Industr. Multi Share Discussion Threads

[eezymunny] 18/11/2016 11:40

Sorry about that flyfisher. There's nothing worse...

[flyfisher] 18/11/2016 10:54

Yes eezy i did, family bereavement, mind off the ball.

Thanks for your reply.

[eezymunny] 18/11/2016 10:21

Did you miss this flyfisher?



"The Company (ARTL) believes that the directors of IMPT are not actively considering a debt refinancing strategy, which the Company believes would be in the best interests of all of the shareholders of IMPT."

I'm struggling to see a refinance at current LTV being doable at a good interest rate.

Despite the possible upside, I've been trimming recently. Cue a revised offer at 290p :)

[flyfisher] 18/11/2016 09:52

''supposedly bcoz they don't think IMPT are working hard enough to refinance.'
Have i missed that, or is it an assumption?

As you say, hard to work out what is going on, i am assuming that artl's best interest is maintaining its high yield debt, to which end two board members are not cooperating.

Raising equity, i have broken out in a sweat, the normal workings of the market would be a discounted placing with artl to bring them up to 30% followed by a token refinancing with artl, whilst generally ignoring the interests of the larger shareholder base.

I agree with you that a return from the bidder and liquidation would be the best option, but then i am only talking my own book.

[eezymunny] 18/11/2016 08:49

Hmmm...but ARTL have called an EGM supposedly bcoz they don't think IMPT are working hard enough to refinance.

The problem here is that there's too much debt. Unlikely that they can refinance all of it at low rates.

Seems to me two viable otions

a) raise equity to reduce LTV. £20m new equity at 210p/share would bring LTV below 50% and maybe they could refinance rump of debt at 4%. That would leave enuff cash flow for a divi yield of c. 5.9%. A £20 equity raise at NAV (290p) would allow a divi yield of c. 6.9%.

b) more attractive IMO, simply to try to sell the company and get NAV or close to it now.

Hard to work out what's going on. Worst case is, as you say, a continuation of the status quo. Great for ARTL but not for anyone else - so I don't understand the EGM thing at all.

[flyfisher] 18/11/2016 08:37

Could we have a rift in the board, with the artl appointee wanting to maintain the existing loans, others seeking to refinance elsewhere and another seeking to sell the portfolio ?

[red army] 18/11/2016 08:24

This is ridiculous - there has never been a better time to take a loan out - why so long???

[luckymouse] 02/10/2016 17:53

Spreads on options can often be an issue so the pros tend to leave orders at mid or just put in a ladder of orders & let the price walk through so their average is fair

[rackers1] 01/10/2016 19:33

Leave a limit order in then. You never know if an aggressive buyer really wants them one day and at your target, you may get filled mid market depending on how good your broker is.

[red army] 01/10/2016 18:25

Spread is only relevant when you come to sell so why worry. IF these went to £3 then you will make a decent profit.

[cerrito] 01/10/2016 18:17

I bailed out of these in June just before the referendum and congrats to those who stayed in-you have done well.
Wide bid/offer spread puts me off

[larrylight] 29/8/2016 08:14

Risers & fallers: Avanti Communications, San Leon Energy, Osirium Technologies, Bellzone Mining, Alexander Mining
Share
11:12 26 Aug 2016
Here we put the spotlight on Friday's market movers

A long awaited oil deal is drawing to a close - sending San Leon higher
Below are some of the main news-driven share price changes at 11am

Risers

Avanti Communications Plc (LON:AVN), up 12% to 39.5p. The stock that rose earlier this month on takeover talk was rising again on Friday.

Industrial Multi Property Trust (LON:IMPT), up 12% to 175p. Interim results revealed a rise in asset value, narrowing losses and better occupancy.

Osirium Technologies Plc (LON:OSI), up 12% to 193.5p. The cyber security firm landed a contract to provide an asset management group with its full suite of products for some 3,000 devices. It is a three year deal that will add a material financial contribution in 2016, it said.

Fallers

Ferrum Crescent Ltd (LON:FCR), down 7.5% to 0.25p. The mining sector junior announced an issue of equity from the exercise of options – 44.6mln shares with trigger price of 0.165p – which follow on from a share placing executed earlier this year.

North River Resources Plc (LON:NRRP), down 6.9% to 13.5p. It releases a project update on its operations at the Namib lead & zinc asset, in Namibia.

Bellzone Mining Plc (LON:BZM), down 6.5% to 0.215p. The mining sector junior gave back some of Thursday’s gains, which were triggered by a positive update on the group’s ferronickel study results.

Below are some of the main news-driven share price changes at 9:00am

Risers

San Leon Energy Plc (LON:SLE), up 67% to 48.5p. The oiler’s shares resumed trading after a near eight month suspension on AIM. It comes as the group unveiled details of a £170mln share placing which takes it closer to sealing its long awaited Nigerian oil acquisition.

Alexander Mining Plc (LON:AXM), up 25% to 0.22p. The mining sector junior added to gains from Thursday, when the group announced a licence agreement with Accudo Metals for projects in Australia.

One Media IP Group Plc (LON:OMIP), up 17% to 3.5p. Investor eyes are seemingly smiling on the media group which on Wednesday announced a deal to acquire 1,100 Irish folk and Celtic music original recordings – it comes after eight years of marketing the songs on a shared royalty basis.

Fallers

AstraZeneca Plc (LON:AZN), down 1.3% to 4,943p. Share price weakness among drug makers continued through Friday, amid caution following renewed scrutiny from US presidential candidate Hillary Clinton this week.

Concurrent Technologies Plc (LON:CNC), down 4% to 62p. The outlook statement in Friday’s interim results reads positively enough, though the figures themselves seemingly showed a flat performance.

Strategic Minerals PLC (LON:SML), down 9% to 0.24p. The move lower follows the release of a quarterly update on Thursday afternoon.

[luckymouse] 28/8/2016 11:06

well go to the agm and read out a few discounts of other comm prop ITs doing well in the sector and embarrass them - I saw one investor putting on a real angry shouty performance once - bit of an acting show - but shocked the whole room - might get their attention tsk tsk :)

The old school American cartels used to use those tactics - they employed tip top chartists and analysts so knew exactly what was going on really - then would send someone to the meetings to start shouting out something awful or hinting at something fantastic lol to get the best price for the group.

[red army] 28/8/2016 10:17

Luckymouse. All the while they are lining the pockets of Alpha (also a shareholder) they wont move quickly as shareholders interests are not aligned.

[luckymouse] 27/8/2016 18:55

well most infrastructure style ITs, the hot ones, are on a fat premium, not a fat discount - and commercial property ITs are often around -30 to -10% disc. This at btm end of range. Commercial prop one the sectors most affected by brexit but all bouncing nicely now. Nice to see nav going up and a LT bowl (imp) etc but disc suggests are board working hard enough, dynamic compared to peers?
Maybe they need to be nagged into making a few moves, restructures, liquidations, buybacks etc to really bring her up.

NAV looks like it can go over 300

[red army] 26/8/2016 18:04

Well they have had long enough to sell property and the continuing losses wont help either so IMHO there is some urgency as it is in the shareholders best interest to have all these issues addressed now.

[flyfisher] 26/8/2016 17:46

I don't see any immediate urgency to refinance the debt, as their is a make whole condition to the loans until the year end. A refinancing in November or December will give them some time to sell any properties for which they can achieve a good premium, which in turn would ease the LTV and make the refinancing easier and at a lower rate.
What I would like to see is a return from the recent bidder, with a new offer at current nav, and a subsequent liquidation of the company. It may be in the interest of ARTL to have the loan made whole and then also achieve a good premium on its equity stake.

[red army] 26/8/2016 14:43

That nowhere near enough.

[asmodeus] 26/8/2016 14:22

But "up 12.2%" today, it says here.

[red army] 26/8/2016 08:29

This board are not working in the best interest of the shareholders otherwise they would be working quicker to resolving these loans and look towards the banks to provide.

[red army] 19/7/2016 08:45

Wrote to the Chairman re salaries and loan action or non action and still awaiting a response.
Bloody disgraceful.

[red army] 16/6/2016 07:32

I shall be writing to Chairman and expressing my views. As far as I can see there is very little regard for the average shareholder here.

[red army] 15/6/2016 06:41

I am not convinced as to increasing directors remuneration as they have little to do as Alpha running show. Perhaps if other side came back with a £3 offer I would jump at that and then move on.

[brahmsnliszt] 14/6/2016 18:12

I'll be voting against the board.