Alpha Share Discussion Threads

[senor_sensible] 19/11/2014 09:30

Plenty of experts willing to post as fact that this will go into administration in 3 months time but not willing to comment on what the cash position of the company is

hxxp://www.cushmanwakefield.co.uk/en-gb/research-and-insight/2013/global-office-forecast-2014-2015/

There is no disputing the re-financing is a concern and the swap was a disaster, but I do not see this quite as desperate as some others do the potential upside here is worth taking a risk IMO.

Lets see how many BB experts are willing to discuss the cash in the bank at the company or if they will just continue to ignore that and focus on the unknowns.

[blackpoolsteve] 18/11/2014 16:46

I agree ....in the classic words of Monty Python - "Is this dog dead? No,its just resting"

[hosede] 18/11/2014 15:55

In Feb the Co. will go into administration and the assets will be sold to pay off most of the bank loan.

[hosede] 18/11/2014 14:15

S-S
I'm afrad your'e clutching at straws, Even if the properties could be sold at book value, I doubt 7m would cover the selling costs. Europe looks like it will be mired in deflation for decades - likewise probably the rest of the world - The directors handling of the currency swap has been appalling. I'm afraid this dog is soon going to make a final visit to the vet.

[blackpoolsteve] 15/11/2014 14:19

The sad facts are the share price says it all,not just this year,but over the last 5. How the board can look themselves in the mirror,whilst blaming the French economy etc beggars belief.

I bought this share for income, and I should really have sold out.Thankfully I only have less than 20,000 ,but the holding will probably disappear,as it is really too small to sell now.
I think SRE is a better prospect,so good luck to still hold this dog

[red army] 15/11/2014 11:40

I am about to write to all shareholders requesting an extraordinary meeting to put forward various questions with respect to their strategy and possibly concluding an a vote of no confidence.
It is my belief that the board have not acted in the best interest of the shareholders and continue to do so through their inactions and lack of urgency and foresight.

[senor_sensible] 15/11/2014 11:06

hxxp://www.lincs.fr/wp-content/uploads/2012/12/howtocometovillarceaux.pdf might want to have a look at where the money is invested

[senor_sensible] 15/11/2014 10:46

NET assets in June statement wer 6Mil, as by the admision of many commentating around the latest release are 7 mil, so NAV has increased by 1mil in the last quarter.

There is no disputing that the finance comes to an end in Feb 2015 and it wil be difficult to re-finance, and that might be step too high for the company. but that does not mean some of the current information should be ignored. Nav has increased and their cash position after the investment in the ALU site looks to be over 3Million. they could just about manage 80%LTV.

The Trust's existing borrowing facilities with Barclays Bank PLC terminate on 10 February 2015. The Board continues to pursue its options in order to support the settlement of the bank borrowings as they mature, including a combination of realising equity through asset sales and potential financing alternatives.

I read this as their is no decision made. but whatever suits your agenda?

[fenners66] 15/11/2014 02:22

Senor S as I said already:


Back to have a look after the IMS.
I said at the time of the bank deal there was no way out otherwise they would not have agreed to it.
Even now they talk of adjusted NAV instead leaving us to add up the numbers typical attempt at smoke and mirrors!
£7m NAV so really no more than 6p per share but with FEB fast approaching still no sign of financing and they will be getting more desperate.
I really should have shorted these - arguably worth zero.

Why state adjusted NAV ? *Adjusted NAV - unaudited, after adjustments for the interest rate swap derivatives and 50% of the deferred tax provisions.

What does that mean? Certainly not adjusted down? For the past half a dozen years they refused to declare the FX swap position saying everything was rosy , they lo and behold it nearly bankrupts the company.
This more of the same.
Are you in denial? Do you believe companies cant go bust? Or are you paid to give undying support?

They still have no plan as to how to pay off the debt.

[senor_sensible] 14/11/2014 16:51

NET assests looks to have increased compared to June statement could be as much as 17%.....IMO :-) shame they only posted the adjusted NAV in todays statement.

[senor_sensible] 14/11/2014 15:44

lol,
property is worth 217 Mil
borrowings is 210 mil
leaves 7Mil, market cap is 1.5Mil today

or so some would have you believe.

anyone care to take a guess on how much cash in the bank?????? got the recent sales, also got the recent investment in ALU site, it was 11 Mil at end of june with recent sale and investment .

Like I said, anyone in any doubt should get in touch with the company.

[sleepy] 14/11/2014 14:26

1634 - WTFDIK - Well said Senor.

Is that the most sensible comment the Senor has made on this thread?

[senor_sensible] 14/11/2014 12:08

Sorry, news release on 2nd September. not December.

Could end the day positive :-)

[dogwalker] 14/11/2014 11:37

Thanks S_s. Let's hope that 3rd party appears ahead of next Feb..

[dogwalker] 14/11/2014 11:05

Senor_sensible, Surely the company itself won't be prepared to discuss or fuel speculation.
There hasn't been much speculation about that I've found, other than about the company going bankrupt.
If you know something specific better, do say here.

[senor_sensible] 14/11/2014 10:38

:-) suggest anyone in any doubt should get in touch with the company, give them a call because lots of speculation being banded about. Also, ALU site is jewel in the crown, why would you want to get out of that!!!!!!! ALU have very ambitious growth plans and the French economy recorded 0.3% growth in the last quarter.

"The growth, together with stronger-than-expected expansion in France of 0.3%, helped the eurozone as a whole to grow by 0.2% in the quarter."

"In France, President Francois Hollande welcomed the country's latest growth data as a sign that it could reach its new target of 0.4% growth for the whole year. "

[fenners66] 14/11/2014 08:08

Back to have a look after the IMS.
I said at the time of the bank deal there was no way out otherwise they would not have agreed to it.
Even now they talk of adjusted NAV instead leaving us to add up the numbers typical attempt at smoke and mirrors!
£7m NAV so really no more than 6p per share but with FEB fast approaching still no sign of financing and they will be getting more desperate.
I really should have shorted these - arguably worth zero.

[sleepy] 14/11/2014 07:58

Agree Pug.

If, and I stress the if, they sold the Alcatel property in time would that reduce the LTV enough to "get them out of jail"?

[pugugly] 14/11/2014 07:50

ADJUSTED NAV* 10.7 PENCE PER SHARE AS AT 30 SEPTEMBER 2014 (30 JUNE 2014: 12.0 PENCE PER SHARE)

However loans of £210.7m (€269.7m)mature February next year The Trust's investment portfolio was last valued on 30 June 2014 at €278.0m (£217.2m at 30 September 2014 exchange rate)

Theoretical margin of £7.00 million - Impossibe (imo) to refinance at as bankers will demand much greater loan to value margin.

Possibly only option (imo) would be to sell the company to a deep pocketed property invstor looking for yield. However ther could well be significnt transaction costs -

however the French economy is in a mess - Unless a bidding war then why pay more than a nominal salvage price for the whole trust.

If no interest then probable liquidation and nothing for speculators.

Too high risk at the moment (imo)

[aspex] 14/11/2014 07:14

What do we take from the trading update?Does the extension of lease terms do anything for value?

[senor_sensible] 11/11/2014 09:12

ALU, prime tenant recovering well, looks even better for next year. ties in with their needs for further office space

[envirovision] 03/11/2014 15:02

Selling whats left of the prime assets to remain solvent and pay the fat cat trust and bank fees.