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They will have to show their hand eventually, I think personally Studios wouldnt have gone through all the trouble of passing a law to make it possible for them to own cinema chains without big plans.
I'm praying that's the case LTHCine... Imagine Netflix striking the deal with cinemark to show that new film they got was to throw the market off about them undercover actually trying to buy Cineworld LOL.... Then Amazon come knocking to trump Netflix, were looking £4+ a share for our cinemas...
FFS too much time with Amigo.. i meant MoOky not Gary!!
Thanks everyone, i was thinking we may not have been seeing positive SP movement because "commercial reasons" means some sort of takeover and shorters are about to be burned bad, but the MMs are trying to let them out with minimal damage. No way is Cine in the 80s right now without a little MM meddling :) We know Gary hates shorters as much as the rest of us, maybe he will spring takeover news, or something of that magnitude right when the most shorters are trapped in their positions trying to force price down.. Lets hope!!!!
manically was searching about this rating withdrawal since last couple of hours...it appears like Fitch cannot accurately come up with the rating due to so many variables in play with respect to CINE. CINE's situation can be better or worse off depending on -
1) cinema attendance levels
2) movies performance
3) virus situation
They said that CINE has $350M cash at the end of 2020 and with bond issuance they have secured another $200M and they also get US tax refunds worth of $190M so all this liquidity can keep CINE running even if cinemas are closed for 2021! But now that cinemas are opening up CINE is in a much much better situation.
Fitch have posted a best case scenario where if the cinema attendance levels is back to pre-pandemic levels and if there is a demand like in China cinemas then CINE can easily reduce the debt! We have seen from the news about the mad rush from the people to visit retail shops, indoor dining so there will be massive demand for cinemas too like in China!
Fitch also said that CINE's situation depends on the agreements with studios. We knew that CINE made agreements with WB, Universal and Disney!
So to conclude, I think we should be happy that Fitch have not downgraded the rating to CCC- or CC!
They mentioned about commercial reasons, which I thought could be a takeover but really Fitch will not be the first one to know about takeover. We still have our big brother Jhango watching CINE and they could throw an offer. We just need leak of such news!
All in all, CINE is in a much better situation now. With studios agreements and cinemas re-opening and a huge list of movies lined up, anything under £1 is cheap. Remember we have a director purchase in April at 98p for £14k! We have broker upgrades too. Current price is a bargain.
Tomorrow if there is a RNS about re-opening then I have a feeling that we will rise like a phoenix from the ashes!
GLA
Just saw that too M00la, maybe that thing with the regal dissenting shareholder thing has thrown them off? Or maybe they have no data on ticket sales or something to re evaluate the rating? Could be anything....
Just found this if its any help.
"Withdrawn': A rating is withdrawn when Fitch Ratings deems the amount of information available to be inadequate for rating purposes, or when an obligation matures, is called, or refinanced, or for any other reason Fitch Ratings deems sufficient."
I've just been doing some reading on it and I could be completely wrong but could it simply be a matter of Cineworld are choosing to no longer pay for their Fitch rating?
Thankyou Ian, now hoping they have seen the upside potential and maybe buyout by someone so they don't want to be seen as wrong....
The Fitch rating statement is massively intregueging.... What on earth does "withdrawn for commercial reasons" mean? Is something afoot? Can anybody give any insight as to what It could mean?
They do not want to be sued if this goes up or down. They see so many variables they cannot predict. But ratings agencies always get it wrong, look at the housing crash in 2008. With Amazon seemingly on a buying spree. MGM in their sights as well as them taking on Walgreen and Walmart. Fitch do not want to keep a negative rating only for amazon to buy them and then bankers stop using Fitch for getting it so wrong. IMO
To me, it sounds like Fitch has withdrawn negative rating. Fitch kept cine on RWN but now withdrawn that negative rating for commercial purposes. Sounds like a positive news to me.
Would be interesting to know what those commercial reasons are! Takeover?
https://www.fitchratings.com/research/corporate-finance/fitch-places-cineworld-on-rating-watch-negative-withdraws-ratings-18-05-2021
Im not really too good at understanding much of this, but could this be the reason we seeing not much positive movement in the SP?