Not sure that many would have gone short here. I went long as a hedge against them pulling out as EI did. Even though my holding here is less than half my API I've made more here today than with API. Think I may hold on longer term though. |
Well done. The merger arbs will be tonked on this, winning on their API longs but suddenly finding themselves short the co that no longer may be the acquirer.
As for SHED, what's the offer worth now they're 117p? |
Lovely.
I bought as a trade on the basis of the deal falling through, as previously mentioned. Average buy price 66.8, mostly out over 71.3/4. |
My impression - the investment manager is shocked by the CREI share price reaction post API merger proposal - CREI
highlighted their low NAV discount, re the wider sector, in recent results statements.
With this in mind, best guess is the offer terms are final. |
its the wacky races. |
Agreed re relief rally but there's two concerns...
Firstly, there's a worry that a bidding war might erupt.
Secondly, if CREI goes up too much and SHED takes a bath, they could be back in pole position to get API again 🤪 |
Relief rally for CREI?. |
SHED are either doing CREI a massive favour, or else CREI is about to get involved in a bidding war. The REITs have gone nuts, the sector specialists (big tick) are turning themselves into the cr*ppy generalists (first BBOX, now SHED).
I've always rated SHED, pah. |
Didn't see this coming!! |
What shocked me about the merger detail is the costs involved - £5.9m!!!
Still, I reckon it will all be voted through; and over the following 2-3months CREI will recover back to the mid 70s. 10%+ up on where we are now.
It is a well-run operation and Richard Shepherd-Cross widely considered one of the best investment managers in the sector. Hence why CREI for so long traded at a premium and able to issue so many new shares at a premium.
Even in recent times before the API crash, they still traded at a mere 12% discount. |
I guess we're all surprised the deal wasn't DoA after the initial CREI fall - I wonder where the CREIAPI discount will settle if/when the merger goes through. |
Hopefully back over 70 pence soon. |
@EI thanks for the update on ii trading. Anyhow ive been put off topping up because of the time it took me to get through last time so didn't want to be left holding more and no one answering the phone so good to hear. They told me a month ago it was just a matter of uploading the KID and was with their IT!! |
ii now alliwing online trading in CREI. |
70 plus should be doable short term?
Around 72 pence..but predictions can quickly look silly. |
CW, yes all at web rates
They are training up a bunch of new starters atm so it's a little easier to get through this week. |
I assume that was a phone deal EI? They should do those at online rates |
Raj, my latest purchase was this morning - 22788 shares at .6460, so the answer is yes, it is possible with ii.
But there may be a proviso, as you have identified correctly there is a KID 'issue'.
ii gave clearance to buy as I said that I had read this previously. |
No doubt due to the lack of a KID. Goodness only knows why though. Seems to be a regular problem with ii unfortunately :-( |
Does anyone know why you cant buy CREI on Interactive Investor? It comes up on their mobile app as no regulatory docuemtns. Has anyone been able to buy on phone or is it a no go with them? |
With cavernous sector discounts available atm, it's impossible to discern a share price low. The higher yield 'should' provide some eventual support, particularly as it's a covered dividend.
API suffered hugely from the financing fiasco
and arguably their discount to NAV may not reflect the quality of assets. The API discount more a reflection of ABRDN (best guess).
It could look very different in 12 months (or may not!). Would be very surprised if the deal does not complete. |
Even if the deal fell through, would CREI ever deserve a premium discount (if that isn't a non sequitur) again? I'd argue not. |
The share price is 20%+ down since this acquisition was announced. Not bad considering the intention was, and I quote, to "deliver shareholder value"!! Just looks like an act of sabotage now. CREI probably a takeover target themselves now. Maybe API should make an offer? |
Me too. Now have just over £40k across API/CREI. Looking at a LTH I need to start getting more income from my holdings. Not that a bit of capital appreciation wouldn’t be welcome. |
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