Ft Tre Discussion Threads

[stemis] 13/9/2011 15:51

As at 31 December 2010 the company had net assets of 135.94p a share. This was made up of Private Equity 50.48p
Carbon portfolio 42.97
Cash 42.31
Misc 0.18Most of the cash is ear marked for carbon purchases (about 24.30p) and investment in the private equity (about 15.97p).

Adjusting for those you getPrivate Equity 66.45p
Carbon portfolio 67.27
Cash 2.04
Misc 0.186p a share has been paid as dividend so they must be generating cash from somewhere. All for 60p. Buy a private equity porfolio get a carbon portfolio for free, lol.

[stemis] 13/9/2011 11:00

Seems no support for this share. Where next, 50p?

[wormcatcher] 12/9/2011 17:26

Laxley buying a fair chunk again - time for some news please.

[edwardt] 17/8/2011 12:55

any views on where we are at with the value of the carbon credit book?

[manrobert] 28/7/2011 10:42

small mention in the mail today.Matrix still sees value and has a target price of 120.

[manrobert] 27/7/2011 08:47

think in the short term all eyes will be on laxey partners.could it have been them negotiating with the board to make an offer.?

[manrobert] 27/7/2011 08:09

yeah shame last 2 updates have resulted in a large share price fall.must just hope value will be realised in time.

[wormcatcher] 27/7/2011 07:26

Hmmmm.....bit of a damp squib in the end. Looks like we'll be sitting on this one for a bit longer yet.

[manrobert] 22/7/2011 09:18

i wonder where the 400,000 shares came from as now 8,3 notice from the seller.

[wormcatcher] 21/7/2011 18:49

400K buy from Laxey today, tempted to buy a few myself shortly. Carbon price recovering a little lately.

[manrobert] 19/7/2011 15:20

good to see laxey continuing to increase their holding.

[manrobert] 08/7/2011 10:10

think carbon credits have only fallen from 16 to 13 so value to tre shoul have reduced from 43p to 35 p so should not delay special div.imo

[manrobert] 08/7/2011 07:02

so what price are they now after the reported strong recovery?

[stemis] 07/7/2011 21:48

I guess the problem is the volatility in the CER spot rate. According to



the rate dropped to 10 Euros. That would value TRE's portfolio at maybe 17p a share (compared to 43p at year end). Unlikely the sale of the carbon portfolio would go ahead at this price and therefore neither would the distribution of 50p.

[manrobert] 07/7/2011 16:42

they are still bigger than the amounts Aviva are selling.

[stemis] 07/7/2011 10:12

These are relatively small buys though (especially the most recent two)

1 July - 286,768 at 85.49p
4 July - 25,203 at 84.34p
5 July - 26,649 at 81.13p

Why so small when Selftrade are offering lots of 50,000?

[praipus] 06/7/2011 21:21

Laxey buying more!


I'm attempting to track the rest of Laxeys holdings on the WAM thread

[manrobert] 02/7/2011 10:47

encouraging that Laxy partners have taken a stake.they usually have a good eye for value.hopefully we will hear soon of confirmation of at least 50p div.

[papy02] 30/6/2011 14:10

Updated guess - from a Carpathian (CPT) RNS today :


Cynthia Edwards
IOMA Fund and Investment Management Limited

[jezza123] 30/6/2011 12:51

thanks jimbo - but I am still nervous, PwC were the auditors for world.com and Enron too.... something fishy going on here.

[jimbo3352] 30/6/2011 11:58

Peter Rigby is the financial PR contact to EEA who are TRE's investment managers. TRE is audited by PwC, one of the 4 biggest international firms of accountants. TRE also has a former partner of Deloittes (another big 4 firm)as one of its non execs plus several other experienced non execs. As AIM companies go TRE's governance seems ok to me and I presume the institutional holders will be onto TRE if they are unhappy. That said they could have been clearer in their last RNS. I'm quite happy to pick up further shares at attractive prices and be patient while they set about getting the best value for the PE portfolio.

[manrobert] 30/6/2011 10:22

the chairman is also on the board of I.OM.assce.i spoke to a guy called peter rigby whose firm are advisors to the company.dyor.