wheres the income gone ?...
at time of acquisitions in late 2014...it was stated that NOI was running at 8ME
yet now...after more acquisitions in 2015...the NOI is only 8.2ME !
if they make yet another wadge of acquisitions....will the NOI still be at 8ME ! |
just goes on...
so...
loss of 817kE after interest and tax....
but if add back in that lie factor from before...766kE
then the real loss is 1.6 ME !
hence the share price crashing from the year end to march 2015....one assumes as news got out....!!
and the need to raise more money and make new purchases to try to do something...since as it was it was in a bad way... |
bought 36ME of assets outside Ukraine in 2014...and now worth 9.3ME more
26%
Pull the other one....its got bells on !!
Especially when some of its was perhaps only bt. months before the year end.
If bt. in middle of 2014 then 26% gain in 6 months....dream on.
(and noting that Rumanian and Bulgarian economies slowed in H2 of 2014 according to the report...so while economies slowed in H2 the property rocketted in value...yeah right
Valuation companies....pay em well and theyll write whatever number you want on the valuation sheet !...imho )
Frigged....just to cancel with the loss from reductions in Ukraine...imo...
just happens to almost perfectly cancel...what a coincidence !!
----
Bucharest
"yields 10% to 9.5%...rents...unchanged"...
ie. NO 26% change in property prices !! |
arghhh !
by reporting that cap. gain as an op. profit gain....the co. has to pay tax on it !
If put in valuations...and not taken since not sold....then no tax to pay !
220k !! |
the pref. shares. 8.6M
appears a bit of a trick there...
the holder can choose to give them back...and get 0.7056 euros per pref. share
8.6M of them---= 6.1M euros.....going OUT .....FROM SPDI to the holder |
42.1
Pref. shares type A.
392,500....looks like convert to cash at 0.89 euros/share......way above mkt price
2nd batch of 392,500 Pref. shares type A.
same again ?
are the exec. dirs. enriching themselves ?
is this an every year event ? |
btw
number of issued shares is
75.7M shares
then add 17M shares if recent warrants converted...
and 8-9M if pref. shares converted...assuming convert 1:1 and not 1:5 !
(no info in the market for that so far)
then add prev. options...10%
then dirs. 2.5%...
gives 100-110 shares imho
Anyone agree or disagree ?
Giving cap. value around 30-35M pnds. at Fridays closing price...30-35p.
45M Euros is use 32 M pnds.
at 45M E is it fully valued ?
----
How does that compare with Nett assets if recent prop. deals are completed ?
Discount to NAV ?
----
How does that compare with Nett assets excluding Ukraine.....if assume that at war for some time yet...
Discount to NAV ? |
The share price collapsed between Jan and march...
Was that insider selling....knowing they could pick up as many shares as they wanted at 25p in the massive share issue ?
2) I havent seen any RNSs reporting changes in % holdings after the big share issues....not even after recently issuing 17M new shares....large amount....
the new holders will own above 3% ....and the existing holders will have seen their % reduced....but NO RNSs !!
Does the company IGNORE ALL of the stock market RULES ??!! |
Phil
"just imagine what the next deal could be if they throw some cash into the ring too. "
I disagree...
If you spend 10M on buying assets....you will get around 10M worth of assets...
no one will sell you for 10M what they could sell to the next man for 20M..or 15M.
So, 25p for new shares issued....imho used to buy 25p worth of assets...
if getting a 10% yield at purchase....see RNSs....after pay staff and listing costs...then return will imo be well below 10%. The 2014 accounts show that the cash generated was marginal imo. (forget the accounting trick of 700k profit by buying an asset below its real value....just a trick...not generated any real profit or cash)
happy to be corrected... |
Are the claimed prices for acquisitions in RNSs true ....or was debt also acquired...and hence were real acquisition prices higher ?...ref. some data in the depths of prelims... |
Was the acquisition at 43p just a trick to con investors ?
If you are going to buy something with market price of say 10M pnds. And share price is say 1 pnd/share....you could argue that 10M shares shares should be paid...
If fix the price at 20 M pnds ...and pay using 10M shares at claimed price of 2 pnds per share.....the seller still gets only 10M shares....
but some shareholders might think it was a great deal since sellers took shares priced at "2 pnds/share" and not 1.
And taxman perhaps tricked since if sell for 15M pnds in few yrs....you could try to claim a loss of 5M pnds !! |
good day on here |
On the up again |
Remember the dilution for warrants & options outstanding. |
With a long pipeline of additional opportunities, this is an exciting period for SPDI and we look forward to providing further updates on our progress in due course." |
No stock Two very small trades moved the price by 3% each time. |
BCKTTSIM, Property investment vehicles like SPDI just aren't exciting enough for day traders and most investors. This will stay off radars and slow and gradual re-rates will occur with or without news. If the management can pull off a deal like they've just done without using precious cash by offering to buy a high yielding freehold for shares at 100% premium to share price at the time, just imagine what the next deal could be if they throw some cash into the ring too. They must be saving the cash for a bigger deal and the cash pile grows month on month. An easy buy and hold for 60p by the end of he year.As long as you are happy for mcap to be at a 50% discount to NAV, you won't go far wrong but at 2015 estimate of E126, there is still a lot of room for positive rating. |
A few trades moves the price quite substantially.Seen this several times over last few days. |
It is also great that they still have cash, and are generating cash. No dreaded placing is needed. |
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