Dawnay, Day Treveria Share Discussion Threads

[topvest] 28/7/2008 21:17

Who knows, there's shorters all over the place. Time the market rules over shorting were tightened up in my opinion. There's something not quite right about people gaining from everyone else's mysery.

[jdhurry] 28/7/2008 20:01

Can anyone tell me if Naggar and Klimt were shorting DTR? Been reading through all the holdings notices for last few months and not sure if I'm reading it right...

[cerrito] 28/7/2008 16:04

Thanks nickcduk for bringing this to my attention on the IERE thread and bringing myself up to speed as quickly as I can on DTR and not sure where the risk is especially as I noted that as per this am's RNS Dawnay Day has sold down completely.

[jdhurry] 27/7/2008 14:47

Tide has turned here imo.

[crawford] 25/7/2008 12:15

nicjcduk,
yes, I guess overhang is close to cleared:

[nickcduk] 25/7/2008 12:08

Large overhang from Dawnay boys could be close to clearing. Black Rock are also aggressively dumping their holding. Once finished I think we should move up.

[crawford] 25/7/2008 12:04

A bit perky this morning.

[topvest] 24/7/2008 08:48

I've bought a few of these. Looks a solid income generating portfolio, albeit leveraged. In 2 years time this will be over 1 Euro or bust. Not a bad punt, given it has assets that should be protected by high yields and indexation. Distressed selling from Dawnay is an opportunity.

[paulypilot] 17/7/2008 09:34

crawford - you are too kind. My recent performance suggests the opposite !

[nickcduk] 17/7/2008 07:41

QVT hoovered up a fair chunk of DTR to add to their already large holding. Not sure how much selling is still to come from the DD stable but judging by the rally in DD stocks yesterday I don't think there is much left. Would be happy if they managed a disposal program and returned about 60-70c within a few months. With a lot of German property leases tied to indexation its fair to assume that rental income is ticking along nicely as well.

[crawford] 17/7/2008 07:19

pauly,
if you are in, then this is going up - cheers.

[paulypilot] 17/7/2008 01:43

Hi,

I agree looks a good opportunity, with large forced sellers in the market, and the Dawnay Day insolvency clouding the water. Got back in today at 32.5c

German retail is a good area - conservative customers, no consumer boom. Also German retailing is 30 years or more behind the UK or USA. Rents are very low & there is no Business Rates.

I was amazed when I was in Berlin last year (looking at buying blocks of flats, some of which were mixed use - retail ground floor, flats above), that retail rents are increibly low. This means they still have the diversity of small shops which are long-gone in the UK. So there is likely to be a long-term structural change in Germany I think, with rents rising much faster than in the UK.

Cheers, Paul.

[edmundshaw] 16/7/2008 07:58

Good news on assets and liquidity, and still continuing its wider strategic review.

Re: asset management. I imagine a replacement of arrangements is a probably a good thing, as Klimt and Nagar have other things on their plate...

[crawford] 16/7/2008 07:15

RNS Number : 1572Z Dawnay, Day Treveria PLC 16 July 2008

16 July 2008

Dawnay, Day Treveria PLC

("Treveria" or the "Company")

The Board of Treveria (the "Board") notes the press speculation regarding the Dawnay, Day Group.

The Board confirms that the Company's assets and liquidity position is unaffected by current issues surrounding the Dawnay, Day Group. The Company is a separate legal entity controlled by an independent board of directors, five out of six of whom are independent of the Dawnay, Day Group. In addition, the chairman of the Investment Committee is independent of the Dawnay, Day Group. The Company has a significant portfolio of property assets last valued at EUR2.33 billion as at 31 December 2007, comprising income producing assets located across Germany with a strong and diverse mix of well-known tenants.

The Company is externally managed by Dawnay, Day Treveria Real Estate Asset Management Limited ("DDTREAM") under the Portfolio Management Agreement and its properties are managed by Dawnay Day Property Investment GmbH under a series of Property Management Agreements (together the "Asset Managers").

Despite extensive recent discussions with the Asset Managers, the Board has not yet been given sufficient reassurance about the current financial stability of the Asset Managers. These discussions are, however, continuing. The Board is also working actively alongside the management team to ensure that the day-to-day management of the Company continues as normal.

In addition, the Board is simultaneously examining alternative management arrangements in the event that the Asset Managers are unable to fulfil their obligations to the Company in the future. The Board is also continuing its wider strategic review, as previously disclosed to shareholders.

A further announcement to shareholders will be made as appropriate.

Enquiries:

Citigroup (NOMAD to the Company) [phone]

Alex Carter

[nickcduk] 15/7/2008 15:14

Interesting to note Puma Brandenburg picked up a huge holding yesterday and Rothschild added another huge chunk to their previous buy the day before. Both parties obviously see strong value in DTR.

On the macroeconomic front they reckon the German economy may have contracted in the last quarter and that if it happens in the 3rd quarter they will be in recession. Obviously not good news for DTR with their focus on German retail. On the other hand the German consumer hasn't really been splashing out over the last 5 years so any fall in retail sales should be relatively modest. German household savings ratio being above 10% versus about 1.5% in the UK.

Share price ticking up nicely as I write. Long may it continue.

[edmundshaw] 15/7/2008 14:55

LBO, I don't see why small shareholders will get shafted. I bought at 29c, and expect to make a profit when the overhang is gone. This forced selling and the share price is an opportunity AFAIAC.

Some big players seem to agree...

[edmundshaw] 15/7/2008 14:54

Mr Klimt and Mr Naggar have sold about 60% of their interest in DTR on 14th according to my sums. Based on today's RNS.

[nickcduk] 15/7/2008 13:58

Looks as though Laxey have been in the market hoovering up some of the Dawnay Day selling. They picked up a huge chunk of DDS. Wouldn't be surprised if they got a few DTR as well. Should have an announcement out later today to confirm. If they have then I am sure they will be pushing the sale process along a little quicker.

[crawford] 15/7/2008 13:48

Dawnay Day Group sells more shares in Dawnay Day Sirius




LONDON (Thomson Financial) - Investment vehicles in which Dawnay Day Group
owners Guy Naggar and Peter Klimt have substantial interests have disposed of
more shares in AIM-listed property fund Dawnay Day Sirius, according to a stock
exchange filing.
On Monday, Staracre disposed of 12.8 million Sirius shares at an average
price of 30 cents apiece and Supernova Holdings sold 5.1 million long CFDs over
Sirius shares at an average price of 43.8 euro cents a share, after having sold
5,000 long CFDs at 54.5 cents on Friday. Further, Supernova had yesterday said
it sold 2.73 million long CFDs over Sirius shares at an average price of 43
cents each on Friday.
Sirius said the disposals have been made as a result of the forced closing
of a leveraged position.
In a separate filing to the Stock Exchange Tuesday, Dawnay Day Properties,
Dawnay Day International and Dawnay Day Deutschland said they sold 18.9 million
shares in Dawnay Day Treveria at 28 cents each.
Meanwhile, Swiss investment bank LCF Edmond De Rothschild Banque said it has
bought a further 9.9 million shares in Treveria at 28.5 euro cents apiece,
taking its stake in the company to 6.79 pct from a previous 5.14 percent.
Rothschild picked up 8.7 million shares in the AIM-listed property fund on
Friday for 34 cents each from investment vehicles Jetpath and Mariona, which in
total sold 8.85 million shares via contracts for differences. Naggar and Klimt
also have substantial interests in Jetpath and Mariona.
Financial services conglomerate Dawnay Day Group has stakes in property
funds Dawnay Day Treveria, Dawnay Day Sirius and Dawnay Day Carpathian. It was
reported over the weekend that the 2-billion pound group has put its investment
banking division up for sale in a bid to raise cash urgently and is also to
appoint administrators at some of its businesses.
Dawnay Day Sirius, Dawnay Day Treveria and Dawnay Shore yesterday issued
statements saying their operations were unaffected by the reported problems at
Dawnay Day Group.
[e-mail]
vlb/ak

[lbo] 15/7/2008 13:16

If anyone wanted to buy this they know they are dealing with a distressed seller!

Small shareholders will get shafted as usual IMHO

[nickcduk] 14/7/2008 21:03

With DTR being in an offer period I imagine they will refrain from commenting while the review is underway. I think the current share price is an amazing opportunity. Some disposals were already underway at the time of results. Those proceeds could either be used to reduce debt or undertake an even larger share buyback. At current levels those buybacks would be hugely beneficial for shareholders. A full sell off of assets should return shareholders at least 100% return from current levels. Hopefully dawnay days predicament will hurry things up here.

[jonwig] 14/7/2008 18:21

Nope - Peter Klimt is on the board.

[crawford] 14/7/2008 17:42

I'm not clear on why we haven't had a similar RNS like DDC had. IS DTR completely independent of Dawnay Day?

[lbo] 14/7/2008 09:43

I think all confidence is lost in them as managers now.