Sofia Prop Share Discussion Threads

[jimbob17] 12/4/2016 14:47

Does anyone have any news on SPFL ?
I see the website is no longer in operation.

[bozzy_s] 30/3/2015 21:58

What a co-incidence, I was about to mention BKSA after today's results/SP movement. It seems to be in the same game as SPFL.

Let's hope they buy some of our assets. We must qualify as a distressed seller. If I were offered 25% of the balance sheet valuations I'd bite their arms off!

Looking at the balance sheet again, although 4 years out of date, even if properties have devalued by 75%, even allowing £1.8m for all liabilities (I've added £0.7m since 2011), that would give a net return of about £1.2m or 1.8p per share.

Not sure about everyone else, but right now, having written this off to zero despite the great balance sheet (should never have got into this position - hope the perpetrators are dealt with in due course), I'd happily take 1.8p per share.

[still waiting] 30/3/2015 19:38

someone investing in bulgaria..

[chinahere] 03/1/2015 16:04

Anyone know if this company has to meet any deadlines ?

I have the shares sitting in an account that is costing money to keep open.

[still waiting] 19/11/2014 22:32

whats the contact email you guys are bombarding?

I'll send one off for the cause.

[tomboyb] 19/11/2014 20:45

I would also add what have we left?

At 1p we would be capitalised at 670k - even if we got 10p in the pound we would still get around 2p worth of assets - 90% depreciation.

I will send another email off -

[tomboyb] 19/11/2014 20:42

Well - Its not really on is it?

My impressions are these are not really serious at all about shareholders - What was absolutly ridiculous was the fact that these guys simply refused to produce the accounts and fully supported by the broker -

If you can not get 75% voting rights required to delist you simply don't produce the accounts - again fully supported by the broker.

It is shocking. Although I can't be sure on the RTO front it seems to me to be pure fantasy land.

I think this aim broker also has a lot to answer for -

[bozzy_s] 19/11/2014 19:05

Can't speak for everyone, but I guess some have just written it off and moved on. I'm less inclined to do that, out of principle. I'd like to see people brought to account.

The failure to publish annual accounts, and the excuse used, is ridiculous. They could have been prepared by the directors, who between them earned around 45,000 Euros in the last reported year (2010).

With a potential RTO on the horizon, they should have done everything necessary to maintain a stock market listing. If it meant tapping shareholders for £100k - £200k per year, I think we'd have funded it - especially as they would have to produce annual accounts. Being listed would have made the company a much more viable and attractive RTO target.

I'm looking at the 31-12-10 balance sheet again and can't for the life of me understand why the company delisted. Net assets 18.2m Euros. All tangible, zero goodwill. Gross assets 19.5m. Total liabilities 1.3m. Just 1.3m Euros of monies owed in the world. Again could easily have been funded by existing shareholders if needed.

I do wonder why they didn't do the obvious / right thing for us. Ok the properties were probably extremely overvalued. Perhaps that's why no more accounts. Maybe a sudden 90% devaluation would have got the directors in trouble with the London Stock Exchange?

[still waiting] 19/11/2014 19:00

just watching.

[the troll] 19/11/2014 18:04

only you, bozzy ? what's happened to everyone else ?

[bozzy_s] 18/11/2014 18:55

Wow, didn't know about the letter on their website. I'll take a look. Don't think it'll change my voting decision though!

[the troll] 18/11/2014 18:00

can't afford to prepare accounts, bozzy ( have you not read Burton's letter of 27th Oct. posted on Co's website 5th Nov ?? - grim indeed ) & the properties they've sold for 0.6m ( apparently to pay creditors ) were valued @ 2.5m in 2010, so you can forget 20 pps NTA's. the man's talking about 'orderly realisation' whilst still pursuing his ( mythical ) reverse takeover. you can't do both ! desperate stuff !

it's gone beyond voting down AGM resolutions. IMHO, the BOD have misled shareholders on NTA's & the first positive evidence of this is now to hand. not quite sure where it goes from here but will be consulting my solicitor FWIW. & what of the auditors role in all this ? there's plenty to think about.

[bozzy_s] 18/11/2014 16:20

Anyone else get their AGM notice today?

It's 10th December, 9.30am, Frances House, Sir William Place, St Peter Port, Guernsey.

4 items to vote on:

1 - Reappoint Duncan Abbot as director

2 - Reappoint BDO as auditors

3 - Authorise directors to set auditor's fees

4 - To authorise the directors to extend the life of the company again, by 1 year

Just checked the SPFL website - still no financial statements since June 2011, so the auditors and directors have done nothing for 3 years and therefore are not needed. I'll be voting against all the above.

Does anyone here have a contact within these major shareholders? If so, maybe persuade them to force SPFL to show financials for past 3 years, or have the company wound up if they yet again can't be bothered:

Rathbone Brothers PLC 10,069,910 15.0%

Vidacos Nominees Limited DMG7 7,956,004 11.9%

Goldman Sachs International CREPTEMP 4,275,000 6.4%

BNY (OCS) Nominees Limited 3,800,000 5.7%

Baraclayshares Nominees Limited 3,721,167 5.6%

Roy Nominees Limited 101604 3,311,250 4.9%

Chase Nominees Limited 3,204,408 4.8%

Goldman Sachs Securities (Nominees) Limited ILSEG 2,986,500 4.5%

Securities Services Nominees Limited 2078200 2,818,544 4.2%

The Bank of New York (Nominees) Limited IMAF 2,815,000 4.2%

[the troll] 31/10/2014 12:20

it can't re-quote unless / until 3 years ( yes, 3 years ! - it steals up on you unnoticed ) outstanding accounts are published. IMHO, this won't happen because there's something they don't want us to know & were hoping to hide within this 'mythical' reverse-takeover of theirs ( almost 2 1/2 years at heads of terms ?? ) my guess, FWIW, is the prime sites have been re-mortgaged to provide 'living' expenses for the directors & staff. Time will tell, yeah ?

if Co. was UK registered, it would have been struck-off by now & liquidated. seems the Bailiwick of Guernsey is somewhat more forgiving ?

[still waiting] 30/10/2014 21:20

You never know they may decide to do the right thing and come back to market and take it by storm.

Depends if the bod are thieves?

[the troll] 30/10/2014 19:34

you can fool some of the people all the time....but not.... ie, you can just about forgive the 'protracted' negotiations but NOT this failure to account to the Co's owners ie you & me, for what they're doing with OUR money.... you can only conclude there's something they don't want us to know ?

[still waiting] 30/10/2014 18:40

you tell em troll.

[the troll] 20/8/2014 19:00

well, the month's come & gone & nowt's happened ( seems MA simply copied & pasted the e-mail he sent me last September ! ).

what next ?

[tomboyb] 05/8/2014 08:24

hxxp://www.novinite.com/articles/161990/Bulgaria's+Real+Estate+Market+Up+15+in+June

Bulgaria's Real Estate Market Up 15% in June

[bozzy_s] 14/7/2014 12:13

Thanks for chasing Tomboy. It's an encouraging reply - but we've heard the same for a few years now! Will believe it when I see it. And if they come good, having saved a decent amount of cash by delisting, I'll be the first to congratulate and thank the board.

[tomboyb] 14/7/2014 12:00

Hi Joe - even though there is a delisting we as shareholders have "asset value per share" - That was the simple point I made across to Mark - Hence the response - We need an update and he has hinted next month -

[joeblogg2] 14/7/2014 11:54

Thks tom. with the Euro recovering somewhat over the last year, possibly they can sort out a deal?

[tomboyb] 14/7/2014 11:47

To [e-mail]
Jul 12 at 5:23 PM
Any ideas why we have not come back onto the market?

We delisted at less than 5% of Net Asset Value - what is effectively the value for current shareholders?

Tom

.....


The info in the last Chairman's letter at the December AGM (see Company Announcements under the Investor Relations tab at www.sofiapropertyfund.com) is still relevant. Discussions continue with third parties with a view to concluding a significant transaction. This process has taken a frustratingly long time, but the Board hopes to update shareholders within the next month. Best wishes,

Mark Anderson