Cookson Group Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9656525
"Our view:Talks of breaking up Cookson after activist fund Cevian Capital started building a stake in the company was confirmed in yesterday's statement. The company will also admit Christer Gardell, a managing partner at Cevian Capital, on its Board. The de-merger of the two main divisions is expected to unlock value for shareholders as the respective divisions sharpen focus on core activities to drive performance. We expect the de-merger to trigger an uptick in the stock which is currently trading at a considerable discount to peers. " By Hardboy ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9656525&action=detail Fri, 18 May 2012 07:51:00 GMT Hardboy tag:iii.co.uk,2003:tst.9651538 ')" target="_blank" rel="nofollow">http://www.lse.co.uk/FinanceNews.asp?ArticleCode=sockzecbwz34akn&ArticleHeadline=Cookson_says_32_pct_vote_against_pay_package


By Adveith Nair

LONDON, May 17 (Reuters) - British industrial materials group Cookson said a sizeable minority of its shareholders voted against its remuneration report, a week after an investor group raised concerns over the company's executive pay awards.

Just over 32 percent of Cookson shareholders voting by proxy ahead of its annual general meeting on Thursday voted against its executive pay deal.

The final figure could change when votes cast at the AGM are taken into account.

Cookson was under fire from the Association of British Insurers, which issued a rare 'red-top' alert, for the way the company calculated shareholder returns, which in turn help determine management bonuses.

The FTSE 250-listed firm used a non-standard calculation when setting executive pay, which meant a 2009 long-term incentive plan (LTIP) for management pays out in full and yields 6.3 million pounds ($10 million) of shares for Chief Executive Nick Salmon.

A standard calculation would cut the value of the LTIP by a quarter, Reuters Breakingviews said.

Earlier on Thursday, Cookson said it may demerge its two main operating divisions as it seeks to improve shareholder returns. By I Wish I Knew The Answer ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9651538&action=detail Thu, 17 May 2012 09:57:00 GMT I Wish I Knew The Answer tag:iii.co.uk,2003:tst.9650405
Cevian have got their man on the board. I think this has to be good.

And this statement refelcts what I seem to be picking up ina number of trading updates: markets are beginning to grow.

"While the macro-economic outlook continues to be uncertain, trading to date and feedback from customers and third party industry forecasters continues to indicate mid-single digit growth globally in the Group's main end-markets in 2012,"

I think given the recent fall in share price in line with larger markets, this update merits a weak buying oportunity. By Hardboy ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9650405&action=detail Thu, 17 May 2012 06:15:00 GMT Hardboy tag:iii.co.uk,2003:tst.9613321 http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9613321&action=detail Sun, 06 May 2012 21:04:00 GMT sapito tag:iii.co.uk,2003:tst.9612662 http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9612662&action=detail Sun, 06 May 2012 12:13:00 GMT I Wish I Knew The Answer tag:iii.co.uk,2003:tst.9612236
Think it should say "HAD, not has, lost 86% of value", ie in the period preceding the rescue rights issue.

Company is now nicely back on track, shareholders have done extremely well since that rights issue, and there should be a lot more to come - even without the talk of a break-up or Cevian's stake-building.

They have been on the generous side with their pay packages, though, and set themselves up for some criticism. I wonder if they will get away with it? By sapito ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9612236&action=detail Sat, 05 May 2012 22:30:00 GMT sapito tag:iii.co.uk,2003:tst.9611810
http://www.telegraph.co.uk/finance/newsbysector/industry/9247087/Pirc-tells-Cookson-investors-to-vote-to-remove-entire-board.html

I am holding and look forward to the ways they come up for creating shareholder value.
nk By nk1999 ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9611810&action=detail Sat, 05 May 2012 14:41:00 GMT nk1999 tag:iii.co.uk,2003:tst.9609349 http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9609349&action=detail Fri, 04 May 2012 13:17:00 GMT sapito tag:iii.co.uk,2003:tst.9608374


http://epetitions.direct.gov.uk/petitions/16769 By I Wish I Knew The Answer ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9608374&action=detail Fri, 04 May 2012 10:31:00 GMT I Wish I Knew The Answer tag:iii.co.uk,2003:tst.9605433 ')" target="_blank" rel="nofollow">http://www.thehedgefundjournal.com/magazine/200712/profiles/operational-activists-cevian-are-catalysts-for-corporate-change.php


Long read short extracts below:-

Cevian 1 (the predecessor fund) had produced an average annual return of 78%

Cevian invests in publicly listed companies in Northern Europe, having focussed historically on the Nordic region. Substantial minority ownership positions are taken in a limited number of undervalued companies, where value can be created through operational, hands-on activism. Whilst there may be 8 to 12 positions, typically only five companies make up to 80%-plus of the portfolio, enabling a very high level of focus and engagement. This corresponds to the number of companies that Cevian's principals think they can engage with at any one time. Gardell comments, "Our ownership approach is to be there for the long term as an active owner, and we take concentrated positions. So we are not short-term traders in companies, but we have a long-term bottom-up approach." The portfolio tends to be unlevered. The fund is not hedged at the portfolio or stock level. By I Wish I Knew The Answer ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9605433&action=detail Thu, 03 May 2012 15:01:00 GMT I Wish I Knew The Answer tag:iii.co.uk,2003:tst.9604228 Full Year Agm 17th May


Hopefully some light will be shed on Cevian holdings and strategy by the date of the AGM. One drawback of buying shares online is not being able to attend AGM as Nominee Account holder rights are not passed on to shareholder. By I Wish I Knew The Answer ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9604228&action=detail Thu, 03 May 2012 11:24:00 GMT I Wish I Knew The Answer tag:iii.co.uk,2003:tst.9571887 Name Type Amount % Holding
Cevian Capital II G.P. Limited 55,693,446 20.01%
Standard Life Investment Limited 27,418,570 9.92%
AXA SA 14,767,157 5.34%
Pelham Capital Long/Short Master Fund 14,431,888 5.22%
Lloyds Banking Group PLC 13,213,880 4.78%
FIL Limited 11,596,056 4.19%
Governance for Owners LLP 11,199,895 4.05%
Ignis Investment Services Ltd 11,051,789 4.00%
Morgan Stanley Securities Ltd 5.12%
Blackrock Inc 4.46%


Interestingly 67% of shares held by 10 major shareholders. Governance for owners seem to have a similar mantra to Cevian. With this setup a takeover wouldn't be too difficult. By I Wish I Knew The Answer ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9571887&action=detail Tue, 24 Apr 2012 10:35:00 GMT I Wish I Knew The Answer tag:iii.co.uk,2003:tst.9550139 http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9550139&action=detail Wed, 18 Apr 2012 14:17:00 GMT I Wish I Knew The Answer tag:iii.co.uk,2003:tst.9538861
http://www.bbc.co.uk/news/uk-england-tees-17719747

I guess that is a good news for Cookson? Could somebody confirm if they supply to them?

nk By nk1999 ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9538861&action=detail Sun, 15 Apr 2012 11:29:00 GMT nk1999 tag:iii.co.uk,2003:tst.9503021

By ANDREW PEAPLE

Breaking up is getting easier to think about.

Activist shareholders in CooksonCKSN.LN +1.57% PLC, such as 4%-holder Governance for Owners, believe now is the right time to split the £2 billion ($3.2 billion) industrial metals company: Its higher growth electronics business could be more highly valued when separated from its core ceramics arm. For Cookson's long-serving chief executive, Nick Salmon, and its board, though, the arguments could be more finely balanced.

On paper, Cookson is a good de-merger candidate. Its two main divisions don't benefit from obvious manufacturing synergies. The ceramics business sells products that withstand molten steel to mills and foundries. The electronics division sells solders and electrochemical plating to firms like AppleAAPL +3.08% to use in products like the iPad. The two divisions might benefit from being able to pursue their own strategies without having to compete internally for capital.

Still, Cookson isn't obviously undervalued. Its shares have risen by a sector-leading 82% since their recent trough at the end of last September. It currently trades at 9.9 times expected 12-month forward earnings, in line with the sector. Separated, Cookson Electronics might trade in line with peer AZ Electronic at 12.6 times expected 12-month forward earnings, says RBC Capital Markets; the ceramics portion, in line with similar company Morgan CrucibleMGCR.LN +0.34% at 10.9 times. But the two companies' combined value would then only be 15% higher than at Friday's close, before de-merger speculation started.

Moreover, Cookson's size has in the past been a source of strength: once, when the tech bubble's bursting made its electronics business loss-making for two years; then in 2009, when its ceramics sales fell 30% and the company was forced into a rights issue.

True, its balance sheet is stronger now; net debt was one times its earnings before interest, tax, depreciation and amortization at the end of 2011, down from 2.8 times at the end of 2008. But with access to debt and equity capital restricted in Europe right now, this might not be the best moment to shrink. Cooking up a de-merger at Cookson may not be as straightforward as it looks.
By I Wish I Knew The Answer ]]> http://www.iii.co.uk/investment/detail?code=cotn:CKSN.L&display=discussion&id=9503021&action=detail Tue, 03 Apr 2012 12:47:00 GMT I Wish I Knew The Answer