Global Fixed Income Share Discussion Threads

[zcaprd7] 20/12/2016 15:50

I'm in. Spread isn't as bad as it looks. Can buy at 10.8...

[tiltonboy] 06/10/2014 15:33

Missed the NAV announcement last week, but the August Factsheet makes better reading!

[praipus] 25/9/2014 10:48

Good to see someone has the courage to buy a few more:)

[deepvalueinvestor] 12/9/2014 18:39

Tilts, yes it would have been nice getting this level of information three years ago! Holding holding holding....

[tiltonboy] 11/9/2014 17:05

Nice to see a comprehensive review of the assets, and I feel mildly encouraged having read it.

[praipus] 05/9/2014 16:46

Same here except Selftrade failed to act on my instructions and they're draging their feet on sorting it out.

I asked for a copy of my secure messages, which get deleted when they feel like not the 90 days they alledge, over two weeks ago and I have had nor response since.

[tiltonboy] 05/9/2014 16:20

Accepted all the Tenders, and now keeping fingers crossed for remaining holdings. Need 55p to break even. Suspect that it will turn into a loss situation, but nothing major.

[praipus] 05/9/2014 10:38

lol well the browser anyway. Surprised your still here based on past comments.

[tiltonboy] 04/9/2014 22:17

Must be you!

[praipus] 04/9/2014 20:07

Anyone else having trouble accessing the fact sheets or is it me?

[redartbmud] 24/8/2014 11:13

marben

Agreed. I will steer a wide berth in future, as well.

red

[marben100] 23/8/2014 21:06

Having seen that, I exited the balance of my investment here. Lesson learnt: you have to look under hood of these apparent high discount, good return situations.

[tiltonboy] 21/8/2014 09:11

Looks like a minimum of two years before we see any further returns...and that might be optimistic!

[jaws6] 18/6/2014 07:59

Tender offer RNS out

[praipus] 28/5/2014 11:58

What would you do with real estate assets in Ukraine?


Should they buy more while the media stir things up and Putin fiddles?

Who is buying them what can they see no one else can?

If you were a well positioned Russian or Ukrainian investors would you be buying now?

[tiltonboy] 16/5/2014 16:30

Rather odd one. Cash is stated at £6.835m, which is a good increase over the March figure, however, if you look at the liquidity projection in the IMS, it doesn't indicate that any cash was received!

[jaws6] 16/5/2014 16:26

IMS news out

[marben100] 28/4/2014 17:41

Final March 31st NAV out:

- Further NAV decline to 58.92p (probably largely due to $ weakness, though)
- Cash as at today's date £5.9m

[kramch] 25/4/2014 21:22

Yes, Gottex' due diligence doesn't seem to have been very diligent. K.

[tiltonboy] 25/4/2014 14:47

I would take their forecasts with a huge pinch of salt, given their continual write-down of asset values!

[kramch] 25/4/2014 14:19

Looks like they are forecasting another £10M cash by Mar 16, so c 20p/s.
They are going to have to work hard for their 20% bonus on anything over 70p!
K.

[tiltonboy] 25/4/2014 11:21

Kramch,

Let's see what their own commentary is on the remaining significant assets:

3D PropCo - This fund holds a single asset, a stake in a resort close to Singapore, the Bintan Lagoon Resort. The manager has been uncooperative with investors, and despite our attempts to reach them, the fund's board has continued to be unresponsive

Ubique - This is a small fund, set up and owned by funds managed by the Company's former investment manager, Signet Management. It originally made loans to developers and other businesses, but with some of those
loans having defaulted, the fund now owns partially completed developments,
the major one being in the town of Nikolaev. Political developments in
Ukraine have caused significant uncertainty around this asset. Gottex
remains in contact with the Ukrainian asset manager and is trying to gather as
much information as possible about a situation which is changing very rapidly.
Gottex reviewed the information that was available to it and made a
recommendation to the Board of the Company to hold reserves against this
asset.

Autonomy - This fund contains investments in several long term multi-phase real estate developments in Brazil. As a result, the inherent liquidity offered by this fund is very limited. There has been little change in the state of the portfolio during 2013. Gottex pursued possible exit opportunities
but none of these progressed over the year.

South Asian Real Estate - SARE is a company with a goal to develop 25,000 residential units in various cities in India. The original assumed exit is an IPO of the business, but the timing of this is not imminent. Following a review by Gottex of companies pursuing similar businesses in India, Gottex made a
recommendation to the Board of the Company to hold substantial reserves
against this asset. The Board announced the reserves it was taking on 20 January
2014. Gottex continues to seek exit opportunities.

The managers own liquidation projection still has a huge gap after March 2016, so when we will see any more cash after this distribution is anybody's guess!

[kramch] 25/4/2014 10:48

Looking at the 12-2013 accounts;
Brazil commercial property ("non-liquid") is c 23% of non-cash assets,
Bintan Lagoon Resort, Singapore ("managers being uncooperative") c. 22%
Ukraine property developments (is Nikolaev Ukrainian or Russian speaking?)c. 12%
Indian residential developments (questionable value?) c. 10%
Brazilian mortgage and farm assets c. 10%
this totals 77% of the non cash assets.
NAV 61p after latest right-downs, becomes 51p after tender.
So what's the rump worth and when would we get realisation?
K.

[tiltonboy] 25/4/2014 10:08

lol...good luck Kev!

[kev0856153] 25/4/2014 09:09

With Brazil recovering my guesstimate was 69p of realisable assets before the 10p return, so the current share price may be very inexpensive.