Concepta Share Discussion Threads

[papy02] 26/4/2012 13:29

Thanks grahamg8. Where in the FY results do you see the 6m reduction in liabilities? Many thanks

[grahamg8] 26/4/2012 09:16

Papy, the 6m Euros for Galleria is in the 1 March RNS. So we can I think be quite safe to match this to the FY results 6m reduction in liabilities.

RBCRBC, I have Baia Mare down historically as 3m Euros at H1 2011 ie valuation from 31/12/10. So based on your 2.7m it does look as if the value has been updated. A pity they didn't bother to tell us. What we don't know is if this value is based on the price being negotiated, or a bit of a flyer and perhaps subject to adjustment up or down.

[rbcrbc] 25/4/2012 18:24

21 Assets held for sale
2011 2010
Group Group
EUR'000 EUR'000

Investment property 2,700 237,900
Development property 90 -
2,790 237,900
--------- -------------

The fair value of the Group's assets held for sale at 31 December 2011
has been arrived at on the basis of a valuation carried out at that
date by Colliers International UK PLC, qualified independent valuers
with recent experience in the location and category of property being
valued. Fair value represents the amount at which the assets could be
exchanged between a knowledgeable, willing buyer and a knowledgeable,
willing seller in an arm's length transaction after proper marketing
at the date of the valuation.

On 20 March 2012, the Group disposed of its investment property, as
part of the disposal of its various interests held in the Galleria shopping
centre in Riga, Latvia. Further details are set out in note 33.


It doesnt format well but read note 21 3/4 way down it looks like 2.7m EUR left for Baia mare

[papy02] 25/4/2012 15:46

Yes, I reached the same conclusion once I finished panicking.

The DDG settlement also looks like it's allowed for in the Dec 2011 NAV (?). I'd think the EUR4.4m CPT paid out related on this, also contributes to the cash position delta you calculated?

Leaving, as you say, just the Galleria and (future) Baia Mare sales to be adjusted for.

I'd think the Sales and Performance fees for these (estimated in case of Baia Mare) should also be in the Dec 2011 NAV?

Irritatingly the Galleria transaction is not included in Note 33: "Events after the balance sheet date", so we are none the wiser re the mystery EUR6m reduction in liabilities. The only place Galleria is mentioned there is no ref to the 6m. Given this is the most material item to the current valuation, it's a pretty poor show. Wonder why they did that.

I still need to go through the report again in more detail. Do they state the book value of Baia Mare anywhere?

Comments welcome.
Many thanks

[grahamg8] 25/4/2012 15:10

It's a difficult call. But as far as I can see the DCP was allowed for in the NAV, as was the cash distribution. But as Galleria was not consoldated it would not show up in the accounts as an asset, so cash and reduction in liabilities is all to be added on post 31 December. Liquidation costs are also allowed for so the only siginificant unknown now is the actual selling price of Baia Mare compared to the book value. Well at least I hope that is the case otherwise the share price has a lot more falling to go still.

[papy02] 25/4/2012 09:09

Which slightly differs from today's "The Distributed Capital Payout of EUR10.5 million, based on performance measures set out in the Strategic Review, payable to the Property Investment Adviser has been fully accrued for as at 31 December 2011 and paid in 2012. "

[papy02] 25/4/2012 09:04

They stated the DCP as "approximately €9.86m based on the existing Portfolio Management Agreement calculations, and will be paid in January 2012 around the same time as ordinary shareholders receive payment on the C Share Bonus issue".


(a few lines above end of document)

[rbcrbc] 25/4/2012 08:56

I agree the NAV is very disappointing, but as you point out this is at year end, before the Galleria RNS.

Total Group cash as at 31 December 2011 was EUR49.9 million (as at 31 December 2010: EUR26.8 million) and as at 29 February 2012 was approximately EUR5.4 million (reflecting the post year-end Distributed Capital Payment to the Property Adviser and distribution to shareholders).

The post year end distribution was 12c, with 231m shares in issue that was a cost of 27.72m EUR. So 49.9 - 5.4 - 27.72 = 18.48m EUR Payment to property advisor, I must look back here to see what the estimates were.

[papy02] 25/4/2012 08:48

grahamg8,

weren't we expecting NAV in the range 2c to 6c /share?
So .6 c/ share a major dissapointment. Would you buy at above .6 c/share?

Many thanks

[grahamg8] 25/4/2012 08:38

Prelims out and we still have to wait for distribution news. I would guess this is due to lack of progress on the Baia Mare sale. My previous cash value of the shares allowed for that sale to go through at 50% of NAV ie a loss of 1.5m Euros. So anything better would be good news from my point of view. Even so the year end NAV looks disappointing at 0.6cps, hence the share price drop this morning (and delay in distribution news perhaps). But we do have some clarity because all the liquidation costs have been accrued. But no evidence that I can see on any asset value update. I have also revisited the Galleria sale wording which seems to have been clarified in the results because the final distribution will be '' net surplus from ...other recoveries and cash released from unrealised liabilities''. Which IMO relates to the 6m Euros decreased liabilities from Galleria. Much more of a drop and I will start buying again.

[rbcrbc] 11/4/2012 17:07

Carpathian PLC (AIM: CPT) will announce its Preliminary Results for the year ended 31 December 2011 on Wednesday 25 April 2012.

Could be an interesting day :-)
2 weeks to wait.

[rbcrbc] 02/4/2012 18:15

Bit of a knock back on the bid today - I suspect we will see a late reported large sell soon.

[brano28] 25/3/2012 22:32

Thanks fellows i have also emailed a couple of other lads from different departments within the company. Just got to wait like all shares and in aim it seem to happen a lot longer . Speak soon . As soon as i hear let you know.

[rbcrbc] 25/3/2012 13:52

I believe that we still have the Baia Mare asset (valued at 3m EUR = 1.3c per share) to be dealt with before any talk of the next distribution.

[grahamg8] 24/3/2012 10:20

Brano if you want to know what Galleria is worth to us then you just have to read the RNS from 1 March. The implications aren't totally clear as you can see from several of the postings commenting on the original release. We have yet to fathom why the liabilities should go down by so much. Perhaps the accounts had a figure for future expenditure on the site which we no longer have to fund but will fall to the new owner.

So we are waiting on some up to date numbers so we can take a view on the eventual payout. Talking to the PR team is a good move as it helps along the next distribution announcement.

[brano28] 23/3/2012 16:43

Last buy of the day £10k wow something happening over the weekend

[brano28] 23/3/2012 15:44

Spoken to the PR team handling the company today and it says we will hear news from the last RNS soon . I asked why it didnt have any figures on the last RNS about the sale of interest basically how much we are getting . And they said it was going to take long to sort it out . Also ask them about delisting and I told them i thought this company looked really good on paper . The PR team said that its doing whats asked till told other wise . He seemed really honest and up front so took it as that . Just waiting for the money from the sales and hopefully a RTO for this very nice Shell . My thoughts

I like it here

[grahamg8] 23/3/2012 15:23

The spread isn't as bad as I thought. Just been quoted 2.15p to buy 100,000 and 2.0069p to sell 100,000. Not a complete waste of time then as this includes an allowance for translating into and out of Euros. So come on in and test the waters any new shareholders. The long term holders have had a lot of pain in the past but our faith has recently been rewarded with some very healthy gains indeed.

[brano28] 23/3/2012 13:43

Just cant see why delist if there is money coming and End of years reports show money with further money from other sales coming . ?

Some will snap this up i think . Happens all the time on Aim .

Am holding AND very happy .

I did email them asking if they was still going to delist and have not got back to me .

If they were going to delist like it say on the website why not just say it ???

Been waiting a week or so for a answer . !! Just weird that i think .

RTO RTO RTO this is whats going to happen . Half the battle is getting the money together to get on AIM .

My thoughts

[rbcrbc] 22/3/2012 18:09

Hi Brano

There are a lot of subsiduaries with complex circumstances, such as properties whose value is less than a loan outstanding on the property, so any non-property company would not want to sort out the on-going complexities. There might be another property company out there interested in hidden tax loss situations (if they exist), but it is probably unlikely.

But your investment here should more than double in the next few months anyway !

[brano28] 22/3/2012 16:53

Hi new to this company and got a few grand in it . Researched the company and seen its going to delist the company .Thats the reason for the pay out for share holders . But why would a biggish company buy 3% of a company that is going to delist on the market anyway ? Shall half the battle is getting on the market and setting up a business and then earning money . What i have been reading on the end of year reports is that there is money there for the company so WHY DELIST ? WHY NOT SELL IT AS A SHELL . This is my thoughts i think its going the long way around of getting took over . .It will be a shell for another company and thats why I have brought in . And if am wrong am wrong . To much money to start again kicking about .

[grahamg8] 21/3/2012 12:29

Brave one Papy. The spread is killing the trades but the price does seem to be floating higher slowly. Fingers crossed, eh?

Next stop an RNS on the final distribution. But don't hold your breath. Turkeys don't vote for Christmas. And the property managers and Directors will be in no hurry to make themselves redundant. Hopefully Weiss will keep the pressure on to wrap the whole thing up asap.

We may also get a chance to make a final top up xd before the delisting. That would be an even more difficult call than after the last payout.

EDIT
16.24 Looks like the MMs have discovered there are no weak holders left. The share price could get very lively if that is the case.

[papy02] 21/3/2012 11:34

Indeed. This announcement does remove one possible risk, that the sale would fall through.

So I've bought more at circa 2.4c. (Hope I'm not about to receive a "Diversification 101 lesson" from the market!)

[rbcrbc] 20/3/2012 17:38

And no movement in the sp, hopefully AEX will furnish some good news soon and I can go in here deeper.

[fugwit] 20/3/2012 14:58

Sale of Interest in Galleria Shopping Centre, Riga