||EPS - Basic
||Market Cap (m)
|Real Estate Investment & Services
|praipus: Anyone had their distribution yet?
RNS Number : 8483D
29 October 2015
Declaration of Distribution
The Board of Treveria PLC (LSE:TRV) announces that the Company has today declared a distribution of 3.512 Eurocents per Ordinary Share. The distribution will be financed from the distributable reserve created by the cancellation in 2007 of the share premium account which had arisen on the placing of shares on AIM at the Company's launch, and from the return of the capital which has become distributable as a result of the re-registration of the Company under the Isle of Man Companies Act 2006.
The distribution will be paid on 20 November 2015 to Ordinary Shareholders on the register on 6 November 2015. The shares will be marked "ex" on 5 November 2015.
|red army: http://pdf.euro.savills.co.uk/germany-research/ger-eng-2014/market-in-minutes-germany-investment-q1-2014.pdf
This should have a positive effect on the share price|
|robizm: The share price is assuming they have to pay the tax so they need to make some cash of the other silos.|
|skanjete2: NAV approx 49c.
The current share price is about the value of the cash at the parent level. Even if their cash trapped silo's (D, E, F/K) prove to be completely worthless, one can expect to get approx 11c a share from the parent cash plus silo G and silo J.
If they can save silo D and E, this could amount to another 20c/share.
Silo F/K stands for the rest, but is more doubtful.
This looks very cheap with acceptable risk. It seems unlikely they'll be able to cristallise the complete NAV, but at the current share price this doesn't matter...|
|pre: staggeringly low mkt cap based on these results....share price got to be worth at least double from here....well cheap imo and agree with you salver2...|
|cerrito: Been going through the interims.
Good to see that in the first half property valuation only fell by 0.2% and perhaps given recent pick up in German economy and retail there may even be in the second semester a modest revaluation. Indeed I note that the property valuation at both 30609 and 30610 was E1.837b.
Alot of what they say about expanding the cost base to improve the asset management makes sense and also makes sense to close London office. Seems sensible that they are spending cash on tarting up the properties.
Somewhat surprised at the slow rate of property sales
The RETT issue will be a cloud over the company till final resolution which I guess could easily take 2 years. Move to IOM seems sensible and makes even more remote that Teveria PLC will have to pay the tax.
Note that they had E100m in cash at 30610,E 36m of which was cash trapped and of the remaining E64m, £53m was held by the parent so it seems that the other E11m was held in silos E G and J.
There is a useful presentation of the interims on the Treveria website-http://www.treveria.com/investor/analyst_presentations/ -. This rather alarmingly shows that the ERV of the vacant space increased from 7.86% to 10.83% in the first half.I guess that justifies the increased investment in personnel. Would have preferred that more voids be in C as the reality is that this is a writeoff. I am comfortable that what caused most of these vacancies especially the cancellations of C and A were a one off event and that we are unlikely to see a repetition of this now that the retail market in Germany has stabilized and of course management is now more on the ball..
Not entirely happy with the news of the RNS of September 15 that we no longer enjoy the protection of the City Code especially given shareholder structure and for me that represents a penalty of about E2c a share- a somewhat arbitrary figure I grant you.
Makes sense not to have an interim dividend and i am wondering if we will be getting any dividends soon. I guess they will want to keep their powder dry as they get into restructuring negotiations with the banks as having the ability to make a partial cash payment will be a useful negotiating tool.
Glad I bought some more a couple of months back; do not see any reason for the share price to move much higher in the immediate future but comfortable with what I have got.|
|ydderf: with these recovering AIM stocks the biggest danger is usually a cheap buyout followed by a delisting, but with a highly motivated entrepreneur in the driving seat, it seems more likely that everything possible will be done - and fast - to extract shareholder value (for shareholders:)).
my guess is that a combination of stable property values and financial engineering, will make it possible for an investor to recover the current share price in cash dividends and leave a rump with a nav of 20-30 cents to find a level in a recovering property investment market...after all the directors can hardly say that they intend to gut the company with the banks staring over their shoulders, can they?
whatever happens i see very little downside at this price|
|miamisteve: Norbert - The rational was spelt out by the company back on the 29th September. It did seem to have a positive effect on the share price after that point, up until the tax issue arose.
"For some time now, there has been a notable disconnect between the Company's
share price and the Group's net asset value. The market capitalisation of the
Company has been much more closely aligned with the level of cash within the
parent company as investors take a cautious approach to the likelihood of medium
term value within our four largest property sub-groups, or 'silos', given the
high loan-to-value ratios and refinancing risk.
"The board has therefore carefully judged all the relevant factors within the
context of continuing to operate the business as a profitable and viable going
concern. As a result and given the current strategy, the level of cash held by
Treveria plc is surplus to its current needs. The board has therefore decided
that it is in the best interests of its shareholders to return the surplus cash
and, accordingly, it is proposed that the directors will recommend a
distribution or return of surplus cash to the shareholders amounting to 10c per
share equivalent to about EUR60.3 million."|
|erstwhile2: Yes Norbert is right.....even if the liabilities to tax occur in the silos, the fact that cash was moved up to the parent in anticipation of distribution would be ultra vires and the taxing authority would be able to move up the corporate chain to claim it. In fact tax claims are usually superior to all if not most others in bankruptcy or other winding up procedures. Now in awareness of this the board cannot distribute the cash as their personal criminal liability would be very significant.
The tone of the announcement, words used etc, caution me to think that the amount of tax at issue is considerably more than not only the 60m earmarked for distribution, but also any other cash anywhere in the parent and trapped cash in the silos.
This will also change the company's ability to negotiate with its banks for restructuring finance in the silos - in fact this is such a debacle I would think it may be all over. that said, option money arguments will stop the share price from hitting zero for the time being.
I doubt any reliance on an ability to sue the advisors at the time of the original restructuring will be fruitful. It is in the nature of these things that the advisers will have caveated the life out of their opinion.|
Treveria share price data is direct from the London Stock Exchange