Tullow Oil
After falling 84% since November, market cap is just £460mn. Five years ago the trigger was the drastic fall in world oil prices. This time, Tullow’s problems are mostly of its own making, and it will need to move swiftly and cross its fingers to head off the concerns evident in both the equity and... Read More →
Bruntwood Docs
On 28 January 2020, Bruntwood Bond 2 PLC announces offer of 6.00 per cent Sterling Bonds due 2025 (“New Bonds”) and invitation to holders of the £50 million Sterling Bonds due 2020 to exchange their bonds for New Bonds. Information Booklet Prospectus Consent declaration Bruntwood Report & Accounts 2018 Bruntwood Report & Accounts 2018 Bruntwood... Read More →
Bruntwood
Bruntwood is proposing to issue a 6% senior unsecured retail bond, maturing 2025, which will be listed on the LSE. We think the deal can do well due to its well-established regional property business underpinned by satisfactory gearing (debt to fixed assets of 49% at Sept 2019). We also think that due to limited new... Read More →
Saga
2019 07 29 – SAGA plc – GB Desknote
Senvion SA
Senvion designs, manufactures, and installs onshore and offshore wind turbine generators (WTGs). It also has an important and growing services division, providing operating, maintenance and other services to clients worldwide. As subsidies have fallen away, the industry has moved to highly competitive auctions. Senvion (and others) are still in the process of adjusting. Despite the... Read More →
EnQuest PLC
EnQuest is one several smaller operators that we have tracked over the past five years. While the group has made substantial progress boosting production and cutting costs during this period, the group remains highly levered. EnQuest update – Jan 2019
Debenhams
Debenhams plc – Aug 2018. Debenhams can trace its history to 1778 when William Clark established a drapers store at 44 Wigmore Street in London’s West-End selling fabrics, bonnets, gloves and parasols. The firm became a public company for the first time in 1928, effectively concluding the involvement of the Debenhams family. By 1950, Debenhams... Read More →
Mattel Inc
Over the past several years Mattel (MAT) lost control over its operating processes and systems, fell behind digitally and socially, and allowed its key brands to stagnate. Currently amid a comprehensive plan to streamline product development and production, leverage its iconic brands, and return to profit, this is a business that now has a much... Read More →
Punch Taverns – Bottoms Up
Punch Taverns 7.75% subordinate note is a small, but high yielding security within the Punch Taverns whole business securitisation. Punch Taverns – 7th June 2018