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With the 3p divi and FCAP to sell at 9.5p I make these guys worth 33.3p.
Grabbed more ....
Weak AGM statement from Peel Hunt.
Very poor update from NUM. Will read across. Weak outlook.
"Each Cenkos Shareholder will be entitled to receive and retain the 0.5 pence cash dividend "
"The Cenkos Board intends in due course to declare an interim dividend of 3 pence per Cenkos Share, which is intended to be formally declared after 30 June 2023 and paid before the Effective Date (the "Interim Dividend"). "
Sorrry... Last comment should have said current SP valuation for Cenkos shares equates to 35p...... not 3.5p
Typo :-)
I doubt its worth a dabble in Cenkos shares or even Fincap.
Major drop in Fincap SP coming as well as Cenkos I suspect.
Not a good deal for Cenkos PIs. Current Cenkos SP =36p but only getting 3.19 Fincap shares per share so but of a hit I would say for those shareholders. That is, your Cenkos shares are only worth 3.19xFincap SP which equates to under 3.5 at present.
If the Fncaip share prices drops further (which I beleive it will do due to Fncap Doubling their Issued Share base as a result) then the Transfer value gets worse.
For example if Fincap SP drops to 9p then transfer value = (approx) 28.7p so approx 20% value reduction in each Cenkos share.
Note: Fincap has approx 151Mil shares wheres Cenkos has 57Mil shares.
So that means Fincap will have to DOUBLE their number of Shares in issue to accommodate the Share transfer (unless Fincap has over 160Mil+ shares unissued in their back pocket).
SO at least a 50% drop in Fincap SP coming..... unless I'm not understanding 'HOw' Fincap are going to get around that one.
I guess it's time to BAIL until after this merger and see what the 'New merged' Fincap SP does.
To merge with FCAP.
Merger values CNKS at c37p per share.
CNKS results in March poor, but outlook relatively optimistic in poor environment. (In line).
FCAP interims in Dec also weaker, but in line.
Ex-div for 0.5p on 26 May
Further 3p div for CNKS holders post merger.
Combined entity to hold c£18m cash.
Can currently buy sub-37p.
Worth a dabble?
Bought back .. missed the merger details ... did I see 3.5p dividend to Cenkos holders due by year end?
Warning from WHI and weak update from NUM. Not good signs!
Would think Cenkos shareholders should be happier with this deal.
Have only very briefly read through the merger RNS - but with dividends to be paid and shares in FinnCap issued - looks a no brainer at 39p
Seems like I made a good call.
Totally agree.
I bailed this morning …. The phrase “underlying earnings in profits” suggests to me a loss being posted.
Could go either way IMO.
Very possibly, but seems to me to translate more as "things are still not great, but not as bad as we thought they could be".
MINI BOOM
...phrase reiterated today in the Numis AGM update. Results are due here c17 March. They are unlikely to provide a catalyst for a push up in the price, but also unlikely to presage a cataclysmic fall. Unsteady as she goes!
Good timing …. I have a smallish stake again …. Not held this share since the 70-120 trading range a few years ago.
I'm back in below 45p. Buying this at book value or below is a bit of a no brainer IMO. There has been M&A in the sector with Arden getting taken out by INCE so a bid is not out of the question. Nice dividend of ~7.5% while I wait for the AIM market to improve.
Revenue down 30%
Loss for period of £0.4m
Dividend down 20%
Conditions "remain challenging and are likely to be so for the foreseeable future."
Aaaaaaaaaaaaaaagh!
I sold out this morning. They don't appear to have done a deal in March and I don't think general business confidence is going to be great for the next 6 months or more. Liquidity was surprisingly good. I still like the business and would buy back in at the right price, just think risk/reward looks poor for the time being.
Yes, FC, not expensive at all. The loss of Woodford's business and the horrible spread put off some, I*m sure, but all the more for us!