Delek Glbl Share Discussion Threads

[tiltonboy] 18/9/2014 15:01

Kenny,

Doesn't look like the final distribution either.

If they closed the book on this now, I would be content. I didnt Tender at the very low price, so have done exceptionally well overall. Of course, I wouldnt complain if there was another decent payout.

Just trawling back through the thread to check the last payment, and wondered if you bought any of the other stocks I mentioned apart from JIGI.

[tiltonboy] 18/9/2014 14:52

Fantastic.

[kenny] 18/9/2014 14:02

Another 8.9p distribution!!!

[kenny] 04/7/2014 15:47

I looked at the 31.12.13 accounts and tried to work out what is left but it is so complex that I gave up. Also, the notes do not seem to accord with the figures e.g. they say they recognised a £77m profit on the sale of Buckingham Gate in these accounts albeit it was sold after the year end, but I cannot reconcile that through fixed assets or otherwise.

There is certainly value left e.g. two Metro stores which are now free of mortgage and to be sold. There also seems to be quite a good net rental income, about 5.9p per share per annum, albeit it is not clear how much of this is restricted in subsidiaries which are underwater with the bank. Such rent will just go to the bank to reduce the shortfall. There are lots of properties which are underwater with the bank albeit both the asset and liability are still in the balance sheet. There is the potential of quite a pop to NAV when these go because some of them are astonishingly underwater e.g. a few in Germany where the property value is less than half the debt! However, the banks seem reluctant to call in the loan and keep extending (I wonder why!!). Also about £5m cash left over from the sale of Buckingham Gate.

I would not be surprised if there was still 20p per share or more of value left but I would also not be surprised if this figure was wildly out - either way!! Interestingly, also some hint (via the director's bonus package) that there may be other development property albeit I imagine nothing on the scale of Buckingham Gate.

[flying pig] 04/7/2014 14:18

Signed for hard copy accounts so not thread friendly! I suspect not a lot left in the kitty.....

[grollfam] 04/7/2014 14:09

nope, not sure much assets/NAV left, will email company unless you can post them on thread

[flying pig] 04/7/2014 12:52

Anyone enjoyed the accounts?
They arrived yesterday and I have not tried to unravel the pre and post balance sheet issues.

[kenny] 16/5/2014 08:29

Company says accounts will be distributed at the end of June.

[grollfam] 15/5/2014 06:00

anybody received accounts for Dec 13 year end for DGRE ?

[kenny] 27/3/2014 14:14

Many thanks. Will take a look at those.

[tiltonboy] 27/3/2014 14:07

Nothing particular.

Canadian General stand on a big discount, with a relatively attractive yield, even if some of it is paid out of capital. Princess Private Equity would come into the same category.

I will be subscribing to a new REIT, with an ex CLS director heading it, which I think will go well.

[kenny] 27/3/2014 13:34

Hi tilts, do you have any other good ideas at present? Thanks in advance.

[flying pig] 07/3/2014 14:13

Cheque this morning.

[tiltonboy] 04/3/2014 11:27

Kenny,

No problem. If anything interesting comes up, I will give you a nudge.

I picked up another 50k of JIGI at 92p yesterday, for a client.

[kenny] 04/3/2014 10:54

Thanks for the reminder - I had forgotten, after all the excitement elsewhere!

I have joined you at JIGI as it seems like a reasonable assumption that markets will be roughly where the are today; in late 2016 and after any intervening plunge!

Would be very interested in any other ideas you have either now or in the future. Many thanks.

[tiltonboy] 03/3/2014 15:09

Cash this week!

[kenny] 26/2/2014 10:27

Many thanks, I will research those. Agreed it has become very difficult to find yield and also value.

[tiltonboy] 26/2/2014 09:46

If you are looking for income, it is becoming an increasingly difficult job to find yield and value.

One that could be of interest is JIGI. The upside is limited, as the Trust will be wound up in 2016, but the NAV is usefully above the final payout, and the shares at a useful discount to the final payout.

Given no change in the NAV from here, your return would be 10p (capital)+ 11p (dividends)+ 1.5p (current RR). That should give you a gross return of 24% to maturity. Of course, the NAV could fall, and your returns could diminish/disappear.

I picked a few more up yesterday at 93.2p.

ACD also look an interesting 10 month punt to wind-up.

MVI still look incredible value, but in effect you are taking a punt on ETO.

[kenny] 26/2/2014 08:35

Tilt's - any suggestions on where to invest the DGRE liquidation proceeds (not GLIF where I already have loads). Thanks in anticipation.

[grollfam] 18/2/2014 17:19

cheap at the price, the only place we made good money , which allowed 3 buy backs were Canadian properties....

If NCP was not stolen from us by Blackstone, we would have done even better

[kenny] 18/2/2014 16:50

His son took a £1m commission on the sale of the properties in Canada for "finding" buyers.

[grollfam] 13/2/2014 04:56

Hi Kenny

see my post grollfam 16 Jan'14 - 20:51 - 988 of 1007......

I itemised the costs which gave us £102M , 7 I calculated a 75p payment...

Happy with the 74p, do not feel Thuva will take any fees not due as we are all watching him...

[kenny] 12/2/2014 17:09

It has been a long haul for all of us who have been long term shareholders but, yes, I am absolutely delighted.

I still wish to scrutinise the 2014 accounts (when they become available in mid-2015) to check there have been no big commissions paid to Mr T's family – not least because I understand from a recent article in the Israeli press that the gross sale proceeds were £160m. That is quite different from £100m net albeit I think I know where part of the difference was utilised.

I may sound a bit ungracious, but let us not forget management offered us 50p per share - compared to the numerous dividends and buybacks we received following rejection of that derisory offer.

[grollfam] 12/2/2014 15:33

Great news, Kenny, u must b delighted

[tiltonboy] 12/2/2014 15:14

Absolutely wonderful. I would imagine it will only be a nominal further payment.