|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|
|Risers & fallers: Avanti Communications, San Leon Energy, Osirium Technologies, Bellzone Mining, Alexander Mining
11:12 26 Aug 2016
Here we put the spotlight on Friday's market movers
A long awaited oil deal is drawing to a close - sending San Leon higher
Below are some of the main news-driven share price changes at 11am
Avanti Communications Plc (LON:AVN), up 12% to 39.5p. The stock that rose earlier this month on takeover talk was rising again on Friday.
Industrial Multi Property Trust (LON:IMPT), up 12% to 175p. Interim results revealed a rise in asset value, narrowing losses and better occupancy.
Osirium Technologies Plc (LON:OSI), up 12% to 193.5p. The cyber security firm landed a contract to provide an asset management group with its full suite of products for some 3,000 devices. It is a three year deal that will add a material financial contribution in 2016, it said.
Ferrum Crescent Ltd (LON:FCR), down 7.5% to 0.25p. The mining sector junior announced an issue of equity from the exercise of options – 44.6mln shares with trigger price of 0.165p – which follow on from a share placing executed earlier this year.
North River Resources Plc (LON:NRRP), down 6.9% to 13.5p. It releases a project update on its operations at the Namib lead & zinc asset, in Namibia.
Bellzone Mining Plc (LON:BZM), down 6.5% to 0.215p. The mining sector junior gave back some of Thursday’s gains, which were triggered by a positive update on the group’s ferronickel study results.
Below are some of the main news-driven share price changes at 9:00am
San Leon Energy Plc (LON:SLE), up 67% to 48.5p. The oiler’s shares resumed trading after a near eight month suspension on AIM. It comes as the group unveiled details of a £170mln share placing which takes it closer to sealing its long awaited Nigerian oil acquisition.
Alexander Mining Plc (LON:AXM), up 25% to 0.22p. The mining sector junior added to gains from Thursday, when the group announced a licence agreement with Accudo Metals for projects in Australia.
One Media IP Group Plc (LON:OMIP), up 17% to 3.5p. Investor eyes are seemingly smiling on the media group which on Wednesday announced a deal to acquire 1,100 Irish folk and Celtic music original recordings – it comes after eight years of marketing the songs on a shared royalty basis.
AstraZeneca Plc (LON:AZN), down 1.3% to 4,943p. Share price weakness among drug makers continued through Friday, amid caution following renewed scrutiny from US presidential candidate Hillary Clinton this week.
Concurrent Technologies Plc (LON:CNC), down 4% to 62p. The outlook statement in Friday’s interim results reads positively enough, though the figures themselves seemingly showed a flat performance.
Strategic Minerals PLC (LON:SML), down 9% to 0.24p. The move lower follows the release of a quarterly update on Thursday afternoon.|
|well go to the agm and read out a few discounts of other comm prop ITs doing well in the sector and embarrass them - I saw one investor putting on a real angry shouty performance once - bit of an acting show - but shocked the whole room - might get their attention tsk tsk :)
The old school American cartels used to use those tactics - they employed tip top chartists and analysts so knew exactly what was going on really - then would send someone to the meetings to start shouting out something awful or hinting at something fantastic lol to get the best price for the group.|
|Luckymouse. All the while they are lining the pockets of Alpha (also a shareholder) they wont move quickly as shareholders interests are not aligned.|
|well most infrastructure style ITs, the hot ones, are on a fat premium, not a fat discount - and commercial property ITs are often around -30 to -10% disc. This at btm end of range. Commercial prop one the sectors most affected by brexit but all bouncing nicely now. Nice to see nav going up and a LT bowl (imp) etc but disc suggests are board working hard enough, dynamic compared to peers?
Maybe they need to be nagged into making a few moves, restructures, liquidations, buybacks etc to really bring her up.
NAV looks like it can go over 300|