Dragon-ukrainian Propert... Share Discussion Threads

[sophia1982] 01/6/2017 17:31

Nice writeup, I did not think about the huge tax loss!

[rjmahan] 01/6/2017 14:55

Hi Sophia - he already had a pretty significant stake, with buying at 13p he can always sell to the company if they dont offer more than 13p....
I did the same thing - in smaller size :-(

[sophia1982] 01/6/2017 09:58

anyone know Ernst Bader who has just built a significant stake?

[rjmahan] 30/5/2017 13:33

Very lowball, too lowball I suspect offer will be more than minimum...

[hugepants] 30/5/2017 11:43

interesting

[sophia1982] 30/5/2017 10:46

here you go: a lowball offer

[rjmahan] 20/5/2017 21:23

My thoughts on this are that the liquitity of Arricaco is terrible - in all 2017 so far about $500 has traded on the exchange.

I doubt they could sell it given the economy and politics of Ukraine.

This is undervalued - its why I invest but I would no longer trust receiveing what the market thinks Arricano is worth...

Land - who knows ?

A lowball offer wouldnt surprise me. I am looking to add on weakness and I suspect management think the same thing.

[sophia1982] 19/5/2017 15:50

comments from anyone here?

[sophia1982] 18/5/2017 22:07

They seem to understate their assets...

The landbank near Kyiv has now been impaired by perhaps over 90%.
The market values the illiquid Arricano shares at 84m.
They give it a haircut of 70%.
I do not understand.

Or.. there is only one possible way to understand it:

16. Events subsequent to the reporting date

On 23 February 2017 the Company received notification from Dragon Capital (which together with the Company's Investment Manager DCM Limited is a part of Dragon Capital Group) that on 21 February 2017 Dragon Capital purchased 4,674,460 ordinary shares at a price of USD 0.13 per ordinary share. Following this share purchase, Dragon Capital Group holds 24,107,589 shares representing 22.04% of the issued share capital of the Company.

[hugepants] 18/5/2017 20:29

Decent looking results out today. NAV of 33p with over 5p of cash. Modest 2nd half loss of $1.2M (0.8p).

[sophia1982] 15/5/2017 12:36

they have a lot of cash on b/s. let's see what happens with the results

[luckymouse] 11/5/2017 16:41

bit of volume here - are they paying the crazy div still?

[sophia1982] 09/5/2017 16:32

Still waiting.

Anyone has an updated and reliable list of main shareholders?

[sophia1982] 26/4/2017 17:25

Let's see the results.
If there are new impairments it seems possible that the management/owner wants to prepare the stage for a bid.

[rjmahan] 26/4/2017 17:15

Results released this time last year...

[hugepants] 26/4/2017 12:15

I've bought some of these recently at prices in the 13p-15p price range. The manager has been buying shares at around 13p and I assume have temporarily stopped because the company is in a closed period. Results must be imminent?

[rjmahan] 26/4/2017 12:08

Yes fees arent based on NAV any more my mistake...

Landbank was bought at top of the market and I believe they had issues establishing their claim - clearing garages off sites etc. Still you are right in that $2.26 per m3 looks extremely low, particularly given what they paid for it. It all depends exactly where it is - I have had a look at Kyiv land prices on various sites and prices are ridiculously mixed....

[sophia1982] 26/4/2017 09:08

Hi Rjmahan,

they have changed the investment management agreement long ago. Fees are not based on NAV.

The landbank was probably overvalued, but it has been impaired by what.. 80%? 90%?
I have never seen impairments so extreme... We are talking about a very substantial area around Kyiv, not Donbass.

In the case of a lowball bid, Don't you think that it would be a pity to give the company away for 20p while there is substantial net cash in the balance sheet?

[rjmahan] 19/4/2017 21:50

Hi Sophia - I only tend to post when I have something meaningful to say and not much has happened other than they paid out some cash.

I wouldn't judge that an impairment means the landbank is undervalued - rather it was overvalued in the first place. These are not 1 big plot - lots of smaller plots (I think). You should remember they charge fees based on NAV - so its in their interest to overstate.

I wouldn't be too surprised if there was a lowball bid - but I got in at a lowball price - so all is good to me!

[sophia1982] 19/4/2017 10:52

Thank you, Rjmahan.
Your last post dates a long time ago. Would you like to update your analysis?
One thing I don't understand is that they seem to understate their assets, especially after the review of the investment management agreement.
You mention Arricano, but also the massive land bank has been hugely impaired to a level which looks extremely low to me.
Is it this an attempt by Fiala to prepare a low ball bid for the company?

[rjmahan] 12/4/2017 23:05

I'm in it Sophia check out my blog www.deepvalueinvestments.wordpress.com

[sophia1982] 11/4/2017 12:59

Anyone following this?
Stunning discount to NAV (with good chunk of net cash).

[rjmahan] 05/2/2016 16:46

I have just bought this - trading at very close to cash, some of which is coming back via a dividend very shortly...

hxxps://deepvalueinvestments.wordpress.com/2016/02/05/dupd-it-trading-at-near-cash-value-discount-of-75/

[meathed] 06/1/2016 06:31

posts 332 and 337 are the same multi-handled sock-puppet troll. I wouldn't bother answering him even sarcastically.