We are long overdue an update from these guys. The Arcona transaction has really dragged on. |
SPDogpoo.
Been quiet for a while? Still in some SPDI but if I was buying again, it'd be DCI. |
Spectoacc really makes me laugh. He sits on this thread and innumerable others pompously giving his worthless opinions when he is arguably the biggest loser on ADVFN.
Take this share, for instance. He's already lost a huge pile of his paltry money stash here and is likely to lose more imminently. That is because he simply does not have a clue about investing: he just loves the sound of his own voice. |
Cash balance is dropping. |
And as if by magic..
Decent update, even if the 2nd para doesn't quite accord with the 1st or 3rd. |
Deadly quiet; almost comatose. |
Can't wait for second tranche of Stage 1. |
Got to be one of the strangest co's on the LSE (the similar DCI, & the dire SPPC run it close). |
Been a wee tick-up so checked if I'd missed any news. I hadn't, but did come across this:
"As previously disclosed, SPDI intends in time to distribute the Arcona shares and warrants to its shareholders. "
In time? |
Is there any reason SPDI has to distribute the Arcona shares
Why don't they keep them? |
So SPDI raised some cash to pay the Directors' bonus & advisers' fees. |
Think it's part of the "this is how much value you're getting" NAV calc. ie "NAV is 10 thousand trillion, calculate it off that rather than the shares which are 1p". |
I presume your broker will issue a paper certificate or offer to transfer to your new broker account who can deal them.
Not sure why SPDI have decided to distribute them; admin nightmare for everyone. |
So... assuming my broker only takes UK stocks, what will I do with these shares in Arcona? Oh yes - have to sell them at a humungous discount along with everyone else. |
Its another loss.
Please buy Lambros a calculator. |
Gave up a long time ago. It is all Greek or double-dutch to me. |
More tosh:
" ...including the expected distribution of the new Arcona shares to SPDI shareholders, in June 2019, with overall completion of the Transaction planned in two further steps to be executed within H2 2019."
Michael Beys, Chairman, said; "As we progress towards completing the Arcona deal in three stages over Q2, Q3 and Q4 2019..."
H2 AKA Q4 eh. |
@Babbler post 352 - it's now May, just sayin'.
The sole advantage I can see to this deal (if it gets approvals & actually happens) is that Arcona has made some distributions in the past - not every year, and no guarantees. Otherwise, it's just swapping one illiquid co for another illiquid co.
There's little more disingenuous than:
"...The Transaction values SPDI's Non-Greek Portfolio at EUR29.25 million (based on a net asset value of EUR13.98 per Arcona share), a 96% premium to the entire market capitalisation of the Company based on the closing share price of its Ordinary Shares on 27 March 2019"
...when the Arcona share price is nearer 7 Euros, ie a 50% discount to the c.14 Euros quoted. In other words, no premium to SPDI's share price whatsoever, no 96%.
Also - what's left of SPDI, just the Greek industrial assets? So a tiny, illiquid, shouldn't-be-listed co is about to shrink drastically?
I still hold - not much choice :) |
Still don't understand why Arcona valuation is so much higher than SPDI NBV. |
Arcona are writing up-
Total valuation 95 to 161 = E66m
Net Assets 42 to 78 = E36m
Who would want Arcona paper after this deal. |
Is the non-Greek portfolio valued at E29.25m by SPDI
Arcona are paying 2,102,804 shares, 506,830 warrants and assuming E30m debt. |
No idea what the plot is. |
Just a salvage operation. |
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