Alpha Share Discussion Threads

[mgalle] 26/8/2014 08:18

I forgot about the summer bank holiday. (No idea where the price will go and the shorters are saying it could go to zero.)

[blackpoolsteve] 22/8/2014 19:07

Brooks McDonald were selling down IERE until it reached 1p late last year. Wouldn't surprise me if this went the same way - but this board is weaker?

[senor_sensible] 22/8/2014 18:55

Bnak holiday weekend in the UK september should see a return to trading volumes, buy on the dips imo

[red army] 22/8/2014 16:43

£15000 - £20000 worth of daily volume says it all.

[red army] 22/8/2014 16:41

I would not look for a big seller simply small sells move these markets on such low volumes this summer and create opportunities.

[mgalle] 22/8/2014 16:34

Looks like a major holder is bailing today. Anybody know who?

The value is set by an independent valuer. I think the property sales were not a serious disposal but done to show that the property is worth at least the valuation.

The report claimed most of the loan is in Euros which is news to me.

[senor_sensible] 22/8/2014 08:16

IMO, they are artificially reducing the property valuesby as much as 20% when compared to other properties in the areas. Wonders if they are lining it up for a takeover or just making disposal easier to get support for. Qe money would help them out here.....

[hosede] 15/8/2014 10:41

At current rate of interest NAV could be close to zero by Feb. Glad I sold most of mine around 6p for a manageable loss of about 20%.

[sleepy] 15/8/2014 10:22

Net assets £14m, net debt £203m

[senor_sensible] 15/8/2014 09:08

Cash at 11mil, adjusted nav 12p per share, ltv could be better. Will need to use cash in 2015 to pay down total debt and get better ltv, otherwise interest will be higher.

Hopefully QE in euro zone will see cheap money go to likes of alph.

Cash in bank at over 2x market cap of company, so the disposals and income generation is pulling these out of the hole.

IMO wishful thinking, get out of the grips of barx and then sue for currency hedge, if this was forced as part of finance then there is a case to answer for barx, they are still pushing this onto private clients in Spain.

[senor_sensible] 15/8/2014 08:31

Can't open the results, bandwidth problem whilst away. Can anyone post the following details fr me....much appreciated in advance
1. What is the cash in hand, total and cash per share.
2. Ltv %%
3. Adjusted nav per share

Thanks

[cjohn] 15/8/2014 08:12

In the latest half-year, another hit to tangible asset value: now at 12p (adjusted) per share.


This nearly all due to lower valuation of the properties. (A small operating loss was made as well, as expected.)

The only question here is if and when comercial property values will begin to recover in France. A very mixed picture still across the country. (Property prices are beginning to rise mosestly in Spain.)

[senor_sensible] 30/7/2014 12:01

btw, trading at less the 25% of the NAV still undervalued in a bottomed oversold market.

[senor_sensible] 30/7/2014 12:00

Interims in mid August, I am expecting NAV to increase, improved debt ratio albeit due to increase in Cash and no dividends as yet.

Not a big fan of holding cash in the bank, it is not working for us, pay down the debt or re-finance.

Some of us invested here for a leveraged EURO hedge........

[red army] 29/7/2014 12:01

It would appear that the management company continue to drain the financial resources and the shareholders continue to suffer with this slow inefficient service.
Shareholders interest at heart - you've got to be joking and its about time the board were reported to the authorities.

[senor_sensible] 06/6/2014 17:47

yes still holding, still see this as cheap based on NAV, if they are disposing we end up with a smaller portfolio without the leverage, so might turn into a cash cow but stunted growth. Barclays are holding the balls.

[red army] 06/6/2014 11:39

A very slow start to the disposal programme

[sleepy] 02/6/2014 11:23

Is Senor Sensible still a holder?

[hosede] 28/5/2014 13:55

mgalle
Or Barclays will put the Co. into administration and sell the assets (cheaply)

[red army] 21/5/2014 16:47

The only winner is the managing company and not the shareholder.

[mgalle] 21/5/2014 16:07

The value of the property is now £245.6m down from £245.7m due to adverse currency movements.

Although there has been a decent sized increase in occupancy, the devaluation of the Euro means that they are probably generating less money than before with a 8.2% yield giving £24.28m in the period up until Feb 2013.

It is hard to work out the cost of running the property portfolio as they seem to dislike giving out these figures but it is high. I don't think they are in much danger of not been able to pay back Barclays this year as they have a large cash reserve. However, I do not see much evidence that they are making any progress in reducing the £20.6 loan for the currency hedge and returning to their previous position.

QE in Europe is likely to make the Euro even cheaper against the pound. However, there will be lots of people after a decent return on their savings and there may be many who would find the return from the trust loan attractive. Barclays said they were no longer considering the property value for their loan and others may be willing to do the same in the face of near zero interest rates.

"The Board continues to pursue a combination of realising equity through selective asset sales and alternative financing options in order to support the settlement of the bank borrowings as they mature."

Maybe somebody on the board does read ADVFN posts after all and knows what we want to here, although not much sign of them actually doing it. (It is the first time they have admitted that they have a problem to solve and cannot simply rely on Barclays.)

I think the most likely outcome is that come February 2015, the loan will be made out again for another year.