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IERE Invista Euro.

0.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Invista Euro. LSE:IERE London Ordinary Share LU0273211432 ORD EUR0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.30 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Invista Euro. Share Discussion Threads

Showing 3276 to 3298 of 3350 messages
Chat Pages: 134  133  132  131  130  129  128  127  126  125  124  123  Older
DateSubjectAuthorDiscuss
12/9/2015
12:04
ColinWake up.It's goneIt's deadGame over.If you're expecting a phoenix from the ashes scenario here then you are in dreamland.You followed a "tip" from the regular organised pumping crew, and as expected it's gone sour.The pumpers have exited into the rise, leaving you guys with dead stock in a suspended and extremely poorly company.These pumpers are not your friends....they are here for one purpose, and that is to pump stock which they've bought. They pretend good news is coming and a stock is going to ten bag. They flood advfn, lse, twitter, with fabricated news stories. They use multiple accounts to crearte a seemingly credible Web of self verifying stories, using multiple accounts to back up their false rumours and stories.They then suck in punters to create a false rise, momentum gathers, the false stories multiply.All the time you guys are buying, the organised pumpers are offloading the mass of stock they gathered cheaply.When the bad news hits, the organised pumpers stop posting, and move onto the next stock on their pumping list.
apfindley
12/9/2015
09:24
okenia
Posts: 7,032
Off Topic
Opinion: No Opinion
Price: 0.30
Is the suspension a tactic?
Today 10:16
Ie a negotiating tactic?

By suspending and saying ords/prefs have no value, what they are in fact saying is that "BREDS, you do realise that you are now solely on the hook for any shortfalls?"

IERE need the extension letters so they can try sorting something. So they are pushing back on BREDS and pointing out that if they force a rapid sale then BREDS will be the ones that are damaged.

The suspension acts to reinforce that negotiating position.

colin12345678
12/9/2015
09:23
okenia
Posts: 7,032
Off Topic
Opinion: No Opinion
Price: 0.30
View Thread (2)
RE: IERE
Today 10:11
At the moment (and after the sale of the recent German and Spanish properties) there is:

€100m of senior debt to BAML
€80m of mezzanine subordinated debt to BREDS

The Step Down will be triggered once an additional ~ €47m has been re-paid to BREDS.

But there is a key thing here - BAML get their €100m first. Thus, if there is any shortfall on the overall debt repayment BREDS take it all, on the chin. In the extreme examples, if there is a €80m shortfall BAML walk away fully-repaid and BREDS walk away with total wipeout.

Hence why BREDS are possibly in a bit of a "febrile" state at the moment.

Trouble is, if they force accelerated asset sales they'll take losses - and the losses are in effect 2x amplified for them. So it's really not in their interest to pull the plug on this because it is now their necks on the line.

colin12345678
12/9/2015
09:21
okenia
Posts: 7,032
Off Topic
Opinion: No Opinion
Price: 0.30
BREDS face wipeout
Today 09:41
If the current p/f valuation is so close to 100% LTV so an asset sale would basically just pay off the debt (which is what the Board are sort-of hinting at) then we have a rather interesting situation here.

BREDS are a mezzanine lender and they are now on the hook for ALL of the shortfall until such time as they get zero repayment of the debt to them. Only then do senior lenders start to take a hit. Oops.

Order of repayment of capital is:

senior debt > mezzanine debt > preference shareholders > ordinary shares



"Divestopedia explains Mezzanine Debt

Mezzanine debt is more expensive that senior debt, but less expensive than equity. The cost for this type of financing is in the range of 13% to 25%. Senior banks usually view mezzanine financing as equity for the purpose of calculating debt covenants. This is because the repayment of mezzanine debt is subordinated to the repayment of senior debt, but ranks above any repayments to equity holders.

The preference of payment to debt holders is an important concept to understand. As a general rule, senior banks always get paid first, then mezzanine lenders, then preferred shareholders, and then common shareholders. Participants in MBO or LBO transactions need to understand their position in this repayment line-up. The risk of repayment increases as you move down the line, which is why mezzanine debt commands a higher interest rate for its holders."

colin12345678
12/9/2015
08:29
I'm not sure this is over yet, but I think we will get clarification on Monday. At the moment the suspension in temporary, and not a delist.
hjfe
12/9/2015
08:25
okenia
Posts: 7,029
Off Topic
Opinion: No Opinion
Price: 0.30
View Thread (6)
RE: Options now for BREDS
Today 09:21
And now my big question.

WHO ARE THE PARTIES SITTING OPPOSITE BREDS IN THESE WEEKEND NEGOTIATIONS??

Ideas?

Reply | Recommend | Report

okenia
Posts: 7,029
Off Topic
Opinion: No Opinion
Price: 0.30
View Thread (6)
RE: Options now for BREDS
Today 09:19
Now then, two questions.

First, if the plan is to liquidate the entire o/f and repay the debt then why bother with the standstill letter? Option A to BREDS is to force an asset sale, so if that is going to take place anyway then why bother with the letter? That feels weird and wrong.

Second, why not grant another 7 day letter? All the previous ones were for a full week. This time the first one was for a day (and interestingly, came later than usual and in fact there was a 1h12min period when the market believed one didn't existing during trading). And then it goes even weirder and we get one that is now just for the (non-working) weekend.

Those three things have all the hallmarks of hard negotiations taking place and some hard-ball brinkmanship being played.

colin12345678
12/9/2015
08:25
okenia
Posts: 7,029
Off Topic
Opinion: No Opinion
Price: 0.30
View Thread (6)
RE: Options now for BREDS
Today 09:12
And these are some of the solutions being investigated - which include both asset sales to de-gear and re-financing (and a blend of the two). Don't forget that a general rise in asset values in the sector will also help the key LTV figure if they can get a re-valuation that BREDS will agree to.

--------

"As it was stated in the Annual Report and Accounts 2014, the risk of such a breach was known in advance, and was considered at the time to be mitigated by a combination of potential waiver or standstill agreements from the Mezzanine Lender and the ongoing efforts to secure a capital investment that will bring about the Step Down interest rate (for a description of the terms of the Step Down, please refer to the Investment Manager's Report of the Group's Annual Report and Accounts 2014). These mitigating factors are still in existence, since the Mezzanine Lender has provided the Group with a Standstill letter, while the Group continues to pursue a long term solution that will repay the Mezzanine debt to the level that will unlock the Step Down interest rate.

Internos Global Investors Ltd ("the Manager") has been in discussions with several parties with regard to an injection of new capital, and in Q4 2014 the Board agreed to appoint a third party to conduct a strategic review to assess all options that remain open to the Group, including a sale of the core portfolio of assets. The adviser that was selected is Eastdil Secured, which already had experience of the portfolio, having successfully marketed the senior portion of the BREDS loan for syndication to BAML in the summer of 2014.

In February 2015 Eastdil approached potential investors to seek indications of interest in a sale of the entire portfolio or some form of refinancing. Following initial due diligence, serious expressions of interest have been received; the proposals being considered vary in structure and include a refinancing of a portion of the Mezzanine Loan with a new mezzanine facility, as well as the potential sale of subsidiaries which own the Group's underlying real estate portfolio. The Board of Directors is at present considering these alternative scenarios, the details of which are still subject to negotiation.

In line with previous expectations and as a result of recent asset sales the Group is now in Default in relation to its Projected Interest Cover and Projected Debt Yield Ratio covenants. Nevertheless, the existing Standstill that has been provided by the Mezzanine Lender demonstrates their support for the current strategy. However, if the Mezzanine Lender does not continue to support the Group, the existing event of Default could either lead to an acceleration of the Mezzanine Loan or the application of a Default Margin. It is considered that the optimal course for the Group is to seek the fastest and most secure route to reaching the Step Down Event, through continuing asset sales and pursuing the process with Eastdil.&quo

colin12345678
12/9/2015
08:25
okenia
Posts: 7,029
Off Topic
Opinion: No Opinion
Price: 0.30
View Thread (6)
RE: Options now for BREDS
Today 09:09
The main A v B options for BREDS. Basically they can take control and sell the assets, or add another 5.38% interest to the existing 7.7% interest rate.

-------------

"If further Standstills are not granted, BREDS would have the following options:

a) Enforce their security over the Group, thereby taking effective control of the Group and possibly initiating a sale of the assets. It is likely that this course of action would result in a significant reduction in the proceeds received from the accelerated sale of the Group's property assets and consequently the amount of equity returnable to shareholders.

b) The Mezzanine Facility Agreement includes a provision for a Default Rate of interest, which can be applied in the event of such a breach, at the discretion of the Mezzanine Lender. This would mean (at current debt levels) an additional 538 basis points ("bps") of interest on top of the current margin of 770 bps. In the event that the Group is unable to support this additional interest cost, a mechanism exists whereby it is possible that the Mezzanine Lender may (but is not obliged to) allow unpaid interest to be treated as an accruing liability on the balance sheet of the Group, thereby reducing the Net Asset Value."

colin12345678
12/9/2015
08:24
there is still a faint heartbeat not over till the RNS comes out stating GONE INTO ADMINISTRATION
colin12345678
12/9/2015
06:19
We didn't invest - we gambled.
asmodeus
11/9/2015
19:29
Well that gamble didn't pay off !
loobrush
11/9/2015
19:14
Or have a look at LUK (Lucara diamonds).
asmodeus
11/9/2015
18:31
Woooo.That's what happens when you follow the guys who follow the hot risers, and suck you all in to investing into something worthless.The debt levels here are horrendous.The legacy of debt has destroyed this, and the rns releases for over 3 years have been warning you.Next time, maybe follow some of us more genuine investors into something we are passionate about, as we are genuinely invested in a company who are exploring in Nevada US have €1.3m in the bank, zero debt, and released another encouraging exploration rns today.I refer to GWMO, they have cash and will continue for another year without raising cash. The organised pumping machine dont like such stocks.It's a pity the pumpers have probably exited iere and left you genuine guys holding worthless stock.
apfindley
11/9/2015
16:59
Before anybody ridicules Falla, I suggest he simply made a similar mistake to mine, although somewhat worse - i.e. getting the decimal point not just two places out but three. ("1p today "- 0.001p).
asmodeus
11/9/2015
16:49
WTF has she sung yet?? not yet i feel



Fri, 11th Sep 2015 16:49

RNS Number : 8859Y
Invista European Real Estate Trust
11 September 2015


11 September 2015





INVISTA EUROPEAN REAL ESTATE TRUST SICAF

(the "Company")



EXTENSION OF STANDSTILL AGREEMENT



Following the Company's announcements on 29 June, 13 July, 20 July, 28 July, 11 August, 18 August, 25 August, 3 September and 11 September, and in relation to certain ongoing events of Default with regard to the Mezzanine Loan Facility provided by Blackstone Real Estate Debt Securities, the Company can now report that the Standstill letter has been extended for an additional period to 13 September 2015.





For further information, please contact:

Ludovic Bernard

Internos Global Investors 020 7355 8800

colin12345678
11/9/2015
14:34
Well if you want one to watch look at MMO £700k of investments £600K in cash current value £600k so only cash value full results out end of the month.
quinan
11/9/2015
14:30
Several hundred thousand shares at 0.35 were bought between 14.00 and 14.29......
asmodeus
11/9/2015
14:19
IERE... R.I P.
113mike
11/9/2015
14:09
www.thequirkyreader.files.wordpress.com/2014/05/tumblr_m0yineeytm1qhjht6o1_400.gif
hjfe
11/9/2015
13:59
VAST is on it's way to company making news. Don't miss it!
ndogg
11/9/2015
13:59
Actually agree with Ndogg about VAST though.
bernieboy
11/9/2015
13:58
Sorry for you who stayed in. It was always a gamble. Forget the losses and move on. Next week is another week.
bernieboy
11/9/2015
13:58
Sorry to hear this news guys. Put yer dosh into VAST and make your cash back in the next week or 2.
ndogg
Chat Pages: 134  133  132  131  130  129  128  127  126  125  124  123  Older

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