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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Euro Equity | EET | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 65.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 65.00 | 65.00 |
| Top Posts |
|---|
Posted at 13/12/2008 20:55 by arthur_lame_stocks So Peter Gyllenhammar and Johann Claesson are going to bail out EET. It looks to me like it will have a NAV of ~E45m and debt of ~E6m after the restructuring. I don't understand these instruments really. Can somebody tell me does the NAV represent the likely capital residual for noteholders after all of the mortgages have been paid off? Or is it the sum of the discounted cash flows expected to be paid to noteholders? Or is it both? Cheers |
Posted at 20/11/2008 14:41 by cerrito The article below discusses the effect of the change of direction of the TARP authorities in not buying mortgage related securities..while of course EET has no US exposure this does have an effect on similar European assets and is a further downer for EET |
Posted at 21/10/2008 10:26 by hosede ErstwhileCan you explain the problem of Preyment to me? I accept that it reduces the potential income of the security, but does it not equally reduce the default risk - someone who prepays has not defaulted so the capital value of the loan is less at risk. What would be the result for EET if all the mortgagees prepaid in full? Thanks |
Posted at 15/10/2008 08:46 by isa23 Yes I am still here. Down sharply!!! Like most other companies, their biggest mistake was gearing in a falling / uncertain market. There's nothing (or almost nothing) wrong with prime mortgages, but when you're geared and forced seller, it ruins you. Pejr in the same situation. The new rules about not having to mark assets to market is a huge plus for eet, though. |
Posted at 23/9/2008 21:20 by cerrito EET holders may be interested in the following from Queens Walk today..both QWIL and EET are in the Lusitano mortgage pool and Portugal represents 20% odd of EETquote The Company's portfolio of Portuguese mortgage investments are predominantly collateralised by prime mortgages with more than three years of seasoning. However, recent increases in Euribor rates, higher inflation and slower economic growth have increased the arrears and default rates in the portfolio. The increase in arrears and default rates have been provided for in the Company's cash flow forecasts. unquote |
Posted at 30/1/2008 12:46 by spectoacc Seems reasonable, not withstanding points made above.RNS Number:8725M TIDMEET European Equity Tranche Income Ltd. 30 January 2008 30 January 2008 European Equity Tranche Income Limited ("EETI" or the "Company") Estimated NAV and Quarterly Dividend Further to the investment update provided by the Company on 24 January 2008, EETI today announces its quarterly dividend for the 3 months ended 31 December 2007 and its net asset value as at that date. Estimated Net Asset Value ("NAV") The estimated NAV of an Ordinary Share in the Company is calculated as being EUR 0.8291 as at 31 December 2007. This estimated NAV of an Ordinary Share is provided for indication purposes only and should not be relied upon for investment decisions. As some of the Company's assets are not freely traded it is not possible to obtain prices from an independent third party source and such assets have been valued by the Investment Manager using pricing models designed by the Investment Manager and reviewed by one of the Company's joint Auditors. The above estimated NAV of an Ordinary Share has been calculated by the Administrator using asset valuation information provided by the Investment Manager which, whilst being considered as received from a reliable source, is itself in part 'estimated' and accordingly none of the Company, the Investment Manager, the joint Auditor nor the Administrator accept any responsibility for the accuracy of the estimated NAV figure given, and neither is any responsibility implied. Quarterly Dividend The Directors have declared an interim dividend of EUR 0.015 per each Ordinary Share payable in respect of the quarter ended 31 December 2007. This dividend will be payable on 29 February 2008 to holders of record on 8 February 2008. The corresponding ex-dividend date will be on 6 February 2008. The above estimated NAV and quarterly dividend have taken into account the reduction in the aggregate book value of its Italian investments and the consequent impact on the Company's earnings. As referred to in the recent investment update, the impact of the reduction in cash flow is not expected to prevent the Company from covering its costs and paying dividends. Accordingly, in the absence of unforeseen circumstances the Board intends to target a quarterly dividend of Eur 0.015 per Ordinary Share. |
Posted at 27/1/2008 17:08 by cerrito As a holder of QWIL I have found the EET announcement interesting especially as both QWIL and EET have assets in common in their holdings. Both are in Sestante Finance and Lusitano Mortgages( But in different tranches in the latter case)I have no exposure to EET at the moment but am looking at this as a matter of urgency given the recent price drop. I have reduced my exposure in QWIL and now do not have much; Portugal(see below) is what is making me nervous on QWIL. Interested that Investec sold out eet as they were gungho on this. I need to say that EET provide much more info than QWIL on their Italian and Portuguese mortgage holding. The Achilles heel for both is Portugal where mortgage lending has been as exuberant as anywhere else and competition high as evidenced in the Dec 13 EET investment update and I am delighted that this last week's EET update did not highlight any problems in Portugal. I also took comfort in the LTV ratios in Portugal. QWIL's Italian mortgage portfolio is 9.1% so they will be less affected by developments in Italy than EET. In the last Nov 28 report and teleconference, QWIL did comment on an increase in prepayments but said that it was within tolerable limits so not sure if this is a recent phenomenon or reflects different tranches in the Sestante pool. Saw that EET made write downs for Italian prepayments in year ending 607. QWIL have not made any write downs. |
Posted at 24/1/2008 08:53 by ilancas Ouch!RNS Number:4302M European Equity Tranche Income Ltd. 24 January 2008 For release on 24 January 2008 European Equity Tranche Income Limited ("EETI" or the "Company") Investment Update In its investment update in May 2007 EETI reported that retrospective changes in the law in Italy had significantly reduced the prepayment penalties for mortgages. At that time, a charge of Eur 2.7 million was taken to the aggregate book value of the Company's Italian investments. While the impact of the change on the future level of prepayments was uncertain, in the last quarter prepayments increased significantly and as a consequence EETI received no cash flow from its Italian investments. If prepayment rates continue at the levels experienced in the last quarter, it is estimated that EETI would receive no cash flow from these investments for a period of approximately 3 years. On just two quarter's data it is very difficult to assess how much this retrospective change in legislation is going to impact consumer behaviour in Italy. It is clear that prepayment rates are likely to increase more than had been originally anticipated, but it is not at all certain whether this last quarter is a temporary spike or part of a long term trend. For the purpose of estimating the financial effect on the Company, if the prepayment rates stay at these current high levels, the Company's Investment Manager estimates that the change will result in a reduction in the region of Eur 15 million to the aggregate book value of these investments. In addition, the Company's earnings would be reduced by approximately Eur 0.5 million per quarter. The impact of the reduction in cash flow is not expected to prevent the Company from covering its costs and paying dividends. EETI expects to announce its quarterly dividend for the 3 months ended 31 December 2007 and its net asset value as at that date in the week commencing 28 January 2008. The Company has also reviewed the remainder of its portfolio and other than the Italian investments referred to above, all are within model expectations. Accordingly, EETI can see no reason, in the light of prepayments or default trends, to make any changes to the book value of its other investments. It is clearly regrettable that such ill-thought out legislation should have been passed in the Italian parliament. However, there is very little the Company can do about this and even if it were to pursue legal steps, the likelihood is it would take many years to settle. Enquiries: Ocean Capital Associates LLP Edouard Bridel 020 7307 0880 Arbuthnot Securities Limited Alastair Moreton 020 7012 2138 Anson Fund Managers Limited Company Secretary 01481 722260 This information is provided by RNS The company news service from the London Stock Exchange END TSTMGGZMLFZGRZM |
Posted at 01/8/2007 15:44 by davebowler 1 August 2007 EUROPEAN EQ.TRANCHE INC.* [Buy] -------------------- EET.L / 51.00p / £51.00m European Equity Tranche Income will maintain quarterly dividends of EUR 0.02 and grow its NAV in our view. This equates to an annualised euro dividend yield on the current share price of 10.6%. We also expect the 20% discount on the fund to narrow as the market starts to recognise the stability of the underlying assets and income stream. The attached company announcement (published yesterday) details, for the first time since launch, information on all investments made to date including the average loan to value ratio for each investment and the seasoning (the weighted average age) of each underlying mortgage pool. Both the age of the pools and the loan to value ratios should give investors comfort in our view. This information has hitherto been withheld in the interests of keeping such information from EET's competition while EET was building its initial portfolio which now comprises 13 investments just one of which is in the UK, representing just 6% of net assets. EET sold in one Austrian investment for a profit in mid-July which should give comfort to investors that valuations are realistic, based on conservative assumptions and have not been affected by developments in the US. We have now had a series of updates: The company has repurchased 2 million shares thereby enhancing the NAV and demonstrating the board's confidence in valuations. An independent director has recently purchased shares. (Chairman, Robin Monro Daives already has a holding of 500,000 shares) Ocean Capital Partners has increased its exposure. A quarterly dividend of 0.02 EUR has been declared as expected and we fully expect EET to pay out dividend of at least 0.02 EUR per quarter going forward which offers an attractive prospective annual yield of 10.6% on the current share price.We also see decent prospect for capital growth. The portfolio is reported to beperforming in line with or better than expectations. The portfolio is now well diversified geographically and is exclusively exposed to prime pools of mortgages - primarily in countries where consumers are less leveraged, where loan to value ratios are attractive and where the loans are well-seasoned. EET has no exposure to sub-prime pools. EET is probably the only fund of its kind to have reported a positive total NAV return since launch (even after allowing for 2.7% Italian loss). A discount has emerged reflecting indiscriminate selling and we recommend buying the shares at current levels. Target price: 65p (~27% above the current share price) Tom Tuite-Dalton, 020 7012 2012, tomtuite-dalton@arbu -------------------- Specific disclosures for European Equity Tranche Income: Arbuthnot acts as broker for European Equity Tranche Income Arbuthnot has agreed to publish research at least annually on European Equity Tranche Income Arbuthnot acts as a market maker or liquidity provider for European Equity Tranche Income |
Posted at 15/1/2007 15:07 by davebowler For immediate release on 11 January 2007 via ArbuthnotsEuropean Equity Tranche Income Limited ("EETI" or the "Company") Investment Update Summary �� Euro 108 million invested in 11 investments across 6 countries �� High quality investment portfolio 92% of gross assets in prime RMBS investments �� Internal rate of return on current investments in excess of 10% �� Based on expected dividend for the quarter ending 31 March 2007, annualised dividends will exceed Eur 0.08 per share �� In discussions with bank lenders to provide leverage to enable EETI to move towards higher dividend levels in subsequent financial periods �� Ocean Capital Associates LLP, the Company's investment manager, continues to evaluate opportunities and is confident of a strong pipeline of future investments Robin Monro-Davies, Chairman of EETI, said: "In the nine months we have been in existence we have made substantial progress. We have built up a diversified portfolio which is performing well, and we are advanced in arranging further funding. The area we operate in is highly specialised and we believe that the expertise provided by our fund managers together with careful oversight by the board provides the opportunity to continue to enhance shareholder returns." Investment Update EETI is pleased to announce that it has now completed the first stage of its investment programme, which was to use the proceeds of its capital raising in April 2006 (Euro 98 million) to purchase Residential Mortgage Backed Securities ("RMBS") and a limited amount of non RMBS, issued in Europe. As at 31 December 2006, the Company had made eleven investments for a total sum of Euros 108 million. These investments are spread across six countries, five in continental Europe (Italy, Netherlands, Portugal, France and Austria) and one in the UK. Ten of these investments were made in RMBS assets, which are all prime and represent 92% of current gross assets. The company has bought one non RMBS asset, an Austrian auto loan bond, which currently makes up 8% of gross assets. Modelled internal rates of return for our various investments indicate a blended overall internal rate of return in excess of 10% on our current portfolio. Furthermore, based on the expected dividend for the quarter ending 31 March 2007, annualised dividends will exceed Eur 0.08 per share. The internal rates of return reflect the high quality of the investment portfolio and a decision by the Company's investment manager, at present, not to invest in higher yielding non-prime opportunities. Consequently, while the annualised dividends per share based on the current quarter exceed Eur 0.08, the total dividends per share for the year ending 30 June 2007 are now expected to be marginally below the Eur 0.08 target at the time of the launch of the Company. EETI expects to announce the next quarterly dividend in relation to the quarter ended 31 December 2007 by 19 January 2007. EETI is now negotiating with potential bank lenders to provide it with the leverage which will enable EETI to move towards its targeted dividend rate of Euro 0.12 per share in subsequent financial periods. The Company has already arranged short term financing with Citibank of Euro 40 million and discussions on increasing this amount to Euro 100 million are in progress. Whilst we are building up our investment base it is necessary that we have a limited reliance on short term funding, however it is the board's policy to ensure that, over time, our borrowing is matched to our average asset maturity. Enquiries: European Equity Tranche Income Limited Robin Monro-Davies, Chairman 020 7659 6277 Ocean Capital Associates LLP Edouard Bridel 020 7307 0880 The Company European Equity Tranche Income Limited is a closed-ended investment company incorporated in Guernsey. Its investment objective is to deliver stable returns to shareholders in the form of quarterly dividends and to preserve capital. It intends to achieve its investment objective by investing in both non-investment grade and equity tranches of residential mortgage backed securities (RMBS) and, to a limited extent, in the equity tranches of corporate asset backed securities (ABS) in Continental Europe and the UK. The equity tranches of the securities will, in most cases, be rated below investment grade or unrated and will, in many cases, represent the residual income typically retained by the originator of a securitisation transaction as the 'equity tranche' or 'first loss position'. The Company's strategy is to buy and hold its investments to maturity and it does not factor in trading opportunities when assessing the potential returns of an investment. -------------------- The statements in relation expected or target dividend levels are based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events the expected levels or targets are not intended to be and should not be regarded as profits or earnings forecasts. Accordingly, there can be no assurance or guarantee that the expected or target dividends will be realised. |
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