Formation Share Discussion Threads

[jonc] 23/9/2013 14:44

I don't think many people have cottoned on to the fact that the debt showing at the six months stage has been eliminated.

[jonc] 23/9/2013 14:43

I am pleased to report the Group's results for the six months ended 28 February 2013.

Julius Properties Limited ("JPL"), as previously announced on 31 May 2012, after receipt of the deferred element of the consideration from the disposal of the mixed use development site at No1 Commercial Street, London will be able to substantially repay the loans provided by JV Finance Ventures Limited in which Formation has a 36.88% equity interest. This shareholding is currently valued on the balance sheet at GBP6.24 million. The deferred consideration due to JPL is secured by property, with repayment due in equal tranches over a six month period commencing in January 2014.

[euclid5] 23/9/2013 14:23

when will they be receiving this amt please?

[jonc] 23/9/2013 13:42

I rarely describe a share as a no brainer but this one is.

[jonc] 23/9/2013 13:40

There is £566k due to the Kennedy Family Discretionary Settlement as per the last RNS.

If I am reading the accounts correctly the borrowings of £4297k shown on the last interims was eliminated when the properties owned by FG Bristol and FG Bradford were handed back to the lenders on a non recourse basis.

Then there is £6.24m due from JV Ventures and the balance of funds due from WhiteChapel Property Fund of approx £800k.

[euclid5] 23/9/2013 12:36

where do you get that figure from please Jonc - thanks

[jonc] 23/9/2013 11:00

Looking good.

This is a bit of a no brainer.

Around £6.5m due in and around £0.5 of debt.

[p@] 23/9/2013 10:33

Woah there!

[jonc] 23/9/2013 09:40

Bid up this morning Crescenter.

See you at 5p when the directors announce that the debtor is paying at £1m per month.

[crescenter] 22/9/2013 22:17

You have sold then Tara as you seem to have gone very quiet?

To my mind there seems to be value here but JonC aside there is no one else buying.

[tara7] 21/9/2013 11:26

Long term investing pays off big time.

NTA 2p to £1.40p

Com 4p to £9.50p

AGL 13p to 80p

WSG 8p to 70p

PTO just 43p 18 months ago now £3.60p.

[crescenter] 21/9/2013 10:04

tara has gone quiet.

Has she sold up?

[jonc] 20/9/2013 09:38

500,000

Oh well.

[jonc] 12/9/2013 14:04

This is still priced to go bust.

However that is not now the case.

The Company now has only a small debt to the trustees of the Kennedy Family Discretionary Settlement of £566,109 and about £7m too come in in the first six months of 2014.

[jonc] 12/9/2013 09:38

The market seems a bit tighter now.

[cjohn] 11/9/2013 11:40

Several of those were me.

I like the potential marked discount to cash and the hints that current trading is favourable and likely to improve further.

[jonc] 09/9/2013 11:54

A few buys today.

[jonc] 06/9/2013 13:29

Last buy.

Stopped at 2m.

[jonc] 05/9/2013 11:00

Added another 500k.

[jonc] 03/9/2013 21:14

Everyone sold up?

[jonc] 03/9/2013 09:41

Delayed sale?

[babbler] 30/8/2013 17:31

Also closed the spread which is nice.

[bains123] 29/8/2013 08:30

Great to see the bid higher!

[moreforus] 29/8/2013 08:14

thanks to Lenis greatest remventure to date

[jonc] 29/8/2013 08:13

Bit off the radar at present.