A pleasant surprise this week with the sale of one of its Ukrainian properties at a valuation > the end-June 2024 book value of all three of its Ukrainian properties |
EGM called for 10 July to enable the distribution of Arcona shares to SPDI shareholders. |
Interesting to see that Nat Rothschild has sold his 6.6 percent stake in SPDI, with management picking up nearly all of it. While I would ordinarily be happier to see Rothschild on the register, that company insiders are the buyers is something to take reassurance from. |
Hi all. I have written a blog about SPDI, which I am a shareholder in, that may be of interest to you. The blog can be found here: https://tbifund.wordpress.com/2022/08/13/eep-eep-ln-spdi-spdi-ln-the-alchemists/ |
I suspect you are right. But that will not be a game changer. The Group only has one Romanian logistics facility, a building let on a long lease to an international school, a handful (at most) of Bucharest apartments and two development sites in Kyiv left. The first three of those could be monetised easily enough. |
Doubt Stage 3 will ever complete. |
Results were out on Thursday. NAV is 15p/share or c.12p/share if you exclude the value of the remaining Ukrainian assets versus a share price of 6.25p. |
Included within those are a lot of one off items linked to the asset transfers. |
"overheads" are enormous. Struggling to breakeven. |
Solid interims. NAV of 15.7p versus a share price of 7.5p. |
& which uk broker are you going to use. |
Arcona interims out today - they are looking for approval later this year to do a buyback. |
& how are you going to shift this Ancona paper. |
You old cynic! I think we are close to an inflection point. The Arcona NAV went up in Q1. There are a number of other swing factors (litigation etc) that could have an impact on NAV to be fair. I blogged about this here: https://tbifund.wordpress.com/2021/07/03/stocks-update-3-july-2021/ |
Bad to see steady decline in NAV per share. |
Good to see a steady upward move in the share price. |
After his amazing performance at SPDI; Ancona must be desperate. |
I see that the SPDI Chairman is being proposed to join the board of Arcona at the AGM on 16 June, which is likely a positive sign on the progress on the acquisition of SPDI property assets by Arcona. |
Both very illiquid investments. Doubt there will be many buyers for this confetti. Ancona may buyback at a discount to NAV |
It has taken an infuriating length of time but I see potential upside for SPDI shareholders from Arcona renegotiating loans on more favourable terms - year to date, such deals have shaved 400k a year off the Arcona interest line and also from piggybacking on asset management initiatives from Arcona |
Risky & poorly executed deal. Cannot see that it ever added any value. |
Arcona issued its FY results late on Friday. The Dutch group that SPDI is merging with said that it expects to exchange shares for SPDI's Ukrainian landbank and Romanian commercial property assets before the end of H1 2021. |
Yes - someone sold 78k and the best the MMs gave them was 4.3p. Hence they ticked down the price. |
Opaque. No idea what is happening. |