Sofia Prop Share Discussion Threads

[tomboyb] 31/7/2012 13:49

Well I'm still here with my holding in this - why the management haven't communicated for a while is beyond me - U can see at what level they suspended and the stated assets - If there is eventually a distribution it should still be much greater than the 570k cap we suspended at -

[the troll] 31/7/2012 13:45

a wall of silence is developing & time's almost up for the loan-extension to 31/7. ( see article 445 ), ie - I understand we're at risk of losing E 1.78m of NAV ( minus the loan itself ) ?
I'm getting increasing concerned about this one; whoever's financing the RTO's having 2nd thoughts possibly ?

[tomboyb] 19/7/2012 10:13

Market cap is £570k - below 1p -

Stated NAV - above 20p per share

DEBT - NEGLIGIBLE in relation to stated NAV -

Define the management -

[tomboyb] 19/7/2012 10:10

Sofia Property Fund Limited Agreement with Pluto re loan repayment
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TIDMSPFL

RNS Number : 0365I

Sofia Property Fund Limited

19 July 2012

COMPANY ANNOUNCEMENT

FOR IMMEDIATE RELEASE 19 July 2012

SOFIA PROPERTY FUND LIMITED

(the "Company")

Company Registration Number: 43191

Agreement with Pluto on extension of loan repayment

The Company announced on 28 June 2012 that the loan of GBP500,000 made available from the Pluto Partnership ("Pluto") as announced on 29 June 2011 became repayable, together with the applicable redemption premium, on 28 June 2012 and that it was in discussions with Pluto with a view to deferring the repayment of such loan and crystallisation of security granted therefore.

The Company is now pleased to announce that Pluto has agreed to extend the repayment date to 31 July 2012. Pluto and the Company have also agreed that if a pre-defined qualifying event as envisaged in the announcement of 29 June 2011 ("Transaction") occurs or is agreed on or before 31 July 2012 or funding is then in place to complete a Transaction in due course notwithstanding the grant of the extension, the terms of the Transaction will provide for full repayment of loan principal and redemption premium on completion of the Transaction.

If funding is not in place to complete a Transaction on or before 31 July 2012, or if funding is in place by such date but a Transaction does not complete by 31 December 2012, the above extension means that the redemption penalty will come into operation if repayment of principal plus redemption premium is not made on or before July 31 2012. In such a situation Pluto will have the right (but not the obligation) to acquire title over the Company's properties at Crystal Glade and Dolna Banya (Lake).

Further announcements will be made as appropriate.

Enquiries:

Sofia Property Fund Limited

Charles Burton

Panmure Gordon (UK) Limited

Dominic Morley

Phone: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

[greedfear] 28/6/2012 11:15

Actual value is nowhere near the stated. The sale of one of the properties held would have made that painfully clear. It's mainly agricultural land in parts of Bulgaria that took the hardest hit in property prices (and still are while in other parts prices remain fairly stable).

Anyway, BOL to holders.

[the_beagle] 28/6/2012 10:38

sigh or sign?

[tomboyb] 28/6/2012 09:49

The other question u would ask in the case of an RTO - would u like to reverse into a company trading at less than 3% of its asset value at close to those levels?

Where do i sigh! on the dotted line!

Of course there is a difference between STATED and ACTUAL.

[tomboyb] 28/6/2012 09:26

I suppose the big question is "why couldn't they prepare the accounts on time?"

No one knows but i see more and more AIM companies doing that this year! - Indeed it should be frowned upon.

[the_beagle] 28/6/2012 09:22

I suppose the big question is "why couldn't they prepare the accounts on time?"

Maybe the auditors wouldn't sign them off.

[bozzy_s] 28/6/2012 08:44

436 - I think he's referring to SPFL's valuation. We'd prefer to get shares in a new enlarged company worth say £2m, against current market cap of £650k for the independent SPFL as it stands.

[tomboyb] 28/6/2012 08:35

Well the shortfall should be covered by assets however they are - STATED NAV V share price is around 2.5% at current levels -

[the_beagle] 28/6/2012 08:33

SW.....£650k?? Are you serious?

[sapper2476] 28/6/2012 08:28

Well I wait with baited breath for my little £2k dabble in this. Very happy at the moment...

[still waiting] 28/6/2012 08:22

I think if my stake was about to multi-bag I'd accept new shares for my £650K

[bozzy_s] 28/6/2012 08:20

Yeah there was the initial move from 0.1 to 0.35, then the RTO spiked 'em to 4p the same day, then I remembered 8p, you say 9p at the peak. Either way, RTO was a great, great result for 'em! And they were an absolute basket case of a company.

[still waiting] 28/6/2012 08:20

So Lord Howard has a big stake in this



Philip joined Tarchon in 1998. He was Head of the Fixed Income, Derivatives and Prime Brokerage businesses in Europe and Deputy Chairman of Lehman Europe. Previously, he worked at Phillips & Drew where he was a Partner in charge of International Fixed Income. He began his career as a journalist ultimately working with the Daily Mail and EuroMoney before joining Deltec Trading Company to head its Euro Bond trading operations. Philip was educated at Ampleforth College and Christ Church College, Oxford.

[tomboyb] 28/6/2012 08:15

If i said to u - NGP went from 0.1p to over 9p that would actually be correct -

[bozzy_s] 28/6/2012 08:13

NGP did tomboy, I watched 'em! Mkt cap went from under £1m to above £15m.

[still waiting] 28/6/2012 08:12

if they've been in discussions a while I'm sure due diligence etc must be quite advanced..

the combined assets must be quite significant if the other venture is classed as a reverse..

£50m+ assets perhaps??

[tomboyb] 28/6/2012 08:12

Bozzy - they did not go to 4p let alone 8p -

[bozzy_s] 28/6/2012 08:09

They were a hapless company which went from 0.35p to 4p instantly when RTO'd. Then crept up to a peak of 8p.

Edit - thing is with SPFL the assets are illiquid, unfinished projects. They probably need this deal to get funding and finish some projects / sell them etc etc.

Anyway let's see. Relieved when I read the 2nd paragraph. Was part expecting the dreaded 'pending clarification of financial position'

[tomboyb] 28/6/2012 08:09

It could well be a gem of a deal - however i been in these situations many times before BUT never where the current share price was trading at a fraction on NAV -

[bozzy_s] 28/6/2012 08:06

Could be a gem - remember Niche Group (NGP) when they were RTO'd?

[still waiting] 28/6/2012 08:04

looks like it'll be a while.