Sdic Power Discussion Threads

[remi2000] 19/1/2012 09:54

Hi all, I have been in SDIC for a while now. Have buried my head in the sand for the last year or so. Now I see it has delisted and shares can be sold through the Fairfax matched buyer service.

I'd be interested if anyone knows how much is on offer at the moment for the shares through this service? And is there any chance of getting some cash back (special divis etc?) if I hold onto the shares?

Any help / opinions / ideas appreciated

Thanks

Remi

[the troll] 10/1/2012 18:02

don't invest with Mellon unless you've money to burn see eg SYG performance in 2011, pathetic ( supposedly has NAV c 6p ? )

[steve36] 10/1/2012 10:20

Thanks, I have now got hold of the accounts. I see Jim M has got his loan repaid by taking a subsidiary with properties not taken over by the receiver. I wonder who valued that? I'm not sure I can see the potential from silos not in the receiver's control?

[bisiboy] 07/1/2012 17:11

steve
note 22 page 33 of the accounts
entitled EVENTS AFTER THE REPORTING DATE
option agreement with receiver unless i am reading this wrong
we get euro 2million if receiver sells property companies and nothing more.

[steve36] 05/1/2012 14:10

bisi, what is the give up in upside you refer to?

[bisiboy] 31/12/2011 12:09

they could at least have the balls to have
a meeting in london with investors to answer questions.

will the remaining funds now just disappear in directors fees?

does anyone know if any shares have been traded off market?

there does appear to be some potential from the silos not included in the give up in upside participation.

meanwhile prices in germany have been rising!

[davidosh] 28/12/2011 22:17

Did anyone attend? I very much doubt it. I wonder what the institutions with large holdings feel about this massive destruction of value here considering these were supposedly slow growth property assets in Germany?

[mazbar] 28/12/2011 21:15

Update from AGM...


Speymill Deutsche Immobilien Company plc announces that at the Annual General Meeting of the Company held on 23 December 2011, the following resolutions were passed by majority vote:
1. The Directors' Report, Auditors' Report and the Audited Financial Statements of the Company for the year ended 30 June 2011 were received and adopted.

2. Vincent Campbell was re-elected as a director of the Company.

3. Stephen Turner was re-elected as a director of the Company.

4. KPMG Audit LLC, Isle of Man was re-appointed as Auditors of the Company for the year
ending 30 June 2012.

5. The Directors were authorised to determine the remuneration of the Auditors.

[bisiboy] 12/12/2011 18:25

i am truely disgusted by this investment
the asset class was sound and is sound so how did this bunch manage to destroy
all of our capital
reading between the lines it would appear that in their negotiations they
asked the banks to take a hair cut and in response they stuck their fingers up.

still the 2m in exchange for no upside participation should enable the directors to receive a fee for a little longer (arghhhh)
what an Awful investment decision this was

[davidosh] 04/12/2011 18:54

Apparently it is on the last working day which is the Friday 23rd but may as well be Christmas Eve as nobody except residents will want to get stuck on the island so tight up to Christmas!

[davidosh] 03/12/2011 14:27

It certainly is....and to make it even worse the annual report is not even being made available via their website.

[sleepy] 03/12/2011 10:08

Am told that AGM is in the Isle of Man on Christmas Eve at 9 a.m. Can this be true?

[bisiboy] 29/10/2011 17:34

berlin property up 7 pct year to date
i hope that helps us

[scburbs] 26/9/2011 13:05

At 31 December 2009, the TOR properties were valued at €238m against a loan of €192m. The fall to the 31 December 2010 valuation (in a stable market) is quite remarkable even by SDIC's standards!

[okisen] 26/9/2011 12:06

some documents here:


not sure what they mean.. "Notice of consolidation"?

on the plus side german apartment prices are up 2-3% year on year and so is rentals..

[bisiboy] 14/9/2011 17:27

very quite we must be due an update

you are lucky only sitting on a little bit of a loss mine is more like
a small mountain

[mazbar] 14/9/2011 15:24

Any news here folks?

Am sitting on a bit of a loss with this one.

Is there any chance of getting something back?

[lagosboy] 08/3/2011 14:57

scburbs.....appears positive although lacking in detail as you say.

Mr Mellon interests are aligned with shareholders and it seems he is going to bat for them.

fingers crossed that a re-financing can be achieved

[scburbs] 07/3/2011 11:31

An interesting development, although very short on details, other than the fact that a takeover offer is no longer on the cards and that some form of placing or convertible offering is on the cards backed by FFIRE (whoever they are!).



"Speymill Deutsche Immobilien Company plc (AIM: SDIC), the pan-German residential property investment company listed on AIM, announces that it has reached an agreement with Citigroup Global Markets Limited ("Citigroup") under which Citigroup, as the advisor to an investment consortium which includes FFIRE Immobilienverwaltung AG, shall endeavour to put in place a permanent solution to the issues confronting the Company's existing debt and capital structure ("Restructuring"). The intended Restructuring is supported by a heads of terms between the Company and the consortium, and will have the aim of maximising value to both creditors and shareholders alike.

It is anticipated that any such Restructuring will not be completed in the short term due to the necessity of negotiating with the lending banks and therefore the Company will not be in a position to release its results for the six months to 31 December 2010 (the "Interim Results") before 31 March 2011 as required under Rule 18 of the AIM Rules for Companies. As a result, until such time as the Company's financial position is resolved and it publishes its Interim Results, trading in the Company's shares remains suspended.

Chairman of the Company, Jim Mellon, said, "We are encouraged that a solution to the issues that have confronted our Company appears closer. Such a solution, engineered by one of the world's largest banks, should provide all stakeholders with upside and restore value to shareholders.""

[envirovision] 24/2/2011 16:29

3 months and yet no one has the faintest clue as to how an earth a three quarter billion pound company managed to go bust against a backdrop of ultra low interest rates, rising property prices and rising rent yields.

Strange would have thought there would have been serious litigation against the guilty and/or even people facing prison by now.

You could not make it it could you?