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Rutley (See LSE:DPE) Share Discussion Threads
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Economic growth to return to Bulgaria in 2011 EC forecast
Poland shows signs of real estate recovery|
The board of the Rutley European Property fund - the commercial property Reit - have terminated the investment management contract with Knight Frank company Rutley Capital Partners.|
By Emiko Terazono
Published: September 10 2009
Dinu Patriciu , one of Romania's richest men, continues to lead the consolidation of the Aim-listed property market with a £40m offer for German investment group Deutsche Land.
The entrepreneur's Black Sea Global has offered 12p a share in cash. It marks the former architect's third takeover bid for an externally managed listed property fund, having already bought Fabian Romania and a majority stake in Rutley European Property.
It is not expected to be the last takeover attempt by Mr Patriciu - who made much of his fortune through the sale of a majority stake in an oil business in 2007 - as he is planning to build a pan-European property business taking advantage of poorly capitalised property funds.|
|marked up gain? someone wants a few of these surely...:@)|
|up again, after 20k sells ???|
|What's all this upgrading over the last few days the price rising with no trades, would the market have an order to fill and no investors are letting go..:@)|
|lbo.. but hasn't that been the case from the begining and all about not investing more than you can afford.. :@)|
|six mm's dealing here, last time I looked I'm sure it was two.. are they waiting for some action ?|
From what I can make of this deal, Rutley, is in a far better position now with the financial backing of BSGP.
Looks to me that BSGP has taking advantage of this low market, with the insight of future gains..
what's your opinion ?|
|Also you don't have to sell out yet!
It is BSGP's intention that in the event that Rutley maintains its listing on
the London Stock Exchange following the offer, the current board will remain as directors and will be joined by Mr. Obie Moore, a director of BSGP. Further
details about Mr. Obie Moore are set out in the Offer Document.
David Pinckney, Chairman of Rutley, commented:
"The offer from BSGP represents an opportunity for Rutley European shareholders
to realise a cash sum for their holding now, which may not otherwise be
available given the illiquidity of Rutley European's shares. The offer from BSGP provides liquidity, choice and certainty. Shareholders wanting to exit can do so whilst others, including myself, may choose to remain invested in the company with the support of Black Sea Global Properties Limited."
Dinu Patriciu of BSGP commented: "We are pleased to have secured a recommendation for our offer which is designed to accommodate those shareholders who are seeking a cash exit as well as those who wish to remain invested. Assuming we achieve control of Rutley via the offer, we intend to stabilise the company's financial position and take other measures to improve the company's performance."|
|The Rutley Board were always a "poor show"! What do you expect from a crowd of moronic estate agents who are experts at advising people to buy at the peak and sell at the bottom! What do they care..they still got their fees and salaries.
It could face a bid from a rival party. Last November Rutley European's board, chaired by David Pinckney, effectively put the company on the market, when it said it had asked Cenkos 'to provide strategic advice on the options available to the company and is considering the alternative uses of present and future cash reserves'.
The reason for the sale was the wide discount to net asset value at which the shares were trading and the lack of liquidity in the shares.
Six parties interested
It is thought the process has so far attracted around six interested parties.|
|Board have sold out and recommended the offer be taken up, poor show!|
|Revised offer of 7.25p.|
|As per the property valuation and update NAV is now circa 40p and offer of 6p is a 85% discount to NAV.
|Don't know about anyone else, but I have not accepted the offer.|
|They must comply with the timetable set out in the takeover code. That is fair to us shareholders because it means others must put up or shut up...|
Banks are less likely to call in loans that have simply breached their loan to value ratios and are instead focusing on restructuring, continued investment or equity injection as possible solutions, according to new research|
|You can be sure it was overvalued when it floated and its undervalued now that six bidders are interested! LOL
|Can anyone, shed an opinion regaurding the below paragraph and also the share deals Friday, could it be related to the below.
Shareholders should note that the Company has received other approaches which
may or may not lead to other offers being made for the entire issued share
capital of the Company as well. There is no certainty that another offer will
however be made.