Black Sea Property Fund Share Discussion Threads

[hindsight] 07/3/2007 13:01

I presume its QVT Financial LLP, a US hedge fund
They held none above 3% in March 06 by the accounts and had 8% in November 06 page 26
Looks like they see value to be unlocked

[bisiboy] 07/3/2007 09:16

who are qvt?

[dcomd99] 27/10/2006 21:30

Can someone explain this:

Net present value of the Fund (pre-tax) as at 30 June 2006 ('NPV')
estimated at £71.6m (28.6p per share) excluding potential development gains
on the two recent land purchases (31 March 2006: £72.9m, 29.1p per share)

"Sounds good"

The unaudited net assets of the Fund as at 30 June 2006 were £43.9m (17.5p per
share), of which cash and near cash assets comprised £33.1m (13.2p per share).

"Not so good"

Both taken from:

[bisiboy] 11/8/2006 20:58

these look very cheap to me would expect nav to be over 30p by now.

[1mayadrian] 21/5/2006 16:08

Bulgarian property is partly inflated with the 2007 entry into the EU. Recent comment has suggested Romania is on track, but Bulgaria is lagging behind with the process - Tony Blair's 'tougher' stance on imagrants, along with other leaders, may see Bulgaria's entry move to 2008 and beyond. Also trend of house prices cant keep on going up forever, and this will have an effect on overseas property. BKSA is still a solid long term bet though. Using the stock for portfolio asset diversification justifies a buy too.

[torabora] 08/5/2006 11:53

If you like property shares that are to cheap look at COM and NTA.Both are in boom market conditions. Good luck, it might pay to keep your investments in uk property.

[dwsmithdhf] 08/5/2006 11:40

According to the latest valuation this share is trading at a 25% discount to net assets. Seems a bit harsh in a market where property prices are rising!!!

[hindsight] 12/4/2006 10:34

According to scsw Numis have a one year 35p price target

Im not that optimistic for one year but brought some BKSA on the view that property prices will be the same as now in 6 years when the fund winds up, get the 11% discount pa that they have discounted their projects plus the closing of the nav discount, so in theory making the closing fund payout about 50p nett as no corporation tax as in Jersey

If prices rise BKSA gets 30% of it, the developers the other 70%

If prices fall by 10%pa then BKSA will only be 25p at best on payout

I don't know of a EU entrant where prices have dropped pre entry or after a few years of being in, but then there's always a first

Please put me right if I have missed something

[Abuse team] 23/3/2006 12:28

Post removed by ADVFN

[geoffrey] 23/3/2006 12:26

peterstilgoe,thanks for link in your last post. Have recently increased my modest holding in BKSA at 25.72p which is looking like a solid support level. Expect comment in Investors Chronicle tomorrow and Shares magazine next Thursday-(cannot see any reference today).

[peterstilgoe] 23/3/2006 10:28

Latest BG news regarding info that will influence property prices etc:

[peterstilgoe] 23/3/2006 10:27

Whizz air is also flying direct to Bourgas from may, Im going for £100 return...

[hindsight] 23/3/2006 10:18

I have brought some, reasons are Jersey going to zero corporation tax, bird flu worries worldwide now - not just Turkey/Romania, cant get excited on UK property, all previous EU joiners have seen significant property price rises, fund trades at a discount

Re the latest deal, Im told Byala is a up and coming area, but time will tell
My maths say they will double thier initial investment ( ok more to invest once building starts but that will be short term ) on the latest purchase.
But are the sale prices correct ?, seems to me base sale are at more like 900 sqm looking at sites but they maybe better quality or prices may rise the 10% in 2/3 years

From results, if flight prices and availibility get to Spanish levels I think demand will stay strong, need Easyjet and Ryanair too

It is hoped that 2006 will again be a strong year for Bulgarian inward tourism,
encouraged by a number of announcements from low cost and scheduled airlines
that Bulgaria is to be added to their list of available destinations. From March 2006 British Airways will fly direct from Luton airport to Varna at a cost of between Euro150 and Euro200. Wizz Air, the low cost carrier from Hungary, will commence flights from Luton to Sofia in May 2006. In addition, Norway's low cost airline, Air Shuttle, has announced a direct service to both Varna and Bourgas.

[geoffrey] 21/3/2006 14:01

Results yesterday and further significant land purchase announced today are very positive indications. Would appreciate any comments.

[geoffrey] 17/3/2006 14:59

A good write up in Shares Magazine yesterday might be basis of some purchases today.

[Abuse team] 10/3/2006 05:40

Post removed by ADVFN

[rambutan2] 10/3/2006 00:51

rns yesterday...

Sale of Phase 1 of Magnolia development

The Black Sea Property Fund Limited (the "Fund"), which specialises in the
financing and sale "off-plan" of luxury holiday apartments in Bulgaria, is
pleased to announce the successful sale of Phase 1 of the Magnolia development
in the ski resort of Pamporovo.

Highlights

* Reservations secured in respect of 62 apartments within 5 weeks of
launch of sales program.

* Eur1,150/m2 average sales price.

* Targeted completion of sale of all 3 phases by Autumn 2006.

The Chairman of the Fund, Melville Trimble, said "We are very pleased with the
early sales of the Magnolia development. The average sales price for this
discounted investor launch are encouraging and provide early support for the
Fund's investment model".


also...
numis has a buy rating and 35p target for Black Sea Property.

[rambutan2] 05/3/2006 21:25

might give a little boost tomorrow...

[phil2003] 02/3/2006 15:27

29.2p - assuming no future increase on December 2005's property prices in the locations in which the Fund has invested or has an existing option to do so.

currently growing at 9% per quarter - potentially double your money in 2 years
(+ 50% over and above fidelity's special sits fund over 'ideal' 3 years just gone)

Black Sea steady eddy fund - every portfolio should have one (imvho)...

and now.. (swoosh of cape)... back to the oilers.

[ltsm] 02/3/2006 12:41

worth the wait!!

[twatcher] 02/3/2006 12:09

there it is now....value estimated at 29.2p per share

[ihatemms] 28/2/2006 22:00

What's happened to the end of Feb valuation announcement? Hope it comes soon or the market will get jittery.

[phil2003] 15/2/2006 22:20

pokes TWwatcher suspiciously with a stick whilst chewing a piece of straw...
what you doing here boy.. I don't likes strangers come round 'ere coming here ruining the peace and quiet whilst i talks to meeself!!

indeed, something's rumbling away in the background.
best of mate, I suspect an rns on monday.

[twatcher] 15/2/2006 10:16

I see it ticking up nicely....I can handle 1% rise a day :)