Dci Advisors Share Discussion Threads

[spectoacc] 07/11/2019 13:32

Thanks @tiltonboy. One day (in theory 2021) DCI may surprise us - in the meantime, feels like dead money (seem to have too many "deep value" plays like that).

[tiltonboy] 07/11/2019 13:15

Still a huge seller around.

Spoke to the managers recently.

Aristo trading incredibly well, and worth close to the share price on it's own. Kilada, Kea Island, and the others in for next to nothing.

It's how much the managers continue to pillage!

[spectoacc] 07/11/2019 10:11

Not doing much for the s/p.. :)

[tiltonboy] 04/11/2019 11:12

hxxps://www.thenationalherald.com/266727/kilada-hills-resort-to-operate-first-jack-nicklaus-signed-golf-course-in-greece/

[rjmahan] 27/10/2019 16:34

Just low liquidity and someone really wanting to get out.

[hugepants] 25/10/2019 11:04

Looking even more grim than usual here

[rjmahan] 30/9/2019 19:40

Epistrophy - I see your "Point".

There could be more innocent explanations. The original investor could be needing to sell an illiquid asset quickly, don't imagine there would be many buyers out there for it.

Also from the banks point of view dealing with DCI could look a bit corrupt.

Time will tell - I have been told these are a fraud, also they were unlucky. We will see...

Tempted to add if price falls a bit more.

[epistrophy] 30/9/2019 16:01

Also, I wonder who the mysterious "third party" was ... perhaps "Third" is the operable word here, if you get my "Point".

[epistrophy] 30/9/2019 15:43

To be fair, I am reading between the lines a bit here. But the fact that the third party turned the loan around fairly quickly (it all happened within the reporting period) says to me that they made a nice profit on it.

If DCI had settled the loan with the bank directly, we could have saved some money. I suppose there may be reasons that wasn't possible (didn't have the money yet / bank not willing to wait).

And yes, retiring a loan at 40% of par is a great deal on the face of it! But on the other hand, if it's a sophisticated investor selling the debt for 40p on the pound ... what does that say about the equity value of the project?

All just my interpretation and I'd be interested in other views.

[rjmahan] 29/9/2019 19:49

I don't see how that was at shareholders expense.

So the owner of the Symboula loan sold it to party x for an unknown amount of money.

They then sold it back to DCI for 40% par. Creating a gain for the long suffering DCI shareholder...

Notes go on to read:
" 33. SUBSEQUENT EVENTS

On 1 July 2019, Symboula (owner of Apollo Heights in Cyprus) entered into an agreement for the full settlement of its loan amounting to EUR15,726 thousand with the loan acquirer (see note 22) for a total consideration of EUR6,150 thousand. As of the date of the approval of these condensed consolidated interim financial statements, this transaction has been finalised, creating a gain of EUR9,576 thousand, which will be recorded in the second half of the year ending 31 December 2019. "

[epistrophy] 27/9/2019 15:01

"During the period, the Symboula loan of €15,726 thousand was sold by the previous banking lender to a third party as part of a larger package transaction of loan liabilities sold."

So the Apollo loan was sold off to a third party (distressed debt fund?), who then flipped it back to DCI for just 40% of par. Presumably making a nice little turn at our expense!

[rjmahan] 26/9/2019 21:20

2021 I think....

[spectoacc] 26/9/2019 08:02

Returns one day, maybe?

Is there any phrase more vague than "Medium term"?

[hugepants] 23/9/2019 07:33

Results due here.
Exciting times.

[tiltonboy] 10/7/2019 11:24

Specto,

A lot of sympathy for your view.

Surely they can't mess it up from here.

Show me 10p and I'm gone.

[spectoacc] 10/7/2019 10:37

Can't buy it or sell it so sitting on mine until the bitter end!

[tiltonboy] 10/7/2019 09:08

Looks like there has been a bit of movement on One & Only Kea Island.

hxxps://traveldailynews.gr/news/article/70059

Needs translating, but the Foundation opening ceremony took place on Monday. Hopefully that explains why two non-execs bought stock shortly before the start of the "closed" period.

Only the small matter of 100m shares left for Oceanwood to flog!!!

[flyfisher] 10/4/2019 06:57

The gravy train continues for the board and the investment manager.

Incentives to achieve 50% of nav sales.

This company needs to replace the board and I.M.

No position.

[hugepants] 02/4/2019 09:26

"The Board has been encouraged by the success of the asset and project disposals achieved since the adoption of the New Asset Strategy in December 2016"

What success are they talking about?

[tiltonboy] 02/4/2019 06:53

Embarrassing

[spectoacc] 02/4/2019 06:30

2 extra years, which at the rate NAV is falling.........

"Strategy:

The Board's strategy is to optimise the disposal of the Company's asset portfolio in order to return capital to shareholders.

The Board has been encouraged by the success of the asset and project disposals achieved since the adoption of the New Asset Strategy in December 2016, which have enabled the Company to significantly reduce its overall leverage levels and meet all its operational expenses. However, the Board considers that the timeline for the full disposal, in an orderly manner, of the remaining assets of the Company by the end of 2019 to be unachievable and will not allow the Board to optimise realized returns and cash distributions to shareholders.

Accordingly, the Board plans to present proposals to shareholders in the near future for an extension to the current timetable of two years, combined with an amendment to the management fee structure which will align such fees to the level of distributions to shareholders. "