Share Name Share Symbol Market Type Share ISIN Share Description
European Real E LSE:ERET London Ordinary Share GG00BF7LFN84 PART PREF SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 164.50p 160.00p 169.00p 164.50p 164.50p 164.50p 10 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 1.2 -0.1 -1.0 - 6.73

European Real E Share Discussion Threads

Showing 726 to 750 of 750 messages
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DateSubjectAuthorDiscuss
06/7/2017
11:16
Yesterday's RNS suggests they have resolved to pay out all the funds rather than roll over into a new venture. Very relieved as I would rather the trust did not take on new assets under new management, shareholders are expecting a liquidation. I would guess major shareholders would say the same thing to them. K.
kramch
02/7/2017
14:01
In case you missed it. www.investegate.co.uk/european-reit--eret-/rns/strategy-update-and-return-of-capital/201706300900017188J/
eezymunny
29/6/2017
15:31
I don't suppose anyone here went to the AGM?
zangdook
28/6/2017
12:30
Yes. They say "Board continues to review the position with regards to both the proposed repayment of capital and redemption of shares and the proposal received from Quidnet Capital Partners LLP for the Company to change its investment objective and strategy" I'd say all possibilities are still open.
eezymunny
28/6/2017
12:19
Yesterday's announcement read to me as a change of strategy OR return of surplus cash. Any different views out there?
nicholasblake
08/6/2017
11:04
It is ambiguous, but later in press release it is stated that consultation will end and an update be issued in early July, i.e. about the time a return is contemplated. If the Board wanted to distribute the Nice cash they could do that prior to the AGM. However, as I mentioned before, nothing set in stone.
nicholasblake
08/6/2017
09:40
I don't agree it's "either/or". I read the statement as saying two things: that there WILL be a return of capital and (separately) that they are considering a change of investment strategy. The relevant quotes are : Consistent with the realisation strategy in place since 2011, the Board intends to make a further cash distribution to Shareholders following the Annual General Meeting of the Company on 29 June 2017. Followed by: The Board is also considering a proposal received from Quidnet Capital Partners LLP ("Quidnet") for the Company to change its investment objective and strategy...... Of course, how much cash is returned as a distribution will certainly be impacted by the decision on whether to go with the Quidnet proposal. However to be consistent with the realisation strategy surely it has to be at least the proceeds of La Gaude sale. I agree with Zangdook's view that returning (almost) all of available cash and then proceeding with ERET as a shell would be fine, although do I recall there are some long outstanding tax issues that also need to be resolved before full cash is available?
redhill9
07/6/2017
20:47
Http://www.telegraph.co.uk/business/2017/06/06/one-bad-boys-brexit-plots-100m-stock-market-return/
zangdook
07/6/2017
17:24
My read, given no commitment to return capital post Nice but pre consultation period completion, is that the current plan is change of objective OR return of capital. Of course, nothing will be set in stone yet, despite Telegraph article where Quidnet acting as if were a done deal.
nicholasblake
06/6/2017
07:08
It depends how much they're planning to distribute. If they give us back 99%+ of the cash and then use the company as a shell to raise new money, I'm ok with that. If they want to hold on to our cash in order to keep their jobs, then no. Not ok with that. We could really do with more clarity on this.
zangdook
11/4/2017
11:22
NAV at year end, less opex to june at which point la gaude sale will complete, less schroders base management fee to year end along with wind down costs for the ten subsidiaries give a final return of 137p plus any return from the french tax issue. This was listed at £6.75 in 2007, what a dire performance. With regard to the tax issue, this is an extract from the prospectus. Historically, the Group has benefited from an exemption from an annual tax of 3 per cent of the market value of its real estate assets in France or rights over such assets held at 1 January of each year. As a Guernsey company, the Company must qualify for a different exemption to avoid being subject to such tax. The Company has been advised that, based on the understanding of current French tax law and practice of the Company’s advisers, it has been and should be exempt from such tax as a vehicle listed on a recognised European stock exchange. Any subsidiary holding French real estate and companies in the chain of ownership above such subsidiary must comply with certain filing requirements to avoid the French 3 per cent tax. In addition, the applicability of trade tax in Germany to the Company’s German subsidiaries and the properties held by them is subject to review by Germany tax authorities.
flyfisher
11/4/2017
10:50
ok thanks we will soon find out i guess all the best
n1mgn
11/4/2017
10:44
If the disposal is on usual commercial terms the €5.75m is before ERRT's own occupancy costs -- rates/security/insurance,etc.. Admin expenses £2m in 2017. Schroders down to £100k in H1. Legal/accountancy/tax/board/other the rest.
nicholasblake
11/4/2017
10:06
thanks , how did you come to that burn rate ? from what i see la guade had running costs of 700k pa , that would have been factored in to the sale price , ie sold Net of all costs . so 13.9 as end of DEc including sale but NOT tax added . 15p * 7.7 mill shares over 1 million loss on NAV , i cant see how that works ? thx you
n1mgn
11/4/2017
09:34
Cash burn rate 15p per half, so 179p NAV now is 165p by 30 June.
nicholasblake
11/4/2017
08:36
Hi all can someone check this for me please .From the financials we have 13.9 gbp .7.7 million shares so Nav 180 ? Plus potential 2.2 mill euros tax rebate . ??I am guessing the majority of cash will be in and distributed pretty soon , so still a good 5% upside without tax ?? Thank u , it just looks like a very low risk trade v reward if we can pick them up 165 ish
n1mgn
06/4/2017
13:25
The £9.1m was for net assets at the time of the interims being approved in August. By 30 June this is likely to be more like EURO9.1m. So adjusted NAV more like £1.64 at 1.17. Prelims ought to be out any day, so position will be clearer.
nicholasblake
06/4/2017
09:38
Thanks Papy.
eezymunny
06/4/2017
09:34
EM, re Schroders, it is in the Half Year report linked to from the RNS dated 22 Aug 2016. (see Note 13 to the accounts) The Investment Manager is entitled to a base management fee of £0.4 million per annum, reducing to £0.2 million from 9 October 2016. The Investment Manager is also entitled to 15% of the gross sales price received by the Group for any sale of its Nice asset which exceeds the valuation as at 30 June 2014.
papy02
06/4/2017
09:21
Tx Flyfisher. I missed that - where did you get it from? Don't remember where I got my Schroders numbers from. All a bit of a shame as I reckon the land alone at la Gaude is worth £20m were the council to play ball and allow redevelopment. Suspect the buyer will do very nicely thank you!
eezymunny
05/4/2017
20:33
Schroders are appointed to the end of 2017 at £200k pa base management fee plus commission.
flyfisher
05/4/2017
20:19
I have a note that Schroders were on 0.25% + 15% above book value, so not much, and the E5.75m was net of expenses so maybe Sdr's fee already factored. DYOR!
eezymunny
05/4/2017
18:23
Thanks for that Eez. My quick back of the cornflake packet calculation after I saw the news, in between banging my head on the table because my computer is too slow, was 175 give or take 25. If it's around there I'll be able to buy a new computer with the profits. I seem to remember a few years ago they kept recruiting new advisors and promising them large cuts. Is that ongoing? I hope it isn't going to come back and bite us now.
zangdook
05/4/2017
18:12
my back of envelope calcs said not much upside and best to be conservative in these situations
spob
05/4/2017
17:06
I make it 7,735,321 shares after last redemption, so market cap at 155p is c. £12m. http://www.investegate.co.uk/european-reit--eret-/rns/total-voting-rights/201608310700074679I/ Last update said they had £9.1m cash after netting off liabs. Exch rates haven't moved much since then and a fair bit was sterling anyway. So add £5m for La Gaude sale gives c. £14.1m A bullish case gives c. £1.8m tax refunds (they believe entitled but who knows?)and low wind up costs and running costs since update of perhaps £1m, so total 14.1+1.8-1 = £14.9m or 192p/share A bearish case with no tax refund and say £2m running and wind-up gives £14.1-2 = £12.1m or 156p/share I bought for the EEZY4 porty today on the "looks hard to lose much and might make a fair bit" basis. uk.advfn.com/cmn/fbb/thread.php3?id=30375760&from=1635 My sums may be all wrong and there are of course possible unknown unknowns that could ultimately make me lose!
eezymunny
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