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KEIF Kenmore Euro

33.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Kenmore Euro LSE:KEIF London Ordinary Share GB00B1CH3174 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 33.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 33.50 GBX

Kenmore Euro (KEIF) Latest News

Real-Time news about Kenmore Euro (London Stock Exchange): 0 recent articles

Kenmore Euro (KEIF) Discussions and Chat

Kenmore Euro Forums and Chat

Date Time Title Posts
27/5/201017:12Kenmore European - have I missed something?196

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Kenmore Euro (KEIF) Most Recent Trades

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Kenmore Euro (KEIF) Top Chat Posts

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Posted at 20/4/2010 16:45 by scburbs
More good work from KEIF. Net asset value continues to look increasingly robust and discount too wide.

"Kenmore European Industrial Fund is pleased to announce that it has sold a light industrial asset in Fyllinge, to the south of Gothenburg, Sweden, to a private investor for a net price of £3,452,750 million (SEK 38,000,000) after deduction of an allowance for latent capital gains tax. The net sale price is 1.4% above the property's December 2009 valuation."
Posted at 14/4/2010 12:25 by affc21
So it looks like billionaire entrepreneur Joe Lewis has bought a further stake in KEIF through his Brockland company.


Tamar Capital (which now owns KEIF's investment manager, Kenmore Financial Services) is also owned by the family trusts of Joe Lewis.
Posted at 17/3/2010 08:45 by lord gnome
Looks like a very good deal for Hansteen. Small wonder that they turned their backs on KEIF. Having had a quick look at Hansteen though, I don't fancy them as an investment, whereas I still have KEIF on my watch list.
Posted at 16/3/2010 10:53 by scburbs
Good to see NAV stabilised, dividends continuing and a few more disposals in the pipeline to ease refinancing. Key next news to move the share price upwards is the refinancing. I suspect they may want to refinance it all in one go.

Has anyone seen a release with the full notes (this link stops at note 1)?

"Following on from these disposals, a key focus of the Fund is the Company's capital structure including the debt financing in place. The Fund's loan facilities, currently amounting to £198.6m, expire in three tranches in October 2010, April 2011 and November 2011. The Fund is currently in discussions with a number of lenders and is hopeful that a refinancing deal can be achieved at a gearing level that is both attractive to the Fund and in line with current market trends. Further disposals may be required to achieve appropriate gearing levels under any revised facilities."
Posted at 12/3/2010 12:19 by kimboy2
Hi nickcduk
It may well be the case that I am wide of the mark regarding a fund raising and that Hansteen are just trouble making. If that were the case then I would expect an RNS from KEIF pretty promptly denying that they were in a fund raising.

That hasn't happened yet. When or if it does the price will go up.

If they are planning a fundraising then it will likely be at a discount to the current share price

I am not sure how comfortable 11% headroom is. I believe that they are already in potential default on some loans.

I expect we will find out one way or another in the next day or two. The longer they take the more likely a placing IMV.
Posted at 12/3/2010 11:16 by typo56
LONDON (Dow Jones)--U.K. property investor Hansteen Holdings PLC (HSTN.LN) doesn't plan to make an offer for Kenmore European Industrial Fund Ltd. (KEIF.LN) but is open minded about the 12% stake it bought in the property firm last November.

Speaking to Dow Jones Newswires Joint Chief Executive Ian Watson said Friday it wasn't allowed to carry out due diligence on Kenmore and informed the market that it had ended offer talks late Thursday.

"This represents us putting this deal onto the back burner," he said. He added that Hansteen was "open minded" as to future plans for the 12% stake in Kenmore, and was looking at "significant" property deals in Europe and the U.K..

Kenmore declined to comment on the ending of the talks.

At the time of the stake purchase Hansteen, which focuses on industrial property, said it had approached the board of KEIF with a potential offer valuing the company at around GBP56.8 million.

The potential offer was made up of 20 pence in cash and 0.2469 new Hansteen shares for each KEIF share, which equated to around 40.6 pence a KEIF share.
Posted at 12/3/2010 08:00 by typo56
I've not really been following KEIF but when was the announcement made by KEIF of the "significant equity fundraising"? Have HSTN let something slip here? Seems odd to make a deliberate point about it by releasing a revised RNS this morning.
Posted at 09/3/2010 11:16 by skyship
It was way back on 25th November when Hansteen announced they had bought a 12% stake in KEIF in an off-market transaction valuing KEIF @ c.40p/share. They entered into due diligence talks with KEIF at a time when the waters were muddied by the bankruptcy of the property managers Kenmore Investments.

Up until then KEIF were ticking all the right boxes, especially with the active management of their property portfolio - hardly a month passing by without a further sale at above valuation and a further reduction in the LTV.

Since November - a big silence and a slow but steady drift back in the share price

So, my reading is that:

If there is a bid from Hansteen, it will have to be at more than 40p & in CASH.

If there isn't a bid from Hansteen - so what? Someone else might be in the wings; but KEIF were doing very well on their own.

Either way, at 36.0p-36.5p they seem like value again, so I've made a small introductory purchase at a tad under 36.5p.

Incidentally, can someone elucidate on the subject of deferred tax - as per the 19th Nov'09 IMS - see link below. If you add back the deferred tax the NAV leaps from 53.5p to 75p, but is that extra 21.5p real? Someone recently gave a very good explanation (perhaps on TMF - perhaps here on CP+) but I've forgotten the basic tenets of it all!!!
Posted at 25/11/2009 08:34 by crawford
Hansteen confirms that an approach has been made to the Board of KEIF in
relation to a potential offer by Hansteen for the remaining issued and to be
issued ordinary share capital of KEIF. The potential offer comprises 20p in cash
and 0.2469 new Hansteen shares for each KEIF share, which equates to a value of
approximately 40.6p per KEIF share and values the issued share capital of KEIF
at approximately GBP56.8 million, based on the Hansteen share price of 83.25p as
at the close of business on 24 November.


Hansteen believes that this potential acquisition is an excellent opportunity to
buy high yielding assets which would complement and extend its existing European
portfolio. It would also further capitalise on the asset management expertise
already developed by Hansteen in Europe. Furthermore, Hansteen believes that an
offer at the level indicated would be in the interests of KEIF shareholders.
Posted at 10/9/2009 07:53 by nickcduk
crawford - I posted a reply to your question on the wrong board. Its over on IERE. I guess you have probably seen it though.

Disparity between ALPH and KEIF is pretty stark. KEIF has lower gearing, generates higher underlying earnings and trades on a much larger discount. Yet ALPH trades at 20% higher. KEIF management should take note what a higher dividend can do for your share price.
Kenmore Euro share price data is direct from the London Stock Exchange

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