Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Opportunistic asset grab. Simple as.
Pretty damning article in the FT today
The problem with SEN is that its catchment area is very limited. To the east it has the sea, to the south it has the river, to the north it shares with STN and to the west it shares with STN, LGW and LHR
The rail connection is good if you live near that line, but no use if you live in East London, Thurrock or parts of Essex
As a small, local airport maybe, but nothing else
IN AUCTION !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
1 code
Looking like Esken L.t.d stocks off the market.
IN AUCTION.......is news about to land
London Southend investors link is at :- www.londonsouthendairport.com/corporate/media-centre/
To me the value is in the Airport at Southend but they also still own that at Carlyle which was proposed to the Govt. recently as a Freeport to help serve Ireland.
The truth is Southend Airport is still being regularly used with expansion in flights and the best way to keep up to date with this is the separate web for Southend mentioned above. Where most recently they have expanded to Denmark/Italy/Spain/France/Switzerland/Holland ..... so they now serve multiple locations in Europe, and have more than one Airline operating. Risk here yes but if/when the news with Carlyle Group turns positive this thing will rocket. Not much to buy a few just to wait and see! Time will see but there is no gain without risk. DYOR/ GLA.
That’s because it’s getting close to zero
I have never seen the spread so tight on this share before, interesting.
Not enough-it’s one way traffic
Southend looks more like a white elephant by the day with its schedule looking very light
Does Esken L.t.d have any Money
Stay well away is my advice-the Bond will kill them and the balance sheet if Carlyle don’t first
Thankyou taverham thanks for the advice luckily didn't buy,otherwise would hv already been down on my investment
Umair, I would not invest here because it is a binary outcome - they do a deal sp up they fail the company is wiped out imv. Does not look good to me because the other side seem determined to call in their loan. Almost every other share on the market offers les risk imv but DYOR.
Of most interest to me is the line about ESKN making a proposal to CGI. They state: "Esken will be submitting a proposal to CGI with a view to reaching a negotiated settlement of the claims and thus a lifting of the claimed acceleration and demand for early repayment."
So, CGI put a 16th Feb deadline in place for settlement, so I would expect the proposal from ESKN to be put to CGI either now or very shortly. Expect a further RNS this week or early next. This is on a knife edge, pretty much binary bet. Win big, lose big from this price.
Hi is it worth investing in this stock ??? Why has the sp fallen so low if anyone can give advice pls.
I'm fully up to date thanks. The Reds spent a couple of day at LSA in the summer for local air shows - and that's it. Sorry for the thread drift but let's be accurate when suggesting things which might help LSA's viability and attractiveness to potential buyers.
Ex-F -You really need to keep uptodate. The Red-Arrows have been based at the Airport for last summer (you need to refer to Southend Echo local reports). Not sure if still there to be honest. Also I read that the RAF have been looking into feasibility of an extended usage for the Airport (due to its proximity to London as a good defence position) again all mentioned in the press.
Prudential Assurance, Phoenix and others are major investors in Infrastructure projects and Southend if worth some of the values discussed (including those from Carlyle group) would be a sound investment so I see not excuses for an approach by Esken to those whom would see £200m as a drop in the Ocean. The Airport would be worth a lot more without the loan in anycase and would reverse the negativity. DYOR and GLA.
That just doesn't sound realistic to me. Also would you please refrain from saying that the RAF "have planes at LSE" - they don't and haven't had since the 1940s.
Perhaps rather than the Lawyers wanting to continue to dispute (which suits their pockets) with a compromise proposal, maybe they should be "robustly" seeking shareholders approval to obtain £200m to repay the whole loan in dispute and then this will save costs, and allow any potential sale to go through if we were as close as they have said previously. I am sure they can obtain the money from some of the major shareholders or the UK Govt. who have RAF planes at L/SE if there is good reason to do so, as this is not only for the Countries interests, but also for the sake of the local community. Something that Carlyle have said they would like to improve under their management? It does appears as if the Value of the Airport is far in excess of £200m so get on with it. IMHO.
I’d say the opening few chapters seemed quite positive but agree the ending was wide open with the possibility of gloom.
Not sure why the market has taken a positive view the last chapters of the announcement are v gloomy imv.
Further to the announcement issued on 23 January 2024, Esken, the aviation group, announces that its wholly owned subsidiary London Southend Airport Company Limited ("LSA") has, in conjunction with its legal advisers, investigated the validity of the alleged breaches of the convertible loan agreement entered into between LSA and Carlyle Global Infrastructure Fund ("CGI").
LSA has concluded that there is no default or event of default which gives CGI a current right to accelerate the loan, make demand or take enforcement action pursuant to the convertible loan agreement. LSA has therefore disputed CGI's claimed acceleration and demand for early repayment. Esken fully supports LSA's position. As previously noted there have been no payment defaults by LSA in relation to the convertible loan agreement and LSA cashflow has been in line with expectations.
Notwithstanding Esken and LSA's robust position in relation to CGI's claimed acceleration and demand for early repayment, and in order to avoid costly litigation and unnecessary value destruction for all stakeholders (including CGI), Esken will be submitting a proposal to CGI with a view to reaching a negotiated settlement of the claims and thus a lifting of the claimed acceleration and demand for early repayment.
The uncertainty of the outcome of the above has led to progress on (i) the disposal of non-core assets; (ii) the potential £20 million funding facility from certain of Esken's larger Shareholders into Esken Aviation and (iii) the amendment and extension of the exchangeable bond, all as referred to in previous announcements, being disrupted significantly, with these transactions proceeding more slowly than anticipated and the terms for which may now be different than those which the Company was previously hoping to achieve. These actions were being taken to give the Group a funding horizon through to the end of 2025 in order to allow a managed sale process of LSA as it recovers. A successful sale of LSA would see CGI repaid as a priority and ahead of its maturity date.
The Company is monitoring the impact of such delays and assessing appropriate contingency planning, including exploring access to alternative funding to cover these delays. If the Group is unable to resolve the dispute with CGI and the Group is either unable to progress the transactions mentioned above or find alternative funding in the coming months, then this could have a material adverse impact on the Group.
Someone accumulating here