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Jun 3, 2009

Candover prices in disaster

Shares in Candover Investments appear to be pricing in Armageddon.The shares are trading at around 200p, against a net asset value of 1026p at the end of December.

Candover share price 2008 to June 3, 2009

The shares had a bit of a shock yesterday, thanks to the Financial Times. That reminded investors about covenants on the 198 million pounds worth of bonds outstanding- they restrict debt to 40 percent of the net assets. Journalist Martin Arnold also said that French investment house, Eurazeo, is no longer interested in buying the group of any of its portfolio companies.

    • About Margaret

      "Margaret Doyle is a Reuters Breakingviews columnist, based in London. She writes about investment banking. She has been a journalist for over 14 years. She has written for The Daily Telegraph and The Economist and presented various radio programmes for the BBC. She began her career as a consultant at McKinsey & Co. She has an economics degree from Trinity College, Dublin and an MBA from Harvard Business School, which she attended as a Fulbright scholar. She is a Conservative Member of Westminster City Council."
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