Mapeley Share Discussion Threads

[gsands] 19/1/2009 08:46

Some thoughts on Mapeley's situation:

The bond issue is clearly not great news for shareholders, but there are some positives:

1. It has been fully underwritten, i.e. can happen as long as shareholders vote for it.

2. The coupon of 20% interest looks dire. However, the Delta facility, at an interest rate of 3 month Libor plus 5% was not much better. Not so long ago (when LIBOR rates were much higher) Mapeley would have been paying nearly 12% in interest charges.
This equates to £7.2m a year.

Under the new bond arrangement the company will be paying 20% on £40m, which is £8m a year. Not a huge increase from where they were before.

[gsands] 19/1/2009 08:13

Rochdale,

There is nothing in the Times article which is new. Basically it is a regurgitation of the Christmas Eve RNS from Mapeley.

Simply put, if shareholders block the company's moves to raise cash from the bond issue, then this April it will be unable to repay the £60m loan it arranged last year and will effectively be wound up.

I therefore expect the vote to positive.

[brando69] 17/1/2009 22:27

rochdale, have you got sth in this one?

keep an eye on NTA and ROS this month

[rochdale] 17/1/2009 22:07

this is looking very, very bad

[chopsy] 15/1/2009 17:28

Very late! embarrassed, I'd say....

[tourist07] 15/1/2009 16:27

This share is like playing chase the lady in Oxford Street .... someone is always at least 2 steps ahead of you!

[orchestralis] 15/1/2009 16:09

Well lets hope the share price retraces to that level for his sake.

[kenatbabken] 15/1/2009 16:07

Yes you are,10days ago, he,s late reporting that
And there was another quite large trade at £1.00 when the offer was 80p

[orchestralis] 15/1/2009 15:48

Nicholas Friedlos bought 25,863 at £1.899! Am I reading that RNS right?

[kenatbabken] 15/1/2009 15:17

50p at least by the look of it,Friedlos would of been better off buying in this range as he could of got nearly 3 times the shares for his money

[chopsy] 15/1/2009 14:22

Where are we going down to this time?

[rochdale] 13/1/2009 16:01

absolutely - I see it as a method of taking it private

[kenatbabken] 13/1/2009 11:28

You have to hold more than 31,000 shares to participate in the fundraising

[6foot5] 13/1/2009 11:04

As I understand the situation it is open to all shareholders to subscribe, and underwritten by those Yanks (who have to get their money back somehow) so they "mop" up that not taken up by shareholders.
I hold mine via a nominee so not sure if I can participate, or indeed would want to if I could find the money.
Personally I am so far down here I have to mentally write it off - like many of my other "investments".

[rochdale] 12/1/2009 16:14

when was the next divi due? not that I am expecting one but wondered?

[gsands] 12/1/2009 13:14

I could not agree more:

MAPELEY INVESTORS IN ROW OVER BONDS ISSUE
Private investors in property group Mapeley have
accused the company of attempting to bury the news of its 45
million pound capital-raising by releasing the details on
Christmas Eve. Shareholders will vote on the rescue fund-raising
at an emergency meeting to be held later this month. Mapeley
intends to issue a convertible five-year bond that pays 20
percent annual interest. The funds are needed to repay a 60
million pound loan due in April.

[chopsy] 12/1/2009 13:11

Indeed, mistimed my exit a bit, didn't I. Still, better to sell too early than too late.

[james t kirk] 12/1/2009 11:51

Up and down like a yo-yo this one..

[gsands] 08/1/2009 21:38

Nick Friedlos bought at £9 .....

[loss-leader] 08/1/2009 16:07

:-) but he still thought it was worth paying £2 each yesterday ..and we can buy for circa £1.7 today.

P

[chopsy] 08/1/2009 15:59

He could have got them for about £5K a week ago!

[loss-leader] 08/1/2009 15:54

Roger Carey purchased shares for £13k

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