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Keyword results: refinancing

MCB
MCB

McBride – “ahead of current market expectations”, but financials still currently in the wrong direction?

Albeit still massively down from above 90p less than two years ago, shares in cleaning and hygiene products private label and contract manufacturing company McBride (MCB) have recovered from below 16p hit last year to most recently close at 28.55p – and are currently further higher at 32.3p on the back of a trading update. So what’s it saying now?
MCB
MCB

McBride – AGM trading update, is trading sufficiently improving?

Cleaning and hygiene products private label and contract manufacturer McBride (MCB) has issued an AGM trading update headlined “Trading in line with our expectations” and including that “the cost of most raw material groups is steadying”. Good news from a current 25p share price?

ARB
ARB
PREMIUM CONTENT

Argo Blockchain – Dire monthly trading update & share price crash begs massive questions about rescue refinancing

Last Friday’s news of an emergency refinancing package at Argo Blockchain (ARB) made clear – as I explained HERE – how bad the cash crisis has become. Today’s September trading update makes it so clear that even Stevie Wonder can now see what is happening. The update is a car crash from start to finish but Argo uses its same cut and paste from better times and says that it is “pleased” to provide the update. Yeah: whatever.,..

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PREMIUM CONTENT

Esken – Trading Statement From Former Stobart Group Ltd: This Is Heading For Another Disaster!

Former Neil Woodford favourite, fully listed Esken (ESKN), has offered up a trading statement this morning ahead of its interim results to today – which won’t appear until November. The statement offers some glimmer of hope, which saw the shares rise initially by as much as 7% before turning tail as the market read into the detail.

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PREMIUM CONTENT

Esken – Formerly Stobart Group – FY Numbers: “Well Positioned For Future Growth”? Not If You Are A Shareholder!

My continued advice to keep well away from fully-listed Esken (ESKN) – the former Stobart Group (STOB) seems to have been well placed. Quite apart from the serial Red-Flags-At-Night announcements, there is the small matter of the share price continuing to collapse. A year ago the shares were 32.9p and I said sell; last August they had fallen to 15p and I said keep well away. Now they are just 8.77p and there are a few Red Flags in the FY22 results (to February) to suggest that there is still further to fall.

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GMS
GMS

Gulf Marine Services – open offer result sees shares further lower...

Previously writing on support vessels provider Gulf Marine Services (GMS), earlier this month with the shares at 3.25p I concluded hopefully my prior caution was heeded. As the attempted refinancing plays out, I currently continue to avoid. Today a “Result of Open Offer” announcement… and the shares currently further lower below 3p…

NMCN – refinancing for “working capital” & “to take advantage of the growth prospects”. ER...

Previously writing on UK engineering and construction company NMCN plc (NMCN), last week I concluded that I’d review again on the promised further refinancing announcement but for now continue to hope prior warnings were heeded and to avoid. The shares had since risen materially but are currently again falling on an update that “the company is pleased to announce it has entered into conditional agreements to recapitalise nmcn by way of a £24.0 million fundraising”…

NMCN – refinancing discussions to address “working capital”. Really?...

UK engineering and construction company NMCN plc (NMCN“is very pleased to report that it is now in bilateral discussions, which are well advanced, with a party to conclude a refinancing to provide the appropriate capital structure to support the group”. So why have the shares currently responded to 147.5p, more than 10% lower?…

GMS
GMS

Gulf Marine Services – as warned here, there’s a massively discounted equity raise...

Previously writing on support vessels provider Gulf Marine Services (GMS), with the shares above 7p in March I questioned it stating “as the numbers demonstrate… in a strong position”. Today a “pleased to announce… proposed capital raising” – and the shares currently at 3.25p…

RR
RR
PREMIUM CONTENT

Now is a great time to buy Rolls Royce and take part in the rights issue

I recently covered Rolls Royce (RR.) as being worth a look as a long term investment once it had managed to refinance its balance sheet, and news on that front came today.

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MIN
MIN
PREMIUM CONTENT

Minoan – refinancing, still a risk/reward buy?...

Minoan (MIN) “is pleased to announce the successful reorganisation of its only secured borrowings, the cancellation of warrants and rights to future warrants and a small pre funded placing to provide further working capital”...

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PDL
PDL
PREMIUM CONTENT

Petra Diamonds results have done nothing to change my opinion of the company - I now hold myself

When a share keeps on falling you have to decide whether the decline is terminal or how good the chances are of a recovery at some point. In some cases you will just be throwing good money after bad, and just because the shares have traded at a higher level in the past doesn’t mean that they will necessarily do so again if the fundamental changes to the business are terminal. But we also see cases where there is a temporary decline followed by quite a strong recovery, especially where the business is reliant on factors that are cyclical – such as in the natural resources sector as commodity prices fluctuate – or where it has suffered from shorting or a persistent seller, or even a combination of all of these...

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Vast Resources – Manaila Mine not reopening (yet)…oh, and a Corporate Restructuring. SELL.

As if the poor shareholders in AIM-listed Vast Resources (VAST) had not suffered enough! Today the company announced that its Manaila mine in Romania which has been on care and maintenance since December 2018 will not now be reopened as planned this month (with just two working days left!!), in order to reduce costs. Oh, and there is a full corporate restructuring and refinancing underway.

CWD
CWD

Countrywide – ShareProphets RNS translation service on “Proposed Remuneration Policy and Countrywide AGP” update

“Proposed Remuneration Policy and Countrywide AGP” announcement from Countrywide (CWD) looks to require the ShareProphets RNS translation service (Countrywide in italics, ShareProphets RNS translation service in bold)…

HYR
HYR

Can Hydrodec live up to its potential?

Often it is wise to exercise caution when there has been a big rise in share price on the smaller AIM outfits, but that isn’t always the case and sometimes the fortunes of the company genuinely have improved significantly.

PMO
PMO

A Perky Oil Price and Refinancing Could See Premier Oil Rise Again

Hello, Share Crunchers. With the oil price soaring and possibly targeting $70 a barrel, it’s worth looking at a few of the less gigantic producers. Today I give you Premier Oil (PMO) which does both oil and gas with operations based in some interesting places.

DX
DX

DX Group – a seeming scramble for cash, it soon becomes clear why…

I previously wrote on parcels, mail and logistics group DX (DX.) last month as the shares returned from suspension following reverse takeover negotiation failure – and did so more than 10% lower at 8.5p. They are now currently down below 8p on the back of a “Financing Update, Property Disposal, Gatemore Loan” announcement…

DFS
DFS

DFS Furniture – earnings “at the low end” of a range given less than two months ago...

Following a June profit warning which saw them down to 200p, shares in DFS Furniture (DFS) had recovered to above 230p. They are currently though back below 220p on a “Post-Close Trading Update”

Entu equity holders face wipe out - yet some PIs continue to buy!

Over the years I’ve watched the dying stages of a number of companies with interest, and in many cases you see a similar pattern in terms of share price movement.

Entu – further from bad (en)tu worse; Strategic Review, new financing needed

Last month saw a delayed profit warning from energy efficient-home improvement group Entu (ENTU) – and me particularly noting the net debt and that, although purportedly “strengthened”, the executive team still not seemingly having the answers themselves – ‘from bad (en)tu worse, issues “more complex and extend further” than expected’. There is now a “Strategic Review” announcement. Hmmm…

Igas – more details on proposed refinancing, but has the company got enough bondholder support?

Having (quite correctly) been an out-and-out bear of AIM-listed and overindebted Igas Energy (IGAS) ever since we exposed the dealings of former trougher-in-chief Andrew “Piggy” Austin (before he was shown to the edge of the plank) the potential demise of the company has been on the radar. Here are ShareProphets we have flagged up the eventual destination of massive dilution for shareholders or just a round of toast and the company duly served up proposals for a refinancing at 4.5p. I’m still not completely convinced the board will pull off this deal but despite the dilution the terms proposed look to be a remarkable achievement by the new board – IF it can get it over the line.

PMO
PMO

It's time to consider Premier Oil as a longer term recovery play

Premier Oil (PMO) is a company that I have been bearish on so far in 2017, but it has now reached a level where I would consider changing my stance to a buy, or at the very least one to watch closely for when the recent trend changes direction and it starts to bounce.

China fraud MoneySwap – another short term bailout loan means the parrot can rest a little longer

Yesterday ShareProphets AIM-China Filthy Forty play MoneySwap (SWAP) updated on its parlous financial position and the long-promised recapitalisation rescue. It has borrowed a bit more urgent financing, but warned investors that it’s suspension from trading on AIM (since 21 September last year) now has less than two months to run before the company is led to the AIM execution chamber.

KMR
KMR

Kenmare – disingenuous trading update

Dual-listed in Ireland and on the LSE Kenmare Resources (KMR) has released what reads like a very positive trading update. Two questions spring to mind here: is it generating cash, and what about the debt position? But the company seems to have chosen to ignore completely its refinancing last year in reporting its finances.

China Norfolk MoneySwap – refinancing delays but the parrot is just resting. Honest, guv’

Well I guess it is not dead yet, but ShareProphets AIM-China Filthy Forty poster-boy MoneySwap (SWAP) sure is pushing the line. Having bundled through shareholder authorities to get enough headroom available for a rescue bail-out at its last AGM even without a firm proposal on the table last June, apparently due to the urgency of the situation, here we are six months on and still there is no deal – and the company is running on the fumes of a series of emergency loans. What’s the point?!

CAF
CAF

Filthy 40 China Africa: restructuring EGM Circular released, correction and apology, but value at the current price?

The details have been announced: out of cash ShareProphets AIM-China Filthy Forty play China Africa resources (CAF) is proposing to divest its existing asset to its shareholders by way of an in specie special dividend (apparently valued at 1.75p per share) to leave a clean (and rather empty) cash shell. New money is coming in at just 2.17p a share, with a new board, a new business model and a new set of advisers. Against an IPO price of 40p a share back in 2011, China Africa has been a stunningly poor company. Things look set to change for the better, although the maths suggests that the current share price is still well ahead of events. 

Igas – company update = shareholders set to take a bath. But just how bad is it?

This morning AIM-listed and overindebted Igas Energy (IGAS) released a company update RNS. There was some positive waffle about good progress on its five year shale developments plans, pointing investors to the recent planning permission given to Third Energy for fracking to be employed at a site in Yorkshire. But it is the parlous state of Igas’ finances that this RNS addresses. It looks grim.

Cloudbuy – kitchen sink RNS. Buy or Bargepole? Part 2 – refinancing

I have already taken a look at the kitchen sink RNS of Thursday afternoon, issued by AIM-listed Cloudbuy (CBUY) an hour before the city packed up for Easter, with regard to re-priced options and concluded that we were looking at a reward for failure. There is much more to discuss from that RNS and here we look at the bailout refinancing which is proposed.

ULT
ULT

Ultrasis – another AIM litany of woe

Having sunk to 0.055p after stating that “if the company is not able to raise additional funds by early January 2015, then the board will have to consider whether or not the company can continue to trade beyond this time”, shares in Ultrasis plc (ULT) currently trade at 0.14p – capitalising the company at £2.5 million – on the back of an announcement that financing “discussions remain ongoing”, though that “there can be absolutely no certainty that an agreement can be reached”.  If they are not this is 0p. If there is a refinancing it will be at 0.05p. Why anyone is buying defies belief. The following details the, err ‘not exactly promising’, track record here…

MTR
MTR

Metal Tiger; the mouse that might roar?

Paul Johnson, non-executive director of Metal Tiger (MTR), is confident the company is poised to deliver a stunning turnaround.  Formerly called Brady Exploration, this was one of AIM’s many little disaster stories. However, that is in the past and with new management, a new strategy and a refinanced business, Metal Tiger could be one to watch in the coming years, as the resource sector recovers from its savage bear market.

XEL
XEL

Directors at the trough; Xcite Energy

It was very disappointing to read about Xcite Energy’s (XEL) options award this morning. In total the company has awarded 6.7million options, with an exercise price of £0.64 (yesterday’s close), to various members of staff and the board. The bulk of these options go to employees and there shouldn’t be many concerns about this. I appreciate the need to keep the troops happy and to retain key players. Giving employees a sense of ownership in the business has to be positive. However, the 2.65million options the directors have awarded themselves are in extremely poor taste. Broadly speaking, I’ve become a fan of Xcite’s over the last four or five months, but I’m under no illusions that recent performance can yet be judged a success. The new strategy is risky and so far, judging by the share price, the market is not convinced. Xcite’s board is in serious need of a credibility overhaul. Today, it has, rather unfortunately, thrown away an excellent opportunity to demonstrate its contrition for not securing a farm-out and genuine commitment to building future shareholder value. 

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