||EPS - Basic
||Market Cap (m)
Industr. Multi Share Discussion Threads
Showing 126 to 148 of 150 messages
|Have to confess I have not studied this closely enough to decide whether it is in my interests to vote for resns. 1 and 2,and against, as recommended by the Company, or to do the opposite. Is anyone willing to opine, please?|
|Maybe a capital raise of £2.50 would get away and make this proposition more attractive or a rights issue equivalent. This would get the LTV down and nicely.|
|They want the job to sell don't they??|
|Interesting to read in todays circular that JLL anticipate that a portfolio sale would achieve a premium to a sum of the parts, also they comment that the properties are held in special purpose vehicles, the sale of which would not attract SDRT, further enhancing potential sale price.
It looks like we are being dressed up for a sale.|
|Of course they should but as you say that probably doesn't suit anyone holding the Aces...|
|What do you think?
It is not difficult to find companies that seek to raise cash to bail them out of their poor management of the business. In this case, i would not support it.
The directors should have given shareholders a voice when the james stocks offer arrived.
They should now put a motion to the egm to sell the assets and wind up the company.|
|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!|
|I'd say "The board want to keep their jobs" ie a fundraise to reduce LTV is likeliest outcome flyfisher, tho a sale is highly preferable to outsiders IMO. They'd need to raise c. £20m to get LTV below 50%. Just a question of price - no reason it can't be done at a premium to current share price but I guess that's unlikely. What do you think?
"The Independent Directors all favoured a refinancing structure which reduced the overall level of debt through an issue of new Shares, providing existing Shareholders with an opportunity to participate"
I'd participate in that at the right price...|
|I note that it is only when the directors jobs are at threat, that they decide to give shareholders the option to vote on a sale, note that we have already had an approach at nav, and with the stock being broadly held i feel that a sale is the more probable outcome.
Also the convening of a meeting several weeks forward could be construed as giving a bidder time to approach, prior to the meeting.
I remain firmly on the buy side.|
|That sums it up perfectly IMO flyfisher.
One poor outcome
One so so outcome
One good outcome
So I don't own very many now!|
|Perhaps todays long rns could be condensed to:-
Artl want to keep the cash flow.
The board want to keep their jobs.
Shareholders may want to sell the portfolio.|
|"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.|
|Sorry about that flyfisher. There's nothing worse...|
|Yes eezy i did, family bereavement, mind off the ball.
Thanks for your reply.|
|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 :)|
|''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.|
|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.|
|Could we have a rift in the board, with the artl appointee wanting to maintain the existing loans, others seeking to refinance elsewhere and another seeking to sell the portfolio ?|
|This is ridiculous - there has never been a better time to take a loan out - why so long???|
|Spreads on options can often be an issue so the pros tend to leave orders at mid or just put in a ladder of orders & let the price walk through so their average is fair|
|Leave a limit order in then. You never know if an aggressive buyer really wants them one day and at your target, you may get filled mid market depending on how good your broker is.|
|Spread is only relevant when you come to sell so why worry. IF these went to £3 then you will make a decent profit.|
|I bailed out of these in June just before the referendum and congrats to those who stayed in-you have done well.
Wide bid/offer spread puts me off|