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MERE Matrix Eur

106.25
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Matrix Eur LSE:MERE London Ordinary Share GG00B7GHJ063 PART PREF SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 106.25 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Matrix European Real Estate Share Discussion Threads

Showing 2251 to 2275 of 2325 messages
Chat Pages: 93  92  91  90  89  88  87  86  85  84  83  82  Older
DateSubjectAuthorDiscuss
25/1/2012
10:43
This represents c 3% of the portfolio ( c. £380m), and sold at an 8% yield.

But it all helps.

K.

kramch
25/1/2012
10:07
Very welcome news of a sale today above the last market value. Let's hope for more of the same soon.
b3842517
25/1/2012
10:07
wow, something happened.
zangdook
12/1/2012
11:26
ITCF; If you want to post some specific reasons why you think MERE might be worth buying, and stimulate a discussion you might get some considered answers. K.
kramch
12/1/2012
09:46
What are peoples views on whether this is worth buying?
ifthecapfits
03/1/2012
14:57
They had a lease until 2017, they now have a lease until 2022, the incentive is either 10% dicount based on a new 10 year term or 20% if you base it on the 5 year extension, either way it's the price you have to pay in the current climate. Still okay, and makes the property far more saleable.
sand dollar
29/12/2011
23:22
kramch:

as I read it:

a new lease for a term of 10 years from July 2012 - if we exercise the option, we'll swap a contract with 5 years remaining for a new 10-year contract. Not 15 years.

EUR2 million has been paid to Casino on exchange and the balance will become due on commencement of the new lease - 2m is only the downpayment.

Kimboy2 quotes £6m rent pa - assuming that's correct, this incentive is 12% of our entire market cap. If this property doesn't now sell pretty quick and for a good price, questions need to be asked.

Is the consultant acting in such a way that we are in effect selling stuff off quick and cheap? He still gets big incentive payments for raising less than NAV, with the hurdle being set at £1.60 per share.

zangdook
29/12/2011
20:45
zd I don't read it like that.

I don't know what the Casino lease is worth pa, but MERE now have a property with a lease length of 15 years, inflation linked, which should make it a more valuable sale proposition, for a payment to Casino of Eu 2m.

Some "real-politik" negotiations on both sides.

K.

kramch
29/12/2011
17:12
In the current climate nobody is going to sign a new lease without a substantial incentive, this looks okay to me.
sand dollar
29/12/2011
13:01
Well I think that the lease is worth £6m per year so that is how much a 5 year lease extension is costing.

The question is will the increase in value from the lease extension be greater than the £6m, or make it more marketable.

There is also an issue with tax increases which are due to come in during July 2012

kimboy2
29/12/2011
13:01
Or does it mean Casino are in financial difficulties and could not pay the current rent. (I have not researched Casino at all) Seems a mighty peculiar deal.
alanji
29/12/2011
12:31
So they've given Casino five years for the price of four. Ok, but 2 million euros up front, five years before the existing lease expires? Is this the brilliant idea of our new overpaid consultant?
zangdook
17/12/2011
21:30
The valuation will be interesting. Obviously the backdrop isn't particularly condusive at the moment.

However I think that the F/X contract has moved in their favour. In addition they are accumulating the rent in the company and they seem to have done well renting out Frankfurt.

I presume they are going to have to account for this bod they have got on board as well.

We shall see.

kimboy2
17/12/2011
20:48
Sleepy & Kimboy2, I stand corrected regards NAV. As valuations are done half yearly the next one will be end of December 2011. As there have been some positve developments in the property portfolio hopefully it should not be too far off the June valuation of £2.78
specuvestor
17/12/2011
20:48
Sleepy & Kimboy2, I stand corrected regards NAV. As valuations are done half yearly the next one will be end of December 2011. As there have been some positve developments in the property portfolio hopefully it should not be too far off the June valuation of £2.78
specuvestor
15/12/2011
13:23
They redeemed 3.85% of the shareas and paid out 10p/share which is 3.85% of of the 260p NAV.

Ceteris paribus the NAV should be unchanged.

One thing that might change it is what they are having to pay this bloke they have got on board.

kimboy2
15/12/2011
12:49
Specuvestor - not sure it's quite that simple. Shares were bought back I think at about 260
sleepy
15/12/2011
12:43
Last announced NAV was about £2.65. Return of capital £3.6 million in October reduced shares in issue by 3.85%. Therefore all things being equal the NAV should be about £2.54.
specuvestor
13/12/2011
16:18
Whats the current NAV? share price doesn't seem to be doing that well at the mo.
ifthecapfits
18/11/2011
16:38
zangdook, I meant the cash value at the 160p (which I think was based on the share price), vs the market value at 250p.

K2, I agree, a 10% commission over 225p would an incentive which would deliver value. But why not offer this to the Matrix team? I cannot see what he's bringing to the liquidation process that's so special, his CV shows him to be a fund investment manager not a property dealer.

K.

kramch
18/11/2011
16:13
I would rather give him 30% over 250p. He would be earning his money then. At the moment he makes his money by selling below the assessed market value
kimboy2
18/11/2011
15:52
Please let us know if you get a reply, kramch.

One point - "160p \share NAV" - 160p is not NAV. It seems to be an approximation of the share price. If it's not I don't know how they worked it out. Either way it's an inappropriate level. I could understand employing someone who might be able to get us better than NAV - but he should be paid a share of that excess.

zangdook
18/11/2011
15:14
A positive interim management statement, but an unpleasant wiff of cronyism;

IBM are staying at Nice, leases have been extended at Kaiserslautern and even Europort vacancies have declined from 36% to 24%. Well done to the management!

They have reduced their currency hedge liability from 35.7m to 29.5m euros too.

I have looked at the arrangement the board has set up with its non-exec Mr Van der Vlist. It seems extraordinarily generous. For overseeing the liquidation of the portfolio he gets 7 1/2% commission on cash returned over 160p \share, upto £1m commission, then 3.75%, plus 405,000 euros p.a. The company estimates the market net asset value at 250p\share.

We have a team of professional investment advisers with (per their web-site) "expertise in sourcing, managing and realising property assets". Why can't they do their job?

Presumably we will also be paying agents fees to market and sell the properties.

I reckon Mr V will cost us c 7p\share, what multiple of that is he going to deliver over and above what the management team would have brought in?

I have written to the chairman to ask whether this role is necessary, whether it was tendered for, and whether he does not think its structure is grossly over-generous.

I would encourage others to do so too;

Mr Crispian Collins, Chairman,
Matrix European Real Estate Investment Trust
Sarnia House
Le Truchot
St Peter Port
Guernsey
GY1 4NA

kramch
02/11/2011
17:49
Cash appeared in selftrade but not iii or TDW
specuvestor
02/11/2011
16:06
cash recd in idealing but not in tdw.
tricia51
Chat Pages: 93  92  91  90  89  88  87  86  85  84  83  82  Older

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