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Share Name Share Symbol Market Type Share ISIN Share Description
Real Estate Credit Investments Limited LSE:RECI London Ordinary Share GB00B0HW5366 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.00 0.72% 139.50 138.50 139.50 139.50 137.50 138.00 194,005 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 -17.4 -8.7 - 320

Real Estate Credit Inves... Share Discussion Threads

Showing 1401 to 1423 of 1725 messages
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DateSubjectAuthorDiscuss
03/6/2018
11:51
"...when your company is struggling to execute its business model?" As I posted 3weeks ago in P.No.1386 - herewith the Company's objective. As you have previously stated Cheyne may have a different objective - namely to increase their fee income; but for shareholders it is perfectly reasonable to like the stock, yet disapprove of Cheyne's abortive attempt to issue more. ================================================================ 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.
skyship
03/6/2018
10:05
I agree with that. Its either your cup of tea or its not.The postet who shouted good when the recent issue failed I only hope is not an investor. Its hardly something to celebrate is it, when your company is struggling to execute its business model?I'm not really sure why people like the fund anymore but prehaps they see simething I dont. Prehaps they know more about the loans Cheyne are issuing and prehaps in the future they envisage the funds doing really well ?
my retirement fund
02/6/2018
16:02
"What is the concern here?" - none really, I just think that most of us would hope that they stop issuing new stock...
skyship
02/6/2018
12:03
I don't think it's so much Italy etc , I feel it's too many issues , assuming they always approach previous supporters first to get away the majority , they have clearly said no and presumably because they feel there have been to many requests and that it has appropriate size and risk at present .
holts
02/6/2018
08:02
Ok assuming you have activists shareholders, what do you want them to do? Liquidate the co? Change the investment criteria? Reduce the level of fee ( and try to get another debt manager with the same skill as cheyne, good luck with that?)What is the concern here?
yieldsearch
02/6/2018
07:06
Contrary. Cheyne have a good screw here. They would hardly be letting go of that because a bit of short term sentiment brought about by say Italian politics or Brexit woes. The only thing that will change the setup thats evolved here now would be a significant activist shareholder. That dont look likely to me.
my retirement fund
01/6/2018
14:09
I think there would have to be a substantial,change in sentiment for them to try and issue any more for quite some time , they have had a substantial shot across the bow.
holts
01/6/2018
12:46
Its just an enormous slush fund basically fir Cheyne to dump its loans its dishing out mostly to clients whom a bank would no longer go near. Occasionally they like to steer investors to the odd more credible loan when talking their books but by and large its mezzanine mortgage backed high risk stuff that Cheyne can obvously make astronomic fees when underwriting. They will be back as soon as they can issue more reci shares. You can rest assured od that!
my retirement fund
01/6/2018
12:45
The credit quality of the available high-yielding loans must inevitably decrease as there is only a finite pool. As RECI increases in size it will eventually have to trawl in more open waters - so performance will suffer. I'm not saying we're anywhere near that point today; however, to maximise performance it is logical to surmise that they should stay small and nimble.
skyship
01/6/2018
11:41
I disagree. The structure is relatively commonly used, a board of directors based in guernsey and really not involved at all in the day to day running of the company ( just looking at their bios, they have no experience in real estate lending or abs bonds). All the loan origination, monitoring, reporting, cash flow management is completed by Cheyne. if one would go to the registered office of the company, i am pretty sure that the "substance" is there to comply with relevant laws, however not much more than that. All in all, the directors are there to sign and execute documents (and as directors of a company they have obligations) but the bulk of the decisions are made by Cheyne. Reci is basically a SPV, managed by Cheyne. Swef is managed by Starwood. Cifu managed by blackstone, vta is Axa. Directors are clipping some directors remuneration to attend a few meetings. Now in relation to maximising fees: I believe the fees are fixed %, so clearly increasing with asset under management, but not increasing exponentially. happy to pay a fee to a good manager, just like any other fund, trust or Etf as long as the manager is performing (and i believe for reci they have been). I actually found it positive to have a large asset base (through equity placing), clearly improving loan diversification, so if one loan would go bad it would have a reduced impact on a larger base of shareholder. This as long as the assets can support the dividend and also no deterioration in the credit quality of the loans.
yieldsearch
01/6/2018
06:35
At least I know my instinct is still working , i didnt think they would go there again, but having gone to the well though I would have thought they would have checked there was some water left in it .
holts
01/6/2018
06:17
Looks as though RECI may have realised they have taken their pitcher to the well a little too often; so perhaps the Market was now less receptive. Good: ============================================================== Update on Share Issue Further to the announcement made by Real Estate Credit Investments Limited ("Company") on 22 May 2018 of its intention to undertake a proposed tap issue, the Company announces that in light of current volatility in the equity market it has decided to withdraw the issue.
skyship
23/5/2018
13:13
Sky; Apologies - my post 1393 wrongly thought you were looking to buy. Glad to see you now have albeit not at 164.6 !
cousin jack
23/5/2018
11:59
BT - Slightly reduced at 165.33; only sold the few I'd bought averaging down...
skyship
23/5/2018
11:29
Sky you can get your 165.5 ..surprised you want to offload any
badtime
22/5/2018
13:16
Japan has had close to zero interest rates for almost 25 years, I don't see why the UK/Europe should be any different.
spittingbarrel
22/5/2018
10:29
Kenny - I am definitely with you on interest rate expectations. Your reasoning very much in line with my own.
hpcg
22/5/2018
09:19
Despite my view of a few months ago, I have bought some RECI again. My problem is that cash is earning nothing and my opinion is that interest rates will stay very low, an average of well under 3.5%, for the next decade. I started buying yesterday and today’s book-building issue of new shares has enabled me, luckily, to complete an investment of all the cash I wished to invest at an average cost of a small fraction above NAV. I can see that the use of gearing will enable RECI to cover its annual dividends albeit I do not think there will be much excess. However, my aim with RECI is not capital gains but the income yield - of 7.2% - which my analysis suggests is secure albeit not likely to increase. The combination of yield and asset backing is also attractive compared to other high yields.
kenny
22/5/2018
09:06
Liberum; Real Estate Credit Investments (Mkt Cap £234m) Proposed capital raise* Event Real Estate Credit Investments is proposing to raise up to c.£14.5m (8.7m shares). The issue price will be the April 2018 NAV plus an amount to cover the costs of the equity issue. NAV per share at 30 April was 164.7p. Admission of the new share is expected on 5 June 2018. The stock currently trades on a 1.1% premium to NAV (7.2% dividend yield). *Liberum is acting as sole bookrunner in relation to the share issue
davebowler
22/5/2018
08:52
Nevermind Sky at least your favourite poster is clear :)
badtime
22/5/2018
08:48
Second chance Skyship .....164.6 now
cousin jack
22/5/2018
07:49
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").
skyship
22/5/2018
07:38
Im 100% out btw !
my retirement fund
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