pdosullivan

07/2/2025 13:09

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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

pdosullivan

17/6/2024 11:10

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EGM called for 10 July to enable the distribution of Arcona shares to SPDI shareholders.

pdosullivan

23/5/2023 13:44

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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.

pdosullivan

14/8/2022 10:37

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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/

pdosullivan

03/8/2022 09:19

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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.

russman

03/8/2022 07:59

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Doubt Stage 3 will ever complete.

pdosullivan

02/7/2022 08:52

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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.

pdosullivan

01/10/2021 12:16

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Included within those are a lot of one off items linked to the asset transfers.

russman

01/10/2021 04:46

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"overheads" are enormous. Struggling to breakeven.

pdosullivan

30/9/2021 19:16

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Solid interims. NAV of 15.7p versus a share price of 7.5p.

russman

22/9/2021 21:09

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& which uk broker are you going to use.

pdosullivan

25/8/2021 17:28

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Arcona interims out today - they are looking for approval later this year to do a buyback.

russman

25/8/2021 17:26

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& how are you going to shift this Ancona paper.

pdosullivan

07/8/2021 09:00

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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/

russman

07/8/2021 07:38

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Bad to see steady decline in NAV per share.

pdosullivan

09/6/2021 18:00

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Good to see a steady upward move in the share price.

russman

10/5/2021 20:41

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After his amazing performance at SPDI; Ancona must be desperate.

pdosullivan

10/5/2021 10:11

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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.

russman

03/5/2021 21:05

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Both very illiquid investments.
Doubt there will be many buyers for this confetti.
Ancona may buyback at a discount to NAV

pdosullivan

03/5/2021 07:58

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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

russman

03/5/2021 07:38

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Risky & poorly executed deal.
Cannot see that it ever added any value.

pdosullivan

03/5/2021 00:17

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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.

spectoacc

20/2/2021 07:59

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Yes - someone sold 78k and the best the MMs gave them was 4.3p. Hence they ticked down the price.

russman

16/2/2021 20:07

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Opaque. No idea what is happening.