09:34 by pr100
So even with the extra shares in issue (now 9m), the Tamdown share price is already a lot higher than the Group share price was a month or so ago. I guess it's possible that the divested assets were holding the share price back even though they appeared to promise much going forward. It's a conundrum. And it might be a tad embarrassing if the Tamdown share price breaks through the 163p bid price so I guess it may hang around a while before breaking through. Today's share price is still lower than just the cash assumed to be in the bank but I guess they'll issue a trading update at the end of this March to clarify the picture and the outlook.
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 22/3/2023 08:48 by pr100
So the new Nexus has approx 9m shares in issue and approx £18m net cash with no debt and a solid order book in a murky market. Any suitor who wanted to buy the company would have to bid way above the current cash-only value per share of 200p and yet the share price opens at the predicted sub-160p price. Strong buy imho.
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 14:36 by pr100
Sorry for the confusion. The debate is only about whether current shareholders should take up their Tender Offer entitlement. It makes little or no difference whether the cash is returned to shareholders or not as, for me, the decision hinges solely on the valuation the market attributes to Tamdown.

Assuming there are no skeletons in the cupboard, and notionally that no-one subscribes to the Tender Offer, then Tamdown would have c. £80m in cash and 46m shares in issue - or c. 180p per share.

And if everyone subscribes to their full entitlement then Tamdown will have around £16.5m in cash (at Sept 2021) and 7.5m shareholders - or c. 220p per share.

That doesn't mean that Mr Market will price up the new Tamdown shares at 220p of course but with no debt the business should be saleable for more than that.

The mystery is why the current share price values the Tamdown shares at zero.
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 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 31/12/2022 09:34 by wad collector
As the CEO owns such a large number of shares, presumably his interest in the share price is greater than other aspects of the deal that he might benefit from. Which is presumably good for PIs. Probably.
Nexus Infrastructure share price data is direct from the London Stock Exchange

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