Plaza Centers N.v Share Discussion Threads

[greedfear] 15/1/2014 22:05

It is, because they invest a lot in distressed securities based on fundamental analysis.
Also specialized in arbitrage, hedging and bonds.

This is right up their alley. Makes me think they might have a position in the bonds being in a position to influence any outcome of creditors voting in the court meeting in april.

Other bondholders might follow their strategy which can be very worthwhile as there's a large gap between share price and net asset value (12->70).

I'm in and willing to watch and learn.

[mudbath] 15/1/2014 21:08

Davidson Kempner Capital Management LLC is an event-driven hedge fund manager.

Plaza Centers N.V. ("Plaza" or the "Company"), announces that it has received notification that Davidson Kempner Capital Management LLC, now holds 16,478,999 shares in the Company, representing approximately 5.54% of the entire issued share capital of the Company.

Interesting.

[reliablehorse] 15/1/2014 15:52

We're seeing movement!

[akaaur] 13/1/2014 20:36

the start of good things to come. heading for 30p

[akaaur] 08/1/2014 12:27

look at the buys, with news 50p 20p could come today

[akaaur] 08/1/2014 11:53

the creditors now know the bank is backing us up deal is on baby

[greedfear] 08/1/2014 11:49

Good for them...and us.

[akaaur] 08/1/2014 11:45

from LSE

hxxp://www.4-traders.com/BANK-HAPOALIM-LTD-6491694/news/Bank-Hapoalim-Ltd--Elbit-Imaging-Enters-into-Definitive-Credit-Agreement-with-Bank-Hapoalim-17763610/

Elbit Imaging has announced, further to the Company's announcements on November 14, and on November 26, that following the receipt of the requisite approval from its unsecured financial creditors, it has entered into a definitive agreement with Bank Hapoalim B.M. on the basis of the general terms of agreement that were approved by the Company's unsecured financial creditors, as described in the Previous Announcements.

Consequently, Elbit Imaging said that the condition precedent included in the adjusted plan of arrangement described in the Company's press release dated September 18, (and which was submitted to the Tel-Aviv Jaffa District Court in file No. 42576-02-13), pursuant to which an understanding will have been reached between the Company and the Bank, was fulfilled.

The closing of the Definitive Agreement is subject to certain other conditions precedent, including the approval of the Arrangement by the Court, the closing of the Arrangement and such other customary conditions precedent.

Elbit Imaging operates in the following principal fields of business: (i) Commercial and Entertainment Centers - Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions, the Company operate and manage commercial and entertainment centers prior to their sale; (ii) Hotels - Hotel operation and management; (iii) Medical Industries - (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (iv) Residential Projects - Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; and (v) Fashion Apparel - Distribution and marketing of fashion apparel and accessories in Israel.

[greedfear] 08/1/2014 10:09

Still no excitement over here. What's wrong with you people? lol

[greedfear] 07/1/2014 13:52

No excitement here yet. Good.

[muzerewa] 04/1/2014 10:33

Hi no back in England, will pass by next time I'm in Bucharest in a couple of weeks. Well done on PLAZ, so far so good.

[greedfear] 24/12/2013 09:15

I consider it good news for the current shareholders. Obviously the largest shareholder Elbit Imaging (holding 60%) voted against. It would make sense them voting in favour for what's best for the current shareholders.

I more or less think the proposals were only made to show creditors (bondholders) that plaza bod tried everything possible to improve the equity position.
Alas....

A right issue will be proposed on the condition that an agreement with bondholders will be reached.

So yes, it's a good thing. No placing now, a right issue once an agreement is reached and no dilution.


OT: did you have the time to take a look at Cascade Eurotower?
ECDC still trading at 18% of NAV.

[muzerewa] 20/12/2013 09:48

At EGM yesterday proposal for waiver of pre-emption rights was denied, which makes a share placing less feasible. Good news if the fear was getting diluted, but bad news if the fear was insolvency. Will a rights issue be proposed? No share price movement which seems curious.

[greedfear] 28/11/2013 13:28

Okay, that makes sense. The ING Open Pension Fund Poland decreasing their holding.
Probably not allowed to invest any further funds into Plaza if there was to be a right issue.

My guess is they'll be selling half of their holding at current share price (or higher) and they'll use the money to participate in the placing.
If no placing because of no creditors agreement will be reached by Plaza then at least they would have gotten something for part of their holding.

ING OPF had 35 million shares. Currently 27, so 9 to go?

[greedfear] 25/11/2013 21:02

Fair enough. I can understand you having doubts about it all and feel there'll be plenty of opportunity in future to pick the shares up at a bargain. BOL.

[muzerewa] 25/11/2013 20:49

Good luck with your investment. I have looked at these but decided not to invest now. The Baker Tilly cash realization forecasts for the 5 years seem rather back-ended and depend on successful development and exit of a major shopping center project in Romania (Casa Radio). This is challenging in view of current climate in Romania, where many shopping centers have come on to the market in the last 3-5 years, so competition is quite strong, and some are trading very poorly.
Bank financing to fund major property development is still hard to come by, particularly as many local banks are only now going through the painful process of taking write downs on loans made during the boom period. Of course over the medium term things can improve sentiment-wise, and any improvement will be beneficial to the investment case. But I have a feeling there'll be lots of opportunity to pick this share up at a "bargain" over the coming months/years.
There may be short term share price bounce in the event of successful capital reorganization/rescheduling of bond obligations. If I was investing at current prices I think I'd inclined to take profits in the event of any bounce either at the time of announcements, or in advance of them, if the price ticks up as news leaks out.

[greedfear] 25/11/2013 15:49

Must be the bottom. If bond holders agree there probably is going to be a right issue that corresponds with 6p for each share issued till now.

The volume doesn't look like people wanting out at this level.
There is/are seller(s) though but not being very agressively.
Probably investors that do not want to invest more into PLAZ but willing to take part in the right issue.
Freeing up money to do so, but it would not make sense for them to sell below 6p or so as that would be the contribution per share PLAZ would ask from their shareholders for every share held if the right issue would take place.

Can't afford to buy anymore PLAZ alas.

Anyway, just my two pennies.

[greedfear] 21/11/2013 19:58

I have no problem with the rights issue if that's what's needed.

[horndean eagle] 21/11/2013 18:42

20m rights issue puts me off. better to wait for that to be digested i feel. No idea at what level it gets done.

[greedfear] 21/11/2013 13:46

At 7p the market seems to give it a something like a 30% chance that an agreement with the bondholders and a NAV of 374 million euros ultimo 2018 will be reached (discounted at approximately 15%, 10% dilution because of bondholders, 10% discount on NAV in 2018).

current marketcap 20 million GBP will be lost if no agreement.
chance of losing 20 million GBP is (1-p) (p= chance of agreement + NAV 2018)

if agreement and NAV 2018: discounted NAV say 187 million euro's * 0,9 (dilution)* 0,9 (discount because of illiquidity)- 20 million (share issue)/ 1,2 (because of translation in GBP)= 110 million GBP

So 20 million GBP (current marketcap)= -20 million * 70% + 110 million * 30%.

Have not tried to come up with a very accurate figure, just an indication of...

If I'm wrong, well I like to learn.

[greedfear] 19/11/2013 21:28

Frankly, I only thought of the possibility of the bonds getting suspended (like stated 14/11). That did not happen (yet) and the prices of the bonds increased a lot.

Bondholders must like the idea of getting a higher interest rate and stock options and seem to have faith in getting full repayment.

I can't see why a suspension of the shares would happen.
But in case the shares will be temporarily suspended I'm bothered nor worried.
I like the odds here.

[55investor] 19/11/2013 20:11

Read the first Rns from yesterday and last paragraph.

"The Company expects that the trading of its securities might be suspended for a limited period"

[greedfear] 19/11/2013 19:48

55- what reason would there be for a suspension?

[55investor] 19/11/2013 17:14

greedfear

Guess you are not bothered by a suspension, personally that would make me nervous
knowing I cannot instantly sell my stock if I change my mind.

[greedfear] 19/11/2013 15:50

I'm a buyer here and will continue to do so if share price collapses any further.
Plaza has got top class assets and "only" a liquidity problem.
There are risks, sure, but the discount to NAV is overdone.
Expect 3-5x current share price within a couple of months time.

DYOR and BOL. lol.