Dci Advisors Share Discussion Threads

[epistrophy] 30/9/2019 17:01

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 16:43

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 20:49

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 16:01

"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 22:20

2021 I think....

[spectoacc] 26/9/2019 09:02

Returns one day, maybe?

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

[hugepants] 23/9/2019 08:33

Results due here.
Exciting times.

[tiltonboy] 10/7/2019 12:24

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 11:37

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

[tiltonboy] 10/7/2019 10:08

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 07:57

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 10:26

"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 07:53

Embarrassing

[spectoacc] 02/4/2019 07:30

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. "

[tiltonboy] 29/10/2018 10:15

Little by little

[hugepants] 29/10/2018 07:46

small disposal announced

[rjmahan] 01/10/2018 11:43

I have also bought back in - this seems substantially derisked now.

[tiltonboy] 24/9/2018 13:21

May have just added to take him over the 3% reporting level.

[hugepants] 24/9/2018 12:31

Is this guy a new shareholder? Mr. Lars Ernerst Bader has 3.26%. RNS from last week.

[tiltonboy] 21/8/2018 16:06

Oceanwood have shifted 40m shares since the start of August. Only another 133m to go...lol...

[spectoacc] 02/8/2018 16:23

Ta; so not the same person? I made a very similar trade once (not in size!) when moving between Dealing a/c and spreadbet a/c, with the decimal extra being the broker's cut.

[tiltonboy] 02/8/2018 16:20

It's two different trades, and was booked out by Panmure, but went via an Inter-Dealer Broker (IDB)

[spectoacc] 02/8/2018 15:37

Hmm - looks like someone moving between accounts maybe? 10m 12.34.52 6.5p, 10m 12.37.02 at 6.51p.

[tiltonboy] 02/8/2018 13:02

Decent-sized trade of 10m gone through. Would guess there is still plenty around.

[tiltonboy] 02/8/2018 11:45

I won't be around that long, unless newsflow dictates holding longer.

Just depends how much more the managers pillage.