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Prodesse Share Discussion Threads
Showing 26 to 50 of 50 messages
|Yes, received my cash. Over £6 a share was a very good result. We should all be very pleased with the result.|
|All is now safely in my account. Seems they did the right thing and the rate appears good.
|Anyone got the distribution yet?
I'm with Selftrade and seems like if they can delay things, then they will.|
|EGM circular mentions cash distribution on 25 May.
Net asset value $8.71 which is £5.80 at a 1.50 rate.
This has become a play on US$/£ rates in the short term.
Big increase today. Either it's the EGM circular or something else is going on. Interesting!|
|Now up to 20% holding; is this going to be liquidated after all?|
|Hmm...stake building by Weiss Asset Management LP - is this going to be liquidated after all I ask? Seems a waste to me, as the strategy is generally successful.|
|NAV announcement and x-rate mvts I guess - NAV must be over 550p now with a 1.59 x/rate on the US$.|
|Any news to account for the sharp rise to 500p today?|
|i agree a great shame very short sighted|
|Yes, it's a shame. Very high yield though, in my experience, normally leads to capital losses. Still lots of quality on 5%+ yields though. Anything over 10% is high risk; normally means a cut is on the way.|
|Very sad to see the main holders vote for liquidation . There are so few ultra high yield U$ plays quoted in London in £ . Any ideas for an alternative ? I have a few Raven Russia Pref yielding 13% but I do not want to increase this holding as I want to limit my exposure to Russia.|
|This beginning to look very interesting indeed, huge divi and a strong buy recommendation from analyst`s.
The very thought of Mortgage backed securities is the stuff of night mares but they seem happy with their projections.
Looking to buy when I sell my Cadburys.|
|With GPB/USD looking at 1.35 next year these could turn out to be a cracking source of income and some capital gain|
|Beware the Ides of March (2010)|
|shares magazine now on buy recc. how can they keep up a yield like this ?|
|Very volatile these - picked up a few today below net asset value + currently on a 14% yield.|
i got in at 3.45 now 4.50 good interest on investment what do you think, in
this recession they seem to be doing all the right things.
|Down 25% in 2 days. This is going to zero I tell you!|
|PRD is a ten times levered fund invested in US mortgages. By my reckoning they are already bust. Can anybody explain an outcome other than this falling to zero?
I should mention that I have been short from 322p.|
|Citywire - 11 Apr 2008:
Prodesse announces 2.8 million share placing
Guernsey-domiciled specialist property trust Prodesse Investment has announced a new share placing of up to 2,816,500 new ordinary shares.
The trust, run by US based Fidac Investment, takes positions in agency-backed investment grade mortgage backed securitiesand attempts to limit exposureto sub-prime credit risk.
The new placing will represent around 9.99% of the company's issued ordinary share capital and the company said the net proceeds of the placing will be used to invest in further U.S. agency mortgage backed securities in accordance with its investment policy.
Last year Prodesse managed to raise £11 million of equity in a share placing at the start of the turbulence in the US sub-prime credit markets.
The trust has been well backed by UK retail managers.
Last May, Jupiter's income veteran Anthony Nutt had a 9.4% position in the trust in his Jupiter Income Trust while F&C's Ted Scott held over 900,000 sharesor a 3.2% position in his Stewardship & Income fund.
Prodesse's net asset value per ordinary share was US$6.93 on 10 April while its shares were trading up 1.21% or 4.5p at 375p at 09:40am on Friday.
Indie - 10/5/07:
Our view: Buy for income
Share price: 453.25p
Investors could be forgiven for running a mile upon hearing that any company had any exposure to the US mortgage market. With interest rates high, house prices tumbling and the sub-prime lending sector looking like a tornado has hit it, it is not a pretty site.
However, before diving for cover, it is worth a second look at Prodesse. An investment trust, Prodesse's makes its money by borrowing from banks and using those funds to buy US mortgages through mortgage backed securities. Prodesse makes a profit because it can borrow at cheaper rates than the interest paid out by the securities.
What might reassure investors is that the mortgage backed securities it buys are issued by the giant US Government sponsored or quasi Government companies Freddie Mac, Fannie Mae and Ginnie Mae. There is, therefore, relatively little credit risk because these institutions guarantee the interest and principal will be paid to the holder of the security.
What Prodesse does is by no means risk free. The recent rises in interest rates in the US squeezed its margins because its borrowing costs increased but the yield on the securities it bought lagged behind because many of the mortgages had fixed rates.
But with many predicting US rates will fall, the reverse of this situation should occur. Its shares trade at a premium of about 10 per cent to the value of the securities that back them, but most of the profit the company makes is paid out in a quarterly dividend. Prodesse shares offer a prospective annual yield of 6.5 per cent that is highly attractive. Don't bet the house, but income seekers could do worse than tuck a few of these away.|
|Do not follow these very closely but how come they were able to issue shares at a premium to NAV however slight
appreciate any feed back from people who follow these.|
|As there are 100 cents to the dollar and 100 pence to the pound, then there is effectively a 100 for one de facto consolidation in a move from Dollars to Pence, adjusted for the $/£ exchange rate at say 1.7, gives a 59 for 1 consolidation, hence todays move from c7 to c 420.|
|I am going to close my eyes and dream that my SIPP pension pot was - by pure chance - totally invested in PRD and is up 4999%. Don't wake me, anyone.|
|smartass moves of this nature do not impress any one|