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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Invista | LSE:INRE | London | Ordinary Share | GB00B1CKTY16 | ORD 0.01P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.75 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 14.75 | GBX |
Invista (INRE) Share Charts1 Year Invista Chart |
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1 Month Invista Chart |
Intraday Invista Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 13/9/2012 | 10:34 | Invista - A property fund management business | 466 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 10/7/2012 15:28 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 10/7/2012 13:03 by gingerplant Just short of 17p would be revised minimum bid (i.e. +15% from Palmer???) As Alan says - hardly expensive with NAV over 24p a share and net cash around 13pps. |
Posted at 09/7/2012 18:11 by alanji Great news and even at the increased price it will still be dirt cheap.Apparently mentioned in the Evening Standard |
Posted at 18/6/2012 08:53 by praipus Counterbid for INREWill Internos up it? |
Posted at 13/6/2012 16:16 by scburbs Good to see Weiss expressing their displeasure."Weiss notes that the takeover offer by Internos Real Investments Limited ("Internos") of 12.5 pence in cash for each Invista Ordinary Share (which values the issued share capital of Invista at approximately £33.63 million) has been recommended to the Company's shareholders by the Board, despite the fact that the offer represents a substantial discount to the net asset value of Invista of £65 million as of 31 December 2011. Even more surprising, the recommended offer represents a discount to the Company's £35 million of cash balances (not including the additional £3.5 million of cash held in escrow) as of the same date. As shareholders in Invista, we find this takeover offer completely unacceptable. We believe the offer price can and should be significantly improved. We urge the Board and its advisors to actively and aggressively pursue means to improve the offer to shareholders, including by pursuing alternative proposals that value the Company at a premium to the price currently being offered by Internos. We note that the Company disclosed in the Scheme Document that the Board received proposals from other parties that may have offered a level higher than 12.5 pence per share, but that these proposals were ultimately rejected by the Board. We strongly suggest that the Board should continue to engage with these parties and also work with Internos to improve their bid as part of a competitive bidding process." |
Posted at 23/5/2012 21:22 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 28/9/2011 08:09 by redhill9 Possible to buy this morning for 11.85p, less than potential net cash assuming the contingent 8.6p isn't required, and no allowance for other assets. Presumably the decreasing share price is due to the general market situation rather than the market telling us something specifically is wrong with the NAV, and maybe in 6 months time this will have looked like an obvious buying opportunity. After being tempted to dump INRE just a few days ago the share price has decreased around 15% so I'm now planning on "wait and see" as the best approach. Any thoughts? redhill |
Posted at 07/7/2011 18:59 by hugepants The market makers can't count. Surely INRE is more of a buy now than it was pre-cash return.ie. the share price before the cash return was 31p. Lets say NAV was 40p. So discount to NAV = 22.5%. They return 18p per share cash. So new NAV is 22p. Current share price is 14.25p. Current discount to NAV = 35%. To maintain the 22.5% discount the share price should be 17p. If you assume pre cash return NAV was 38p then discount to NAV was 18.5%. Discount to NAV now = 28.75% If you assume pre cash return NAV was 42p then discount to NAV was 26%. Discount to NAV now = 40% Keep an eye on NSN who are returning a chunk of cash shortly. I bet the market makers screw up the new share price after the cash return. |
Posted at 28/5/2009 08:28 by cerrito In today's IERE results, IERE report that they have renegotiated the fees they pay INRE which will result in a 40% reduction in the 12 months to 309 or E2.6m or at .85£/E £2.2m.This compares with INRE's recurring revenues of £44m pa; if you say there will be a £2m profit reduction that works out at 0.8pps pa. Inconvenient for INRE I see that INRE share price up today and perhaps the market had factored in a reduction in the fee to be received from IERE. |
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