Invista EUR Prf Discussion Threads

[flying pig] 09/11/2015 13:12

Look as if any value has evaporated!

There should have been something left.




27 October 2015

INVISTA EUROPEAN REAL ESTATE TRUST SICAF
(the "Company")
Notice of Extraordinary General Meeting
Voluntary Liquidation of the Company

The Enforcement was conducted in such a way that, although the Company has been released from any further liability under its guarantee and remains solvent, the Board expects that there will be no value for distribution to either the Ordinary or Preference Shareholders.

[valhamos] 10/9/2015 22:33

As per the annual report at 30 Sept 2014 major (>3%) preference shareholders:

Forum Partners Investment Management 41.52%
Brooks Macdonald Asset Management 18.45%
Henderson Global Investors 5.04%

[cerrito] 10/9/2015 22:15

While I sold out of IERE and still have some IERP
I 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.

[my retirement fund] 01/9/2015 23:02

Managed to dump mine!

[woodenman] 01/9/2015 21:09

Still only £10k though, not really a conviction bet by someone that knows something.

[skyship] 01/9/2015 14:30

Massive trades in the ords today - all down under 1.0p of course; but even so, interesting. Someone just paid 0.57p for 1,000,000; then 0.45p for another 1,000,000...

[skinny] 18/8/2015 07:03

Following the Company's announcements on 29 June, 13 July, 20 July, 28 July and 11 August, and in relation to certain ongoing events of Default with regard to the Mezzanine Loan Facility provided by Blackstone Real Estate Debt Strategies, the Company can now report that the Standstill letter has been extended for an additional period to 25 August 2015.

[skinny] 12/8/2015 16:41

The Board of IERET announces that Mr. William Scott, who has been a director of the Company since September 2012, has tendered his resignation with immediate effect.

[stemis] 20/7/2015 14:59

Of course buyers have pitched their offers at a level which gives nothing to shareholders. They are in it to make a turn on the properties and smell that IERE is a forced seller. It's just like the bottom fishers who offer to 'buy any house'



I'm not sure IERE can sell the properties at a value that causes a loss to creditors without appointing an administrator and why would shareholders approve a sale at a near wipeout for themselves?

[chinahere] 20/7/2015 13:06

I guess there is a chance that the lenders don't like the current deal if it gives them too big a loss. If it falls through then there is a chance something else might happen?

[skyship] 20/7/2015 13:01

Loverat - looks as though you are possessed with remarkable 20:20 hindsight!

Many of us bought here at the 50p in the £ level on the basis of a 22% NAV fall to break even and a 28% fall for wipe-out.

Threw the dice and lost. It happens. But I still don't believe in total wipe-out...

[loverat] 20/7/2015 12:52

Looks like this management have probably done some sort of deal which suits them to the detriment of shareholders. After all, I doubt if Mr Bean could have destroyed so much value.

I never quite understood why everyone here thought the prefs were so safe.

[valhamos] 20/7/2015 12:44

This is outrageous from the company and gives the stock market a bad reputation.

[skinny] 20/7/2015 12:14

What a shambles!

"Further to the announcement by the Company on 13 July 2015, which gave an update on the current trading and Strategic Review of the business, the Company has now received indicative proposals from potential buyers of its property portfolio.

There is no certainty that any transaction will take place; but, if one does, the Board does not expect, in the light of the valuations proposed by the potential buyers, that there will be any material value to return to either ordinary or preference shareholders.

The Company will continue to make announcements as appropriate."

[gary1966] 20/7/2015 12:12

Think we are being shafted by our BOD. Not sure we are going to get 20p+ Skyship. Really is looking more like nothing sadly. Think I need to find a new pastime. :-(

[chinahere] 15/7/2015 09:48

By previously selling properties at a big discount to NAV the loan covenants were increasingly likely to be crossed. Then comes the fire-sale.

It goes to show that debt is dangerous.

[loverat] 14/7/2015 22:06

rjmahan

The spread is mad but it all honesty the RNS advised only what people probably knew already.

The share price has reacted accordingly but I suspect in days/weeks to come it will get back to normality but in a lower range. This company is doomed but I think there may be time before that is confirmed. If I held these, and wanted to sell I would just wait rather sell out at 5p.

[rjmahan] 14/7/2015 18:42

Is there any way to get round MMs when they are silly with prices like this ? Glad I sold, sympathy with current holders...

[homoforus] 14/7/2015 16:37

boo hoo


Loverat
14 Jul'15 - 14:56 - 466 of 471 0 0

So much for the views on this thread that the preferences were safe. Look at the spread. Yesterday it was 4000%.

We know the management here are useless but the spread is even more comical.

[skinny] 14/7/2015 15:32

Yes - I think you may be right.

[chinahere] 14/7/2015 15:32

I'm hoping that was mine as I left the same 20,000 at 5p with my broker.

[chinahere] 14/7/2015 15:24

Thanks Skinny.

[skinny] 14/7/2015 15:05

Well I see someone managed to buy 20k @5p.

Currently 4 on each side of the book 5k @ 2 x 2 and 5k @1 x 2 on the bid, 5k @ 30 x 2 and 5k @45 x 2 on the offer.