RAConnell
08 May 2017
Re: RA C : New Ordinary Shares not validly t... idwt,Thanks for reply. I was aware of the dates but what I fail to understand is why, given the new shares were priced at 75p, the existing shares priced at ca. 138p, did not fall to give a combined lower price to reflect the inclusion of the new shares.Cheers, RAC
idontwanttolose
06 May 2017
RA C : New Ordinary Shares not validly take... Latest time and date for acceptance and payment in full and registration of renounced Provisional Allotment Letters 11.00 a.m. on 4 May 2017Results of Rights Issue to be announced through a Regulatory Information Service by 8.00 a.m. on 5 May 2017Commencement of dealings in New Ordinary Shares, fully paid, on the London Stock Exchange 8.00 a.m. on 5 May 2017
RAConnell
05 May 2017
Re: New Ordinary Shares not validly taken up... When will new shares lead to a change in price on FTSE?Cheers, RAC
idontwanttolose
05 May 2017
New Ordinary Shares not validly taken up in the Rights Issue (representing approximately 1.99% of the New Ordinary Shares) Lets hope they open at a premium 1.9%not taken up is not a disaster but also I would have preferred to see 100% take up of the new shares.Cobham plc (the Company or Cobham) announces that as at 11.00 a.m. on4 May 2017 (the latest time and date for receipt of valid acceptances), it had received valid acceptances in respect of 669,584,312 New Ordinary Shares (representing approximately 98.01% of New Ordinary Shares offered) pursuant to the Company's fully underwritten 2 for 5 Rights Issue announced on 28 March 2017. It is expected that dealings in New Ordinary Shares, fully paid, will commence on the London Stock Exchange's main market for listed securities from 8.00 a.m. on 5 May 2017. It is also expected that the New Ordinary Shares held in uncertificated form will be credited to CREST accounts as soon as practicable after 8.00 a.m. on 5 May 2017, and that share certificates in respect of New Ordinary Shares held in certificated form will be despatched to Qualifying Shareholders by no later than 12 May 2017. In accordance with their obligations under the Underwriting Agreement, BofA Merrill Lynch and J.P. Morgan Cazenove shall use reasonable endeavours to procure, by not later than 4.30 p.m. on 8 May 2017, subscribers for the remaining 13,561,228 New Ordinary Shares not validly taken up in the Rights Issue (representing approximately 1.99% of the New Ordinary Shares), failing which BofA Merrill Lynch, J.P. Morgan Cazenove and Barclays have agreed to subscribe for (or procure subscribers for), on a several basis, any remaining New Ordinary Shares.
RAConnell
24 Apr 2017
Re: Rights issue? Have now received details of offer from broker and have elected to take up in full (modest) increase in holding.Cheers, RAC
nk1999
04 Apr 2017
Re: Inside infomation Maybe he is trying to se the bar low for his Performance Share Plan awards and Golden Hello share awards equal to 200% of salary each?Kitchen sink all the bad news, bring on the rights issue, improve the fiancés and then claim to have improved the performance without needing to o too much?Just a thought.nk
RAConnell
04 Apr 2017
Re: Rights issue? Oops! RI documentation not due out until 18th April with final acceptance of offer by 4th May..
Callun
03 Apr 2017
Re: Inside infomation Hi DD,I was referring back to the tone he set around the time of the preliminary results on 2 Mar.In his outlook statement he said:"The Group has many operational issues which require attention in addition to arresting and reversing the current negative performance trajectory. Some actions to address these have already commenced but are at an early stage. Some actions may also have associated costs. Given these and the issues highlighted above, the Board considers that delivery of a similar performance to that of 2016 in 2017 may be challenging."Too many maybe's for someone who has the full picture. He had only been in harness for 2 months at that time, so can't be expected to have the full picture across such a wide spread of business. The existing management didn't seem to realise they had a problem, when they obviously did, so there will almost certainly be more difficulties yet to surface, IMHO.Callun
RAConnell
03 Apr 2017
Rights issue? Has one removed written or online application for RI?Cheers, RAC
Dealing Dude
03 Apr 2017
Re: Inside infomation Callun: Could you possibly give a page no for this statement by Lockwood?I read the main points but the prospectus is a formidable document full of verbose legalise.Thanks
Callun
31 Mar 2017
Re: Inside infomation They need £150M of the cash to finish the KC46 development programme. Another shinning example of how the company has been run.I was surprised at how much discount was applied to the RI. Implies things are possibly worse than they appear, if that's possible. One of the risks stated in the prospectus is that if the RI is not successful it could lead to the breakup of the company. Short term the SP is holding up, but it won't take much more bad news to weaken, and more bad news has not been ruled out by Lockwood in his cautious 2017 forecast.As you say, all IMHO WTFDIK DYOR.Callun
Dealing Dude
31 Mar 2017
Re: Inside infomation Even if they're found guilty the fine will be chump change compared to their debt.2 for 5 RI at 75p to raise 512m gross.It WILL be used to pay down debt to defer the close to covenant breaching levels.Earnings growth is required and Lockwood has already said 2017 will be at best the same as 2016.One day the market will wake up and smell the coffee.All IMHO WTFDIK DYOR.ATB
RAConnell
29 Mar 2017
Today's Times rec. "Last Friday Cobham was notified by the Financial Conduct Authority of an investigation into last spring’s £500 million rescue rights issue. On the same day, largely unnoticed, the US government accountability office issued its sixth report into the Boeing KC-46 refuelling tanker programme, which Cobham supplies and is at the root of much of its recent troubles.The FCA inquiry is embarrassing but has little impact on the investment case. The US report is not all bad news for Cobham; indeed it is broadly supportive even if it is a bit startling to discover just how long the certification and conformity process is taking. The company begins to deliver the wing aerial refuelling pods for the KC-46 this year; the contract runs into the middle of the next decade, while further support and maintenance will stretch out much further.Cobham had to raise another £500 million in a second rescue rights issue because of the long-term nature of such contracts, and the need to reassure customers the company will actually be around that long. There will inevitably be dilution of earnings, but the rights issue cuts borrowings to below twice earnings, as against an uncomfortable three times, and that ratio will reduce further this year and next as cash is generated.The issue is at 75p. The shares added 2p to 128¾p. There is every hope that the difficult times are behind Cobham. Investors should take up their rights; if this is the end of the bad news, now could be a good entry point for new purchasers.My advice BuyWhy Balance sheet repaired by rights issue"And that's why I bought Cobham - in hope of such a rights issue.Cheers, RAC[link]
Callun
28 Mar 2017
Inside infomation From yesterday's RNS:On 24 March 2017, Cobham ('the Company') was informed orally by the Financial Conduct Authority ('FCA') that it was being referred to the FCA's Enforcement division for investigation in connection with the Company's handling of inside information prior to its trading update and announcement of its intention to undertake the 2016 Rights Issue on 26 April 2016.It seems that Lockwood was right to be cautious that not all the muck had been found. Not guilty yet, but of found to be so how much is this going to cost the shareholders in fines? Perhaps just a token one? Market not too badly spooked with shares down 1.85% on the news, though it was a general down day anyway. Doubt it will help them with the next RI though.Callun
nk1999
16 Mar 2017
Jefferies From ADVFN:"Cobham a repair job, says Jefferies Cobham (COB) may have suffered profit warnings at the back end of 2016 but the defence and aerospace contractor is a ‘repair job’ not a ‘turnaround story’, says Jefferies. Analyst Sandy Morris retained his ‘buy’ recommendation on the stock but reduced his target price from 180p to 150p after the company gave guidance for full-year 2017. The shares edged 0.1% lower to close at 129p on Wednesday. ‘With Cobham’s guidance for full-year 2017 trading profit and free cashflow cautious, and not very specific, we have had to trust to our judgment and analysis more so than normal,’ he said. Morris said the risks ‘were evidence’ but that ‘Cobham is not really a complex turnaround story, but a simpler repair job’. He added that he ‘generally does not like turnaround stories’ as ‘end markets and competitor actions are hard to predict and timing is uncertain’, however, Cobham can be taken ‘some way’ with some repairs. "
