Trans Balk Inv Share Discussion Threads

[prothus] 15/11/2004 15:41

Spot on sandbank,

The potential for the break up value of this company was the main reason I bought in, figures of £1.00 - £1.20p a share have been quoted as fair value if the assests were sold off, I know that the major share holders were pushing the management in this direction.

So I continue to hold.

[sandbank] 15/11/2004 15:30

These shares aren't rising because of random movement. There's concerted buying going on here. No doubt it's because the break-up value of the company is at last realisable following the Alterra buy out mentioned at the end of last month. Keith Brooks has already said this makes a trade sale of TBI easier or a spin off of Luton. BAA must be sniffing around also. Luton alone is worth more than TBI - the rest of the airports are in for free as are the proceeds of the sale of the Bolivian and US assets.

[prothus] 13/11/2004 15:21

Agreed,

It's one of the most boaring shares I hold but it just keeps slowly increasing in value so can't complain.

[g.j.a] 13/11/2004 14:57

Keep ticking up is what I say!.........

[robg28] 12/11/2004 13:11

nice gradual tick up on now news

[garysmith7] 29/10/2004 23:14

I think a lot of parties think TBI is undervalued BAA included :)

[gerryl] 29/10/2004 23:03

Is it true that BAA are making enquiries ?

G

[lbo] 29/10/2004 14:38

TBI lands jewel in the crown Oct 29 2004




Sion Barry, Western Mail


AIRPORTS group TBI yesterday announced a £80m deal to buy out the minority shareholder in its jewel in the crown London Luton Airport operation.

After protracted negotiations TBI, which also owns Cardiff International Airport, revealed to the City plans to acquire Alterra Partners' 28.6% stake in London Luton, which over the next year is projected to increase passenger numbers by 40% from seven million to 11 million.

Alterra is a joint venture between American-owned Bechtel and Singapore Changi Airport Group.

The vehicle has a pre-emptive agreement which in effect means that TBI cannot sell Luton without its approval.

However, with the removal of what TBI's chief executive Keith Brooks yesterday described as the "poison pill," he conceded that a trade sale of the airports group was now a far more attractive proposition.

Cardiff-born Mr Brooks said, "This deal in theory does make a trade sale of TBI easier.

"However, our primary consideration, subject to shareholder approval in December, is getting our hands on greater cash flow at Luton.

"We are investing £30m in the airport which will see a 40% increase in passengers over the next year with another three aircraft being introduced by EasyJet and four by Ryanair."

Mr Brooks said the Alterra agreement also opened up the possibility of a separate flotation of London Luton.

"It would be irresponsible to say that this deal doesn't give us a number of potential options moving forward," said Mr Brooks.

"However, the board has yet to meet to discuss any future strategies, but our main focus is on expansion."

The airports group, whose share performance over the past decade has outperformed that of the FTSE-250 and the London Stock Market's transport index, has been linked with takeover and break-up speculation since a number of active fund managers, including JO Hambro and Laxey Partners, recently took up equity positions in the company.

Yesterday the Welsh chairman of City stockbrokers and investment bank Evolution, Richard Griffiths, said he believed that a break-up of TBI was now a strong possibility afterthe removal of the "Alterra barrier."

Mr Griffiths added "This deal removes the stumbling block to realising the true value of TBI.

"It is a triumph for proactive shareholder pressure on the management of TBI.

"However, I believe this deal provides a win win situation for both management and shareholders.

"It makes a trade sale far more likely, but I personally think a stronger contender is an unbundling of TBI's assets.

"Luton alone now has a value far higher than the quoted £280m-£290m.

"I am far more optimistic and feel it could go for £400m, while a break up of TBI could be achieved for as high as £1 per share."

In a separate announcement yesterday TBI said it had completed the sale of its US-based airport services group Airport Group International (AGI).

London-based aviation and materials technology firm BBA has bought AGI for around $24m (£13.3m).

Mr Brooks confirmed that six bidders were now in the running for acquiring TBI's airport interests in Bolivia.

Shares in TBI climbed marginally yesterday to close at 72 p.

[prothus] 20/10/2004 13:44

So is this a pump and dump or the real thing?

I'm in for 14,000 on a CFD with a strict stop loss.

[blowson2000] 11/10/2004 13:57

im undecided.If it will get broken up then i think£1 is realistic. But will it? if not 72p today is a fair price.

[lbo] 11/10/2004 11:28

still looks good as trading is picking up and is still at a discount to NAV and on Technichal Anlaysis! IMHO

[maestro.] 11/10/2004 10:12

yeah sold out at 75p myself...this is one of the worst pump and dump shares on the market imho...just play em at their own game now

[sharinko] 11/10/2004 10:02

It looks to me like a pump and dump exercise rather than a lucrative break up of the business.

[lbo] 10/10/2004 23:31

Newspaper Article on its trading also!


INCREASED confidence in air travel has seen passenger numbers climb at Welsh airports group TBI.

The group which owns Cardiff, Luton and Belfast airports in the UK and Stockholm-Skavsta in Sweden yesterday reported that total passenger numbers in the six months to September 30 were up 8.9%.

But while traffic at both Luton and Belfast was markedly higher than the previous year a fall in low-cost and charter flights saw traffic at Cardiff International Airport decline.

In its trading statement, issued ahead of interim results due out on November 16, TBI's board described the figures as in line with expectations.

"The growth in passenger traffic to both domestic and European destinations, which characterised the initial weeks of the period, has continued," said the statement.

"While low-cost travel remains the driver of volume growth, the group has continued to see passenger traffic increase across all three types of service at its four European airports which is encouraging in what remains a competitive industry environment generally."

During the six-month period passenger numbers at Cardiff were 4.3% lower than the previous year - with 1.16m passengers using the airport at Rhoose during the three period.

The biggest decline (10.6%) came in low-cost flights from Cardiff, following a reduction of operations at the airport by BMIbaby. But full service passenger numbers from Cardiff rose 15%.

TBI is now hoping the long-awaited rail link to Rhoose will provide a boost to the airport when it is completed next year.

"Cardiff continues to generate good levels of cash and will benefit from important infrastructure development with the opening of a new railway station adjacent to the airport in May 2005," said TBI.

At Luton passenger numbers were up 9% for the first six months of the year.

Both easyJet and Ryanair announced in July that they were expanding their operations from Luton – and those new routes should have an impact on the airport's revenues next year.

Luton is currently undergoing an extensive expansion programme which will provide a new security hall in its existing terminal building and a new 9,000 square metre air-side facility which will treble retail and catering space.

Passenger traffic at Belfast was up 12% in the first half due to increased low cost and charter flights, while passenger numbers at Stockholm-Skavska increased by 22%.

[lbo] 08/10/2004 13:58

Also From the Independant 8/10/2004

Hold on to TBI while it battles the turbulence
TBI, the regional airports group, maintains a steady cruising speed.

The company, which owns Luton, Cardiff, Belfast and Skavsta in Sweden, says low-cost operators are continuing to drive growth in passenger numbers. In the six months to 30 September the likes of easyJet and Ryanair helped Luton and Belfast report a 13 per cent increase in passenger numbers compared with the same period last year, while Skavsta was up 21 per cent. Only Cardiff saw low-cost passenger numbers dwindle, down 10.6 per cent as bmibaby reduced capacity and services. One fillip was the announcement of a direct flight between Belfast and New York operated by Continental Airlines. However, while this long-haul addition will be welcome when it begins next May, TBI is very reliant on low-cost traffic. Total passenger numbers were up 8.9 per cent in the first half of this year at 8.5 million but 70 per cent of these were from the cheap-seat carriers.

This part of the airline sector has been battling against rising fuel prices and intense price competition, so is this a worry for TBI shareholders? Well, it is certainly not brilliant news and, as analysts pointed out yesterday, increased volumes at Luton will have no significant bottom-line impact for four years because of deeply discounted landing charges and the concession fees TBI pays to local councils.

Valued at a premium to BAA on a price earnings ratio, yesterday's closing price of 69p is about right. Hold.

[danny_boffin] 08/10/2004 09:52

Mmm I've been waiting for this for a LONG time.

[sharinko] 08/10/2004 09:08

Starting to look interesting with the volume picking up?

[sealed] 08/10/2004 07:25

On m-on-e--y a=m this morning:

Major shareholders are pushing for the break-up of TBI in a move that would lead to the sale of Luton, Cardiff and Belfast International airports, The Daily Telegraph reported citing investors in the company.

Investors controlling a fifth of the airport operator's stock want the board to sell off the assets and return the proceeds to shareholders, the newspaper said.

Bankers said the investors believe the business is worth between 100p and 110p a share if it is broken up. TBI's shares closed 2p firmer at 69p last night.

One banker said the investors want TBI to appoint a consultant to the board to oversee an orderly break-up. 'It is the kind of thing that they have done in the past,' he is reported as saying.

He said shareholders were 'getting frustrated' with the progress of the company. 'The management has lost credibility. They have promised one too many things. With the right actions they can sell off some of their assets like a mini BAA. It is a highly attractive break-up.'

Big shareholders in the company include Laxey Partners, JO Hambro, Gartmore, as well as Irish entrepreneur Dermot Desmond, Deutsche Bank and Cantor Fitzgerald Europe.

[garysmith7] 07/10/2004 22:35

As I have been saying for months now 90p is the takeout price.

[dealit] 07/10/2004 19:05

I have just read this on Citywire site;

--------------------------post----------------------------

THE GUARDIAN
Notebook:
* Bears survey rates topography and sees a plateau - Google gobbles.


Other comment:
* Rumours that TBI is being stalked by a company controlled by Russian billionaire Roman Abramovich - Vague rumours of a Wells Fargo bid for Lloyds TSB - Talk of an upbeat drilling report from Gulf Keystone Petroleum - Talk of a DA Group mobile phone deal with Vodafone.