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Real-Time news about Invista (London Stock Exchange): 0 recent articles
|hugepants: The market makers can't count. Surely INRE is more of a buy now than it was pre-cash return.
ie. the share price before the cash return was 31p. Lets say NAV was 40p.
So discount to NAV = 22.5%.
They return 18p per share cash. So new NAV is 22p. Current share price is 14.25p.
Current discount to NAV = 35%. To maintain the 22.5% discount the share price should be 17p.
If you assume pre cash return NAV was 38p then discount to NAV was 18.5%.
Discount to NAV now = 28.75%
If you assume pre cash return NAV was 42p then discount to NAV was 26%.
Discount to NAV now = 40%
Keep an eye on NSN who are returning a chunk of cash shortly. I bet the market makers screw up the new share price after the cash return.|
|envirovision: summed it up well, a guess.
IMO. One would be better off looking at irish bank debt than here right now, at least you can measure the odds and calculate the risk & the reward
(ps. i don't hold and would not be tempted given the present share price versus the significant compounded lack of progress).
Sky, sorry but I rather think your going to have to admit you called this one wrong mate.|
|hugepants: Thanks for the link. I hold some of these. Its not going to multi-bag and it may take a while to get a return unless they make a partial cash repayment in the short term. That could force the share price to 40pish.|
|scburbs: As with any liquidation play, it is all about IRR and IRR is all about timing.
INRE have surplus cash (supposedly just under £20m after all the commitments). They also had £11.3m of assets in global securities. This should be readily realisable, indeed they should have already realised it! Add this to the surplus cash and they have £30m spare to distribute asap. If the asset management deal is imminent then maybe wait for that to add a bit more and then deduct a bit for a cushion of cash.
This gets c.1/3rd of the current share price distributed quickly and materially enhances returns for shareholders. The main distribution will follow the Invista Castle sale (as this is both a chunk of the assets and the committed cash), so news on this one is key.|
|johnsoho: I think I can live with a 20% rise in the share price today :-)....mind you, caused by a very, very, nice RNS which I have pasted below:
11 January 2010
Invista Real Estate Investment Management Holdings plc
Invista Real Estate Investment Management Holdings plc (the "Company"), notes
the recent movement in the Company's share price. The Company confirms that it
is in preliminary discussions with a third party regarding a potential
transaction which may or may not lead to an offer being made for the Company.
These discussions are at a highly preliminary stage and there can be no
certainty that any offer will be made.|
|cerrito: Today's Telegraph
Questor says Buy
When property specialist fund manager Invista was spun out of HBOS towards the end of 2006, the market was starting to look over-heated. By June 2007, it was ready to pop. Considering values have been on the wane ever since, Invista's results last week looked healthier than expected.
Pre-tax profits rose 116pc to £48.6m, while management fees were up 38pc to £50.3m. Invista said it had lost just 6pc of assets under management, which now sit at £8.7bn. Property companies have seen much larger falls. Invista's assets have been hit by outflows as investors withdraw from open-ended funds. Invista recently sold a £200m portfolio of offices, freeing up cash for redemptions.
But as 50pc of its funds are closed, the manager has some protection. Moreover, where assets have been lost, they have been replaced by higher earning business.
However, the message from the results was one of caution. Chief executive Duncan Owen said: "The outlook for the UK commercial property market remains challenging and we expect to see this trend continue, with the result that prices may over-correct before recovering."
He is right to be wary. However, analysts think the company good value now that the share price has more than halved in the last 12 months and is trading well below the issue price of 90p. At this level Invista has cash and investments almost equivalent to its market cap, meaning shareholders are getting management fees for free. Life won't get easier for property stocks soon, but the strong results suggest the shares have been oversold. Buy.|
|cnx: does anyone have a feel for the amount of dividend to be paid and when?
the recent drop in share price is at odds with the trading statement which is only one month old!|
Invista share price data is direct from the London Stock Exchange