casabanker
22 Jan 2016
Re: Why is the price so low? P J Foster,My big worry with CNKS and brokers in general after holding here and PMR, is them being able to maintain their income. Brokers have had a good year or two with mergers and IPO's. I am no longer holding here.Casa.
Greyinvestor
20 Jan 2016
Oversold I am a holder, nursing a pretty big loss.I think that these are way oversold, but the reasoning is probably that they live off floats, and in this febrile time it will be difficult to get floats away. I'm not remotely concerned about the UK market. In my view 5500 is fair value for the FTSE. But I am concerned that the S&P is way overvalued and could blow any day. When it does, it could hit the market harder.I am a net investor at the moment, very much buying rather than selling. But I think that a lot of smaller companies are still overvalued.I'm mulling about topping up, but I have a lot already.Quindell (floated by CNKS) still lurks, so that is also having some effect.
PJ Foster
15 Jan 2016
Re: Why is the price so low? But they've but out a pretty black & white rebuttal on that issue I thought. There's no fundamental business problem here is there? It's just negative sentiment. I'm trying to understand what the downside risks are?Cheers,
FRTEB
15 Jan 2016
Re: Why is the price so low? It might be something to do with links to Northwest Biotherapeutics and Quindell, and CNKS having to deny speculation that it was subject to an investigation by the SFO, allegedly...Google is your friend...
PJ Foster
14 Jan 2016
Why is the price so low? Anyone care to give me a summary of why the price is so low - I can't see, from any results, news bad enough to explain the over 10% yield. What am I missing? Cheers,
Greyinvestor
16 Dec 2015
share trades A pity to see Invesco sell some of these shares. Nice to see the CEO buy a few, after selling some at a higher price in the tender (a shrewd move that I should have thought about...). But he's sending us a signal all the same....
Greyinvestor
09 Dec 2015
Re: Falling knife Yes, good quality yield is very hard to come by these days. I'm adding S E Asia and developing markets, plus some even more risky stuff like CNKS, ALY, H&T, MANX, OML, SNR.This market is still very overvalued. I bought some LRE yesterday. I think the market is likely to fall quite heavily at some point. I'm sticking to my usual low P/E stuff.Good luck.......
casabanker
08 Dec 2015
Re: Falling knife The legacy of Rob Terry lives on. When I bought into QPP, I didn't know of Terry's background until I saw a blog from paulypilot. I queried the comments and receive a terse reply stating "well, it's your money". When I broached the subject on the bb, it was not well received and shortly afterwards, I sold out. My trust was broken and ever since, if I lose trust in management I sell out. I hope this issue will not leave a black cloud over CNKS, as it takes time to build a good reputation but only a second to destroy it. I am also concerned about the sustainability of the dividend. On a brighter note, I am almost breaking even here now but I can do without that sort of excitement. The market is still jittery and I have sold out of commodities, RR and GSK. That means income has taken a hit. I am now puzzling over RDSB and BG as the price of oil is likely to fall below $30 per barrel. Casa.
Greyinvestor
08 Dec 2015
Sorry all Sorry all, cut and pasted incorrectly in my posting below. The board didn't like my first round of wording, something to do with people who fix shoes ! And at 60+ I thought that I'd been properly brought up.....
Greyinvestor
08 Dec 2015
RNS today So there we have it; CNKS refutes the allegations.Share price up today?So there we are. CNKS announces that the SFO report is untrue, via RNS.Share price up today?I did a quick review of the numbers and shareholders.In summary, I am happy with both. The top shareholders are Hargreave Hale and Invesco, both very good value investors.I'm Holding. I'd have bought more, but my holding is already large.
Greyinvestor
08 Dec 2015
Nomad responsibility I'd be interested to hear from anyone else, but from my time as a director of a smallish AIM company, I remember NOMAD responsibilities as follows;Make sure that the IPO prospectus is as correct as possible, with careful attention being paid to risk warnings and to the auditMake sure that directors are fit and proper peoplePost float, advise the board on correct market communication, and on how to maintain adequate fundingInform the AIM market directors if you believe that the company which you advise is not following proper communication procedure or is downright dishonest.Post float, the NOMAD doesn't get paid a huge amount, except for when fund raising, and has no choice but to rely upon the truthfulness of what directors say. This is a lightly regulated market.What a NOMAD must never do is get drawn into any kind of untruth. This is a difficult area, because the NOMAD will be told of companies that are having cash flow problems, this is how funding needs get bottomed out. So to my amateurish mind, the SFO probe must be trying to establish whether CNKS did get drawn into something naughty. My own experience was that our NOMAD was very professional. Firm but polite advice was given, and it was up to us what we did with it (this is an area of weakness, many directors just won't take advice).The bottom line of the investigation will be whether Quindell used an incredibly extreme or unrealistic accounting policy, or did they actually invent revenue through intercompany trading, which would not surprise me. Even then, CNKS are only responsible if someone informed them of something illegal going on, and they did nothing.In my view the Quindell directors should be responsible, as should the auditors. The NOMAD is in the grey zone; in my view they showed poor judgement about reputational risk, but that's all, so far.
Broncomaniac
07 Dec 2015
Re: Falling knife If you are nursing losses here I suggest you remind yourself of the current market cap, the conservative profits forecast and the dividend yield, then look forward to the next dividend reinvestment date. I doubt by the time my next dividend arrives I will be able to buy so cheaply. I believe I bought into this company cheaply but now it's even cheaper. I feel a lot better about it than my Rolls Royce and BHP investments!
Broncomaniac
07 Dec 2015
Re: Old news As a former Quindell shareholder, who suffered significant losses (around 15% of my entire portfolio), Rob Terry is the first person I blame for the overstated accounting by some distance, next would be the auditors, but really people rely too much on what an auditor can do, Terry is the one who should be punished for that fiasco.I don't think the Nomads should get too much criticism for the accounting (particularly as it only went really wacky after float), but they did not cover themselves in glory with ensuring the RNS announcements were timely or accurate. I can't recall the details (I've tried to forget lol!), but I seem to recall that there was far too much delay in announcing one of the nomads has resigned, and also the RNS about the director share 'buy' (really a sell) was a complete Horlicks. I would expect them to get a slap on the wrist for that.
casabanker
07 Dec 2015
Re: Falling knife I admit that I panicked but I haven't sold out. There have been a number of small and AIM stocks that have fallen sharply in recent weeks and in some cases, have shown a possible buying opportunity. I have held CNKS for much of this year and, although I have felt wary, due to the high yield and cyclical and lumpy nature of stockbrokers earnings, the sp has been stable until now. If CNKS is badly holed after this, I may well exit but hopefully at a better price. My average, thanks to the last buy at 150, is around 163 so losses are not huge in percentage terms but serious enough to make me hot around the collar, lol. I also hold UTW which is also giving me some concern. However, I am in good company as Mr Woodford holds many more at a much higher price so I am informed. It appears that having a strong balance sheet and a good dividend does not insulate against sudden shocks and a nervous market. Thank you for your response, Greyinvestor.Casa.
Greyinvestor
07 Dec 2015
Re: Falling knife I'll just repeat my earlier point, yes the directors have trousered some money, but their shareholding percentages remain the same. I would also observe that they would be considered insider dealers if they know anything new. They will surely have taken advice on this point. I can't advise you, but I'd sit tight.Rather frustratingly, this year's flotations have tended to be much higher quality. It's last years that were the problem, because investors were buying any old rubbish, just like at previous market tops.Suspension of their highly regarded medical analyst is just blinking frustrating. I can't see that CNKS have done anything wrong, if I read the runes correctly the accusation is that he shouldn't have been a non exec at a company where the Chief Exec is alleged to have misbehaved.....but I'm no expert......and what this does do is inhibit CNKS from floating new biotecs.If I had a smaller holding, I'd be adding today.....what a day, LRE has also blown up, which is another holding of mine. It's proof that I know nothing.....
