Real Estate Credit Inves... Share Discussion Threads

[skyship] 22/5/2018 08:49

Very annoying that the ADVFN news service was down this morning - would have taken the available 165.5p for a few!

22 May 2018
Real Estate Credit Investments Limited - Proposed Issue of New Ordinary Shares

Real Estate Credit Investments Limited (the "Company") is pleased to announce that it intends to issue up to 8,696,265 new ordinary shares ("New Ordinary Shares") in the Company to new and existing investors pursuant to the authority granted to the Directors by Shareholders at the Company's annual general meeting held on 11 September 2017 (the "Issue").

The issue price per New Ordinary Share will be determined by reference to the 30 April 2018 unaudited Net Asset Value plus an amount to cover the Company's expenses incurred in connection with the Issue (the "Issue Price").

[my retirement fund] 22/5/2018 08:38

Im 100% out btw !

[my retirement fund] 22/5/2018 08:37

Really ? My post 1383 wagered otherwise. Still at least there should be enough cash to pay the dividend again. Poster W herk will be pleased about that.

[holts] 22/5/2018 08:04

I rather thought the last issue would probably be it for a while .

[skyship] 15/5/2018 08:26

free stock charts from uk.advfn.com

[davebowler] 11/5/2018 13:55

VTA.L is 15% below NAV at the moment.

[skyship] 08/5/2018 07:54

MRF - if you have such a substantial holding your preliminary research must have told you that RECI should be viewed as a Fixed Interest investment, though with a higher yield than conventional FI instruments. As for the discount/premium issue, I think you'll find we traded at a premium very recently - Jul'17 - Feb'18.

I'm sure the 7%+ yield here ticks the box for most others on this thread:
========================================================================

Objective:

The investment objective of the Company is to provide Ordinary Shareholders with exposure to a diversified portfolio of Real Estate Credit Investments. The Company invests in real estate credit secured by commercial or residential properties in Western Europe. The Real Estate Credit Investments may take different forms but are likely to be: (i) secured real estate loans, debentures or any other forms of debt instruments. Individual Secured Debt investments will have a weighted average life profile ranging from six months to 15 years. Investments in Secured Debt will also be directly or indirectly secured by one or more commercial or residential properties; (ii) listed debt securities and securitised tranches of real estate related debt securities; (iii) other direct or indirect opportunities, including equity participations in real estate.

[my retirement fund] 07/5/2018 23:27

I've been reducing my holding to safe levels and çontinue to do so, hoping to be out 100% within the year. Cheers.

[wllmherk] 07/5/2018 22:15

If it's such a dog why not move on to some stock you do like and leave us holders to enjoy the rather healthy dividend income ?

You seem a tad sure of yourself MRF, bordering on arrogant,

wllm

[holts] 07/5/2018 20:25

Any assesment here , if you are a long term investor , must account for the prefs , the cell the income from those and therefore the total return , accounting for those a dog it has not been .

[skyship] 07/5/2018 18:04

Hmm - yes remember IERE/IERP. Thankfully I held very few; and then only the prefs - so just a 1% hit.

As you posted at the time:

"It looked good at first. Tom Chandos from RECI on the board. Had allready been recapitalised. Had a decent NAV. All I can think is that when the portfolio was originally aquired all those years ago there was some kind of dodgy goings on and they overpaid and the company ended up with assets by at least 25% overvalued and perhaps more."

Was Chandos associated with our investment managers Cheyne - or was he perhaps old management?

[my retirement fund] 07/5/2018 15:36

In 4 years they've raised a shed load of money and yet this has gone no where. Deduct inflation from your stake and the dividends dont really eliminate the risk taken. One needs to remember the lot behind this also were responsible for that other dog your were so keen on Skyship. Remember the one that went bust leaving its preference holders with zippo. What was it ? Invista property or something ?If I may say so Skyship since your comstant EU rantings came to fruition and we voted to leave, you seem to have lost a few cells or is that just the natural aging process ?

[skyship] 07/5/2018 13:46

By and large this has gradually transformed itself into a right dog...???

So often mis-read you...are you joking perhaps? So often your comments don't seem to sit well with your old persona before your divorce. Is it still you; or did someone less competent assume your moniker when you dropped out for a year or two?

If it is still the real MRF, could you possibly account in sentient mode how/why you would classify RECI as a DOG!

[my retirement fund] 06/5/2018 17:58

Queens walk yes that brings back some memories. By and large this has gradually transformed itself into a right dog. I doubt the transformation is fully finished yet either.

[hpcg] 06/5/2018 15:10

Happy to add from investment gains elsewhere when at a discount, and obviously to hold. One always needs to keep an eye on credit fundamentals to check for deterioration but no sign yet. Queens Walk was a bit too slow to eliminate its debt, did well trading distressed asset back securities, but had been caught out by the quality of its loan book. It did tender for shares which benefited those that responded to the offer and to holders and it did keep paying a dividend. Investors in turn completely over reacted once the worst was over, though easy to say in hindsight. I can't quite get a count of how much was written off rather than just temporarily written down, and I don't think it justifies the time to do so. The important thing to do is to act quickly when things start to go wrong no matter how skilful the company might be other investors will be too slow to react and will ultimately sell out at big discounts.

[davebowler] 04/5/2018 09:59

Liberum;


Real Estate Credit Investments (Mkt Cap £224m)

0.7% NAV gain in April

Event

Real Estate Credit Investments generated a 0.7% NAV uplift in April to 164.7p per share (March 2018: 163.6p). YTD NAV total return for the four months to April is 2.7%.

During April, RECI invested €12.6m in a new €155m senior loan originated by the manager to refinance the debt of LOV Hotel Collection, the luxury hotel branch of LOV Group. €4m has been invested in two bonds in a new CMBS and a further £3m was used to fund existing loan commitments.

Further deals are expected in the near term with four deals close to completion. Cash on the balance sheet at the end of April was £13.3m (5.8% of NAV). The overall gearing level is equivalent to 22% of NAV or c.45% of the bond portfolio

Liberum view

Our forecasts imply NAV returns of 8.5% and 8.7%, respectively, over the next two years (March year-end). The manager continues to see lower competition in the lending market due to ongoing bank de-levering and rising capital requirements.

RECI’s -2.2% discount compares to a 4.3% average premium for its closest peers. The company’s 7.5% dividend yield is also 1.5% higher than the peer group average. We believe the current share rating offers an attractive entry point given the fund's strong long-term track record and the improved investment opportunity set in recent years.

[skyship] 04/5/2018 07:49

Another good performance last month:

MONTHLY UPDATE:

• NAV as at 30 April 2018 was £1.647, representing an increase of 1.1p per share over the month.
• RECI invested €12.6m in a new €155m senior loan originated by the Investment Manager to refinance the debt of the LOV Hotel Collection (LHC). LHC is the luxury hotel branch of LOV Group which owns and manages prestigious hotels across some of France’s top regions.
• RECI also invested €4m across two bonds in a new CMBS issue and funded a further c £3m under existing loans commitments.
• The pipeline of opportunities developed by Cheyne across both the loan and structured credit markets remains strong with four deals due to close shortly.
• Cash of £13.3m at month end, representing 5.8% of NAV.

[jaws6] 30/4/2018 15:48

RECI did try to speak to ii to sort out , it took 5 days to sort out. but now can buy at ii.

[jaws6] 27/4/2018 15:39

ii will not let you buy this. BARC had same problem last week on kid confusion. but BARC sorted now.
RECI did try to talk to iii but they not talking to them !!

thank you Mifid.

[badtime] 20/4/2018 12:18

Your favourite stock:)Ps 42 to buy?

[my retirement fund] 20/4/2018 09:09

Ahh Raven Russia. Yea good pint.

[nimrod22] 20/4/2018 08:50

Bought 10 grands worth at 43.7521p this morning, probably worth a punt on the sudden drop. Sorry wrong board