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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Invista EUR Prf | IERP | London | Preference Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 8.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.00 | 8.00 |
| Top Posts |
|---|
Posted at 10/9/2015 22:15 by cerrito While I sold out of IERE and still have some IERPI went on the website to get from the latest annual report who were the holders of the preference shares. They do not have the annual report on the web as of September 2014 which is very bad show..on the basis that we are not bankrupt tomorrow-ie if the standstill agreement is renewed-will try and get that info. Not that any big holder has been able to exit in the last weeks...since Aug 10 there have been 8 days with no trades and the most active had 57k traded. |
Posted at 04/3/2015 09:36 by skyship Now offered at 48p!I suppose the reason is that the weak Euro is pulling the rug from under the NAV. With Group Assets of E285.6: # 30th Sept - Rate @ 1.284. GA = £222.4m # Today - Rate @ 1.38. GA = £207.0m Prefs still have notional cover in excess of par + withheld divi; but that cover is steadily being eroded, even without costs and property valuation cuts. We need to see some sales in Germany at a Premium... |
Posted at 02/9/2014 08:28 by scburbs Step down event potentially not realisable without capital injection. Preference dividend looks set to remain uncovered unless they can raise capital. Additional sales beyond the assets identified would trigger large prepayment penalties and no scope to raise ordinary equity unless the prefs convert or they could get investment for an instrument ranking ahead of the prefs (or more of the prefs themselves).Not sure why they view the progress as encouraging! "The Company has made encouraging progress with these targeted disposals, and the focus of the Company's strategy remains to complete the remaining transactions in its existing business plan. The implementation of the current disposal strategy will require careful cash management to balance the consequent loss of income from asset sales against planned expenditures. In order to make the requisite repayment of the mezzanine BREDS loan that will trigger the Step Down rate of interest, the Company has also identified a need for a further injection of capital over and above the anticipated proceeds from planned asset sales, reflecting the likelihood that, in some cases, the net proceeds of property sales will be lower than the most recent valuations." |
Posted at 27/8/2014 09:21 by scburbs The prefs should certainly trade at a discount as the dividend isnot covered by profits and is not being paid, plus there is currently no realistic means of IERE settling them on expiry. A very simplistic valuation. If you assume you would want a 15% p.a. return in order to hold a preferential equity interest with no current dividend and you assume it will redeem for 100 in 5 years the current valuation should be around 76. If a 20% return would be correct then it would fall to 62. Clearly this is very simplistic and highly linked to the repayment date. Whilst the dividend is uncovered and there is no realistic means of repayment the prefs do not look vastly undervalued, although the return they could produce is attractive. |
Posted at 26/8/2014 17:12 by alanji Very comprehensive spreadsheet rjmahan. Afraid RSI in shoulder isseverely restricting my use of mouse and keyboard so cannot reply at length. I switched my remain ing Ords to thre prefs today and am at a 8% allocation in IERP and looking to increase to my 10% maximum. My much simpler spreadsheet shows: Potential profit on prefs 70% (ignoring divs) Profit on ords at current nav 275% Profit on ords with 10% fall 55% Fall of about 12.5% - break even on ords Fall of about 17% wipes out ords Fall of just over 22% - break even on prefs Fall of almost 30% to wipe out prefs. As I hold both I have used current bid values of 65p and 4p I have ignored income. Agree if co can reduce interest margin pref dividend will be covered so another 14% pa to add to return |
Posted at 26/8/2014 11:19 by skyship rjmahan - agreed re IERP. On the face of it they look so well covered by IERE's assets, that even with further Euro weakness they look really cheap at 68p. With redemption at par in, say, 3 years - INCLUDING THE ACCUMULATING DIVIDENDS - then c85% upside looks a given. so why are they still down here offered at 68p? Seems anomalous... |
Posted at 26/8/2014 10:40 by rjmahan Done quite a bit of work on IERE and IERP on my blog (hxxp://deepvalueinvhxxp://deepvalueinve Conclusion I have come to is that IERP offers less upside but with more protection than IERE. IERE will take quite a bit of wiping out but IERP remains quite solid as I play with assumptions.... Potential 90%+ return within a couple of years on IERP not to be sniffed at.... |
Posted at 05/6/2014 12:50 by xxx To avoid misunderstanding, the announcement made clear there would be no dividend paid on the pref for the time being. |
Posted at 01/5/2014 09:44 by gary1966 Dividends are accruing until pre-agreed disposals take place and debt reduced to 135m. Dividends will be paid from this point.This finance package takes us beyond the redemption date of the prefs which is the end of 2016. Out today but need to look into redemption terms a little closer. I see these as being a bit like LLPD now after their divi was suspended. |
Posted at 04/3/2014 17:50 by blueliner CWA1, sorry cannot provide an answer as I'm also been puzzling the same thing re ISA holdings, though Hargreaves Lansdown appear to let you include the pref stock in their Vantage ISA, plus cannot ascertain what the current dividend yield is, if there are any payouts.Thanks for any info. |
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