Sofia Prop Share Discussion Threads

[still waiting] 23/9/2012 19:52

Bulgaria on top...

[still waiting] 21/9/2012 18:48

ye of little faith..

if this was going to fold it would have disappeared by now..

big JV with new facilities to develop land and sell off when finished within a 3 year timescale.

100 bagger on relisting.

[bozzy_s] 21/9/2012 18:45

I've pretty much written these off as a mistake. Badly run companies with bad track records often fail to deliver, regardless of the supposed gap between market cap and net asset value. The gap is obviously there for a reason. If it were a well run company by a competent board of directors, the market valuation would be closer to the net asset value.

Luckily I only bought £2500 worth - I was thinking at one stage of spending £10,000 assuming I'd get about £200,000 in Bulgarian land/property. But seems that's not the case and shareholders will be screwed over.

[still waiting] 19/9/2012 18:12

maybe this litigation needed to be settled..

the court award accounts for most of the m cap on this anyway..

[the troll] 19/9/2012 17:54

no, it won't, it's absolute peanuts c/w the 'BuySell' dispute ( supposedly worth 19m euro ) about which we've heard nothing......& the RTO ( at heads of terms stage on 27th June ) about which we've heard nothing......& the possible extension of Pluto's loan ( redemption due 30th June ) about which we've heard nothing......& the finance for the RTO ( in 'advanced' negotiations 27th June ) about which we've heard ABSOLUTELY nothing. can anyone explain to me what the hell they're finding to talk about, please ?? the state of denmark, perhaps.

[still waiting] 19/9/2012 07:33

RNS

will this progress matters a bit then..

[the troll] 07/9/2012 15:48

a possible ( & only 'possible' ! ) reason they're not intending to produce the accounts at the AGM & stay suspended ? - maybe net asset value @ 31.12.2011 is what's supporting SPFL's proposal & if so, they're keeping it highly confidential ( ie, from potential 'inter-lopers' ) until the deals signed & sealed. nothing else makes sense to me.

[the troll] 05/9/2012 15:18

it's obvious they'd no option but to call the AGM for 26th Sept. given the fund will ( automatically ) wind-up on the 27th ( ie; on the following day ) unless & until the shareholders vote for a further extension ( ie, at that AGM ). as per the open letter of 3rd Sept. ( posted on Co's website 4th Sept. ) '...any potential benefits that may be achieved in restructuring the Fund will be lost...' ie; if members don't vote accordingly. YOU HAVE BEEN WARNED. this tells us we, probably, won't hear anything else for at least 3 weeks though & the suspension won't be lifted anytime soon as the accounts to 31.12.2011 STILL aren't available.

[joeblogg2] 05/9/2012 11:50

Still. not sure as according to TDW website they have 11% before today's rns and now 15% ??

[still waiting] 05/9/2012 11:44

why rathbones dropped to below 15%

to get a deal done??

[bozzy_s] 03/9/2012 18:05

Still no news on this proposed R.T.O. Wonder if it was put on hold by the bombings in Bulgaria targeting Israeli citizens. That did for OCH.

[still waiting] 03/9/2012 15:21

at least someone's excited..

SOFIA PROPERTY FUND LIMITED
(the "Company")
Registered No: 43191
NOTICE OF ANNUAL GENERAL MEETING
The Directors of the Company have pleasure in announcing that the Company's Annual General Meeting ("AGM") will be held on Wednesday 26(th) September 2012.
The Notice of AGM and Form of Proxy have been posted to all shareholders today and a copy is available on the Company's website at www.sofiapropertyfund.com.

[sonicx] 15/8/2012 08:48

I'll be happy if we get 3p back who knows it may be more?

[the troll] 10/8/2012 17:12

I think whoever they've approached to finance the RTO's having 2nd thoughts considering they were supposedly in 'advanced stage' negotiations over 6 weeks ago.
I also think, if it comes down to a 'fire-sale' & I hope it doesn't, the 'johnny come-lately's' ( ie, those buying over the course of last year or so, including me ! ) should, at the very least, see their money back given the 90%+ share price discount from A/c's Nav that was presumably the deciding factor for them; it'll be bad news for the long termers though.

[still waiting] 09/8/2012 21:18

would love to hear what asset value the larger party has, hopefully some income bearing assets as well so any refinancing can be used to develop and sell off ours and generate everyone loads of cash.....

[bozzy_s] 09/8/2012 20:51

Seems they are happy to delay the repayment. Let's see what the RTO deal is. And hope it happens of course!

[still waiting] 09/8/2012 14:59

looks like pluto want the deal as well then..

they benefit massively if deal to unlock value can be agreed.

[tomboyb] 09/8/2012 12:26

Well - They've stated NAV and we are trading around 2.5% of NAV at suspension - If they cannot extract value then there is something seriously wrong here with the management -

2.5% of stated NAV -

[bozzy_s] 09/8/2012 12:23

Ok reassuring announcement today. But of course 'should be looking after shareholders' and actually looking after shareholders are very different things. Time after time we've seen AIM directors shaft minority holders and effectively rob the company assets for themselves. Time will tell.

[tomboyb] 09/8/2012 12:01

These guys should be looking to return value to shareholders -

[tomboyb] 09/8/2012 11:32

DJ Sofia Property Fund Limited Further re-extension of loan repayment

TIDMSPFL

RNS Number : 6849J

Sofia Property Fund Limited

09 August 2012

COMPANY ANNOUNCEMENT

FOR IMMEDIATE RELEASE 9 August 2012

SOFIA PROPERTY FUND LIMITED

(the "Company")

Company Registration Number: 43191

Further re extension of loan repayment

The Company announced on 19 July 2012 that Pluto Partnership had agreed to extend the repayment date of the GBP500,000 loan made by it and applicable redemption premium to 31 July 2012.

The Company is in discussions with Pluto with a view to deferring further the repayment of such loan and crystallisation of security granted therefor. Whilst the Company continues to have positive meetings with Pluto, there can be no guarantee that such deferral will be agreed. If such deferral cannot be agreed, this would leave the Company with a working capital shortfall.

In the meantime discussions continue regarding the pre-defined qualifying event as envisaged in the announcements of 29 June 2011 and 19 July 2012.

Further announcements will be made as appropriate.

Enquiries:

[tomboyb] 08/8/2012 18:39

Land Build Cost € Valuation € Area M2 Area M2
30/06/2011 30/06/2011
(Note 1)
1 Goverdartsi (Crystal Vale/ Crystal Glade) 36,562 41,332 5,820,084 4,820,000
2 Beli Iskar (Crystal Heights) 19,432 22,464 1,322,309 1,000,000
3 Razlog/Bansko 18,353 24,301 9,209,372 5,350,000
4 Dolna Banya 48,548 48,713 1,661,695 1,240,000
5 Plovdiv 12,141 12,712 3,890,195 2,450,000
6 Banya 117,774 141,329 3,608,063 3,950,000
7 Sofia Project 55 1,298 567 786,201 368,313
Sub Total 254,108 291,418 26,297,919 19,178,313
8 Buy Sell Rescinded Contracts (Note 2) 48,218 89,967 9,529,477 -


Total 302,326 381,385 35,827,396 19,178,313

What about the 9.5mill Euro deposit from buysell? No news -

The management have not paid any attention to shareholders here - They'v estimated NAV at 24p - so to write the whole thing off would be criminal to shareholders -

[tomboyb] 08/8/2012 18:21

Bozzy - we were only capped at 500k when suspended - surely there must be more value than that considering their statements on asset value - If not then there is something seriously wrong with the management here -

[bozzy_s] 08/8/2012 18:04

What's the feeling here? I'm pretty negative with no RTO announcement by 31-July. Net tangible asset value might be multiples of suspended share price, but not much cash, and very illiquid land assets.

Hope my negativity is wrong and mentally writing off my 300,000 shares as worthless proves to be premature.

[the troll] 01/8/2012 13:46

I'm assuming ( too much of late, unfortunately ) financing the RTO hasn't proved possible & the whole deal's gone down.
the ( revised ) loan-repayment terms have, in consequence, been breached & a proportion of NAV will inevitibly be lost ??
I can understand ALL of this, given the lousy QE obsessed market we're suffering with, but really CAN'T understand them being 'pleased' to have agreed a one month extension to that loan knowing ( or should have known ) it wasn't enough......strange language Chairman......
next message will no doubt go something like ' we're winding up the fund & de-listing to save costs blah, blah....' & in those circumstances, I shall be at least looking to recover the 1.625p ( average ) cost of my shares given the valuations the management's so freely bandied about....& why the hell can't they produce a simple set of accounts & keep it listed ? are they just bone lazy or what ?