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Started: Supercharger, 16 May 2024 13:01
Last post: Supercharger, 16 May 2024 13:01
3 Aircraft to be based mow and Easyjet holidays to be offered 7 days a week. I think that will help the Pubs as well!
I wonder if that might make other airlines such as Ryan Air or other airlines help deal with the over capacity at the Uk's other airports soon to go on strike no doubt for the summer season!
Might start helping the administrators with their sums? I have not yet given up hope for a return post administration.
Started: Supercharger, 4 Apr 2024 12:46
Last post: Biffofalcs, 16 May 2024 12:15
Has that Pub got us back in business yet ??
And how does that benefit Esken share holders?
Appears despite administration the Southend Airport continues to come back. Now re-opening the Navigator Pub and Skylife Lounge. So the administration is helping to keep the business running and ways of generating additional income.
Started: Exflight, 28 Mar 2024 15:38
Last post: Truthfactory, 30 Mar 2024 17:34
Agreed-this company was going down the toilet many years ago under Tinkler and Co-covid and passage of time supplied the handgun
Looks like standard procedure when a firm notifies the FCA that it has entered administration. Nothing to see here otherwise IMHO.
Started: Supercharger, 28 Mar 2024 14:56
Last post: Supercharger, 28 Mar 2024 14:56
Just looked up the FCA and it looks as if when the FCA are looking into the affairs of a Company they can freeze its assets. This looks like what is happening here. I would imagine the first port of call with be FCA looking at the bonds and exchangeable loan deals that would have given the Company a greater length of time to repay the amounts as air travel recovers post pandemic. Where Esken told shareholders they had a robust defence and where they have been advertising what a great company this is to invest in? I just wish we were being told more regarding all of this where shareholders are being kept in the dark?
Started: Supercharger, 28 Mar 2024 13:47
Last post: Supercharger, 28 Mar 2024 13:47
Understand the delisting whilst in the hands of Administrators but why are the FCA involved?
Has there been foul play (does this afford some protection to shareholders if there has?) Very strange all this? Maybe they are asking the FCA to report back on the terms of the loans and bonds and the delisting gives time to do so? I wish we were being given some background to the events.
Started: Stockraiser, 28 Mar 2024 13:20
Last post: Stockraiser, 28 Mar 2024 13:20
Further to its announcements on 21 March 2024, Esken announces that, following the appointment of Clare Kennedy, Daniel Imison and Catherine Williamson of AlixPartners UK LLP as joint administrators of the Company, and following an application by Esken to the Financial Conduct Authority (the "FCA"), the listing of Esken's ordinary shares (the "Shares") on the Official List of the FCA will be cancelled with effect from 8.00 a.m. (London time) on Tuesday 2 April 2024. The Shares will cease to be admitted to trading on the main market for listed securities of the London Stock Exchange plc with effect from the same time.
Started: Supercharger, 25 Mar 2024 13:36
Last post: Hazzy01, 28 Mar 2024 10:31
I agree - there will 100% be no money for shareholders.
My only difference is that administrators / receivers always get paid - they are generally higher in the list.
Supercharge has been consistently deluded over this share and has ramped it with nonsensical noise. I just hope his delusions have not impacted other potential shareholders who are now also wiped out.
Roughly speaking the money will now flow as follows :
Secured creditors (Banks, finance etc...)
preferential creditors (Staff, HMRC etc...)
Essential creditors (those required to continue supplying in order to keep the business going)
Administrators - (who get their bill up as high as possible)
Noisy creditors (he who shout loudest)
The rest of the creditors
Administrators again - this time they hoover up what's remaining
Shareholder fund......99/100 this means zero!
Lets not kid ourselves here
Super charger - If I could be bothered I would timeline all the events that this car crash of a company has endured, and transpose your comments on that timeline. Just for a laugh - but as I said - I can't be bothered.
Erh, Administration does not mean RIP? It just means they have qualified lawyers and accountants looking deeply into the Companies dealings to see if they is an opportunity to re-administer reorganise it? Also it gives a chance for the recent company agreements with Companies such as those that have been in dispute with to see if they are valid agreements. So it could be a good thing. We are also told it is to protect Shareholders due to Jersey Law where diversifying owners interests is not looked upon as favourable?
Started: Supercharger, 26 Mar 2024 12:51
Last post: Supercharger, 26 Mar 2024 12:51
Facts are I read on Bloomberg yesterday the Carlyle Credit Managing Director Jason Ridloft is leaving the firm? Perhaps the Company is not so happy with his dealings-who knows?
Esken have appointed AlixPartners as Administrators please note they are NOT insolvency practitioners. Alix have re-administered Gen Motors, KMart, Enron Corp, and are now valued at 2.5Billion Usd. They are reknowned as Turnaround Management specialists. They also are looked upon as Transport and Aviation specialists. Given them a chance!
Southend Airport owner Esken who also owns Eddie Stobart falls into administration,how the f... that happened.
Sad day. This company was part responsible for forcing Flybe to be bought out. Now they have. By the same people.
Started: Supercharger, 22 Mar 2024 12:25
Last post: Supercharger, 22 Mar 2024 12:25
IP-Following the trail of events. We were doing well pre-pandemic,and then it hit hard. I was surprised one of our bigger shareholders like Schroders did not come in with a rescue plan to be honest. However we saw Esken questioning the Exchangeable Loan and Bond where they told us all they had a robust defence. Later it would have been too costly to proceed to the high court? I just wonder if calling in administrators is a cheaper way to Court through the bankruptcy court, as no doubt the Loan terms will be examined. I still feel (I might be mad) but there is still hope. In fact if Esken lawyers are correct we could see Carlyle having to go back to the original agreement time frames? With cheaper rates coming there is still a chance. Could therefore be a tactical play for time and we do not know how Insurers will respond as they may be asked to make a contribution if any errors have been made, or if any defaults have been caused. Interesting this one. I also have a feeling the value of S/end Airport is far greater to Esken than what Carlyle are saying and our share should be greater if the sale/exchange does go through. In the states it is a regular thing calling a Chap11 for protection so maybe that is what Esken are thinking? It does not mean the Company will not continue in some form, but the result will be having to satisfy it would seem local laws as well as business law where contracts have to be fair.
Started: Biffofalcs, 16 Mar 2024 01:04
Last post: Stockraiser, 22 Mar 2024 10:31
80% gut tells me it's the end - but hey ho, you never know.
One thing I can't understand though is why the sudden change this week!
Stockraiser and Supercharger, if not a silly question, what is your gut feel here? Have we reached the final curtain?
Interesting, although I do not expect it will apply here.
"The administration process was designed to protect a company from creditor pressure whilst a plan for rescue or restructure is put in place. One of the exit routes from administration is the sale of a company as a going concern, and this can be made on an 'open market' basis or via a pre packaged sale."
Ha, only just saw this. Since suspension my £2500 is now worth 3p.
Iparsnip is that you averaging down bold move!
Started: Supercharger, 21 Mar 2024 19:03
Last post: Supercharger, 21 Mar 2024 19:03
Could be an alternative way to have it out with Carlyle concerning the convertible loan agreement and also the securing bond that Esken had questioned the other day? Courts and accountants/lawyers will be looking in depth. Not sure if by accident or a canning move?
Started: Biffofalcs, 21 Mar 2024 14:31
Last post: Biffofalcs, 21 Mar 2024 14:31
Or do we shareholders still have a glimmer of hope?
Started: Supercharger, 21 Mar 2024 14:25
Last post: Supercharger, 21 Mar 2024 14:25
On Thursday.... Esken said that after consulting advisers it has concluded that implementing the restructuring plan "has ceased to be commercially viable". Esken, which is registered in Guernsey, said that "additional issues arise under Guernsey law...where the plan results in compromising the rights of members," as was the case for the Cyrus restructuring plan. Consequently, Esken concluded that the lengthy court process needed to complete the restructuring came with "unacceptable risk". Maybe the Administrators will find an alternative solution? Clearly they will have the relevant experience and court support to obtain a thorough detailed examination. Could be a good thing? Questions are being asked about not only ESKEN but about the tactics of any potential bullying from bond and loan comps and we will see I am sure of the "robust defence" Esken advised shareholders of is valid. All is not lost!
Started: Supercharger, 18 Mar 2024 17:00
Last post: Truthfactory, 21 Mar 2024 14:15
You need to go all the way back to Tinkler and Co to see where this car crash started-there should be an enquiry
As a long suffering investor in this shower I am fuming. The arrogance, incompetence and disingenuous nature of this board and previous boards is staggering. The language they have constantly used has been boarder line misleading and dishonest to say the least.
As a fan of Southend Airport - the main reason I backed these idiots - I'm sort of glad - at least now we can hope that someone sensible will now take it in the right direction rather than the pipedream of being a significant London Airport with millions of passengers. It's a great local airport that used to have a good spread of business within an effective commercial eco-system. Viable commercial routes are of course an important ingredient but not at the cost of all the other revenue streams. Utter madness.
I feel sorry for all investors here with the exception of the directors in this company who participated in the deceitful acquisition of Flybe about 4 years ago. I hope they lose their shirts!
Administrators called in - now suspended.
People still buying life in the old dog yet?
Started: Supercharger, 21 Mar 2024 13:01
Last post: Supercharger, 21 Mar 2024 13:01
Will they have Court approval to not look at all aspects of the business? i.e. They will need to study the agreement with Carlyle that Esken had previously advised was one where they had a robust defence? Also the terms and proportion of the terms of the sale/takeover of Southend Airport? Perhaps all is not lost, but at least the situation for shareholders cannot get any worse. Perhaps we will see a qualified accountant and legal / court interpretation
of what has gone wrong and if it can be corrected, and who is responsible. Appointment of Administrators does not always mean bad news, but may not agree with the statements issued by the Company previously. However I agree the BOD and their lawyers may be checking their Insurance policies as shareholders ultimately will need answers! No doubt the Airport has some value to shareholders (perhaps more than what Esken have even said) and will continue to trade?
Started: Supercharger, 11 Mar 2024 13:52
Last post: Taverham, 12 Mar 2024 09:03
I think this company is on life support with the aim of keeping the BOD employed. They are playing for time and why would they pull the plug before someone forces it?
And it will cost£8.99 to sell it
My £2500 stake worth £6 this morning is now worth £9. Happy days!
This may well Rocket on 1 piece of decent news, the gamble is still ON
Looks like the market makers see this share as now worth more value. Price indicators currently up 50%?
Is something else in the pipeline to add value?
Started: iParsnip, 11 Mar 2024 11:40
Last post: Troajan, 11 Mar 2024 13:34
Blimey?
Bring back Eddie Stobart
Started: Supercharger, 9 Mar 2024 14:04
Last post: Supercharger, 9 Mar 2024 14:04
Esken Shareholders still own Southend Airport and the hostilities are settled with the business Court to decide on ownership which could take years to decide based on Court backlogs. In the meantime Southend Airport has the new capital to expand, and the old capital restructure argument behind it. Suggest the doubters should read :-
www.londonsouthendairport.com/news/london-southend-airport-strengthens-its-capital-structure/
Even though Esken may well own less when all of this is finally approved where a process will take some time (as reported by Esken) I can see with clear water ahead the price of this share recovering a lot. As can be seen by the recent movement on Friday. DYOR and GLA.
Last post: Stalin_ESQ, 8 Mar 2024 12:41
2 x 1 trades
It’s over-I cannot believe anyone thinks otherwise
Supercharger: The proceeds from the sale of the Bio Mass business were used, partly, to repay a £71m term loan - see RNS 9761U. There will be no Court action involved in the deal made between Carlyle and London Southend Airport Ltd because Esken have agreed to it on a consensual basis. There will be no chance to offer a "robust defence" of the Carlyle repayment claim as that claim falls by the wayside as part of the above agreement.
A RESCUE deal has been agreed for Southend Airport which could pave the way for new airlines and passenger numbers soaring to six million a year.
Airport bosses have announced the American private equity giant Carlyle is set to take control of the airport after agreeing on a deal to settle a debt with its current owner.
Carlyle, which also owns part of JFK airport in New York, will now own 82.5 per cent of the airport.
As part of the deal, £32million of new funding will be released in a bid to “secure the airport’s future growth”.
Started: Supercharger, 7 Mar 2024 14:26
Last post: Supercharger, 7 Mar 2024 14:26
Thousands more passenger places announced by Easyjet for Southend :-
www.msn.com/en-gb/travel/news/easyjet-announces-more-southend-airport-flights-with-thousands-more-seats-to-europe-this-summer/ar-BB1jlXcM?ocid=msedgntp&pc=HCTS&cvid=2727805e997240f89ec4414e83011f5d&ei=29
Started: Supercharger, 7 Mar 2024 14:17
Last post: Supercharger, 7 Mar 2024 14:17
Might become far more interesting when full disclosures are made to shareholders? Or Esken going to fight them as well? Apart from taking from the BIO MASS sale a large sum for their own pension scheme where have the interests of shareholders been secured? I do not feel we have seen the end of this yet, and the Business court might investigate further too but in the meantime the company continues to trade with secured finance verbal agreements, or longer term agreements that have been in question and may still be valid? Also no talk about what happens to Esken if they do lose Southend Airport?
Started: Biffofalcs, 7 Mar 2024 13:31
Last post: Biffofalcs, 7 Mar 2024 13:31
Interesting buy for 10K at 11.25
Started: Supercharger, 7 Mar 2024 12:33
Last post: 2sugars, 7 Mar 2024 13:04
That is correct what is going on !!!!!!!!!
What happened to the £100million Esken gained from the recent sale of the Bio Mass business? This will not have been paid as it would have reduced the credit facility under question. So this is still due to shareholders, as well as the other Esken interests. I have not seen anything from Esken to say that the Company itself will be wound down. What has been in discussion is the running and ownership of Southend Airport. Not all lost to be honest and I still see alternatives coming through from the other major shareholders . However what happened to the robust defence -perhaps the judge will see this and not approve the takeover of the AIrport if unfair to existing shareholders.