Camper & Nicholsons Marina Investments Ltd Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.8906694 Would be good to see some improvement on these "late cycle" shares someday. I worry the management overhead will wear the company down before there is a decent recovery.... By Captiva2 ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8906694&action=detail Wed, 02 Nov 2011 15:42:00 GMT Captiva2 tag:iii.co.uk,2003:tst.8854374 http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8854374&action=detail Mon, 17 Oct 2011 19:31:00 GMT averageup tag:iii.co.uk,2003:tst.8733547 http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8733547&action=detail Sun, 11 Sep 2011 20:34:00 GMT averageup tag:iii.co.uk,2003:tst.8353799
Article reasonably positive on recovery from decline in demand. Did hope for some visible demand for the shares after the free advertising. By Captiva2 ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8353799&action=detail Mon, 06 Jun 2011 15:02:00 GMT Captiva2 tag:iii.co.uk,2003:tst.8320259
Maybe the aged Chairman would like to follow his good example or step aside to let someone else do the role who is unconnected with the dismal trading record.

Still don't understand and am concerned about why essentially a property company should be making so little profit and why third party marina management should be loss making unless the business model itself isn't viable. What is also odd is why they are paying DTZ to undertake a strategic review when Nick Maris and the exec team are meant to be leading experts in this field. Maybe its the institutions wanting a 3rd party to kick the tyres either way what does DTZ know about marinas? By averageup ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8320259&action=detail Sat, 28 May 2011 12:32:00 GMT averageup tag:iii.co.uk,2003:tst.8070260 http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8070260&action=detail Sat, 02 Apr 2011 11:41:00 GMT averageup tag:iii.co.uk,2003:tst.8055415
Le averageup.

On the face of it your scepticism is hard to fault. Its not often a €50k net yield justifies a €20m valuation. Normally one smells a rat at this point. Especially as GHM shares are about as liquid as granite.

As I understand it, more than half of GH is unlet effectively as they are holding berths for sale to super yacht owners rather than racking up more pontoons and letting them out for smaller boats. Admittedly they appear to be rubbish at that having not sold any super yacht berths for yonks (but always claiming they are about to). So i think that the full earning capacity of the marina is not exactly being exploited. I think they have 20 odd of these for sale and they sell for a lot. They sold 3 in 2007 for €10m. Anyway, who knows. Suspect if they don't flog some soon they will need a new plan.

The assets are valuable because of their scarcity/trophy etc. What they are really worth you won't know til you flog them. That being said i agree with you they should be careful not to keep burning through their cash til there is none left as you can guarantee at that point they wont go for much because it will be a fire sale. i agree its pretty boring watching the nav getting gnawed away at by a massive head office trying to grow the business with limited results. Whiffs of vanity.

They seem to be signing up all these contracts and getting no value for them. Contracts are great but if there is no associated revenue they are not really that great.

You are right, the GH structure is brilliant and fills one with confidence as to the robustness and transparency of the whole thing. Not. You need a white board to work it through.

Lets hope sense prevails and they batten down the hatches soon and run it as if they dont have a sugar daddy called gullible investor.

Anyway, i think we are getting compensated for the risk.

With a bit of luck Gadaffi will move there, i bet he's got a few yachts (with gun turrets)






By Jam Role ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8055415&action=detail Wed, 30 Mar 2011 21:25:00 GMT Jam Role tag:iii.co.uk,2003:tst.8049407
Don't have the numbers in front of me but the GH valuation does look too rich based on EBITDA of euro 0.5m i think - plus there is presumably some maintenance capex to come off this. Then there's the bond cash earning diddly and effectively funding its own 8% interest payments plus a dividend into the centre/black hole - you really couldn't make it up !

Understand they've used part of it to fund Cesme acq which makes some sense but it gives more funding for the failing board and loss-making consultancy. As you say hopefully the old and new institutional investors will get active and set some strict time limits before our attractive discount disappears up its own backside. An asset rich business such as this should really be a yield play.

My other concern is whether the cruise missiles flying around the med is impacting Malta but must say Port Louis looks like a very cool setting.

By averageup ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8049407&action=detail Tue, 29 Mar 2011 23:39:00 GMT averageup tag:iii.co.uk,2003:tst.8047160
Tut tut, don't tell the missus that there might be no turkey for Tiny Tim this xmas because you spanked it all on some shonky Marina company.

Someone like you should know better. But now you've gone and done it havn't you.

Grand Harbour Marina, the one in Malta, is independently listed on the Maltese Stock Market (for what's that worth) with a market cap of €20m. CNMI owns 79% of the stock. So its not liquid and I suppose could be manipulated / bought on emotion. In any event its valued at €22m by CBRE, again not sure what that's worth, but they did get an oversubscribed bond away off the back of it. So on face value the whole of CNMI (market cap £12.5m) is worth less than its 80% stake in GHM £14m (80%*€20m/1.15 to convert to £).

So you are getting Cesme and Port Louis for zip - and they are both belters, especially the latter.

You are also getting the brand which is pretty valuable.

If you believe the CBRE valuations then it is trading at 50% of NAV excluding any brand value. Seems like a pretty fat margin of error.

Unfortunately what you also get is a massive overhead associated with growing the business.

I suspect if they don't start showing some serious rubber on the road related to these third party contracts etc and stop racking up big losses unrelated to the three marina's they will be ordering a job lot of p45's quite soon.

The only other really big consideration is a bid offer spread as wide as the M25 and you are on AIM. This basically means that the directors can buy the business for 5p and explain that it was in the best interests of the company to do so, they are terribly sorry but they didn't have time to ask shareholders if they approved and so they consulted their teddy bears and Mr Snookums and friends agreed too.


By Jam Role ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=8047160&action=detail Tue, 29 Mar 2011 15:19:00 GMT Jam Role tag:iii.co.uk,2003:tst.7833759
What have i done ? By averageup ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=7833759&action=detail Sat, 19 Feb 2011 20:27:00 GMT averageup tag:iii.co.uk,2003:tst.7249838 http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=7249838&action=detail Fri, 12 Nov 2010 12:09:00 GMT Moving Toyshop tag:iii.co.uk,2003:tst.7238861 Camper & Nicholsons
Holding(s) in Company
RNS Number : 9956V
Camper & Nicholsons Marina Inv Ltd
11 November 2010

CAMPER & NICHOLSONS MARINA INVESTMENTS LIMITED (the "Company")

HOLDINGS IN COMPANY

The Company received notification on 9 November that Deutsche Bank AG, and its subsidiary companies, have a notifiable interest in 7,921,721 ordinary shares of Camper & Nicholsons Marina Inv Ltd, amounting to 13.16% of the Company's total issued share capital.

For further information contact:

Camper & Nicholsons Marinas International Limited

David Mead

Tel: +44 (0) 208 334 8046


Collins Stewart Europe Limited

Bruce Garrow / Adam Miller

Tel: +44 (0) 207 523 8350

This information is provided by RNS
The company news service from the London Stock Exchange

END

http://investegate.co.uk/Article.aspx?id=201011110700119956V By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=7238861&action=detail Thu, 11 Nov 2010 07:17:00 GMT Valuta tag:iii.co.uk,2003:tst.7209290 http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=7209290&action=detail Fri, 05 Nov 2010 22:42:00 GMT Moving Toyshop tag:iii.co.uk,2003:tst.7208450 -------------------------------------------------------------------------

Moving Toyshop

I did get out a while ago, but I keep an eye on the company.

You may have seen the further RNS today about directors' holdings:-
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10707323

The stock does have asset backing, so I'd be astonished if it went bust, unless perhaps we were to have another prolonged financial maelstrom.

There is I believe still a fair chance that this will be a multi-bagger.

I agree your point about the very rich.

As you say, this is one for the patient investor.

Good luck.

Valuta

By Valuta ]]> http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=7208450&action=detail Fri, 05 Nov 2010 18:37:00 GMT Valuta tag:iii.co.uk,2003:tst.7207817 http://www.iii.co.uk/investment/detail?code=cotn:CNMI.L&display=discussion&id=7207817&action=detail Fri, 05 Nov 2010 16:52:00 GMT TX2