Alpha UK Multi Share Discussion Threads

[asmodeus] 29/11/2013 16:08

Or perhaps just after hours today? P.S. I just can't believe they would have held an EGM, and that major shareholders, some of whom probably know a lot more than most of us, would have voted for the extension, unless a lender had actually said " we will lend you the money provided you extend"

[the troll] 29/11/2013 16:00

having looked very carefully @ 52p to sell, the 75% + discount to NAV ( that's steep ! ) ultimately persuaded me to stay in. I hope I don't come to regret it.

RNS presumably Monday now; maybe they don't have calendars ?

[bubble pricker] 29/11/2013 03:17

They won't tell you until the RNS is released

[asmodeus] 28/11/2013 21:42

I have Emailed them to ask what's going to happen tomorrow.

[the troll] 28/11/2013 19:02

they categorically promised an update by tomorrow at the latest ( see para. 3.1 of EGM notice ). I'll be concerned if it doesn't materialise.

[asmodeus] 27/11/2013 14:39

The BOS loan expires the day after tomorrow, and there is, and has been some buying, so surely the chances are that re-financing is more likely than not (to put it cautiously)?

[asmodeus] 18/11/2013 11:55

They have now had the meeting and agreed to extend the life. So all that remains is to see whether they can re-finance satisfactorily. There has not been one purchase since that RNS! (According to ADVFN).

[asmodeus] 13/11/2013 09:27

There is an EGM on Monday to discuss extending the life of the company, which is a condition for the re-financing under discussion.

[profitaker] 13/11/2013 09:12

"The borrowings of GBP47.5 million provided by Bank of Scotland in respect of the Company's wholly owned subsidiaries, CHIP (One) Limited, CHIP (Three) Limited, CHIP (Four) Limited and CHIP (Five) Limited, are due to expire on 29 November 2013.

The borrowing of GBP8.5 million provided by Nationwide in respect of the Company's wholly owned subsidiary, CHIP (Two) Limited, is due to expire on 28 February 2014.

Discussions with Bank of Scotland, Nationwide and alternative banks and providers of capital are continuing in order to pursue extensions to, or refinancing of, these borrowings. The Board will issue a further announcement in due course."

They're cutting it a bit fine !

[asmodeus] 13/11/2013 08:16

Revised assets per share 219p. Share price 57p. (See this morning's report). This seems too good to be true regarding risk if they have to wind up? Is it?

[asmodeus] 11/11/2013 11:08

Somebody, via Hargreaves Hale Nominees appears to have increased their shareholding by 100,000, taking them above 3%, which seems to imply confidence?

[asmodeus] 30/10/2013 14:18

Sorry Pejaten - what is gem? And where would I find it? Edit: do you mean EGM?

[pejaten] 30/10/2013 13:40

Read the gem notice. That will tell you everything

[asmodeus] 30/10/2013 08:59

Any large shareholders here - or any other opinions as to whether or not there will be a vote to continue life of this share? Or the likelihood of re-financing? (ERET have just done this O.K.)

[red army] 28/10/2013 08:21

My target is 70p and still long.

[ironstorm] 25/10/2013 09:11

I see things are now moving on.

They expect to update on finance available not later than 30/11.

Still positive about getting the finance though.

One other thing the circular talks about £4.9m of cash on the balance sheet at the half year (which must have grown by now). Now I know they have been paying down debt but if that is in the PLC books I think the borrowings are non-recourse to the parent . . .

If they kept the cash separate that would be £5m for the company no matter what happens against a market cap of £3.5m.

Now I assume the Nationwide demanded some repayment for their extension but the cash will have been rolling in since then. That would imply a 50% minimum upside it it all went Pete Tong!

Hopefully a small cushion.

[the troll] 18/9/2013 17:38

market's not happy with this, despite the numerous positives.

situation likely to persist, I fear, at least until we learn exactly how much new equity RBS wants raised.

[ironstorm] 18/9/2013 09:30

Another day, another dollar.

Nationwide have agreed to delay until Feb repayment. Hopefully NAV will be moving in the right direction by then . . .

No news here, move along.

[bbr391] 03/9/2013 15:10

About time too .
Maybe we can move up a little closer to NAV of £2 .

gla @ Project alpha

[the troll] 03/9/2013 13:56

that or someone's approached them ?

[bubble pricker] 03/9/2013 10:09

This price action suggests that they have struck a refinancing deal or are close to it, and the information is leaking out

[ironstorm] 03/9/2013 08:34

Yes it makes sense.

Another good start to the day too with another higher purchase.

[the troll] 02/9/2013 17:54

it also makes you wonder if any investors with the 'clout' to re-finance the debt might be running their slide rules over this; they'd get an attractive discount & forward yield ( even @ say 80 pps, a price the board would have to recommend IMHO ) & could, I'm sure, materially increase eps by eliminating or reducing those investment management fees ( currently running @ c £1.2m or 0.14 pps per annum ); they'd have to come forward before the re-financing terms are announced though ?

[ironstorm] 02/9/2013 13:21

Just picking up your thoughts earlier Troll, I don't think they would need to raise that much money.

I think the economy is growing, there is an air of confidence and on that basis LTV might only need to be reduced to 50% (60% would be better tho ;-). That would mean raising £17.5m.

Using a price of 25p for the new shares the revised NAV would be 46p. At 30p NAV would be 54p and at 50p NAV would be 83p.

That assumes that Nationwide want in on the act too. However would be good if NW extended into early next year - then the dilution might not be as much. Or if alternative debt sources could be used.

With more buying along the lines of today we could see the strike price a fair bit higher.

[ironstorm] 02/9/2013 12:24

Decent volume here today - £33k worth. Not seen that size for a long while. I think that is 1.5% of the company.