Prospect EP. Share Discussion Threads

[rbcrbc] 23/11/2009 17:41

Now with a NAV of 6.86p and 5.74p to buy we have the potential for a near 20% gain in a reasonably short time frame. Although with a quoted spread of 4p-6p any valuation in your portfolio will look nasty.

[papy02] 06/10/2009 12:25

At 7p to buy currently, vs 7.03p NAV after the 3p distribution, is this one now fully valued?

[rbcrbc] 06/10/2009 10:20

You're welcome
It is in the half-yearly report:

[joan of arc] 06/10/2009 09:40

Thanks RBC, I didn't pick that up anywhere.

[rbcrbc] 06/10/2009 09:07

First capital distribution of 3p per share to be paid on 15 October 2009

[joan of arc] 05/10/2009 18:58

If the capital distribution was declared on the 30th Sept does anyone know when it will be paid?

[asmagliocco] 24/7/2009 14:04

Not me, the Isle of Man is an awkward destination and anyway my small shareholding couldn't justify a trip.

Will simply wait and see how successfully the co. can sell up: not so simple or quick to do apparently.

Of course there is a chance it will all go swimmingly and much more than the current share price will be recovered. Who's to say?

[spacecake] 24/7/2009 08:47

AGM/EGM yesterday, anybody go ?

[wolstencroft] 01/7/2009 20:22

the fund is too small to warrant managing IMHO so they will wind it up, start a new fund elsewhere and probably make the same mistakes all over again

[mpg] 01/7/2009 17:30

Nothing on the RNS on here but I have received the following from by broker:

"The Company has announced that it has published a circular convening an Extraordinary General Meeting, to be held on 23 July 2009, to approve proposals to facilitate the return of capital to shareholders, comprising a
change of investment policy so that the Company would become a realisation fund, the re-registration of the Company under the Isle of Man Companies Act 2006, and the adoption of a capital return scheme. Further information may follow in due course."

I take it from the above that this fund will be wound up with details to follow! W.T.F. Grrrrrrr

[spacecake] 23/6/2009 10:22

25% discount to nav

[spacecake] 22/6/2009 08:19

I see the portfolio holdings have taken off, check out the following story...

[spacecake] 19/6/2009 12:26

Well, just goes to show how stupid investors can be, at least one investor wants the fund wound up just when the Japanese Reit market starts to show some life.

If investors could check out the underlying J-reits investment - they would find then rising at quite a clip.

[spacecake] 22/5/2009 09:26

I was considering buying these at 100p but held off until the trend changed - in at 7.5p as a punt.

How ever I did notice on the company website the following:

Advisers & Directors
-------------------------------
Company Secretary
Ian Dungate
Douglas
Isle of Man
-------------------------------
Investment Manager
Epicure Managers Japan Limited
British Virgin Islands

--------------------------------
Investment Adviser
Prospect Asset Management, Inc.
Honolulu
Hawaii 96825

--------------------------------
Nominated Adviser, Placing Agent and Broker
Panmure Gordon (UK) Limited
London EC2M 6XB

--------------------------------
Administrator and Registrar
Galileo Fund Services Limited
Douglas
Isle of Man

--------------------------------
Financial Adviser to the Company
Silex Management Limited
6 Rue Kleberg
Geneva
Switzerland
-------------------------------

Actually the list goes on and on, each one collecting their fee no doubt.

British Prime Minister Gordon Brown stated he wants to "outlaw offshore tax havens." Other European leaders have argued that financial privacy contributed to the global banking crisis.

Just take a look at the list above, Isle of Man, British Virgin Islands, Hawaii, Switzerland.

All this for £9 mill fund - it's not right !

[bisiboy] 08/4/2009 09:01

on board now for a punt

[mobox1] 23/1/2009 10:32

Although REITS have been decimated due to the lack of available finance in the current banking crisis, the news yesterday that the Bank of Japan "would buy corporate bonds and accept real estate investment trust (REIT) debt as collateral" is a significant development. If the fear of bankruptcy can subside and allow people to concentrate more the dividend opportunities in a strong currency, prices should rise substantially. The REIT Tse rising by 2.2% today against heavy falls in the Nikkei shows that re-evaluation is beginning and if you're a high risk investor, I think the PEJR valuation is low.

[tachograph0] 22/1/2009 16:45

You don't sell assets at rock bottom unless you have to.

[wolstencroft] 22/1/2009 10:40

I think the "selling off assets because of volatility" is a smokescreen for "banks refused to lend any more money to them and asked for all the lent money back"

[joan of arc] 22/1/2009 09:40

What a total shambles. Classic fund manager performance! Anticipate nothing (for which he is paid handsomely) and sell off everything at the bottom to clear your unchanged debts. Leave yourself with minimal assets and then have the gall to hint that they will gear up again once prices have risen.

Sounds like a disciple of Gordon B (having sold off the gold at rock bottom prices).

[wolstencroft] 21/1/2009 16:42

Likewise I have lost on property shares, having diversified into them partly to protect me against GBP weakness!! I think few of us realised how geared these are. PEJR was itself geared to approx 100% and many of the funds they invested in were probably 50% geared, that means a 100p investment exposues us to 200p of REITs and 300p of property. If property values are deemed to fall 30% then that means the REITS will halve (assets fall from 300p to 200p less 100p debt makes 100p share price), and our investment here from 200p of gross asset value to 100p (as the underlying investments have halved). take off 100p of debts in the company and the shares are worthless. The same has happened to the banks and any other company dependent on debt. Gearing so beloved of MBAs has killed many.

The shares will thus probably never recover to their highs as the debt will never be replaced, so even if property rises 50% (so REITs double, and PEJR NAV triples/quadruples) and they gear-up on the way the maximum share price will be about 30-40p IMHO. So 50p of that 100p is lost forever.

The other problem is fund charges now that NAV of the fund is so small, admin charges will eat up proportionately more. I hope the fund manager remains honorable and continues to manage the fund.

[tachograph0] 21/1/2009 16:09

much doom and gloom here with very little happening. I bought in at 46p so can sympathise with the above comments but we got to remember that the riets still own the properties and as long as they can renegotiate their debt as it comes up for renewal then the long term prospects still look good.

I can see that this is a big if and I am in a similar situation with a german property fund Eurocastle which I bought for 19euros and is currently 38p. So I am licking more than one wound when it comes to property.

On the downside both of these funds could go belly up and all could be lost. Let's face it, at today's prices it is all but lost anyway. On the plus side the properties are still there and the funds are operational. Sooner or later markets will start to recover and when that happens I beleive countries such as Germany and Japan will benefit more than most as neither has had a property boom and both went into this recession in a reasonably sound financial state. I am waiting to see any signs of stability in these two funds and all being well will invest more at these extremely low levels (when matched to the NAVs they represent). The time is coming when there will be opportunities for very big returns. Hard to believe when many (myself included )are nursing very large losses.

I hope others are out there and still interested. All these are my views and would love to hear the views of others.

[6foot5] 06/11/2008 14:05

we must have bought at about the same time - I too am in at 53p

But then maybe Ferguson was right - [good] money exchanged for old rope..... sigh.

It would just be nice to win on something. If I had just put all my funds under the mattress I would still be a relatively rich man.

[joan of arc] 05/11/2008 17:47

Exactly like me - in at 53p and still here. That was Ferguson if I remember rightly, a real fan on Japan, although he has gone rather quiet on his 'failed tips'. I think he effectively said this was money for old rope! I sure as hell wouldn't subscribe to his share tipping service!

[6foot5] 05/11/2008 16:32

JoA, no you are not alone here - but I usually just lurk and leave the clever comments to others.

I have been very silly to have bought and held here - another mug taken in by the Money Week tip.

[joan of arc] 05/11/2008 09:38

I think I am talking to myself on this board.
It's a shame that they do not give the value of each of the holdings in their portfolio reports, but then that would put them in danger of actually providing some useful information. The lack of this openness speaks volumes!!
It would be nice to know how much of the crown jewels they sold off, gave away rather.