Off-plan Fund Share Discussion Threads

[dirty75] 27/5/2009 20:17

more acq for NH?

[grlz] 05/5/2009 10:30

If Cannon Street hasn't started by June 2010 OPF can probably cancel and be refunded it's £1.25m deposit and £3m escrow.

Nigel Henry has a 20% hedge to vote against winding-up the Fund until then but there is little chance in the current market that OPF could raise £25m of mortgages to complete and I can't see HBOS advancing funds to build when the exit is a £2m MK company like OPF in which their client NH has a significant pecuniary interest.

My guess is NH has purchased to dissolve the fund when cancellation of Cannon Street becomes the only realistic option (The option runs from memory to June/August 2010 but will cancel before the end of the year, probably sooner given HBOS's position) NHs OPF holding I guess is a hedge against any personal guarantee he has given HBOS as 20% should be worth £1.7m or 70p per share if OPF makes a special divi imho

DYOR

[barnetpeter] 30/4/2009 18:40

yes tara. Shame you sold.

Good finish as well. Looking for 30p plus next week.

[tara7] 30/4/2009 16:19

So, as i said a very safe way to make a very very large profit.

[barnetpeter] 30/4/2009 16:06

The audited net asset value ("NAV") of the Fund at 30 September 2008 was GBP9.1
million (2007: GBP9.5 million). The NAV per ordinary share has reduced to
81.2p at year-end.

You want 25p? The cash is 40p per share .....

[jamie62] 30/4/2009 16:04

have held these since 16p and it feels like a long time - at last some positive movement.

[barnetpeter] 30/4/2009 15:26

I am still in and have added more. This is a bargain and easily worth 40p. It has property assets worth 40p plus as well as all this ringfenced cash.

[jonnyboy1] 30/4/2009 15:23

been sat on this lemon since 13p whilst all the others rallied.

Finally on its way......

25p will do me mr henry and you can have my shares

[touch2002] 30/4/2009 14:44

Interesting to see what happens with HH going forward - given the company has cash, Canon House commitment and not much else, would be dafter things than HH taking it on for c.25p/£

Now hold. As always DYOR.

[touch2002] 30/4/2009 14:13

tara (inadvertently) called that trade right - RNS today shows Henry Homes with 19% stake, acquired through taking on Kaupthing stake...


tara7 - 24 Mar'09 - 16:26 - 217 of 225


Henry homes would do well to buy this stock in my view, when the deal with the bank falls through, the OPF shares they buy now, would shoot up.!!!!!!!!!!!!!

[mister md] 23/4/2009 15:05

why aren't the directors buying shedloads if they think its so cheap?

[grlz] 22/4/2009 02:51

brando

tara has probably moved on - hence the silence. But I must thank her as her tricks obtained me an excellent exit.

I don't see DCM as a negative as I would rather have a skilled manager costing a few nickles more than a lousy cheap one. BUT the future is dependent upon Wallington falling apart but that could be a year off and I guess the problem is BOS have already advanced "Tranche A" to acquire/refinance the site so imho the only out is HH going bust or the clock ticking down forces cancellation.

I will probably take another look in 4 months time and see if it's worth getting back in before the rampers start pushing this..... again - it's a b'stard strategy I know but then we live in a world filled with b'stards, and if you can't beat 'em you may aswell join 'em.

DYOR

[brando69] 20/4/2009 19:07

watch out for stocks that tara promotes, he/she aka torabora is a bit of a ramper. i hold another stock that he/she likes nta, which i am sure will do well eventually, but tara is just ramping it all over the place.

[bisiboy] 20/4/2009 17:43

although these may seam very cheap i have decided to avoid
1- i have had dealings with dcm before and have not been impressed
2/- expenses are huge
3/- mgmt fee and operating exes 486/-k
upside i think is about 40p max assuming get out of jail wallington

and dont forget uk house prices to fall at least another 25%

i might take a punt at 5p

[grlz] 03/4/2009 16:18

you should have sold into the post result spike ;)

[mitzis] 03/4/2009 15:05

This one is quiet.

[grlz] 26/3/2009 16:54

Henry Homes may not survive, very significant discounting being made on the Core Development, Claygate. Cannon Street is stalled with a growing Bank commitment to service.

OPF's Guarantee and deposit are held by third party escrow so it would (worse case scenario) receive it's fund back in full should HH fail.

all imho / DYOR

[touch2002] 26/3/2009 09:16

haha! good point though tara!

[tara7] 24/3/2009 16:26

Henry homes would do well to buy this stock in my view, when the deal with the bank falls through, the OPF shares they buy now, would shoot up.!!!!!!!!!!!!!

[tara7] 24/3/2009 15:52

Is a buyer clearing up todays sales.? the MM tend to drop the price like a stone if they do not want stock.

[grlz] 24/3/2009 15:37

I agree with your sentiment if HH re-visited the HBOS terms. The notes on OPFs accounts means Cannon Street is unlikely to get past HBOS's Credit Managers a 2nd time

OPF takes a £2m asset hit but gets back £4/5m in unallocated cash

[tara7] 24/3/2009 11:29

OPF are part of the bank deal, without them it was never going to get off the ground in the first place.It should be noted the builder lost the first 5M pounds of GDV, when OPF got 20% off. So any profit was cut to the bone at that stage. The bank has seen the loan turn sour each month since, with the shops now worth just about zero, and 30% off the H/A. This has now been topped by OPF audit report, that is going to give the bank yet more pain and worry that if the loan goes ahead , they[the bank] will have one more bad loan on the books. [And a heap of property]

[grlz] 24/3/2009 11:11

Kaupthings are obviously the forced seller and at the last count had 1,858,850 to dispose of - how much is left ?? as their sub 3%

Cannon Street - waiting game until it cancels but otherwise a win, win situation. It will only go ahead if HH can sell the remaining 56 units at the price point HBOS set in their 2007 lending terms - if they can do that it in this market it means the "Signature" is viable so OPF makes money - IF HH can't pre-sell at levels demanded by HBOS within 12 months OPF can make a case to exit as the developemnt simply won't complete by 01/12..

I'm sure a Housing Association would love to buy the 56 units offered if a discount to current market values was available - difficulty is that would lead to HH having to re-negotiate their lending terms and HBOS - who would probably cancel as the main buyer OPF isn't in a position to complete on 118 units given what little credit is available to it, as stated in OPFs Audit Report - HBOS are never going to commit tranche B funding with just a £4m clawback so the deal is most likely dead imho

Is it worth waiting ? imho OPF should try and talk an early exit from Cannon Street - HH maybe inclined to take a payout - it would cost OPF but would clear the balance sheet of this dog.

DYOR