ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

DDC Dawnay Day

37.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dawnay Day LSE:DDC London Ordinary Share GB00B0B66533 ORD SHS 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 37.75 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Dawnay Day Carpathian Share Discussion Threads

Showing 1826 to 1849 of 2125 messages
Chat Pages: 85  84  83  82  81  80  79  78  77  76  75  74  Older
DateSubjectAuthorDiscuss
15/7/2008
14:30
Some buying since 1400 hours. Well that's a slight relief.
Added again at 39.25's.

hectorp
15/7/2008
13:06
No doubt I'll be able to buy a discounted Spanish home next year for 30% of last year's price, especially with cash. I nearly forked out £200K for a villa 9 months ago, phew!
There will be very great opportunities, and holding on to DDC is one such.

hectorp
15/7/2008
12:59
Marben, no doubt quite possible, simply no report yet.
Sells much lower vol today too.
Markets as a whole are very weak.
However de Rothschilds in Switzerland must have done their homework, and they are 100 times more likely to know the market they are investing in than I do- or even the filtered one.
H.

hectorp
15/7/2008
12:58
Hi hectorp,

I suspect DD group are forced sellers of DDC too. There may be an RNS to come which has not been issued yet as critical holding levels haven't been breached.

Regards,

Mark

marben100
15/7/2008
12:54
If it got any bleaker we would have to get the rope out!

European recession looms as Spain crumbles

lbo
15/7/2008
12:53
ADVFN competitor.com/action/news/showArticle?id=3100214
kimboy2
15/7/2008
12:38
News half an hour ago,
D-Day sells more shares in DD Sirius etc..
- NO mention of sales in Carpathian, if you note chaps.
- Also Rothschilds are buyers of some of these assets.
Things are not as bleak as at ist. sight
H.

hectorp
15/7/2008
12:27
A distressed seller will always mean the small shareholder gets shafted!
lbo
15/7/2008
11:45
The shares are so low you can sell them of at a 20% higher than market yield (i.e. 60% reduction in NAV after debt gearing of around 2/3rds) and still make a profit. Don't you think vulture funds would buy property at a 20% discount to market prices? I expect some Poles riding the boom there and with longer term views than British funds might be willing to pay market price.
aleman
15/7/2008
11:45
What sort of investor is the buyer of the properties on 6.5% or even 8% yield at present?

The same sort of investor that is a buyer of properties on a 5.9% yield just over a week ago:

SEGRO plc, the leading provider of flexible business space in Europe, has
agreed and completed the sale of Tulipan House, Warsaw, to Commerz Real for EUR59.7m.

The transaction reflects an initial yield of 5.9 per cent, and encompasses
17,898 sq m (192,652 sq ft) of "A" class suburban office space.

marben100
15/7/2008
11:41
Aleman - FYI I have left a message with DDC re some queries I have concerning yesterday's announcement. When I get a response, I will put the "realisation" issue to them.

I imagine they're kinda busy right now so am not expecting a rapid response but I will chase if I don't hear anything within a few days.


crawford - per my meeting last week they did indicate a) that they were working on some realisations; b) that there was an active market for properties with a value up to €50m. They appeared confident but obviously we'll have to wait for an RNS to see whether that confidence is justified.

Obviously it suits any vulture funds for DDC's share price to be as low as possible, so they might bide their time... or if DD Group are forced sellers, they might already be soaking up their shares - again at the lowest possible price.

marben100
15/7/2008
11:26
If vulture funds have been set up and sitting on cash as reported by the FT, presumably they are sat on the sidelines waiting. You would think one or two might be considering drip feeding into the market by now. If somebody offered you a UK terrace house at a 70% discount to equity based on December's price with a sitting tenant, wouldn't you be doing your damnedest to raise the money needed. DDC's shares are like a £200k terrace with a £130k mortgage (65% gearing) with payments hedged at just under £8k p.a. ( to rise to maybe £12k in 2011 when hedges finish) and tenant paying £15k (typical 7.5% yield )per year rent on offer for £28k cash (40% of £70k NAV).. Shorters are screaming your £200k might be worth £180k but, if your rent goes from £15k to £16k next year with some expected rent increases, it doesn't look much of a problem does it? You're still clearing £5k per year before expenses even after hedging runs out.
aleman
15/7/2008
11:20
A break up would be welcomed by me, but it depends how hard it is to sell property in these dire markets.
crawford
15/7/2008
11:16
What do we do to enquire about this? Would the first course of action presumably be to contact the board to get their views? A partial break up may be all that is needed.
aleman
15/7/2008
10:26
aleman - agree totally (with all your points ;0)). An orderly liquidation (or partial liquidation and return of capital) appears to be the best way to generate shareholder value.

I note that the placing circular said:

The Directors anticipate substantially investing the entire net proceeds of the Placing by 31 December 2008 and, once this has been achieved, it remains the Directors' intention to achieve a return in excess of 25 per cent. per annum after all costs associated with the Company. It is also the intention of your Board to manage actively the property assets acquired by the Group so as to enhance rental and capital growth opportunities.

The Company does not have a fixed life and the Directors will regularly assess their strategy and the growth opportunities within the Group's markets. Should your Board be advised that the opportunities for achieving requisite returns are becoming difficult, then as and when assets are sold or otherwise realised, they will give consideration to a return of capital to Shareholders whether as part of the anticipated regular dividend distributions or otherwise. The Directors will also consult with Shareholders regarding proposals for an orderly realisation of the assets of the Company if at any time they consider that such proposals would be in the best interests of Shareholders. [my bold]

I think I missed a trick last week in not asking whether this was now under consideration! I would expect the Board to be actively considering such an action. If they decide to move to orderly liquidation it might take 2-3 years to do so.

Regards,

Mark

marben100
15/7/2008
10:14
jonwig,

re the "within one year". This high figure is due to the acquisiton of the Agrokor portfolio in December 2007, which had not been refinanced as at the balance sheet date. From the Chairman's statement:

The Group actively manages its cash flow to deliver maximum returns. At the 2007 year end, the Group's current liabilities were temporarily higher than its current assets which was primarily due to the equity invested into the Agrokor project. The purchase contract provided for the transaction to be rescinded should debt financing be unavailable. However, as the debt financing was successfully completed, in March 2008 the Group has, as anticipated returned to a positive balance of current assets and liabilities.

So £30m will have moved to "long term liabilities" since the balance sheet date [see also note 30].

HTH,

Mark

marben100
15/7/2008
10:04
2011 is when interest rate hedges run out. Suggesting we might have trouble in 3 years when the company was already in the process of planning disposals in 2008 is plain stupid and suggests the journalist is just helping out some shorting friends. I have seen this happen far too often. While this does make one lose faith in regulators, it does create some tremendous buying opportunities. Downturns are when the real money is to be made.

I think shareholders must consider the option of changing the board to break the company up in light of the enormous discount to assets before somebody else comes along and does it for us to take most of the profit for themselves. Whilst the company could be worth more than the short term break up value in the longer term, the cash now could be reinvested to pick up a host of bargains elsewhere so I would happily vote for a break up.

I don't mind constructive criticism but I tire of repeated gloating without any kind of substance. I suggest others don't feed the monkeys.

marycurer - 15 Jul'08 - 10:54 - 1827 of 1829 (Filtered)

aleman
15/7/2008
09:57
mary
Rather than just repeating this stuff why don't you give us a detailed analysis of why you think it is going down the pan.

kimboy2
15/7/2008
09:56
cnx - "i,for one, can't wait 500 years ".

I don't approve of you short-term traders.

jonwig
15/7/2008
09:54
yes extremely sensible to ignore someone who tried to warn you and has called it 100% accurately. No wonder most of you are sitting on massive losses.
marycurer
15/7/2008
09:50
any name change should have "phoenix" in there somewhere
but unfortunately i,for one, can't wait 500 years for the
next rising!

cnx
15/7/2008
09:43
w - agree.
jonwig, it is the worry that 'the lender needs the money' which being a root aspect of subprime/crunch, has pushed the share price from 120p to 38p.
Such a fall demands that something is very wrong with world finance markets and so somthing really must go wrong here.
Yet apart from this DD business which has been dealt with yesterday with some ability, there is no evidence anywhere on DDC's investments that things are not progressing very acceptably, within the usual vagarites of the odd void office. Just as I see it.
H.

hectorp
15/7/2008
09:22
From the latest accounts, it seems repayments are:

within 1 year ..... 77m ('on demand')
in 2nd year ....... 80m
years 3 to 5 ......123m
over 5 years ...... 32m

which might be where the '2011' idea springs from.

Demand for repayment of the loans due within one year could be a possible worry - maybe a lender needs the money!

Prudence would suggest they are preparing for some timely disposals, as H says. Refinancing might not be worth the effort at the moment.

jonwig
15/7/2008
09:17
hec: Best to ignore mary, probably related to people like biswell. stopped clock twice a day etc
wolstencroft
Chat Pages: 85  84  83  82  81  80  79  78  77  76  75  74  Older

Your Recent History

Delayed Upgrade Clock