Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I think the market has overreacted and this is worth a punt at these prices - just thinking about it myself. Esken were a large part of the consortium that screwed me and other Flybe shareholders over so buying shares here is particularly difficult for me.
Seems selling has stopped so looks bottomed out here, Now for the Bouncy bounce
According to this article today…Aviation business Esken revealed today it has negotiated a new deal with creditor Carlyle and Cyrus Capital Partners which would see London’s sixth-busiest airport apply for restructuring proceedings, and Esken’s stake reduced to below 50%.
https://www.standard.co.uk/business/southend-airport-owner-mulls-deal-to-settle-debt-dispute-but-lose-majority-control-b1139966.html
‘May retain’ you clearly deramping this, as no one yet know what the percentage is…it could also 20% or 25% not agreed yet!
ESKEN no long has an asset to sell. Yet may retain a 5-10% holding of the South End Airport. Technically this should be down 90% or 95%.
Up to you mate.
Tosca only needs to acquire £5200 worth of shares to initiate a full takeover.
Would mean they'd have to cough up close to £250m for the debt and an additional £Xm to buy the remaining 70% shares at a premium.
Excluding LSA, Esken has £35-45m worth of assets.
What will Tosca do?
Now I am only 98.6% down. Is it time to average down?
Shareholders had £4m to their name before this deal...
Now little to nothing.
Better to wait until after everything has been announced if anyone wants to invest here
Esken is suggesting 2 scenarios:
1. Accept deal which will see Esken hold "minority" of LSA. Also won't be debt free.
2. Go to court and agree a D4E.
It's not good for shareholders either way.
It would have been helpful to know what is meant in this instance by minority. If it means ESKN is then debt free and has a minority stake plus the NCA sells, then this current SP is cheap, but we don' know the percentage.....
"would amongst other things result in EAL's shareholding in LSA being significantly reduced to a minority interest"
5%?
10%?
15-20%?
Can't see any higher.
LSA have negotiated the deal not Esken so it's up to the latter to agree or not by 4th March.
Basically suggesting a D4E between the senior lenders..
Shareholders getting shifted.
Why suggest this if they are disputing the claims?
Can’t see any value after this to be honest
"demanding repayment of the loan in the amount of £193.75 million by 16 February 2024."
No update from Esken today.
All buys is fake.
ALL BUYS.....
The market maker code 200 means I need Shares badly but do not take the stock down. While the volume of shares swapped in their favor is no longer adequate to cover all orders, brokers get this crucial notification when trading stocks on an exchange.
FULL ASK !
Offer on flights by AeroItalia from Southend to Milan now being offered at a Discount for 5 days. Worth a read!
www.londonsouthendairport.com/news/20-off-flights-from-london-southend-airport-in-limited-sale/
Seems like the Airport is still operating as normal in fact is expanding! Interesting! Hopefully the management will come back very soon with an update on the political scene with Carlyle.
Could it be converted to house asylum seekers , prior to departure to Rwanda? Surely the government could do something?
I live near Carlisle airport-the term ‘white elephant’ doesn’t do it justice-as an airport.It may have some use for logistics or warehousing or agricultural value!
For the Esken 2nd Airport at Carlisle I am not sure of any terms of any loan agreements for Southend, and so I would suggest the word Possible sums this one up. Certainly any Airport one would think it is worth more than the figs suggested, especially as they now seem to have a large infrastructure fund willing to help it expand, etc.
We should be getting another update on Southend soon too, as no doubt the Lawyers and possibly even the Court has been busy. I would suggest whilst the terms are being digested that the COurt will decide on a "standstill being put in place" to enable the Court more time to see if the claim against Esken from an American fund is justified. Presume Uk courts have jurisdiction then the terms of the agreement have to satisfy reasonableness, fairness, without unfair contract terms and be balanced! GLA as even a Standstill will show Esken do have some defence.
r
It’s an attempted asset grab the according to the BOD has no grounds.