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TR1 coming
Buys coming in......
Yup, this goes for 15-20p IMO
LSA is back in action
Need the bond to be renegotiated but a chance a bid comes in any time too.
All IMO
As detailed in the Group's interim results published on 29 November, Esken is making good progress in respect of addressing the maturity and terms of the Exchangeable Bond and towards the sale of its non-core assets. As such, Esken is continuing to progress the process to seek a new owner for LSA, with a view to crystallising shareholder value through securing the right long-term partner, who both recognises the inherent strategic opportunity and is best placed to support future growth.
Saw on digi bought these two times 26th June & 1st July 2020 might have been stobart .
Nearly wiped out in fund raise 26/8/21. today's price 1p my bep 31p
Below posts around the time Toscafund Asset Management still appear to hold.
The Company's largest shareholder, Toscafund Asset Management LLP has communicated to the Company that it sees significant value in the equity of Esken and intends to fully support the Investment and the Capital Raise pro rata with its shareholding. All Board directors have also indicated their intention to participate in the Capital Raise.
Hi Moni - 2 trading years effected by covid needs to be taken into consideration.
As you know I'm a great fan of both projects, and this has been one of my "go to" trades. Got to trade it to make money here. But not yet for me. Want to see how much confetti lands.
I've not taken a trade at all in 2021 and cleared out a load on the back of the delays around the off loading of the Airline.
Suspect I will have a little play here, but insure when.
G
Gerry, I’m getting concerned as you’re beginning to sound a bit negative here.
Hi Jarule - we can't make recommendations on here, can result in a ban. We can provide opinions views and make statements about our own plans ( even though there is no proof of actions lol ).
I'm going to look for the right price for a day trade. It's my view that this won't be the last time the two divisions will need extra funding.
Kiv passenger nos hit 2.1m to Feb 2020.
Predictions were 2.8m to Feb 2021 &
And circa 3.4m to Feb 2022.
The Southend project has been set back 2 - 3 years. It will in my opinion prove itself as an airport over the next 5 - 25 years, but I now doubt ESKN have the capital base, nor cash flow available to overcome the lost covid years looking forward over the next 18 months.
It's high risk no doubt, opinions as to the upside will now be tempered by the amount of shares in existence. Even the most oppomistic need to call a potential Mcap then divide that value by the total no of shares to cone out with a reasonable share trading range.
G
gerry do you think i should apply for 4 x allowance for open offer ? i think this is the maximum that will be allocated. How are you playing it? Also does this work by a first come first serve basis?
Strange here at the moment, MM’s are working tirelessly to get the price up for some reason, if they wanted this is primed to be taken back to low 16’s at any point they choose
TF - I remember saying to you - don't worry about the bond as they had 5 years to get to profit, and then deal with it. Unfortunately Covid has wiped out Stobart Air, leaving the liabilities and badly effected the Energy Division as well as reducing passenger nos at Southend to nil for many months.
In effect they've lost 2 years which they can't get back.
The latest raise will only take them so far down the road.
Could be good for trading but where will bank borrowing be by Feb 2023
GLA
G
Passenger numbers might equate to revenue but also associated costs so it doesn't translate into EBITDA earnings.
The aviation division lost money I thought when they had 2.1 million passengers due to the marketing payments to the likes of Easyjet and Ryanair. Therefore assuming that passengers equates to turning the aviation division's corner into profit is not realistic - especially on the numbers forecasted by the BoD in the RNS document.
The cash burn is expected to continue for the next eighteen months and the BoD's assumptions are that by Feb 2023 they will have a funding shortfall of £14 million. The notes below the funding table taken directly from the RNS is shown below:-
"The Transaction and the New Facility are intended to secure the financial position of the Group for the next 18 months from the date of this announcement and therefore the Prospectus will have a statement that, taking into account the net proceeds of the Investment, the net proceeds of the Capital Raise and the New Facility, the Group has sufficient working capital for its present requirements, that is for at least 12 months from the date of the Prospectus, based on certain assumptions.
However, as set out in the table above, management's forecasts show a working capital shortfall of approximately £14 million in February 2023 for the Group, on a reasonable worst case scenario basis. This shortfall is principally a result of the requirement to refinance the New Facility by 1 February 2023. The Group anticipates incurring additional cash outflow from that date, pursuant to residual legacy obligations relating to Propius, the liquidation of Stobart Air and the cash impact of identified sensitivities and reduced activity levels across all divisions.
Whilst the Company has taken immediate steps to mitigate the risk of such shortfalls arising in the Group and fully intends to refinance or repay the New Facility prior to its maturity date on 1 February 2023, any beneficial impact from this has not been reflected in management's reasonable worst case scenario forecasts. Mitigating actions that may be available to management include (but are not limited to): seeking sublease arrangements for the aircraft held by Propius with alternative operators; the sale of non-core infrastructure assets; the delaying of certain discretionary capital expenditure and the refinancing of the New Facility."
what's the story with Carlisle Airport then? - It's closed I thought.
I never look too deeply at the moment- most of the share rise/fall is on sentiment. However one thing is for sure we appear to have reduced Covid infections and deaths in the Uk 89% of people are vaccinated and the borders are opening. I hear a large no of pax are coming into the Uk that were held o/side until today. So it is the start. All else is survival. To be honest I think Esken have done well so far to survive. However the future does look a whole lot brighter lets be honest! Once they get income from pax they will be ok. Or even a govt. instruction to help freeports and cargo expansion. Both a/ports very well strategically placed to benefit.