City Pub Group – “pleased to announce” recommended offer, but about that stated “premium”…

City Pub Group (CPC) is “pleased to announce” that it has agreed a recommended offer from Young & Co.'s Brewery (YNGA) with “a total implied value of 145 pence per City Pubs share… approximately £162 million”, including that it considers “the cash certainty and ongoing exposure to the combined group provided by the transaction… provide City Pubs shareholders with a significant acceleration to potential value creation”. What of this?

City Pub Group (#CPC) – recommended cash and shares 145p per share implied value offer from Young & Co's (#YNGA)

City Pub Group (#CPC) – H1 even adj. PBT down to £0.8m, argues trading in line with full year expectations

City Pub Group (#CPC) – appointment of Panmure Gordon as joint broker with immediate effect

City Pub Group (#CPC) – current year LFL sales +13%, notes costs abatement in some areas

City Pub Group (#CPC) – FY return to profit, current year first 3 months LFL sales up “in excess of 13%”

City Pub Group (#CPC) – Q4 LFL sales +7.8% on 2019, COO Toby Smith to ‘step down’

City Pub Group (#CPC) – H1 return to small profit, “anticipate that trading will remain resilient for the rest of the year”

City Pub Group (#CPC) – “strong sales momentum” despite macro economic headwinds

City Pub Group (#CPC) – disposal of six pubs for £17.1m, to invest and expand in other UK geographies

City Pub Group (#CPC) – FY revenue up to £35.4m, notes December impact but recent significant improvement

City Pub Group (#CPC) – since 12th April reopened pubs trading at 90% of 2019 levels

City Pub Group (#CPC) – FY adj. pre-tax loss £5.1m, re-opened venues 77% of 2019 period sales

City Pub Group (#CPC) – £1.93m pub/hotel interests acquisition & increased shareholding

City Pub Group – argues “encouraging performance”, how so?...

City Pub Group (CPC), which “owns and operates a predominately freehold estate of 48 wet-led pubs in London, Southern England and Wales”, has updated including “we are pleased with our encouraging performance to date since reopening… Stand out performances have been delivered by a number of our pubs, such as the Hoste, North Norfolk, which is benefitting from a significant increase in domestic tourism” – and the shares have currently responded to 71.5p, though that less than 3% higher...

City Pub Group (#CPC) – 3 weeks since 4th July “like-for-like basis, sales were at 63% of previous levels”

Easter performance update: start of 2020 Shorted AIM shares

Early this year we showed the Shorted AIM shares at the start of 2020. How's the performance as at Easter? (those in bold remain from 2019)...

The City Pub Group – placing & open offer, a ‘well done’ or not?

The City Pub Group (CPC) “is pleased to announce that… it has successfully placed 30,000,000 new ordinary shares at a price of 50 pence per share, raising gross proceeds of £15 million”. Last week though it stated “the company's balance sheet is strong… is confident the company has sufficient working capital to maintain its operations for at least another six months without further capital, even in the event the Government extends its current guidance and mandates a temporary closure of all pubs and bars”. Hmmm…

City Pub Group (#CPC) – proposed 50p per share up to £15m placing & £7m open offer

The City Pub Group – ‘COVID-19 update’ including “the company's balance sheet is strong”. Is it?...

I previously wrote on The City Pub Group (CPC) in January with the shares at 197.5p, noting from the company “the Rugby World Cup did not have the impact that we expected. Political uncertainty culminating in the December Election… unhelpful weather during November and December… disruptions on South West trains… Following some delay… we also completed the refurbishments of the two former Jam Tree sites” and concluding I’d wait to see trading further playing out before being comfortable – the market cap still not far off £120 million. Tom also warned in Bearcast just yesterday – and today a “COVID-19 update”, and the shares down to 55.5p…