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Global Fixed Income Share Discussion Threads
Showing 251 to 275 of 275 messages
|Missed the NAV announcement last week, but the August Factsheet makes better reading!|
|Good to see someone has the courage to buy a few more:)
|Tilts, yes it would have been nice getting this level of information three years ago! Holding holding holding....|
|Nice to see a comprehensive review of the assets, and I feel mildly encouraged having read it.|
|Same here except Selftrade failed to act on my instructions and they're draging their feet on sorting it out.
I asked for a copy of my secure messages, which get deleted when they feel like not the 90 days they alledge, over two weeks ago and I have had nor response since.|
|Accepted all the Tenders, and now keeping fingers crossed for remaining holdings. Need 55p to break even. Suspect that it will turn into a loss situation, but nothing major.|
|lol well the browser anyway. Surprised your still here based on past comments.|
|Must be you!|
|Anyone else having trouble accessing the fact sheets or is it me?|
Agreed. I will steer a wide berth in future, as well.
|Having seen that, I exited the balance of my investment here. Lesson learnt: you have to look under hood of these apparent high discount, good return situations.|
|Looks like a minimum of two years before we see any further returns...and that might be optimistic!|
|Tender offer RNS out|
|What would you do with real estate assets in Ukraine?
Should they buy more while the media stir things up and Putin fiddles?
Who is buying them what can they see no one else can?
If you were a well positioned Russian or Ukrainian investors would you be buying now?|
|Rather odd one. Cash is stated at £6.835m, which is a good increase over the March figure, however, if you look at the liquidity projection in the IMS, it doesn't indicate that any cash was received!|
|IMS news out|
|Final March 31st NAV out: http://www.investegate.co.uk/global-fixed-incm-re--gfir-/rns/final-net-asset-value/201404281709406994F/
- Further NAV decline to 58.92p (probably largely due to $ weakness, though)
- Cash as at today's date £5.9m|
|Yes, Gottex' due diligence doesn't seem to have been very diligent. K.|
|I would take their forecasts with a huge pinch of salt, given their continual write-down of asset values!|
|Looks like they are forecasting another £10M cash by Mar 16, so c 20p/s.
They are going to have to work hard for their 20% bonus on anything over 70p!
Let's see what their own commentary is on the remaining significant assets:
3D PropCo - This fund holds a single asset, a stake in a resort close to Singapore, the Bintan Lagoon Resort. The manager has been uncooperative with investors, and despite our attempts to reach them, the fund's board has continued to be unresponsive
Ubique - This is a small fund, set up and owned by funds managed by the Company's former investment manager, Signet Management. It originally made loans to developers and other businesses, but with some of those
loans having defaulted, the fund now owns partially completed developments,
the major one being in the town of Nikolaev. Political developments in
Ukraine have caused significant uncertainty around this asset. Gottex
remains in contact with the Ukrainian asset manager and is trying to gather as
much information as possible about a situation which is changing very rapidly.
Gottex reviewed the information that was available to it and made a
recommendation to the Board of the Company to hold reserves against this
Autonomy - This fund contains investments in several long term multi-phase real estate developments in Brazil. As a result, the inherent liquidity offered by this fund is very limited. There has been little change in the state of the portfolio during 2013. Gottex pursued possible exit opportunities
but none of these progressed over the year.
South Asian Real Estate - SARE is a company with a goal to develop 25,000 residential units in various cities in India. The original assumed exit is an IPO of the business, but the timing of this is not imminent. Following a review by Gottex of companies pursuing similar businesses in India, Gottex made a
recommendation to the Board of the Company to hold substantial reserves
against this asset. The Board announced the reserves it was taking on 20 January
2014. Gottex continues to seek exit opportunities.
The managers own liquidation projection still has a huge gap after March 2016, so when we will see any more cash after this distribution is anybody's guess!|
|Looking at the 12-2013 accounts;
Brazil commercial property ("non-liquid") is c 23% of non-cash assets,
Bintan Lagoon Resort, Singapore ("managers being uncooperative") c. 22%
Ukraine property developments (is Nikolaev Ukrainian or Russian speaking?)c. 12%
Indian residential developments (questionable value?) c. 10%
Brazilian mortgage and farm assets c. 10%
this totals 77% of the non cash assets.
NAV 61p after latest right-downs, becomes 51p after tender.
So what's the rump worth and when would we get realisation?
|lol...good luck Kev!|
|With Brazil recovering my guesstimate was 69p of realisable assets before the 10p return, so the current share price may be very inexpensive.|
|My guesstimate was 29p of realisable assets before the 10p return, so the current share price may be expensive; other than for someone taking a 5-10 year view. However, this is only my estimate which may prove to be conservative.|