Matrix European Real Estate Share Discussion Threads

[nigelwestm] 25/4/2012 08:15

Yep... share price fell but given that we know they plan to continue to sell assets at a premium to NAV and are buying back shares for a price that is well in excess of the current share price buying more of these is a no brainer. Every time that they return cash to me I use it to buy more MERE shares.

[badtime] 23/4/2012 20:46

Cash received....but share price down yet again

[valija] 20/4/2012 18:44

Lucky you I'm still waiting for some action at TDW!

[geng] 20/4/2012 09:23

Got my revised shares but no cash - if last time is anything to go by it took almost 2 weeks to get the shares and the cash!

[zangdook] 19/4/2012 14:38

It is expected that the proceeds of the redemption will be paid through CREST to holders of Shares in uncertificated form within five Business Days of the Redemption Date.

RD was 13/4 so I'd expect cash tomorrow.

[valija] 19/4/2012 14:36

Anyone had their cash yet? I'm with TDW which shows I have no shares and can't deal etc. I was under impression that funds due would be paid around 16th.

[zangdook] 02/4/2012 16:54

The Second Redemption will be effected at the Redemption Net Asset Value per share as at 30 March 2012 of 246 pence per share.

Better than 238, I suppose.

[asmodeus] 31/3/2012 20:45

Have you phoned the Company for an explanation of all these apparent errors?

[skanjete2] 31/3/2012 10:03

The calculation of the NAV seems to use the correct number of shares, so the NAV/share seems to be right.
The statement "of which 10p is attributable to the distribution made on 26 October 2011" in that case is of course wrong.

[jonwig] 31/3/2012 09:55

Z - you're right, in fact the redemption shouldn't have any effect, apart from costs.
Last October, the NAV was reduced by 3.85% and the number of shares in issue by the same percentage, leaving the NAV per share unchanged.

The 279p as at Dec 2010 hasn't been restated for comparison.

[zangdook] 31/3/2012 09:33

I'm also puzzled by this:

Overall, the Group has seen a decline in NAV over the period from
279p as at 31 December 2010 to 238p at the year-end, of which 10p is
attributable to the distribution made on 26 October 2011 and an
additional 10p to the dividends paid in the year.

Since the 10p distributed in October was not a dividend but, as you say, a redemption of shares, it shouldn't have had an appreciable effect on NAV, yet now they seem to be saying it accounts for 10p of the NAV reduction.

[jonwig] 31/3/2012 09:26

That's right, they seem to have forgotten to make the announcement.

When they did a similar exercise in October - also for 10p - it was by way of a "redemption of shares", which I suppose could be the same thing as a "tender offer". The announcement had enough detail, unlike yesterday's:

[zangdook] 31/3/2012 09:09

What appears on page 4 is what I've quoted above - a reference to an announcement, but not the announcement itself.
The announcement should have a little more detail, and I would expect it to be in the present tense, not "we have announced".

[asmodeus] 31/3/2012 08:57

I have just looked at the PDF annual report, and the announcement appears on Page 4, zandook.

[zangdook] 31/3/2012 03:07

I'm a little puzzled by this:

We have today announced a distribution of 10p per share, which will
take place by means of tender...

I can't find that announcement anywhere. It's not in the Annual Report; there's no mention apart from that one reference. Did someone forget to release an RNS?

[kimboy2] 17/2/2012 12:04

Not quite sure how they get a" more timely distribution of capital to shareholders" and "a more rapid degearing of the portfolio".

Anyway hopefully in the next distribution we may be getting 260p for about 10% of our shares and in theory the rest should remain unaltered in price.

[badtime] 16/2/2012 09:18

looool....oops soz alan

[alanji] 16/2/2012 09:17

badtime - you have me to thank - I sold at the beginning of the month!

[praipus] 15/2/2012 17:12

it does happen

[badtime] 15/2/2012 17:01

patience has had its reward ..back in the black now..lol

[b3842517] 11/2/2012 08:35

Yes, though a new valuation will have been carried out at the end of December.

With a couple of sales now made above the valuation, the NAV may well be higher than £2.78

[praipus] 10/2/2012 22:41

Is the NAV really £2.78?

[badtime] 10/2/2012 20:30

anothr disposal slightly above book value...and a mention of a cash distribution soon