Eur.Residual Share Discussion Threads

[zastas] 28/11/2014 09:20

Pay-out coming on Dec 22nd; see RECI. De-listing to follow.

[zastas] 06/11/2014 15:55

It's going to your 4.8 .

[zastas] 09/10/2014 09:46

Well OMG.

This investment has surpassed even my wildest as well as my most recent expectations. Just returned from Paris and find ERII sort of exploded , in a good way. A reward for all those who kept faith here.

[cerrito] 07/10/2014 14:34

From the RNS of July 9 2014
Quote
The Company today announces that approximately 73.7 per cent of the Cell's issued share capital will be redeemed at close of business on 25 July 2014 (the "Redemption Date") by way of a compulsory redemption of Cell Shares.

The Redemption will be effected pro rata to holdings of Cell Shares on the register at the close of business on the Redemption Date (which is the record date for the purposes of the Redemption), being 25 July 2014. The aggregate payment made to Cell Shareholders will be €7,850,000 (equivalent to €0.51 per each of the 15,392,148 current outstanding Cell Shares).

Fractions of Cell Shares will not be redeemed and so the number of Cell Shares to be redeemed for each Cell Shareholder will be rounded down to the nearest whole number of Cell Shares. The amount to be applied to the partial redemption of the Cell Shares comprises the monies from the realisation of the Cell's assets to be received up to and including the Redemption Date, less the costs and expenses of the Redemption.

As at today's date, the Cell has 15,392,148 Cell Shares in issue of which none are held in treasury. All of the Cell Shares redeemed on the Redemption Date will be cancelled.
Unquote
This suggests that they are now 24.3% of 15,392,148 shares outstanding ie 3.74m shares outstanding
They will have a cash balance of E18.2m-lets say the remaining assets is zero value-not sure what it is I assume it is the Italian one which has been a real pain for the 7+ years I have been with Qwil and its successors and let’s say liquidation costs are E0.2m leaving E18m that would suggest nav per share is E4.8.
Feel free to correct my figures/thinking
Have very few shares left but with the current market gratefully accept any good news.

[investor_tp] 07/10/2014 13:24

I'm a bit puzzled by the sudden spike in the share price. How many shares are actually outstanding then, perhaps I was looking at an old figure there.

[zastas] 06/9/2014 10:15

Perhaps an other sale of a residual portion at well above book-value. Could go on as long as there isn't another real 2008-style crash; Draghi's announcements may also help cementing value. Anyhow, it's my last real share investment now.

[insipiens] 05/9/2014 23:39

yes, unexpected climb. I was out too at below .8

Wondering what the driver is.

[spectoacc] 02/9/2014 12:49

Lol yes - "always leave some on the table for the next guy" but preferably not that much! Good luck.

[zastas] 02/9/2014 11:45

It's ok. Didn't last long!

[spectoacc] 13/8/2014 10:41

Lol sorry - must be a bit of a thin market, the trade was for less than £4k.

[zastas] 13/8/2014 09:58

Hence the drop in price; a devaluation of mine left!

[spectoacc] 13/8/2014 08:13

Just sold the last of mine - and agree with @zastas, always leave some on the table for the next guy.. Good luck those still in.

[zastas] 12/8/2014 09:50

Indeed.

But as the tired saying goes, all of us win some and lose some. I never feel bad about selling too early, and you should neither: better to have some profit banked than none at all.

Back to ERII. Unexpected further jump again. I am slightly confused why and what is now the NAV of the remaining shares, but will look into it. Discovered not only the capital return but another fat divi as well in my account.

[holts] 11/8/2014 17:52

Well that was a mistake

[zastas] 09/8/2014 10:07

Thanks DB.

It just keeps on going, unlike the rest on the markets. It's been a gem.

[davebowler] 08/8/2014 12:03

NAV is about 84p -1.04 Euros

31 Jul Factsheet;
ERII Cell Position Summary (in € million)
Number of Positions 4
Residual Income Portfolio Valuation (31 July 2014)8 €3.7m
ERII Cell Cash Summary (in € million )
Cash as at 31 July 20149 €0.5m
Source: Cheyne Capital. Unaudited. Valuation of the Residual Income Portfolio may change, possibly materially, on the next reporting date. The NAV at the next reporting date may be materially different from the valuation implied above.
8. This figure contains the Residual Income Positions remaining as at 31 July 2014, but at the pro forma dirty fair value per 30 June 2014.
9. Cash balance as at 31 July 2014.

[holts] 10/7/2014 15:59

have sold out at 58p .

[badtime] 04/7/2014 11:11

sp has moved ahead since that note

[davebowler] 04/7/2014 10:41

Liberum 16 Jun;
ERII LN | GULF LN | 13 June 2014

European Residual Income Investments (BUY)

Magellan disposal

GCP Sovereign Infrastructure Fund (NR)

Potentially winding up

Real Estate Debt

European Residual Income Investments (BUY)

Magellan disposal

Event

ERII yesterday announced the sale of Magellan for €7.4m which is in line with the most recent valuation. Following the sale, there are 4 assets remaining in the portfolio with a total value of €2.3m. Cash on the balance sheet as at 12 June 2014 was €9.1m and the board is considering the best way to return proceeds to shareholders.

Liberum view

Magellan was the largest asset in ERII's portfolio accounting for 68% of NAV at 31 March 2014. We would expect the remaining assets to be sold off relatively quickly with proceeds returned to shareholders in due course. Assuming the remaining investments are realised at NAV, we estimate the NAV total return on ERII since the cell company was established in August 2011 is 69%. ERII trades on an 8.8% discount to NAV which is now comprised of 80% of cash.

[insipiens] 14/6/2014 12:25

Holts,

from the results

ERII reported cash flows from investments for the year ended 31 March 2014 of EUR3.1 million, compared to EUR3.7 million in the previous year. The majority of write downs in the quarter ended 31 March 2014 were in the SME Portfolio.


Name % of ERII Portfolio Sector
-------------- -------------------- ----------------------
Magellan 1 67.9% European Mortgage
Portfolio
-------------- -------------------- ----------------------
Smart 2006-1 4.6% SME Portfolio
-------------- -------------------- ----------------------
Alba 05-1 5.8% UK Mortgage Portfolio
-------------- -------------------- ----------------------
Alba 06-1 10.9% UK Mortgage Portfolio
-------------- -------------------- ----------------------
Cash 10.8%
-------------- -------------------- ----------------------
TOTAL 100.0%
-------------- -------------------- ----------------------

End

The majority of write downs were from the SME Portfolio. This being now just under 25% of the assets (exc cash)

Also it looks like mainly £ assets rather than Euros. I wonder if that means it will be denominated in £ after redemption (assuming that is how the cash will be returned).

More to come? Maybe....

[holts] 13/6/2014 14:05

It's worth about 38p I think , should be more still come.

[zastas] 13/6/2014 13:28

Looks like I will not have to wait long before my last share is too converted into cash. To the faithful here, the just announced sale is what we always expected. Presumably the issuing Portuguese bank has bought back its issued residual. Excellent work.

[davebowler] 06/6/2014 15:37

From the May Fact Sheet:
ERII Cell Position Summary (in € million)
Number of Positions 5
Residual Income Portfolio Valuation (31 March 2014)8 €9.4m
ERII Cell Cash Summary (in € million )
Cash as at 31 May 20149 €1.6m
Source: Cheyne Capital. Unaudited. Valuation of the Residual Income Portfolio may change, possibly materially, on the next reporting date. The NAV at the next reporting date may be materially different from the valuation implied above.
8. This figure contains the Residual Income Positions remaining as at 31 May 2014, but at the pro forma dirty fair value per 31 March 2014.
9. Cash balance as at 31 May 2014.