Tamar European Share Discussion Threads

[tiltonboy] 04/1/2012 14:07

Just hope there aren't too many other properties in the portfolio with similar issues.

[stewjames] 28/12/2011 17:06

Urgh, I hate this new format for holdings announcements - clear as mud. (OK, it's no longer new, but I continue to hate it!)

Am I reading it correctly that Rathbone Brothers PLC have reduced from above 5% down to 1.14%? (And yet somehow without making a transaction?!)

On another newbie note, what exactly do they mean by the "initial yield" in the disposal announcements? Is it the calculated annual return on their original investment at that sale price? If so, before or after expected tax, and why "initial"?

[skyship] 21/12/2011 16:11

More sales, rather small this time. Collapsing Euro won't be helping us much unfortunately.

As to this comment - "The sale in Finland represents the successful continuation of the Nordic sales programme. Marketing efforts continue on the remaining assets although it is noticeable that the debt markets have deteriorated in the Nordic region, as with the rest of Europe, and this is likely to have a negative impact on pricing in 2012."

Well, today's ECB action (E.470bn issued to all comers) will be providing some great liquidity for banks to loan into the refinancing Real Estate sector. Though I hear on Bloomberg that a lot of the cash is immediately going to Asia! If you're a bank, then a licence to print money yet again.

[praipus] 15/12/2011 11:01

If the board are NOT providing shareholder's with value replace them

[tiltonboy] 15/12/2011 10:58

They shouldn't be incentivised to get the best price...it should be part of their job!!!

[hugepants] 15/12/2011 10:07

"...We are confident that the new fee structure will further strengthen the Company's prospects by acting as a strong incentive for the team to maximise returns to shareholders..."

What a useless bunch. Look what they've done to the share price over the last few years. I guess they've not been incentivised enough.

[scburbs] 15/12/2011 08:40

I agree with HP. Anyone who makes a statement like this needs to be treated with suspicion. A supplement is often viewed as a small addition, but I doubt that is what they have in mind. Why are the terms not disclosed? Anything that links to NAV is entirely appropriate, anything that links to the current depressed share price entirely inappropriate.

"supplemented by performance related fees which focus on the sale of the Nordic portfolio and the creation of value in the remaining assets and jurisdictions"

[skyship] 15/12/2011 08:01

HP - I thought so at first glance, but it actually seems to be quite good news upon re-reading. Really no change; but a reaffirmation of the disposal strategy and a cap on management fees.

[hugepants] 15/12/2011 07:23

sounds a bit dodgy this

[skyship] 13/12/2011 16:40

precisely - most aggravating!!!!!!!!!!!!

[tiltonboy] 13/12/2011 16:10

and got stuffed in!

[skyship] 13/12/2011 15:30

...and having been slightly better @ 29.75p Bid all morning, they've just raised the Bid to 30p. Bravo...

[skyship] 09/12/2011 11:48

Well, well, well - a Director share purchase - see Header.

Perhaps only £10k, but hugely significant in my book...

[swiftnick] 08/12/2011 20:18

Although the company has not made any announcement about the final dividend, I was rather hoping that it will be higher than the interim dividend of 0.75p, putting the shares on a prospective yield rather above 5%.

In the original Admission to Trading document in 2006 the then Kenmore European Industrial Fund said:

* The Company aims to pay its Shareholders dividends which it intends will
provide an initial target annualised gross dividend yield of 6 per cent. on
the 100 pence issue price.

But, of course, that was quite some while ago...

[hugepants] 05/12/2011 13:12

Thanks for your views skyship. In the meantime a 5% yield isn't too bad.

[skyship] 05/12/2011 08:24

HP - In a word - No. If/when they do decide to make a cash return it will surely be more likely when they are far further into the Scandinavian portfolio liquidation. They will also want and perhaps need to repay bank debts at the same rate.

When they've got, say, £70m in the bank, then they might repay £28m of bank debt, retain £14m opportunity/working capital and give us £28m - ie, 20p/share.

All total conjecture. We can all play the numbers and in doing so reassure ourselves to Hold/Add...

[hugepants] 04/12/2011 23:48

The total cash increase from the recent disposal/acquistions is approx £25M. Given the above info any chance of a cash return yet?

[skyship] 01/12/2011 07:26

Badtime - sure thing. They stated as much in the "New Strategy" circular:

==================================================
Use of disposal proceeds and current cash balances

The Investment Manager believes there are significant opportunities for investment in Western European markets. However, both the Board and the Investment Manager are conscious of the significant discount to Net Asset Value ("NAV") to which the Company's shares currently trade. Therefore the Board will only sanction investments in such opportunities where the Investment Manager can demonstrate that the return that can be generated from the investment could reasonably be expected to provide better short to medium term value than the Company returning the capital to shareholders at NAV less costs or by way of dividend.

Should the investments put forward by the Investment Manager not meet this criteria, they will not be sanctioned. If there is a material build up of cash on the balance sheet, which has little prospect for near term investment, the Board shall, subject to the ongoing working capital requirements of the Company and applicable laws and regulation, seek to return cash to shareholders. The Group currently has free cash of GBP14.9 million.
=================================================

[badtime] 30/11/2011 20:31

Sky r u thinking they might pay some money to shareholders?

[skyship] 30/11/2011 07:29

Kerrchingg.....that's another £14m banked:
========================================================
"Tamar European Industrial Fund today announces that it has signed an unconditional agreement for the sale of a Special Purpose Vehicle which owns two adjoining assets in Ulsrud, a suburb of Oslo, Norway, for a net consideration of GBP14.34 million (131.46 million NOK) after a discount for latent tax. The sale price reflects a net initial yield of 7.98%. After the discount for tax, the net price is slightly above the last valuation (30 September 2011). The purchaser is a private investment company."
========================================================
Nearly £30m in two days - not bad. Obviously we might expect the lower fruit to be picked first. It will take longer to sell less attractive assets; and presumably some will need to be helped out of the door with a good discount. But overall, looking good.

Current share price totally bizarre...

[skyship] 28/11/2011 12:33

Great disposal news today:

Tamar European Industrial Fund today announces that it has signed an unconditional agreement for the sale of two assets in the greater Oslo district, for a net price of GBP15.44 million (140 million NOK). The sale price reflects a net initial yield of 7.21% and is 9% above the last valuation (30 September 2011).

[praipus] 28/11/2011 12:32

Some good news:

[skyship] 25/11/2011 16:04

Anyone got any views on those share stakes changing hands - or are well just staring into the headlights and awaiting events.

Certainly hope we see another large trade after hours again today. That would surely presage corporate action sooner rather than later.....one can but dream!