Ft Tre Discussion Threads

[spooky] 13/11/2012 10:19

Thank you Norbert.

[norbert colon] 13/11/2012 09:56

Simon Thompson (Bargain Portfolio) tip update in IC i believe.

[spooky] 13/11/2012 08:26

Something happened at 12.00 yesterday, all of a sudden a string of trades started, someone somewhere must know what it was, i would be grateful if they would be generous enough to tell me, i like to know why my shares are going up :-o)

[jezza123] 13/11/2012 08:13

edwardt - I don't see how that story would help carbon prices, as the article says it might force airlines to sell carbon credits 'at a loss'.... so I am similarly at a loss as to why it would be good news...

[praipus] 12/11/2012 22:17

Yep CARB's up too:-)

[praipus] 12/11/2012 22:15

Wow that doesnt happen very often:-)

[edwardt] 12/11/2012 17:08

this may have something to do with it.

[edwardt] 12/11/2012 16:57

carb etf up alot today as well, anyone know why carb market has bounced??

[jezza123] 12/11/2012 13:41

spoke too soon....

[edwardt] 12/11/2012 12:25

what's this - going up??

[robizm] 09/11/2012 17:37

They are saying the maximum amount they can loose is 33 millions and the locked in cash is to buy the world bank backed cers. You cannot count it twiceimho

[edwardt] 09/11/2012 14:25

can you explain to me why the world bank cer's can be added back as cash? I am suitably confused.

[robizm] 09/11/2012 12:43

I agree with your calc spooky and hopefully they will return some cash in the New Year and then it is just a wait on selling the investments. I have only been in here recently and paid 22p a share but for long termers this is a dog which has been made worst by 80 million worth of performance and management fees,

[spooky] 09/11/2012 08:46

It is my understanding that the worst case scenario includes the World Bank CER's,so you need to add back the £16 million.

[edwardt] 09/11/2012 08:42

just for clarity i make free cash circa 4p >the key for me on CER portfolio is that they could call force majeure if price goes near zero and this would be outstanding outcome for tre. I know very little but why else have they been able to re-negotitate some of the contracts?

[edwardt] 08/11/2012 16:09

well the market likes the results!

[edwardt] 08/11/2012 12:05

not sure of your figures. the £61m includes trapped cash. hence free cash of 44.7 -33.6 leaves 11m worst case. I have not worked out issue of performance fee that needs to be paid out as well or is that a non issue?

[jezza123] 08/11/2012 11:52

snap edward!

so I make it worse case scenario for the carbon portfolio (that's is to say if it were entirely worthless) = 33.6 million so about 50% of the cash pile of 61 million - meaning there is still a cash value here of 12p or so + the PE portfolio. This means these shares are probably trading 75% cash on a worse case scenario (namely everything else is worthless) - the glass half empty view - on the other hand, there is some cash value here, which wasn't so clear given the liabilities of 18months ago. So progress is being made I think.

I assume the reason why there hasn't been much sale vis a vis the PE portfolio is because they are reluctant to fire sale, the market at the moment for such assets is likely on the floor, so if they can hang on (and things were to get better) it's the right thing to do. I think there is still value to be had here, but it's going to take a very long time.

[edwardt] 08/11/2012 09:40

due to hedging max liability is now 33.6m which is an improvement on 86m reported in december. hence free cash of £44.7m is still ahead of liability. my concern is no movement on sales of private equity. rule of law in brazil seems dubious to me. if they own 99.7% because they did not get paid interest on convertible, then surely this is clear cut - why negotitate? we own it and therefore should sell it to a third party.

[jezza123] 08/11/2012 08:59

any sentiments about the results? - seems they have basically told us what we already know - that the carbon portfolio is worse than worthless. The question really is, could it get even worse than it's present value (i.e., even more negative)

[edwardt] 08/11/2012 08:58

anyone had time to chew on the results? all seems like no change - ie little progress to me.

[praipus] 07/11/2012 16:52

Curious the website no longer has a section saying "Financial Calendar".

Also just thought we might get a spike or trend reversal "upwards" here after Obama getting in again.

[norbert colon] 06/11/2012 10:27

never a good sign!

[praipus] 05/11/2012 21:07

Well spotted ROBIZM

"FINANCIAL CALENDAR
By 31 October 2012 for the year ended 30 June 2012"

From the company website.

[robizm] 05/11/2012 20:45

Where are the results? Though they were due 1 st nov