Matrix European Real Estate Share Discussion Threads

[johnv] 11/5/2010 11:11

Sell for 122p?. I bought more yesterday for 121.9p. Whats the NAV now we have sold the tower and dont we have more cash now than the mcapt

[kimboy2] 11/5/2010 11:05

I presume that LBG are going to offer their shares at the tender price and they will collect any more that any one wants to offer.

[karldinnel] 11/5/2010 10:52

Hi bollorolo. Not seen you here before. Just bought in have you?

The great thing about this share is that the debt is tiny compared to assets. This means that our share price currently trades at around a 60% discount to NAV per share.

Meanwhile, the management (who do not want to give up any of their own shares at 122p each) are looking at reinstating the dividend in a few months' time. Clearly, they are not concerned about a 'horrendous debt' as you put it...

[geng] 11/5/2010 10:22

Why isn't the bid at 1.22 now? It's underwritten

[affc21] 11/5/2010 10:19

karldinnel - my take on it is that the management can see the value here, so why sell a portion...

[jonwig] 11/5/2010 10:16

Karl D - well, we didn't all agree that it should but there's always hope!

Don't underestimate the stupidity of some holders who get an official looking letter offering them money for their shares and sign it away without thinking!

(A company I hold had a recent offer at 24p when the share price was 39p. There were 30,000 shares accepting!)

If they wanted to achieve the same result they could have bought for cancellation in the market and it would have been a lot cheaper than this rigamarole.

[affc21] 11/5/2010 10:15

karldinnel - no not sold a dime, still here.
This is coming good, just needs a bit of time, what with everything falling into place.
Dividend shortly.
Share buyback which will increase the NAV.

[karldinnel] 11/5/2010 10:10

I don't get it though. We all agreed that MERE shares should rerate to near a two pounds once the IZD tower was sold, so why would I want to sell even a portion of my shares for 122p now? Also, I notice that the management have made clear that they will not take part in the tender offer...

Can anyone explain?

[kimboy2] 11/5/2010 10:02

I don't think it will be re-rated till after the tender is completed. No mention of the LBG holding.

[karldinnel] 11/5/2010 10:01

Talking to myself... LOL.

Tim, Johnv, affc? You guys still in these or have you taken profits already?

[karldinnel] 11/5/2010 09:49

Wow! The spread over on Plus is 113.25/131.25 at the moment...

Seems people are prepared to pay 127.5p to buy in on LSE though, so could be the start of the rerating...

[karldinnel] 11/5/2010 09:40

Well, looks like dividends are to be reinstated...

Can someone explain the tender offer blurb. I think the idea is that we all give up some of our shares for 122p each, which would be some kind of share buy back. Is that right?

[karldinnel] 11/5/2010 09:37

Actually, there is more news...

[karldinnel] 11/5/2010 09:35

Hmmm... bid/offer slowly creeping up. Looks like the rerating is happening, but taking its time...

[johnv] 10/5/2010 14:28

most to buy thro barclays is 1500 but can sell loads more

[johnv] 10/5/2010 14:08

Sold all my IERE last week to put into these.

[karldinnel] 10/5/2010 10:04

Some action this morning. Now that the euro club has come together to shore up the curreny, MERE could finally get rerated soon...

[affc21] 09/5/2010 17:39

Nothing new, just a reminder via the press as to one of the reasons we are invested here:

Vienna disposal of the IZD Tower for €212 million (AT)

Friday 7 May 2010

Matrix European Real Estate Investment Trust Limited (MEREIT) completed the disposal of its 100% interest in Vienna based IZD Tower on May 4, 2010. The property SPV has been acquired by a joint venture between Signa Recap Development Fund I and a large German insurance group for a price of €212.25 million.

[affc21] 06/5/2010 21:16

and here is the story:

Trading Error at Major Firm Blamed For Selloff
Published: Thursday, 6 May 2010 | 4:11 PM ET Text Size By: CNBC.com

A human trading error at a major firm was the root cause of Thursday's sudden, 9 percent selloff in U.S. stocks, sources told CNBC.

U.S. stocks plunged suddenly, briefly by more than 9 percent, before pulling back to a near 3 percent drop, as investor worries mounted that Greece's debt problems could spread.

Sources also told CNBC that the firm in question is Citigroup.

Citigroup [C 4.04 -0.14 (-3.35%) ] said it has no evidence of a bad trade but it is investigating the situation.

The New York Stock Exchange reported there were no computer glitches in its systems Thursday.

Separately, Nasdaq said it was working with other major markets to review the market activity that occurred between 2:00 p.m. and 3:00 p.m.

[affc21] 06/5/2010 21:00

CNBC

Breaking news: Trading Error at Major Firm Blamed for Market Plunge: Sources (Story Developing)

[johnv] 06/5/2010 19:42

dow tanking, another rough day tomorrow

[kenmitch] 06/5/2010 19:10

Thanks for the reasoned replies.

Presumably Matrix will go for buybacks. Time will tell whether they prove effective.

I also don't know of any property companies other than Dolphin Capital who have gone for big buybacks.

I hold the shares btw because they look too cheap. Time will tell on that too.