European Real E Share Discussion Threads

[finkwot] 01/9/2017 15:36

Does anyone have a view on the future? I've been thinking on the lines that we'll end up getting very nearly 165p per share, plus any eventual proceeds of the tax case. Now there are only ~440k shares left that could be quite juicy.

However I'm a little concerned that I may be being over-optimistic about further distributions. The crux lies in this sentence:

Any liquidation and running costs associated with the structure are estimated and included in the estimated, unaudited liquidation NAV

Does this mean estimated costs have been deducted before arriving at the NAV? In this case "included" would mean "taken into account". Or does it mean they have not been deducted; in other words they are, as it says, included in the total?

Sorry if I'm being dim, but quite a lot hinges on the exact interpretation of this sentence.

[zangdook] 31/8/2017 18:01

It was actually 165p this time.

I hope the next distribution takes place before the rump shares are expelled from ISAs.

[zangdook] 07/8/2017 08:56

So say what it is you're posting for the benefit of your imaginary friends.

[spob] 07/8/2017 08:39

i posted the link for the benefit of those who may have missed the RNS this morning

you can climb back down from your high donkey now

[zangdook] 07/8/2017 08:16

spob, the news is already listed in the box under the charts. If you're going to repeat a simple news link at least say what it is so people don't waste time. k?

The potential reward for the rump shares if the tax case goes our way is quite interesting.

[eezymunny] 31/7/2017 13:18

Broker confirms "The redemption price of 165p that you have stated given by European Real Estate Investment Trust was an estimate and the actual final redemption price was 164.51p per Share"

Whatever...

[eezymunny] 31/7/2017 11:59

They said "The Eighth Redemption will be effected at the estimated unaudited liquidation Net Asset Value per share as at 30 June 2017 of 165 pence per share, which is an unaudited estimate and will vary in part contingent on the sterling euro exchange rate".

A bit hazy. I got 1.644507p/share.

Hmmm...

[eezymunny] 31/7/2017 11:50

My best guess is they determined the redemption price but there was some currency sensitivity. That wasn't clear in the RNS however!

[zangdook] 31/7/2017 11:42

Thanks. If it's the brokers they're all at it.

[eezymunny] 31/7/2017 11:08

I've had cash from one broker now, with the same outcome as you zangdook. Have queried it but I guess the company has paid out c. 164.5p which seems odd given the RNS!

[flagon] 31/7/2017 11:07

Received 164.51p last week via TDW/III.

[zangdook] 31/7/2017 10:58

I'm puzzled by this

"The Eighth Redemption will be effected at the estimated unaudited liquidation Net Asset Value per share as at 30 June 2017 of 165 pence per share, which is an unaudited estimate and will vary in part contingent on the sterling euro exchange rate."

Does that mean they paid 165p per redeemed share, but we shouldn't rely on that as the NAV? Or does it mean they did a recalculation (which they haven't disclosed) to determine the exact amount to pay?

I would have thought the former, but I (eventually) received a tiny fraction over 164.5p. Is my broker helping himself to a few quid, or is that what everyone got?

[eezymunny] 28/7/2017 17:32

Not had mine with either of 2 brokers... One shows cash pending and correct no of new shares. Other still has old holding.

Should resolve itself next week I guess...

[ifthecapfits] 28/7/2017 16:56

Yes - received today.

[zangdook] 28/7/2017 16:42

Has anyone had their new shares or money yet? Hargreaves Lansdown for all their failings are usually quite good about this sort of thing, but they still think I have the old number of shares and they won't even admit that there is such a company as ERET if I try to get a price.

[kramch] 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.

[eezymunny] 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/

[zangdook] 29/6/2017 15:31

I don't suppose anyone here went to the AGM?

[eezymunny] 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.

[nicholasblake] 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.

[redhill9] 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?

[nicholasblake] 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.