Alpha Share Discussion Threads

[pugugly] 14/11/2014 07:50

ADJUSTED NAV* 10.7 PENCE PER SHARE AS AT 30 SEPTEMBER 2014 (30 JUNE 2014: 12.0 PENCE PER SHARE)

However loans of £210.7m (€269.7m)mature February next year The Trust's investment portfolio was last valued on 30 June 2014 at €278.0m (£217.2m at 30 September 2014 exchange rate)

Theoretical margin of £7.00 million - Impossibe (imo) to refinance at as bankers will demand much greater loan to value margin.

Possibly only option (imo) would be to sell the company to a deep pocketed property invstor looking for yield. However ther could well be significnt transaction costs -

however the French economy is in a mess - Unless a bidding war then why pay more than a nominal salvage price for the whole trust.

If no interest then probable liquidation and nothing for speculators.

Too high risk at the moment (imo)

[aspex] 14/11/2014 07:14

What do we take from the trading update?Does the extension of lease terms do anything for value?

[senor_sensible] 11/11/2014 09:12

ALU, prime tenant recovering well, looks even better for next year. ties in with their needs for further office space

[envirovision] 03/11/2014 15:02

Selling whats left of the prime assets to remain solvent and pay the fat cat trust and bank fees.

[senor_sensible] 31/10/2014 11:34

mgalle
29 Oct'14 - 18:58 - 1615 of 1622

RE; Property sales, prices have bottomed, IMO companies should be buying property in EU now, especially with the glut of cheap money becoming available. but they have to improve the LTV due the situation following the barx debarcle. For this reason I can see REITs with existing LTVs of 40-60% taking this over at these prices but the volume of shares would not suggest if this was the case it would be an approach to the company rather than a hostile one

Interesting how Barx force exchange rate swaps and have recently been found to have manipulated exchange rates. We would have a good case to take to court and recover losses, however as a property investment trust, the company are assumed to be qualified in deciding if swaps are a good thing or not.

Either way, adjusted nav was 12p, real nav was 5p. Got the extension of AL site recently and some property sales so could see nav marked up a few pence. if we see these NAVs start an upward trajectory then the share price will soon adjust upwards. but need to get rid of the burden of the swap settlement.

at sub 2p, it is worth buying and holding IMO, come on Germany get the QE printing press out and we will see the property values in france and spain increase by 10% immediately.

[senor_sensible] 31/10/2014 11:34

mgalle
29 Oct'14 - 18:58 - 1615 of 1622

RE; Property sales, prices have bottomed, IMO companies should be buying property in EU now, especially with the glut of cheap money becoming available. but they have to improve the LTV due the situation following the barx debarcle. For this reason I can see REITs with existing LTVs of 40-60% taking this over at these prices but the volume of shares would not suggest if this was the case it would be an approach to the company rather than a hostile one

Interesting how Barx force exchange rate swaps and have recently been found to have manipulated exchange rates. We would have a good case to take to court and recover losses, however as a property investment trust, the company are assumed to be qualified in deciding if swaps are a good thing or not.

Either way, adjusted nav was 12p, real nav was 5p. Got the extension of AL site recently and some property sales so could see nav marked up a few pence. if we see these NAVs start an upward trajectory then the share price will soon adjust upwards. but need to get rid of the burden of the swap settlement.

at sub 2p, it is worth buying and holding IMO, come on Germany get the QE printing press out and we will see the property values in france and spain increase by 10% immediately.

[sleepy] 30/10/2014 15:26

Market cap now c £2 million. Why would any institution be bothered?

[mgalle] 30/10/2014 14:00

The problem is Red Army that you will not be able to get the board to resign without strong institutional support. If they are upset with how things are going they will just dump the shares they hold - its not their money after all. However, it is hard to believe that you can spook the market any further.

I would much rather the board was concentrating on finding a lender, getting the debt down, selling properties (problem with this is that they more they sell, the less revenue there will be to service the debt but as there seems to be some level at which the banks will not lend above it may be necessary to sell some more.)

As far as I can tell there has been no massive institutional sell off but I could be wrong!

[red army] 29/10/2014 22:29

I for one will be taking this matter further.Rest assured.

[irnbru2] 29/10/2014 20:01

Barclay fiddle, ???

Must have missed it.

[irnbru2] 29/10/2014 19:59

maglle,

These are good questions.

Can I suggest, that the BoD may not be thinking as clearly as yourself.

[irnbru2] 29/10/2014 19:54

Red army,

I don't think that will happen.

Don't even touch this with barge pole, at 2p.

It should have been SOOO easy.

Rent property.

It all went a bit financial, who knows where the money went.....well that's not true...fairly clear where the money went.

The hedge on the currency, was hoot.

[red army] 29/10/2014 19:05

There has been some careless actions carried out by the board and they should be accountable.

[mgalle] 29/10/2014 18:58

Yes but will they? I haven't so far. I was wondering if the recent bounce was an actual big buy or was it just a shorter who over extended? (I keep buying and it keeps getting lower so I can understand your annoyance.)

Senor what are your thoughts on the recent property sale and how do you think it changes the % required for the renewal of the property loan. (I am assuming the extra money for the Barclay fiddle will be a short-term loan that the trust will try and reduce every year.)

Has anybody got recent figures on the institutional holders and other large holders and if they have changed?

[senor_sensible] 29/10/2014 10:35

mere peasants are able to buy at sub 2p. even the firesale value is over 5p per share.

[envirovision] 25/10/2014 12:38

By the time this company finds an even footing it will have effectively vanished into an infinite singularity and cease to exist, even shareholders paper certificates will simply vanish into a quantum universe.

Good luck red army, you will need it given the appalling governance and management ever present here. The truly shocking reality is how such incompetence has been executed over the years and exactly why that is.

From my own perspective it has been so blatantly shocking that I truly believe there is some other feverish motive at work here and it would probably be fascinating to know the true story behind it all but I suspect us mere peasants will never get to really find out what lay behind it all.

[red army] 20/10/2014 16:24

I am about to call for a extraordinary meeting to table a "no confidence" vote against the board due to failure to execute a strategy in the best interest of the shareholders.
If anyone is interested in joining me please email me your details to [e-mail] and I will respond directly assuming that you are a shareholder of the company.

[orchestralis] 08/10/2014 11:14

They need to sort out the debt, so sales area good thing at the moment.

[cjohn] 08/10/2014 11:09

Another property sale at book value.

[pugugly] 26/9/2014 13:57

New all time low - News leaking ? or risk now seen too high for potential buyers.

Declaration I do not hold but could see value if refinacing possible but LTV required required too high compared to current european bank requirements.

Only possible upside kicker could be a long term investor with deep pockets bidding, paying back the bank loans and then refinacing but would be at a scalpers price (imo) possibly just offering an exit route in the region of current market say 2p or less.

[bisiboy] 14/9/2014 19:49

does anyone think that ARTL might be used in any refinancing.

[cjohn] 10/9/2014 11:05

Given that they say the new capex of 9 m euros will be stepped, the bulk of the funds for this may well be spent after the refinancing.

[blackpoolsteve] 06/9/2014 09:30

Hi Senor

Its a pity the board cannot clarify in its statements what steps they are taking to get rid of the leaking bucket.ie Barclays.

Also, I know one Institutional buying has been selling down for at least 2 years now,but others hold 50%+,so presumably they wont be very happy with the board,but really should be putting pressure on them to quit Barclays asap,and renegotiate their debt to more favourable rates.

I accept that this is a delicate subject,but communication and intention after years of decline,would be reassuring

Regards, Steve