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Long time since I’ve been on here but I don’t see Gerry posting his usual nonsense anymore. It’s the car crash we all predicted over 3 years ago come to fruition
Agree £200m is actually not a lot in the Aviation market and if it can be found quickly pay them off and then see if Esken have any counterclaim for breach and refund of interest if already worked into the figs? Heard a few weeks ago that Carlyle group were having trouble too and there had already been many changes at the top recently- allegedly! They can certainly see value here increasing with so many operators starting up flights and one of their clients might be interested who is into Infrastructure which might be why they are acting like this to bully for control, as if it is true what we are being told by the Esken Management they have suitors after Southend which might not be to CGI favour! If an answer is found this share will be the one flying!!
That’s a question I was asking myself-Carlyle have no need to sell and probably won’t.
The seeds for this shambles were sown by the previous management-ran like a cabal using other people’s money, destroying Stobarts too.Appalling
Sad day unfortunately, I had been previously optimistic and was hoping Carlyle were going on a one off breach but it's pretty clear their intent here, if this plays out the way they want, they get a much larger share of the asset IMO
There's every chance here of a suspension/lengthy admin process unless they pull a rabbit out the hat
Got to be one of the worst run companies on the market ever
All IMO
5 years ago, these hit 180p, life is a *****. maybe worth a daft punt?
Supercharger - why would Carlyle need to have a buyer?
That’s all my shares are worth now a first class stamp.
If I was a betting man, and I am, I would say another RNS on this subject will be forthcoming shortly.
Esken L.t.d will send their check in the post first class.
Esken said it continued to support London Southend Airport's (LSA) liquidity needs and that the airport had not defaulted on any payments.
"Esken is disappointed that CGI has chosen to take this action based on purported technical defaults of the convertible
loan agreement. Esken and LSA are open to engaging with CGI to resolve the issue," a spokesperson for the British group said.
Maybe Carlyle have a buyer? Perhaps they should disclose their interest to shareholders in an ealry re-payment? In the end its worth a punt!! DYOR/GLA.
If I was a shareholder and and losing money, I would be asking the BOD why they did not inform the market when the loan covenants were breached as that is price sensitive info as evidenced today. The BOD have misled investors imho.
Owners of London Southend Airport will also have their own Insurers from a Corporate point of view to satisfy Air travel, legal aspects/requirements too, D&O cover and E&O and the Lawyers and Accountants will be by now appointed by their insurers and they in turn will have their own P.I. Covers in place. So in the Uk they will have Directors and Officers Insurance to protect shareholders and their liability to same, Errors and Omissions Insurance, and Professional Indemnity Insurance. I would suggest the law is Uk law and the Airport would need to have had protective insurances in place to protect the Airlines and passengers too for Airlines and Airport licenses to have been granted. They should and we should be well covered in my opinion, and the High court is most likely to put a stay of prosecution until they have had time to digest what appears to be a contract despite (which again is likely to have a premises cover). GLA/DYOR.
Tosca bought more (up to 29.75%), that was on the 12th Jan.
Turbo, maybe Tosca have done some under hand deal with Carlisle - they have form they did an underhand deal with Virgin and Stobart air in the takeover of Flybe , if I remember correctly so why not more dirty tricks now ? All imho dyor.
It will be an interest covenant that’s caught them in my view.
Even the RNS suggests LSA is a ‘medium term asset’-at the moment is burning cash and will do for years to come
This group has failed because the previous management had ‘torrets with money;bonds, borrowings, placings-all splurged on non performing assets other than biomass
So can someone tell me why Tosca are not paying Carlyle their £200m back (irrespective of whether they are due it or not) as part of a low ball 5p or so bid for the remainder of the share capital they do not own. £250m Market cap for a business they loved at >£1bln ?!?
The convertible loan has a maturity date of August 2028. There have been no payment defaults by LSA in relation to the convertible loan agreement and LSA cashflow has been in line with expectations. Esken and LSA are investigating the validity of the alleged breaches in conjunction with advisers.
However I can see many suitors here also looking for an opportunity as even the govt. (RAF) have planes stationed at Southend and so what is a mere 200m to them to provide another bond to pay Carlyle off. Even Easyjet would have this sort of cash to become part owners. Not the end of the World perhaps the court will provide a "stay" in the owners interests. We should not be bullied here into submission where we can see Multiple Airlines now using the facility, and lets face it the timing of Carlyle's actions is just as we have expansion/recovery making good progress and their bond is in fact therefore more secure than it was before during the pandemic which appear to indicate their true intentions of a takeover whilst they feel they have the opportunity. Perhaps the court will support the little man here rather than a foreign giant.
There will be demand if the airport can sort itself out either way. If you're an airline trying to make strategic decisions on where to put your assets you need to have some security on the future. We know the passengers will come if the flights are there. It's just whether the airport will be there this time next year and if it is, who will be running it. Until that is determined the airlines will be rightly cautious. In an ideal world, CGI get back in their box, Esken sell the airport for market value to someone who knows what they're doing, shareholders are then not completely screwed and the airport can thrive. Ultimately this comes down to who will be selling the airport - Esken or CGI.
That’s supposing there is demand for it
So would any other newly built airport which would cost a couple £billion
The infrastructure is in place, flights are increasing - it’s clear what they’re trying to do - take the whole thing for free or get their 30% ish back?
All IMO
Don’t confuse cost with value with a white elephant
The airport burns cash-and will do for years ahead.zit has a value but nowhere near the money spent developing it
£400m+ airport
£250 ish debt (?)
£3m mcap
It was already at punt level with 15/1 odds now you get 30/1
IMO
Toscafund very recently upped their stake to just under 30%. If they want to avoid losing their investment they could offer 7p / share for the rest of the company and own LSA, plus the CGI debt.