Jz Capital Partners Share Discussion Threads

[hindsight] 24/2/2020 10:56

Halved the property value in a few months, can this just be incompetence?

Property been falling for a while, they hadn't faced up to facts, 450m to 150m is quite unbelievable though

Anyone had a go at what they claim NAV now is. Here make it, using 1.30 fx rate, £5.90

[rooky4] 24/2/2020 09:19

Given this took place in the USA, litigation can't be far behind.

[rooky4] 24/2/2020 09:02

Another $50-55 million, and this "approximately".
Then described as just "preliminary appraisals"

Halved the property value in a few months, can this just be incompetence?
Difficult to see how there can be any confidence left in the management at all.

[hindsight] 12/2/2020 16:17

I agree with the wind up part

[topvest] 11/2/2020 21:01

I wasn't able to work out what group debt relates to the properties. Anyone understand? If the properties are worth US$100m (given the write-downs so far this does not appear far fetched) or zero (absolute worst case) what is the impact?

[rambutan2] 11/2/2020 19:36

And the debt on the property isn't so easy to write off...

[tykethat] 11/2/2020 10:40

@spectoacc exactly!

[spectoacc] 11/2/2020 09:23

Who did they buy the property from.......

[hindsight] 11/2/2020 09:17

Agree, they never faced facts that the property side was a INTU, who was valuing them so high. But even more odd they went away from their normal arena of start up companies. Were they too long in the tooth to understand start up techs.

[topvest] 10/2/2020 21:23

There is something very wrong with these real estate assets. In last year's accounts they were valued at US$443M versus cost of US$394M. This is wholly inconsistent with the carrying costs that have hit net asset value for years. The word "fraud" hasn't explicitly been mentioned, but something is definitely not right. What are they actually worth, maybe US$100m? Their accounts are in-penetrable. Wind-up needed.

[davebowler] 10/2/2020 11:01

Disgusting that the management team could get away with this.

[tykethat] 10/2/2020 09:25

New York meets Miami! what on earth could go wrong!

[hindsight] 10/2/2020 08:57

What were they doing? Exactly

Asking myself same thing about buying at 350p but expected the write down to be in the mid of the $50 - $150m range, not above it

So if take this $108m off its about $6.80 nav

[horndean eagle] 10/2/2020 08:54

What is shocking is that they never faced reality and stated falling values. Obvious retail units struggling really badly all over the world. Its blatant fraud on behalf of investment manager. Raping company of fees.

[spectoacc] 10/2/2020 08:26

Another -$108m? Must be that giant US recession/depression/property value collapse.

No, wait....

[topvest] 10/2/2020 08:17

Another awful RNS. It's unbelievable how much money they have lost on these US properties. What were they doing?

[ny boy] 25/12/2019 21:27

Load of nothing this is one, I will stick to (TWD) for x 5 next year

[spectoacc] 24/12/2019 07:27

Jeez - hidden within a Net Asset Value RNS, 5.45pm the day before Xmas Eve.

[topvest] 23/12/2019 20:55

Another poor announcement, buried late in the day before xmas. Fairly grim.

[hindsight] 05/12/2019 09:49

The auction sellers are now above the mms so selling pressure may ease, not that that changes management task. Personally dodged the first bullet but been hit by the second, stupidly ignored that they come in three's

[pugugly] 05/12/2019 09:18

Spread now looking horrible - Mr Market will only give you 240p to bail out - One for the bottom drawer - Only possible reasons to continue to hold is US assets, so possible currency hedge if tactical voting gives No 10 to Corbyn but current rise in Sterling -v-$ suggests market has decided Boris will win - but remember the polls were wrong re Grey May!!

Edited - While typing the above buyers coming in at 283p - Pity the poor sod who was legged over by the MM at 240 -

[topvest] 04/12/2019 21:09

No, I think we need to keep the 2 main founders at the helm to salvage what is left. This trust is now effectively in run-off because of their stupid property foray and high charges. They have a sizeable holding, so they are at least incentivised to sort this out. Most of us just want out though!

[pugugly] 03/12/2019 15:37

290p trades and falling fast - Starting to look like a directors Life Style company - Shareholders (imo) should call for a special EGM - Motion - Remove the Directors and wind up the Company.

[flyfisher] 27/11/2019 21:58

Could you comment on some of the points covered in the analysts call.

Thanks.

[rambutan2] 27/11/2019 20:01

A car crash of an analysts call does little to engender confidence for anyone misguided enough to have stuck some of their savings in this vehicle.