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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Eur.Residual | ERII | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 4.625 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 4.625 | 4.625 |
| Top Posts |
|---|
Posted at 09/10/2014 09:46 by zastas Well OMG.This investment has surpassed even my wildest as well as my most recent expectations. Just returned from Paris and find ERII sort of exploded , in a good way. A reward for all those who kept faith here. |
Posted at 12/8/2014 09:50 by zastas Indeed. But as the tired saying goes, all of us win some and lose some. I never feel bad about selling too early, and you should neither: better to have some profit banked than none at all. Back to ERII. Unexpected further jump again. I am slightly confused why and what is now the NAV of the remaining shares, but will look into it. Discovered not only the capital return but another fat divi as well in my account. |
Posted at 08/8/2014 12:03 by davebowler NAV is about 84p -1.04 Euros31 Jul Factsheet; ERII Cell Position Summary (in million) Number of Positions 4 Residual Income Portfolio Valuation (31 July 2014)8 3.7m ERII Cell Cash Summary (in million ) Cash as at 31 July 20149 0.5m Source: Cheyne Capital. Unaudited. Valuation of the Residual Income Portfolio may change, possibly materially, on the next reporting date. The NAV at the next reporting date may be materially different from the valuation implied above. 8. This figure contains the Residual Income Positions remaining as at 31 July 2014, but at the pro forma dirty fair value per 30 June 2014. 9. Cash balance as at 31 July 2014. |
Posted at 04/7/2014 10:41 by davebowler Liberum 16 Jun;ERII LN | GULF LN | 13 June 2014 European Residual Income Investments (BUY) Magellan disposal GCP Sovereign Infrastructure Fund (NR) Potentially winding up Real Estate Debt European Residual Income Investments (BUY) Magellan disposal Event ERII yesterday announced the sale of Magellan for 7.4m which is in line with the most recent valuation. Following the sale, there are 4 assets remaining in the portfolio with a total value of 2.3m. Cash on the balance sheet as at 12 June 2014 was 9.1m and the board is considering the best way to return proceeds to shareholders. Liberum view Magellan was the largest asset in ERII's portfolio accounting for 68% of NAV at 31 March 2014. We would expect the remaining assets to be sold off relatively quickly with proceeds returned to shareholders in due course. Assuming the remaining investments are realised at NAV, we estimate the NAV total return on ERII since the cell company was established in August 2011 is 69%. ERII trades on an 8.8% discount to NAV which is now comprised of 80% of cash. |
Posted at 14/6/2014 12:25 by insipiens Holts, from the results ERII reported cash flows from investments for the year ended 31 March 2014 of EUR3.1 million, compared to EUR3.7 million in the previous year. The majority of write downs in the quarter ended 31 March 2014 were in the SME Portfolio. Name % of ERII Portfolio Sector -------------- -------------------- -------------------- Magellan 1 67.9% European Mortgage Portfolio -------------- -------------------- -------------------- Smart 2006-1 4.6% SME Portfolio -------------- -------------------- -------------------- Alba 05-1 5.8% UK Mortgage Portfolio -------------- -------------------- -------------------- Alba 06-1 10.9% UK Mortgage Portfolio -------------- -------------------- -------------------- Cash 10.8% -------------- -------------------- -------------------- TOTAL 100.0% -------------- -------------------- -------------------- End The majority of write downs were from the SME Portfolio. This being now just under 25% of the assets (exc cash) Also it looks like mainly £ assets rather than Euros. I wonder if that means it will be denominated in £ after redemption (assuming that is how the cash will be returned). More to come? Maybe.... |
Posted at 06/6/2014 15:37 by davebowler From the May Fact Sheet:ERII Cell Position Summary (in million) Number of Positions 5 Residual Income Portfolio Valuation (31 March 2014)8 9.4m ERII Cell Cash Summary (in million ) Cash as at 31 May 20149 1.6m Source: Cheyne Capital. Unaudited. Valuation of the Residual Income Portfolio may change, possibly materially, on the next reporting date. The NAV at the next reporting date may be materially different from the valuation implied above. 8. This figure contains the Residual Income Positions remaining as at 31 May 2014, but at the pro forma dirty fair value per 31 March 2014. 9. Cash balance as at 31 May 2014. |
Posted at 24/5/2014 10:38 by zastas Thanks for noticing it; it had skipped me. Must be another pay-out coming. Soon ERII will be my only share holding left. |
Posted at 03/2/2014 16:08 by davebowler ERII Cell Position Summary (in million)Number of Positions 5 Residual Income Portfolio Valuation (31 December 2013)8 9.9m ERII Cell Cash Summary (in million ) Cash as at 15 January 2014 1.1m Source: Cheyne Capital. Unaudited. Valuation of the Residual Income Portfolio may change, possibly materially, on the next reporting date. The NAV at the next reporting date may be materially different from the valuation implied above. 8. This figure contains the Residual Income Positions remaining as at 15 January 2014, but at the pro forma dirty fair value per 31 December 2013. |
Posted at 27/11/2013 10:22 by davebowler ERII Results presentation;Cell holds the legacy portfolio of residual income assets The GAV of the Cell as at 30 September 2013 was 11.4 million Dividend of 4.8 cents per share declared with respect to the ERII shares 16 . Name Expected Refinancing/ Maturity Date Commentary Magellan 1 December 2020 (refinance) Portfolio of prime Portuguese residential mortgages originated between 1997 to 1999 . Average LTV 40% |
Posted at 08/2/2013 10:21 by davebowler jaws6 here's the Liberum note; I got burnt on EET so have avoided ERII in the past but still watch due to my RECI holdings.European Residual Income Investments (ERII / BUY / 0.577) 75% return of capital plus further upside n Our full comment can be accessed by the following link: n 17.2m distribution: ERII will distribute 17.2m of cash proceeds to shareholders by way of a compulsory pro-rata redemption of shares. The distribution equates to 0.43 per share or 74% of the current share price and follows a recent significant realisation (c12m) which we estimate relates to the Newgate 2006-1 Notes. n Remaining Portfolio valued at 62% discount: The current price implies a pro-forma discount of 62% on the remaining portfolio following the distribution. We think this is too wide given the recent strong cashflows generated from the portfolio (c4m in 2012) and guidance for 2013 of 2.6m. n 2.6m cash flow in 2013: Separately, management have given guidance of expected gross cash flows of 2.6m from the portfolio in 2013. This looks achievable given the c1.7m of cashflows (excluding the c12m realisation) generated in Q4 2012. Assuming 90% of these proceeds are distributed to shareholders, this would imply a gross cashflow yield of 44% on the remaining portfolio and a pro-forma dividend yield of 40%. Liberum View: n The shares have risen by 171% since the realisation announcement in December but we think ERII remains undervalued. ERII is always likely to trade at a wide discount given the nature of the portfolio. If we assume an arbitrary discount of 50% on the portfolio, the potential pro-forma return over the next year is 66% (including the 40% dividend yield). We reiterate our BUY rating. |
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