Alpha Share Discussion Threads

[envirovision] 11/2/2015 09:30

red army, yes nice work if you can get it.

I still rather think somethings amiss though, because as you point out that anyone, even a monkey or say a child could run a company at a loss daily and pay themselves.

However a child or a monkey could never engineer such monumental interest and currency swap losses over the years.

[fenners66] 11/2/2015 00:12

So some read the RNS this morning and bought the "good" news?

Lets get this straight - they entered into an arrangement with Barclays at libor +10% and all their cash pooled with no prospect of being able to repay the €25m until after the rest of the borrowings were paid off, in NOVEMBER 2013.

So now 15months later they are paying € 1.35m just to extend that relationship for 3 more months but still incurring interest at the above rate.

Please just a little bit longer I'm sure things will get better.....

Why could they not come up with a solution in the last 15m?
Why are 3m going to help anyone else than Barcs?

I thought this was a dead duck as far as shareholders were concerned in 2013 and have not changed my mind.

[red army] 10/2/2015 23:57

Its the easiest thing in the world to run a company and make losses every day and what's more pay yourself for it . In addition you make yourself director of associate companies and basically work for your self interest and not the shareholders interest until there is nothing left.

[mgalle] 10/2/2015 16:37

Sleepy - the cash is held by Barclays in a special account.

Sensible is making a guess about how much cash. Alph does not give full information for you to stay informed about the company's progress. Cash has increased by selling some properties. A few were sold over book value, however a loss was made due to having to pay interest on money owed in this special account and lower occupancy. I think they are cancelling each other out so no progress was made in 2014. There should be a few years of dividends in the account though.

Let’s hope the price of the share did not go up over 100% at start falling to just below 50% on the day the Alph board gave away the last bit they owned for a short term extension. Is the world and the board that mad?

[hosede] 10/2/2015 16:15

I thought cash was included in the NAV but I could be wrong. However France is a basket case and in deep recession. According to the Nov report, vacancies are increasing and rents falling - ergo property values will do likewise. We are in a massive deflation which could go on for decades.
Sleepy
Read the report - the banks have control over it

[sleepy] 10/2/2015 16:02

Is the cash available to shareholders or does a bank/banks have security over it?

[orchestralis] 10/2/2015 15:28

I think there may well be some life left in this.

[senor_sensible] 10/2/2015 12:24

not thought not, the cash in the bank is approx. >5 times the current market cap, there is also the increased property valuation and the additional ALU footage. QE will open up finance prospects, that why BARX want the 1.3% levy now, they know cheap finance is going to be available in a few months.

Todays news was quite good, it was not excellent because there is still the small matter of signing a finance contract, but at least it is another step in the right direction.

[senor_sensible] 10/2/2015 12:07

how much cash in the bank?

[hosede] 10/2/2015 11:31

Enviro
exactly!
Sleepy
90%? its around 97.5% by my calculations now 5.65m equity in 225m!

[sleepy] 10/2/2015 11:08

Would someone confirm that the LTV is over 90%?

[senor_sensible] 10/2/2015 09:57

The key part of the statement:

The Trust is compliant with its borrowing covenants on the test date of 10 February 2015 and no further covenant tests are scheduled before the amended maturity date

property values on the increase IMO as previously stated, the LTV also improving. They have cash in the bank higher than the current market cap.

QE will find a better finance source and this will be valued on true nav. this is good news

[envirovision] 10/2/2015 09:31

Its a ruse to wipe out any argument of equity so that the entire portfolio can be passed onto someone else.

Gob smacked at the rise, clearly the RNS must have been miss read or simply attracted a mini swarm of private investors who know little about ALPH.

As I say, I can only hope people still in used that spike to dump on them.

[mgalle] 10/2/2015 09:24

This is the agreement for the short term extension until May if anybody is confused by the comments. (Not surprised that Barclays want a bit extra for this or pleased either.) QE should have opened more possibilities by then.

[hosede] 10/2/2015 09:23

7m NAV just going to be whacked about 20% by the 1.35m fee - Barclays must be loving this

[senor_sensible] 10/2/2015 09:01

The recent NAV calculation did not include the extention to the ALU site, nor was it corrected for recent valuation, I have NAV as over 14p per share.

[h2owater] 10/2/2015 08:50

-- ADJUSTED NAV* 10.7 PENCE PER SHARE AS AT 30 SEPTEMBER 2014 (30 JUNE 2014: 12.0 PENCE PER SHARE)VALUATION AND NET ASSET VALUE ("NAV")The Trust's investment portfolio was last valued on 30 June 2014 at EUR278.0m (GBP217.2m at 30 September 2014 exchange rate) giving an average valuation yield across the portfolio of 8.2% (French portfolio 8.1% and Spanish portfolio 9.0%).The next independent revaluation will take place as at 31 December 2014.As at 30 September 2014 the adjusted NAV* is 10.7 pence per share. The decrease in adjusted NAV from 30 June 2014 (12.0 pence per share) is due to the combined effect of Euro weakening and the loss incurred in the period.*Adjusted NAV - unaudited, after adjustments for the interest rate swap derivatives and 50% of the deferred tax provisions.

[envirovision] 10/2/2015 08:46

if anyone was stupid enough to buy these in the last few months, this is likely to be their only chance to exit with a good profit imo

[senor_sensible] 10/2/2015 08:42

todays news confirms my opinion on the NAV and increase in property valuation

[6ste] 10/2/2015 08:42

Buying pressure still good

[aspex] 10/2/2015 08:36

Provided they can resolve the problem the price is still well below the current NAV. It is just standard risk v reward question?Any bets?

[senor_sensible] 10/2/2015 08:34

maybe break 5p today?

[senor_sensible] 10/2/2015 08:31

market seems to like the news :-)

[pugugly] 10/2/2015 08:30

still a dead dog - What appears to be movement is just the maggots moving under the skin + plus the managment in a job for a few more months (imo)