Invista Share Discussion Threads

[badtime] 25/5/2011 20:27

nice dump of stock again....sky c tht rns today?

[skyship] 20/5/2011 10:25

Whoops - poorly timed top-up just as some institution decides to dump 220K. Now offerred @ 32p, perhaps less...

[badtime] 20/5/2011 09:27

couple of weird trades ther..sells at 34p?

[skyship] 20/5/2011 09:17

scburbs - totally agree - major conflict of interest. He resigned from the Board; but he and his "Walk-away with the Business" colleagues were still in there running the show. Lloyds is the controlling shareholder and as far as I can see have been typically ineffectual in ensuring fair play for INRE shareholders.

That said, still value in the sp, as detailed in AlanJI & Redhill's Posts above.

[scburbs] 20/5/2011 08:30

A Duncan Owen and Schroders JV reported to be favourite to pick up two Invista mandates. Given DO only resigned from the main board and not INRE's business there are some clear conflict of interest/corporate governance issues needing clarification here. Has this JV effectively undercut INRE at a time when DO is still an employee of the group? I don't know the answer to these questions, but it certainly smells!

I assume DO has now left the underlying business (at least I hope so) and I hope that no termination payments were made.

[skyship] 20/5/2011 08:15

Also made a small top-up with 15k @ 32.9 this morning

[alanji] 26/4/2011 12:11

I have to disagree with you, redhill - a little anyway, as I think you are being conservative.

My estimate of current nav:
Cash 30.6
IREIF 5.7 (15% discount to valuation)
IREOF 3.2 (15% discount to valuation)
IFD 0.4 (may already have been sold)
Other -0.7
Total 39.2

Add in whatever you think the property management business is worth - surely at least 2pps for the current contracts alone (12 months notice). I am presuming the co could not distribute all its cash as there is a commitment to a further investment in IREIF and IREOF equivalent to about 9pps - so the 18p. As stated, I have applied a 15% discount to the Dec values. To take the nav below the current sp, you would not only have to assume that the 9p is called, but that it was immediately written off as almost worthless!
However, until it is paid, that 18p is just a promise but, other than fraud (or a huge lawsuit), I cannot see how it will not happen. It now all boils down to how quickly and, more importantly, at what price IREIF and IREOF can be disposed. I also topped up this morning but had to pay 32.985. I am justifying being above my normal maximum allocation because of the high cash value.

[redhill9] 26/4/2011 09:11

The market seems unimpressed with last week's news with the share price opening slightly lower.

I've bought some more at 32.1p this morning as I see INRE as a very reasonable risk/return bet.

With the 18p per share cash return proposed for June, if the NAV turns out to be, say, 38p per share then this suggests that with effect from June:
Residual NAV per share of 20p (i.e. 38p less cash paid of 18p)

Cost per share (incl charges)say, 32.5p less 18p cash = 14.5p

Eventual profit 5.5p or 38% (but that ignores cost of money between now and June so actually slightly less).

The uncertainties are of course how long before the residual NAV gets distributed (hopefully within 12 months but no more than 18 months?) and whether 38p is a reasonable estimate of eventual total NAV. Using 36p for NAV instead of 38p reduces the above June onwards return to 24% (still very acceptable) and increasing NAV to 40p indicates over 50%. Some have suggested the NAV could be a bit higher still but I'd be very happy with 40p.

I'll be interested in views of Skyship and others, especially if you disagree!

redhill

[skyship] 22/4/2011 11:22

Excellent - 58% of the current share price and well ahead of time.

Good for the share price short-term as without a change the rump would be standing @ c.13p versus an NAV of c.22p+

IMO these are likely to be marked up to 32p-35p when the Market re-opens on Tuesday.

[praipus] 21/4/2011 21:45

Giving cash back is becomming very fashionable.

[praipus] 21/4/2011 21:42

Yep good news.

[badtime] 21/4/2011 21:35

nice to c some cash coming bak..can earn elsehwere

[badtime] 14/4/2011 22:07

interesting tht theyve been fiddling around with the bid recently....like today they popped it up to 30.5 gobbled up the sells then dropped it again..buy order?..maybe weiss..just pontificating

[badtime] 05/4/2011 19:34

nah been tht price all day...advfn frequently misquotes this one chart wise ...looks like 30p to sell today...trying to attract sellers?

[praipus] 05/4/2011 18:56

oooooooooooh a break out at the close

[envirovision] 04/4/2011 22:12

u mean half of it dont ya ?

[badtime] 04/4/2011 19:52

tht u sky selling out yur position :)

[praipus] 02/4/2011 15:39

Consolidated net assets GBP112.3m
source:


The number of Invista shares currently in issue is 264,657,750.
source:


NAV/shares in issue
= .4243p per share.

[redhill9] 02/4/2011 10:48

Praipus, would you care to explain how you get to 43p?

Sounds rather high to me based on the last month's information but interested to hear your views.

[praipus] 01/4/2011 17:30

I make NAV 43p.

[praipus] 01/4/2011 14:08

Probably the MM's trying to get some cheap stock before the Weiss nominees tip up for some more stock after the US open or trying to fill one of Tiltonboys orders.

Anyone care to estimate the NAV here?

[badtime] 01/4/2011 10:13

tht didnt last long

[badtime] 01/4/2011 09:35

gd to c the offer up and a narrowing of the spread