Secure Property Developm... Share Discussion Threads

[russman] 01/6/2015 19:23

The only way I can get the BigBlueBox figures to stack is for the 17m warrants to have an exercise price of 25p per share.

[1littlefish] 01/6/2015 09:23

....nav/share dec 2013 113p

Dec 2014. 75p

Issuing 44M shares @ 43p in May 2015.

...Dec 2014...75p...then months later issuing shed loads shares at 43p....clearly the dirs are on a roll !

[1littlefish] 01/6/2015 08:53

Btw the share issue and pref. ...states that 43p combined price assumes conversion of these 8.7M pref shares...NOT redemption...

3 items give the mixed price of 43p....
since the co. did not reveal, I think , the price for 2 of the items then I dont think we can work out the third...

All seems a bit strange. Its massive dilution. Amazing that all basic data is not provided.

For example...do the 17M warrants convert at 30p, 40p, 43p, 50p, 60p ?

[1littlefish] 01/6/2015 08:46

Russman
bigbluebox....didnt cost 16.5M pnds.

..and for sure any holders should hope not since only produces 1ME NOI...around 700k pnds...so yield would just cover real interest cost...and an expensive listed co. needs a yields much higher than its interest costs since big fixed costs to support

[1littlefish] 01/6/2015 08:20

Blended share price for recent acqjisitions


PIs should see the basic key data in the RNS ...co. needs to change if not providing thd basic data to the mkt

Its on a public mkt......mkt needs the basic data..
one assumes that the big holders are told ..or by phone if they ask...

[russman] 01/6/2015 01:33

BigBlueBox costs £16.5m Sterling.
Not sure which prefs but have assumed "A" 1:1 Redemption =89c
Can you get to the blended share price of 43p?

[1littlefish] 31/5/2015 23:52

"this is one of the better AIM companies"

Have you seen the 5 year chart !!
...its a ten bagger...but in wrong direction..divided by 10 !!
..and worse if go back more yrs !

[1littlefish] 31/5/2015 23:50

...obvious no ?

Taking a look to see if worth buying some.

You still not willing ...if you are a big spdi fan...to give answers or opposing views to any pts. I've made ?

...eg. post 172....is the MD part of Narrowpeak..which has/had a large holding ?
..if yes then why do accounts not reveal this as required by AIM rules ?

[bckttsim] 31/5/2015 23:44

1littlefish44 posts all over weekend.Don't really know what your trying to achieve here , perhaps this company has cost you a lot of money ?You cannot be invested here, in fact this is one of the better AIM companies, so I don't expect you invest in anything.What are you trying to achieve ?Are you working for the AIM regulators ....HA HA HACome on why , why , why ?

[1littlefish] 31/5/2015 21:23

be interesting to know

An RNS said they were looking for new investors.....not using the existing ones....whether it turned out that way, who knows...but surely some % ownerships changed ..with some big holders taking up less or none and others taking up more...

Id for example like to know what % the MD is linked to....in previous 2011/2013 it said 29%....imho accounts are wrong to say only a tiny amount (unless that big holder sold out...which I am 100% sure they didnt and couldnt)

[russman] 31/5/2015 20:47

I am very surprised that there have been no changes to significant shareholdings announced since the Open Offer. But not really bothered unless a concert party exerts significant control; this is unlikely.

[1littlefish] 31/5/2015 20:27

Russman
had 10 sec look at ARTL

one press article
"In my opinion the fees are too high; Alpha Real is one of very few trusts with a 'two and 20' hedge fund level of charges. However, the only controversial thing I can see in the structure is the notice period for the asset manager – it has a contract that runs until December 2022."

puts me off...(and so many of these property cos. have structures that are bad for public investors....such as where the manager is also a controlling shareholder....so they can have high charges and difficult for rest of shareholders to get rid of them, due to votes)

[1littlefish] 31/5/2015 20:17

one of the many things that I think potential investors & shareholders have a right to know is who invested in the big share issue in March (roughly 1:1 ..ie. big dilution) and whether investors were new (if so ...who are they) or the existing big shareholders ?

Clearly if the existing shareholders decided NOT to invest any money at 25p when the share price was 70p for most of 2014 would be worrying....while if the existing big holders all happily coughed up then it would be a +ve sign.

Disclosure of any changes in % holdings of directors eg. the MD....

and large holders...

another mkt requirement that the co. appears imo not to comply with...
doesnt inspire confidence....

[russman] 31/5/2015 13:44

Nearest quoted comparison I could suggest is ARTL.
It has good and bad points but the discount is large.
I can see no reason why SPDI cannot quote the diluted NTAV per share with their next announcement.

[1littlefish] 31/5/2015 12:47

Radcliffe

Russman posted his estimate of NAV as 38p/share

You have a calculated value ?
..you agree with 38p ?

Whats a fair discount relative to NAV ?

0 % ?

10 % ?

20 % ?

---

At 30p buy price....price wld need to rise 26% to equal Russmans calculated NAV.

30 % ?

[1littlefish] 31/5/2015 12:29

Radcliffe
..useful summary of share numbers

But
I think you need to add on 12% of all shares....for founders/directors rights...

Cash
how much used in deals or reduce bank loans ..or pay deferred costs from 2014...no idea..

Preference shares can be redeemed at higher price....taking cash out of the co...is it 5M pnds ?

Of course high loans as well.....gross assets are not nett assets.

Ukraine assets worth less...imo and Russman agrees..
---

imho
...one Kiev plot of 3000m....4-5ME. valuation...no way. Its not even 1 acre !

Only 55m x 55m

Current value maybe 1M imo.....or 0..no buyers in Ukraine with tanks around imho......even SPDI does not want to buy in Ukraine !!

Even after war ends Id still value it close to 1ME...
...a project of 4 floors in Kiev on site of 50m x50m cant afford 4-5ME just for the land cost.....would end up with flats with Paris prices...not poss. in Kiev.

[bckttsim] 30/5/2015 22:45

1littlefish - 30 May 2015 - 17:01 - 152 of 160 - 0ah...didums !...someone stolen your dummy !..there there...For one with so much Bull is that all you can do !I will not lower myself .

[drradcliffe] 30/5/2015 21:45

Asset value 61p per share assuming the class A & B pref shares and warrants convert to ordinary shares, which they might not.

After the EGM the share structure looks like this:

75,690,096 ordinary shares,
17,612,660 warrants,
785,000 class A prefs,
8,618,997 class B prefs.

The company says its property assets were worth Euro 62M at 31/12/15, in addition we have the post balance sheet transaction for Romania/Bulgaria that adds Euro 26M. So at the EGM they have Euro 88M of property assets.

They also raised Euro 8M cash recently, but I’ll ignore that for simplicity.
.

[1littlefish] 30/5/2015 20:36

if 38p is right...what is a fair share price wrt that ?

...two problems being
- that the Ukraine land assets dont produce any income..and gteed imo not to be saleable or developable for X yrs.....need say 1 yr without any bullets before ppl even start poking their heads up again in bld sector imo...and Russia/Ukraine situation cld go on for yrs....and if Russian tanks parked on Crimea border...international investors are unlikely to want to invest 1 cent in things like logistics parks imo...

- looks like the running costs and also interest costs eat up shed loads of the income....1.5M op. LOSS last yr in reality once remove the accounting 'gain from buying below mkt price'

You been holding since 70-80p in 2013 when you created this thread ?
You buying more at mkt price of 31-32p ?

Only 1 director made a small buy at lower price...despite all the corporate actions....not a +ve signal imo...