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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Invista | INRE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 14.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 14.75 |
| Top Posts |
|---|
Posted at 10/7/2012 16:28 by alanji Slightly wishful thinking, gingerplant, it only needs to be 12.5% higher ie 16.6p. On the face of it that would be a bid of £44.4m for a co with net assets of £65m. Looks a pretty good bargain.Dig a bit deeper, though and, as I have said before, it is a much better deal than that. IREIF has been sold to BOSS as part of the deal for £16.3m - a 16% discount to the last nav despite the fact that its second largest asset was sold in May at 5% over the last valuation making it an even better deal for BOSS. £15m of the funding for the deal is being supplied from INRE cash. Strip that and IREIF out and the bidder would get IREOF (value £9.3m in last accounts) plus about £20m cash for £13.4m - now that is what I still call a steal - can someone lend me £13.4m on a short term basis? Good to know the directors are acting in our best interests. |
Posted at 18/6/2012 09:53 by praipus Counterbid for INREWill Internos up it? |
Posted at 23/5/2012 23:13 by davidosh If it is so low surely a counter offer could come in ? These recommended offers from parties with vested interests are really getting my goat up. You should see how shareholders have been shafted at Lees Foods where no independent directors so the advisers (Shore Capital) who will receive a success fee if the deal goes through recommended shareholders accept an offer that was less than the market price plus the dividend due this month !! |
Posted at 23/5/2012 22:22 by scburbs Very cheeky. It is the Directors who are responsible."The Invista Directors, who have been so advised by Hawkpoint, as the independent financial adviser for the purposes of Rule 3 of the Takeover Code, consider the terms of the Offer to be fair and reasonable. In providing its advice to the Invista Directors, Hawkpoint has taken into account the commercial assessments of the Invista Directors." Just so I am clear, the Invista Directors have relied on the assessment of Hawkpoint and Hawkpoint have relied on the Invista Directors! Given the cash balances that the company has it is really difficult to understand how either party could have reached this conclusion without relying on the other. You can't blame Internos for this as they should try and get this as cheap as possible. It is the INRE Directors who look like they don't have a clue and hiding behind Hawkpoint relying on their commercial assessments doesn't really alleviate this. Idiots! Hawkpoint are also picking up a fee for that bizarre assessment so have to accept a fair degree of responsibility too. Definitely a few Directors here for the list to avoid. There is nothing wrong with an opportunistic offer by Internos, it is the recommendation from the Directors that makes them look silly. |
Posted at 31/1/2012 10:50 by alanji At long last I have been able to discover a good deal more about the secretive IREIF and IREOF.I discovered that the co-investor in IREOF and IREIF are private funds issued by Friends First Life Assurance Co. Helpfully (unlike INRE!) they have published reports on the state of the funds (link below). The good news is that it now seems unlikely that the commitments will be drawn down and if they are it should maintain value. My previous concern was that the co's could be highly geared so the funds might be drawn down to pay off bank loans. According to the IREIF report the ltv was 36% at March 2011. The IREOF ltv is not stated but I do not think it can be too high - Funds drawn down to 31/3/11 were 48% of £56m = £26.9m Assets acquired to 31/12/2010 (2010 accounts) were £33.6m so ltv should not be more than 30% Subsequent to the above, I have now received confirmation from INRE: "I can tell you that as at our last reporting date (30 June 2011) both the unlisted funds (IREIF and IREOF) were approximately 40% levered (on an LTV basis) in each case." Another encouraging statement in the reports: "Invista the Investment Manager is now seeking to end their management of the Invista Portfolio and to sell their 50% interest in the Invista Portfolio. While they continue to manage the Invista Portfolio as usual, acquisition activity has been suspended pending further discussions and resolution." (my bold) It may be that some monies are drawn down to enhance existing assets (which should have a largely neutral effect on nav) but it looks extremely likely that cash assets should exceed the current share price There is a loan due for repayment in April 2012 within the IREIF investment but with the low ltv it should not be a problem. In any case INRE's share of the loan is only £4.175m so would only reduce the cash available by 4.2pps Also found the following why have INRE not published on their website? I cannot find one for IREOF. Given the above, I now think a reduction of 50% of the nav of IREOF and IREIF is excessive. Using a 25% reduction I calculate the adjusted nav (based on June 2011 interims) to be 20.7pps of which cash is 12.9p. At the current offer of 7.75p could be a multi-bagger and I have bought more shares. Unfortunately, we may have to wait a bit for our money. Attracting a buyer for IREOF and IREIF looks to be proving difficult and the co has indicated it may delist, although I cannot see shareholders agreeing to this. There is also the uncertainty of the Lloyds claim and counterclaim and the outstanding commitments to IREOF and IREIF so cash distributions are unlikely until these are resolved. IREIF and IREOF were launched as 5 year investments in May 2008 and Nov 2007, respectively, but not sure this means a lot and there is an option to extend their life by two one year periods. On the other hand, there could be an announcement anytime and there will certainly be more news in the 2011 finals. Good luck to any still holding. Link to IREOF and IREIF reports |
Posted at 20/1/2012 16:33 by spectoacc PQ = ProQuote (also = PooQuote), LSE-owned info provider.Don't think anyone will be showing a profit in INRE! Except shorters. |
Posted at 20/1/2012 16:24 by praipus I'm down 70% since purchase oh deep joy. (Edit more like 30% due divi/redemption) |
Posted at 20/1/2012 15:48 by qwazi Glad to see that our state-owned bank is behaving rationally - NOT! Lloyds own 55% of INRE!! They're basically suing themselves. |
Posted at 05/1/2012 10:46 by spectoacc Been quiet on here. I've the misfortune to be an INRE holder - what's the "xrepay" it's currently marked for? Can't relate to the July cash return, that was too long ago. I presume it relates to the IPD sale but nothing whatsoever on RNS.And nothing further re the 23rd Nov intention to sue LLOY? |
Posted at 18/11/2011 13:29 by horndean eagle INRE have the most incompetent management I have ever come across. They destroyed over 30m of shareholder value by botching up the sale of the asset management side last year. Then the 75% loss on the disposal of the residential business. I still hold but wouldn't be in any rush to add more anywhere north of 10p. The large shareholders need shooting here as well. They allowed this to happen. |
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