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Bonds have value last statement by JPR showed bonds at 159. Million
once shareholding hits 30% they have to make an offer for the business (simples )
he bought his first shares average 12p then bought 10% from crystal Amber at 11p .. positive news them increasing shareholding spent 100k doing so and saved 900k on prices paid 6 months ago ,surprised others sold out I did fear worse biut Custos sitting and waiting scooping up shares is very positive DYOR
interesting weekend ahead, Viking getting his ducks in row before takeover bid , i'm sure Crystal Amber will support a bid, holding 10% Bernstein doesn't like to lose Money especially when he bought in at 30p a share . DYOR
I think he's finding the financial backing to pay the bonds Circa 160 million once he has that in the bag Custos only needs to buy another 4% share holding, At 30% they have to make an offer for the company ,,
A company that's making 40 million EBITA ...... after paying interest and pension liability , should secure a profit whilst also collecting a nice million a year (CEO) , whilst paying the loan down , wishful thinking or could it happen ?
https://twitter.com/agerhanssen/status/1053292270387150848?s=12
Increased their holding yesterday and statement to the board he means business !! white Knight arrives lets hoep he can refinance
So that’s where the 8.1 million shares went and no RNS ..all done behind close doors I guess that’s the 4:5 million that river n Mercantile sold 13/10 and then the 4.9% from Artemis ( no RNS) so now he owns around 21% makes him the lead investor... hope he’s got the Chinese ready if he wants to take over JPR ..
No RNS yet but looks like Artemis Investment Management have reduced they did have 4.95% stock noted on 13th Oct not on the major shareholder list today Crystal Amber Fund Limited 18.15% Custos Equity AS 12.57% Ananda Krishnan Tatparanandam / PanOcean Management Ltd 10.63% Majedie Asset Management Limited 9.87% Sir Raymond Stanley Tindle 6.00% River and Mercantile Asset Management LLP 4.16% Last Updated 25.10.2017 , Looks like more deals have been completed basically theirs the 4.5 million shares floating about that river and Mercantile Asset Management sold to reduce to 4.1% and obviously a number of shares from Artemis.....
He will still call the EGM , not bought 12.5% of the company and lie down , basically the current directors have known this , signed the agreement and been pumping up their salaries whilst equity value has been shrinking , FAT CATS thinking that they can have another 4 years of this , JOKE ,, Hopefully our white knight ( Christen ) by the time the EGM happens he gets all is ducks in a row , Chinese investors to pay bond holders , new directors , and agree price to buy remaining shares .... will be interesting to see this unfold my monies on Cutos Group
A battle for control of the publisher of The Scotsman and i newspapers will be ignited this week when a top shareholder unveils a plan to unseat the majority of its board - including its chief executive and finance director. Sky News has learnt that Custos, which owns 12.6% of Johnston Press, will write to its board to demand an extraordinary general meeting at which it will seek to oust Ashley Highfield, the CEO, and David King, chief financial officer. Christen Ager-Hanssen, who runs Custos, will also propose to replace three of the company's non-executive directors, including Camilla Rhodes, the interim chairman. Under Mr Ager-Hanssen's plan, only Johnston Press's company secretary and one of its existing non-executives would remain on the board. In their place, the Norwegian businessman plans to nominate himself as chairman; Steve Auckland, the former Metro and Local World chief; Ash Pournouri, a music industry executive; and Michael Nouril, a partner at the law firm Mishcon de Reya. Mr Ager-Hanssen's plan represents an attempt to stage an audacious coup at the company behind some of Britain's best-known newspaper brands - but which has severely underperformed in a fast-changing media industry. Speaking to Sky News on Wednesday night, Mr Ager-Hanssen pledged that if his campaign to replace Johnston Press's board was successful, he would "make sure that the only reward the new board will have is directly linked to the creation of significant incremental shareholder value". Custos's chances of ousting the current slate of directors are strong, particularly if Johnston Press's biggest shareholder throws its weight behind the putsch. Insiders said on Wednesday that Crystal Amber, which owns 18% of the publisher, was likely to support Mr Ager-Hanssen. The Norwegian tycoon, who owns Sweden's Metro freesheet, is preparing to approach other leading investors to garner their support. He said last week that a 2019 deadline for refinancing Johnston Press's bonds was "hanging over [board members] like the sword of Damocles". "The answer to a successful debt refinancing lies in a successful equity story," he said. "In its fear, the board seems to have forgotten this, and as such has put the interests of shareholders behind. "Rather than a strategic review of the refinancing or organising ad hoc bondholder committees, what Johnston Press needs is a radical shake-up of its business model - and that is what I will do.
After reading this wkds news i can now only see Cutos sweeping up JPR stock until a reaches over the 30% in order to compete a takeover of the business think --- RNS due Monday i'm sure will confirm he's bought the 4.5% River and Mercantile Asset Management sold Friday . He could actually complete a take-over of the business and only spend say 50 million , average 50p a share. He will then complete finance to repay the bonds at a discount of around say 30% , which means with the refinance of the company debt at around million 160 / 155 million , would instantly reduce JPR debt by 66 million which would equate to an increase in equity value . add on savings with the refinanced debt approx 12 million a year , overnight we would see an increase in equity approx 78p... the guys a genius if he pulls this off. Once complete i can see JPR consolidating the newspaper industry further and possibly bidding for the metro too ... Very interesting times on all fronts at least he's prepared to put his money and words into action not like Bernstein , who must be embarrassed at the pace Christen is moving ...
River and Mercantile Asset Management LLP 9.48% just sold half their stock , I wonder who's buying ,,, he means business this guy puts Bernstein to shame sat on his arse all year chasing Hurricane and let this one drift , I think Custos will be chairman in a few weeks and start the bond repayment discussion's before the bond coupon is due in January .. saving another 8.5 million that's 8.5 p equity value
https://www.juicebrighton.com/news/uk-business-news/investor-in-scotsman-owner-johnston-press-sparks-boardroom-battle/ ources said that Mr Ager-Hanssen was expected to seek the removal of Camilla Rhodes, the company's interim chairman, and to try to install himself in her place. He is also thought likely to demand other changes to the composition of Johnston Press' board. One insider said on Thursday evening that Mr Ager-Hanssen, who owns Sweden's Metro freesheet, had approached Crystal Amber, Johnston Press's largest investor with 18% of the shares, about supporting his campaign for change. this is about to get very interesting indeed............. Mr Ager-Hanssen, whose stake in Johnston Press emerged in August, is thought to be planning to acquire further shares, potentially up to the 29.9% threshold, beyond which he would be required to make a takeover bid for the company.
Institutional Interests (the Company has been notified of the following holdings (to the nearest notified percentage)) Crystal Amber Fund Limited 18.15% Custos Equity AS 12.57% Ananda Krishnan Tatparanandam / PanOcean Management Ltd 10.63% Majedie Asset Management Limited 9.87% River and Mercantile Asset Management LLP 9.48% Sir Raymond Stanley Tindle 6.00% Artemis Investment Management LLP 4.95% Last Updated 09.10.2017
Basically how i see it , is that Custos needs to be involved in the board room discussions regarding the refinance / bond repayments and couldn't buy any more shares quick enough on the open market without increasing the share price which in turn would have increased the value of the bonds. Therefore discussed his dilemma / thoughts / plan with CA , who happily sold him 3% of their stock at 15p. CA bought last year for around 13p so a small profit. So now we have two like minded investors (leading shareholders) combined 31%, who see value in JPR. Obviously with consolidation within the media industry. Now both are in position to be involved in the group discussions announced on the 10th Oct and will be pushing hard and in the same direction to resolve the bond repayment. i'm hoping this can be resolved before the next bond coupon payment which i believe is due in January 2018 saving 8.5 million. Lets see if Custos is a man of his word and can find people to take on the debt at less than 8.5 % , he did mention in August he has people / investors lined up at 4% , lets see and hope it comes off. interesting times ahead but if JPR can pull off some debt for equity swaps coupled with new investors to take on the remaining debt at reasonable rates then we can see this company becoming great again and with it................ the equity value.
Mmmmmm only announced 4 % shares increase that’s around 4.1 million shares ... so I’m guessing another announcement to come .... someone bought 3 x 3.5 million shares yesterday eve that’s another 10.5% I’m guessing Custos .... that would make them lead shareholder ... let’s see how this unfolds but interesting times ahead ... Custos smashing twitter feed about the I newspaper too all positive
Custis group intimated in August he wanted the bond sorted within 9 months and so far he’s a man of his word scooping 20% shares will be an RNS tomoz ... Clip of what he said in August ed an initial 5.14pc stake last month. Mr Ager-Hanssen’s firm owns the Swedish version of the Metro, and he is reckoned to be worth around £2.5bn. Speaking to HTFP today, the businessman described the purchase as “a strategic move for the consolidation going on in the UK media.” Announcing the increased stake on his personal Twitter page this morning, he wrote: “[Custos Group] increased its strategic stake in media conglomerate Johnston Press Plc.” The tweet included a link to the new share certificate, confirming the deal. Mr Ager-Hanssen told HTFP: “It’s all about consolidation in this industry. Regarding Johnston [Press], we see it as a strategic move for the consolidation going on in the UK media and we will take a significant part of that. “You have to create a new ecosystem around your audience. We want to do something with that, and we want Johnston staff to take an active part of that consolidation with this industry. “At the same time, we need to be aggressive on the digital side and we will be very active on this.” A JP spokesman said: “We have met with Christen; the conversation was interesting enough for us to arrange a follow up meeting later in the month.” Over recent years JP has paid off tens of millions of pounds worth of debt accumulated during the 1990s when it bought up scores of UK newspaper titles, but it still has £220m worth of bonds due to be repaid by 2019. In an interview with the Daily Telegraph last month Mr Ager-Hanssen vowed to help it sort out the bond issue, indicating that he had lined-up other investors to help take on the debt.
Tick tock .... looks like Custos just bought himself another 11% ... this should Rise handsomly on news clearly paid average 16p so let’s see what plans and news breaks looking forward to the bond news , Custos means business moving swiftly has he said it would
someone buying who could that be i wonder ( custos) and someone defo selling around 16.5 , expect news and RNS next few days , new price around 18p to buy , still only values JPR at 18 million ............. more to come
I expect another RNS soon Custos increasing Atemis lowering , bodes well Custos definitely means business. Crystal Amber Fund Limited 21.36% Ananda Krishnan Tatparanandam / PanOcean Management Ltd 10.63% Majedie Asset Management Limited 9.87% River and Mercantile Asset Management LLP 9.48% Custos Equity AS 8.03% Sir Raymond Stanley Tindle 6.00% Artemis Investment Management LLP 4.89%
I expect another RNS soon Custos increasing Atemis lowering , bodes well Custos definitely means business. Crystal Amber Fund Limited 21.36% Ananda Krishnan Tatparanandam / PanOcean Management Ltd 10.63% Majedie Asset Management Limited 9.87% River and Mercantile Asset Management LLP 9.48% Custos Equity AS 8.03% Sir Raymond Stanley Tindle 6.00% Artemis Investment Management LLP