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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Industr. Multi | IMPT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 317.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 317.50 |
| Top Posts |
|---|
Posted at 25/4/2017 19:19 by eezymunny How splendid...I accepted the offer, received the cash, and now going to get another 30p. Takeover Panel rules I guess. I wonder if that will make ARTL happy enough?! |
Posted at 14/3/2017 11:36 by essentialinvestor Find out who has got them tomorrow, or later today.Alpha could always bid themselves as they rate IMPT so highly ). |
Posted at 06/3/2017 11:52 by ntv ARTL NOW CONTROLLING OVER 26% SO THAT APPEARS TO HAVE SCUPPERED A DEAL AT £3MEANS HSTN WILL HAVE TO COME BACK WITH A PROPER OFFER IF THEY WANT IMPT |
Posted at 01/12/2016 12:06 by eezymunny My sums suggest a £20m raise at 210p and a refinance of remaining debt at 5% and they could pay a divi of c.9%, at 4% a divi of c. 12%. So quite attractive.Looking at the US 10yr yield chart they may not be able to refinance anything soon! |
Posted at 28/11/2016 10:33 by flyfisher "The Company (ARTL) believes that the directors of IMPT are not actively considering a debt refinancing strategy, which the Company believes would be in the best interests of all of the shareholders of IMPT."What are they considering then, either the status quo, a placing or a sale would be the other options. The status quo would seem to be in artls interest and a placing would effectively be debt refinancing. That leaves a sale of the portfolio or part of it. At what point is the board required to respond to artls request and perhaps issue a statement to the market. |
Posted at 18/11/2016 10:21 by eezymunny Did you miss this flyfisher?"The Company (ARTL) believes that the directors of IMPT are not actively considering a debt refinancing strategy, which the Company believes would be in the best interests of all of the shareholders of IMPT." I'm struggling to see a refinance at current LTV being doable at a good interest rate. Despite the possible upside, I've been trimming recently. Cue a revised offer at 290p :) |
Posted at 18/11/2016 09:52 by flyfisher ''supposedly bcoz they don't think IMPT are working hard enough to refinance.'Have i missed that, or is it an assumption? As you say, hard to work out what is going on, i am assuming that artl's best interest is maintaining its high yield debt, to which end two board members are not cooperating. Raising equity, i have broken out in a sweat, the normal workings of the market would be a discounted placing with artl to bring them up to 30% followed by a token refinancing with artl, whilst generally ignoring the interests of the larger shareholder base. I agree with you that a return from the bidder and liquidation would be the best option, but then i am only talking my own book. |
Posted at 18/11/2016 08:49 by eezymunny Hmmm...but ARTL have called an EGM supposedly bcoz they don't think IMPT are working hard enough to refinance.The problem here is that there's too much debt. Unlikely that they can refinance all of it at low rates. Seems to me two viable otions a) raise equity to reduce LTV. £20m new equity at 210p/share would bring LTV below 50% and maybe they could refinance rump of debt at 4%. That would leave enuff cash flow for a divi yield of c. 5.9%. A £20 equity raise at NAV (290p) would allow a divi yield of c. 6.9%. b) more attractive IMO, simply to try to sell the company and get NAV or close to it now. Hard to work out what's going on. Worst case is, as you say, a continuation of the status quo. Great for ARTL but not for anyone else - so I don't understand the EGM thing at all. |
Posted at 02/6/2016 08:41 by scburbs The properties are likely to be worth more to buyer than IMPT.If the buyer can access much cheaper debt they will be able to get a better net yield than IMPT could. Whilst IMPT could refinance at year end they are still highly geared so whilst massively cheaper than now the debt could still be much more expensive than for a better funded owner. The debt exit costs are shown at note 23 to the accounts. Basically the penalty for an exit on 30 June would be 6 months interest costs. IMPT has been limping on for years with net income losses at a time when a properly funded owner would probably have a net income yield over 10%. Realistically they should accept the offer and try and push completion to as close to 31 December as they can get (to reduce exit penalties) without losing the deal. |
Posted at 01/6/2016 11:10 by eezymunny Tricky one isn't it? If IMPT could refinance all the debt at 5% there would be enough cash flow after debt service costs to pay a divi close to 9% yield at today's price (by my sums, DYOR!). There's tremendous gearing to the upside and downside from there. Much nicer if a proper offer comes along. I think I'll stick with it as a pretty small holding. |
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