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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
R.e.a. Holdings Plc | LSE:RE. | London | Ordinary Share | GB0002349065 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.75 | 2.72% | 66.00 | 65.00 | 67.00 | - | 10,005 | 16:35:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Chemicals & Chem Preps, Nec | 208.78M | 27.78M | 0.6318 | 1.02 | 28.25M |
Date | Subject | Author | Discuss |
---|---|---|---|
18/3/2024 09:42 | Closing has taken place and all immediate financial settlements have been made:- Preference share arrears to be paid in full:- | cwa1 | |
12/2/2024 13:19 | No opposition to the GM vote:- | cwa1 | |
25/1/2024 16:44 | It does feel the REA is run for the locals. Not for the shareholders. | pbaker | |
25/1/2024 15:32 | Oh dear, a bit of rent stripping going on by the locals: we are just there to facilitate it. What a surprise. "Once MCU has formally acquired all of the substantive licences required for the exercise the sand mining rights, pursuant to the terms of the joint venture agreement between KCC and the current shareholders in MCU, KCC will proceed to subscribe a 49 per cent interest in the enlarged share capital of MCU." | nobull | |
11/1/2024 15:16 | No, but a trading update will be due soon and we are going to report a loss according to FactSet for 2023. I am disappointed we will have a huge diversion of profits in future years to the non-controlling shareholders, but maybe the group as a whole can negotiate better interest rates on its bank debt, given the injection of much needed cash from the minority interests. The replanting backlog must be huge now. They might report a new loan repayment stream from the stone business but repayment of the coal loans can't be proceeding other than at a very slow pace with coal at approx. $130,I wonder, but we do have lower bankruptcy risk going forward, assuming the sale in the last RNS completes successfully. I think our hosts have so many levers to control our rewards, which is a problem. Nice to see our share price rising for a change. | nobull | |
11/1/2024 10:12 | Perky this morning. Anyone seen anything? | cwa1 | |
28/12/2023 08:32 | Not without mistakes but might be worth a read... | cwa1 | |
02/11/2023 19:40 | I hope for holders it works out. I did purchase quite a large position here a couple of years ago, but my perception of it has now changed. Even when CPO prices went up, REA didn't (weren't allowed to!) keep a lot of the benefit. There is a volume growth story too, but it just seems the minute things go well then the earnings are taken away from them.. | wigwammer | |
02/11/2023 19:03 | It really is difficult, no management team wants to put themselves out of work. Though for shareholders you would think the management team might try to sell the entire business? Though the statement does make it sound like the asset buyer is not asset stripping but buying a far flung asset that was a plantation to far for the current team. Time as always will tell. I hope as wiser heads read these announcements the share price will continue to inch higher rather than down. With the potential cash coming into the business, rather than waiting to buy the loan notes at par they might try buying them in the market for less? Though in the run up to this deal they sold more loan notes at below par? | pbaker | |
02/11/2023 18:38 | Useful comments all. This does have the feel of steadying the ship but by lopping off a good chunk of potential upside. The short lived higher CPO prices and sporadic coal and stone loan repayments were just not sufficient to provide confidence for addressing the balance sheet by the time the loan notes became due. If loan note costs were 9% + incentives when interest rates were rock bottom, there was a clear risk that it could be very ugly next time. The next 14% sale option could be targeted at the USD loan notes if nothing else turns up in the meantime. What's not clear is the degree extension planting has crimped cashflow recently. Obviously that can improve cashflow 3-5 years out even if the share of the overall pie has reduced. | cousinit | |
02/11/2023 18:06 | Hi to you both. I had another look at the latest annual report, and stripping out the prefs from the share capital in the balance sheet - there isn't much left for the ordinary holders... from memory, £17-18m, versus a market cap of over £30m. Of course, it may be the accounting figures understate the true value of the assets, but it does appear they are using these figures as a yardstick in the transaction announced today. | wigwammer | |
02/11/2023 17:59 | nobull, there is very little coverage of this stock. Evil Knevil has said a few words in the past and I hope after this he might put his comments online. If this is a fire sale to get debt to manageable levels, I hope that stabilises the company and it can be profitable every/most years going forward. I hold mostly prefs but bought a few ordinaries at just over 100p. Oh dear. If this is a give away price I really do hope MPEvans at least takes a look. They have no debt, cash in the bank and just maybe could launch a bid? As always that is just my dream scenario, cash in the bank before Christmas! Will take a look at Panmure Gordon. thank you. | pbaker | |
02/11/2023 17:28 | Wigwammer, hi The pref arrears are an off balance sheet 'debt', I think, although technically they don't have to pay such a debt like an interest payment, but, as you know, the prefs are cumulative, so the failure to pay the pref divs catches up with them in the end. My take on today's transaction, without properly understanding it, is that masses of share price upside has been lost in return for making the business easier to run and at less risk of going bust. Whether that's a good thing, I am not so sure. The leverage ratio maybe is improved, but future eps are going to be diabolical after the loss of so much of the estate to the non-controlling shareholder. Before today's announcement, the analyst at Panmure Gordon had massively slashed the eps forecasts, which was no doubt responsible for the share price plummeting from the £1 mark to 50p or whatever. Yesterday, he was forecasting a loss of about 9p a share for FY2023, with a return to profit in FY2024. I expect he will have to revise his forecasts now, and I don't think they will look pretty. Yes, I like the fall in net debt, but I don't like the loss of so much of the estate at what looks like firesale prices: $8,000 a hectare, but wiser heads maybe think it was the right thing to do. ATB. | nobull | |
02/11/2023 09:45 | Ah.. I see .. under share capital. So actually, the equity capital is in large part owned by the pref holders... getting less and less interesting by the second... | wigwammer | |
02/11/2023 09:31 | Does anyone know how the prefs are accounted for? They don't seem to appear in the accounts on the liabilities side, nor in the number of shares issued (they just show the number of ords at around 44m) | wigwammer | |
02/11/2023 08:57 | So 20% of kaltim is worth $50m, suggesting the remaining 65% is worth $162.5m.... Minus projected remaining $110m net debt gets you to $52.5m... or £43m... divided by 43.8m shares equates to 98p a share. Quite a positive read across, but not quite as exciting as I first thought. | wigwammer | |
02/11/2023 08:27 | Ah... I see it's the principal operating subsidiary - more thought required! | wigwammer | |
02/11/2023 08:24 | The implied valuation of the underlying business suggested by these transactions appears way beyond the £33m market cap | wigwammer | |
02/11/2023 08:23 | Also - potential to sell a further 15% which would cut net debt by a further £35m... | wigwammer | |
02/11/2023 08:22 | Cuts net debt to £110m, pays off pref arrears and and has pretty marginal effect of underlying asset ownership. | wigwammer | |
02/11/2023 08:20 | Wakey wakey... absolutely transformational news for REA | wigwammer | |
02/11/2023 08:18 | Proposed further investment by PT Dharma Satya Nusantara Tbk ("DSN") in PT REA Kaltim Plantations ("REA Kaltim"), sale of PT Cipta Davia Mandiri ("CDM") and rationalisation of REA's group structure (the "Transactions") and Prefs announcement... | cwa1 | |
28/9/2023 14:16 | The ordinaries are doing better than I thought but it is on very low volume as usual. To me this is just market makers have no stock. It is great for the few ordinaries i own, the prefs at 64 could yield 14% and there are 7p of outstanding payments. Though if and when these get paid is the big question for pref holders. | pbaker | |
28/9/2023 12:57 | I think the ords are holding up well here given that the prefs are reflecting worry about REA being a long term going concern. If I'm MPEvans I think I wait 12 to 24 months and see how much more distressed REA becomes. Without a suitor I imagine a debt for equity swap could be a way for REA to service their debts, would not be pretty for the ords though. | briggs1209 | |
28/9/2023 09:36 | Modest follow through today on low published volume | cwa1 |
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