Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Roadside Real Estate plc
("Roadside" or the "Company")
Partial sale of Cambridge Sleep Sciences shareholding for £6.0m
Roadside (AIM: ROAD) is pleased to announce that it has exchanged an unconditional share purchase agreement to sell 952 shares in its subsidiary, Cambridge Sleep Sciences, ("CSS") for £6,302.53 per share to CGV Ventures 1 Ltd., (the "Transaction"). The total consideration of £6.0 million implies a significant upside to the Company's retained shareholding in CSS. The consideration would be wholly paid in cash by not later than 25 April 2024, at which point the Transaction will complete and the shares will be transferred to CGV.
CGV Ventures 1 Ltd. is a US-based Venture Capital fund which specialises in taking minority positions in innovative healthcare companies.
Upon completion of the Transaction, Roadside's shareholding in CSS would reduce from 75.0% to 65.0%. Roadside originally invested £2.7 million in CSS in March 2020, in the form of a loan note, which would remain outstanding following completion of the Transaction. Since Roadside continues to own more than 50% of the equity in CSS, CSS would continue to be consolidated into Roadside's accounts.
In the year ended 2 July 2022, CSS achieved revenue of c.£0.20 million, a loss before tax of c.£0.85 million after allocation of central costs and CSS's gross assets were held at a total carrying value of c.£0.75 million, (net of intercompany positions).
Roadside intends to use the proceeds from the Transaction to reduce the Company's debt, following its refinancing announcement on 19 December 2023 as well as for general working capital.
On 11 September 2023, the Company announced that it was evaluating the best corporate setting to maximise shareholder value from its investment in CSS. The Board continues to explore the potential for a trade sale and de-merger, but there can be no certainty that any transaction will ultimately be made nor on its value.
Charles Dickson, Executive Chairman, said:
"Whilst the Company is now focused on roadside real estate, we are delighted with the progress that CSS and its management team have made. We welcome CGV as a shareholder in CSS and remain focused on finding the right corporate setting for CSS to reach its full potential."
10% for £6M implies a value of £60M - are my figures correct - against a m/cap of less than £5M.
Anyone here? This used to be BARK.
Had a glance
Had £12mln debt so this today used for that
Looks interesting tho
Check out PYC
Last results last week showed record revenues and due to hit £900k to £1mln by June
Order.book up 50% to £1.5mln only from contracts discussed NOT new ones
Market cap £1.8mln !
I think that makes the remaining 65% worth £39M (and not £60M).
It also implies that ROAD's 75% holding in CSS is worth around £45M - which more than covers any debt.
Looks interesting for sure
This is a bit too far under the radar for its own good. This share used to be Barkby Group.
Maybe no one wants to pay the 5p price that is being quoted though that still looks to be quite cheap to me.
There was an article in the press in September last year valuing their holding in CSS at around $60M and that saw the share price move up from 3p to over 8p. Now they are starting to get some value from this asset which should take it past 8p this time.
Can't seem to trade this share on HL??
That is a big spread. Not good for trading
Yep major new RNS OUT ....breaking out now
Ria spiked again, brilliant!
There's a reason ROAD is up over 100% today. 3 years ago this was over 40p a share and 2 years ago it was over 25p a share. For those that are unaware, ROAD, is in the process of exiting its non-core investments to focus on building a portfolio of roadside real estate assets, including drive thru restaurants, convenience retail and EV charging infrastructure. See Sky News report last September, when ROAD was called Barkby (BARK). This is a slow burner but with some good upside over the coming years....
Good luck, Brighty
Don't think so cranshaw ......LOL
Well done Brighty1 .....well pleasing to see
Exactly a 140% rise today already. It's taken a few months and a few bumps in the road but I'm up over 100% on ROAD now. The leases are being signed with major players, such as Greggs etc, and the overall growth strategy looks encouraging. It will take a few years but this looks like it is on track to deliver an interesting roadside business. The JV was a game changer....
Good luck, Brighty
Wow, 250% up - and I sat here on my own posting to myself for the first 10 minutes or so after the RNS popped out. I didn't think it was even going to get noticed.
Exactly from 3p to 12p in 2 hours is pretty good going. Don't forget that 3 years ago this was over 40p a share and 2 years ago it was over 25p a share. It looks as though the Barkby JV with Meadow Partners LLP was a smart move. Key clients are being signed up and new sites are being added to the portfolio....
Good luck, Brighty
I must admit that I did think I was maybe a bit 'barking' to be holding some of these shares - I had some at just over 6p that I had bought at the end of October last year - but it has finally all come good. (By the way, the 'barking' reference is for all the long-termers here who knew this by its old ticker - BARK).
This £6M sale of 10% of ROAD's 75% stake in CSS will be completed towards the end of April. That will leave the other 65% worth a further £39M at the same valuation.
ROAD meanwhile have an exciting new venture developing roadside real estate which is outlined in the following link if anyone is interested. Cash from offloading their stake in CSS will enable ROAD to take an enlarged stake alongside their multi-billion valued American partner in what is proposed to be a £250Million portfolio.
https://www.investegate.co.uk/announcement/rns/roadside-real-estate--road/formation-of-roadside-real-estate-joint-venture/7849013
ATB