Industr. Multi Share Discussion Threads

[essentialinvestor] 20/2/2017 08:49

So ART want more, not surprising and would have to agree on UK industrial
property valuations.

[asmodeus] 18/2/2017 18:32

Many thanks FF. Think what I might do is sell half and keep half on Monday.

[flyfisher] 18/2/2017 18:28

The offer is at a slightly better price than I expected and i am doubtful that a superior offer will emerge, so was minded to take the cash now rather than wait.
Good luck.

[asmodeus] 18/2/2017 11:58

What motivates you to get out at this stage, flyfisher?

[flyfisher] 18/2/2017 08:56

A far quicker resolution than selling the assets and winding up. This proved to be an excellent speculation, i exited yesterday morning.
Well done to the few that are here.

[exbroker] 17/2/2017 14:08

Looks like Hansteen are in the market buying up stock.

[essentialinvestor] 17/2/2017 12:50

Well done folks, lovely way to start the weekend!.

I hold HSTN and this would be quite a modest sized buy for them,
their acquisition record is very strong, however they will have a
good idea of the price they are willing to pay.

[ntv] 17/2/2017 09:28

not surprising with just less than 1% support and no institutions accepting the offer so far.
guessing this is an opening salvo?
under the new rules passed at the agm this offer had to come to shareholders
guess they could walkaway if they don't get the support they want
still brings them into play which is good news for all shareholders

[scburbs] 17/2/2017 09:11

Surprising lack of interest here at the £3/share offer!

[asmodeus] 19/1/2017 16:16

I see now why I had at least two phone calls and about 6 written requests for my vote, even though I only have 2500 shares. The margin was very close. (I voted for, for and against, fortunately, after advice from another thread).

[eezymunny] 19/1/2017 12:46

So the incumbents win the first vote. I wonder if they really will get on and sell up... All a bit of a saga.

[asmodeus] 16/12/2016 17:12

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?

[red army] 07/12/2016 19:56

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.

[red army] 07/12/2016 15:48

They want the job to sell don't they??

[flyfisher] 07/12/2016 14:24

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.

[eezymunny] 02/12/2016 17:29

Of course they should but as you say that probably doesn't suit anyone holding the Aces...

[flyfisher] 02/12/2016 09:19

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.

[eezymunny] 01/12/2016 12:06

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!

[eezymunny] 01/12/2016 12:03

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...

[flyfisher] 01/12/2016 10:04

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.

[eezymunny] 01/12/2016 08:56

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!

[flyfisher] 01/12/2016 08:18

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.

[flyfisher] 28/11/2016 10:33

"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.