Sdic Power Discussion Threads

[investor_tp] 03/7/2012 11:54

Is there any chance at all SDIC shareholders will see even a single cent?

[mazbar] 03/7/2012 11:08

Posted on the SDIC website last month, looks like we might hear something soon, I hope it's good news for us shareholders...

06 June 2012
Speymill Deutsche Immobilien Company plc
("the Company")
Matched Bargain Settlement Facility

Following the completion of the sale of the Company's remaining property-owning subsidiaries, thatwere in receivership, an announcement will be made in the near future advising shareholders of the Company's status.

In order to further reduce costs, the Company has notified Fairfax I.S. PLC of its intention to terminate the matched bargain settlement facility with effect from 30 June 2012.

For more information, please contact [e-mail]

[scburbs] 28/5/2012 13:52

I wonder who these "stakeholders" are! Goal seem to be continuing with the day to day management with Corpus Sireo taking over more strategic asset management.

""The banks benefit from this transaction by having a large portfolio of non-performing loans converted to performing loans, while stakeholders benefit from Cerberus injecting new capital for improvements and leading the execution of a turn-around of the assets," said Senior MD Lee Millstein.

...

With Corpus Sireo coordinating asset management, local firm GOAL will continue to oversee day-to-day management of the assets, and Hamburg-based Engel & Völkers has been retained to market individual assets to private investors in Germany after capital and operational improvements have been implemented."

[steve36] 28/5/2012 11:18

Most likely that Cerberus have bought the assets and then injected new capital. Existing SDIC shareholders notably absent from the mutual benefit quote:

Ben Cairns, Receiver, of Ernst & Young, said: "This is a landmark recapitalization and distressed loan restructuring which is to the mutual benefit of the existing banks, stakeholders of the acquired assets, and the new capital sponsor, Cerberus."

[greedfear] 25/5/2012 19:50

Troll if I could I would have helped you out better but there's just too little information.

It looks like the shareholders of SDIC will be left empty handed:

"An affiliate of Cerberus Capital Management, L.P. ("Cerberus") has entered into a definitive agreement to acquire the assets of distressed company, Speymill Deutsche Immobilien Company plc, from the Receivers."

But:

"Speymill Deutsche received new capital in the form of subordinated debt and equity......' ( ex Bloomberg news, 16/5/2012 )"

seems to suggest that it's SDIC that will receive new capital and a subordinated loan, so current shareholders of SDIC will at least remain shareholder (and have a chance to recoup some of their losses?)

It's contradictory, I'm sorry.

Most likely to me seems that the assets have been bought by a new Cerberus vehicle (leaving you empty handed). Sorry.

[the troll] 25/5/2012 18:34

'Speymill Deutsche received new capital in the form of subordinated debt and equity......' ( ex Bloomberg news, 16/5/2012 ), can anyone explain this, please ?? much appreciated.

[greedfear] 24/5/2012 12:32

You should not be. I wasn't. :)

[scburbs] 24/5/2012 12:28

Well now we know where the €2m incentive that SDIC got to approve the CMBS sale in corporate form has gone! I guess we should not be surprised.

[mazbar] 24/5/2012 12:15

I still don't know where I stand with this investement. Does anyone?

[davidosh] 24/5/2012 10:36

Agreed settlement of the Speymill Deutsche Immobilien Company plc ("SDIC") loan notes relating to the sale of GOAL services GmbH ("GOAL")



Speymill (AIM: SYG), the multinational property services group, announces that it has entered into a negotiated agreement with SDIC to settle the outstanding convertible loan notes ("Loan Notes") issued by SDIC to Speymill in consideration for the acquisition of GOAL on 18th November 2010.

The aggregate value today of the outstanding Loan Notes is € 2.088 million and Speymill has agreed to accept €1.86 million combining both principal and interest, subject to immediate payment and in full and final settlement (the "Settlement"). The Company has received the funds which will be used to support the Company's working capital.





Nothing from SDIC...funds are coming from somewhere ?

[bisiboy] 12/5/2012 11:28

i have received nothing and the last statement implied there would be something for
shareholders.
i would be happy to contribute to some sort of fund if we had any prospect of redress.
this investment has left me feeling pretty sick. I was aware of the risks but think management have either been grossly incompitent or not honest.

[davidosh] 11/5/2012 19:30

Sleepy ...that sounds like a fair challenge for ShareSoc and we will take a close look.

Has anyone received a final account of what happened from the company or an administrator ?

[sleepy] 11/5/2012 18:57

bisiboy

Good luck!

He certainly had - and may well still have - a large portfolio of residential property in Berlin. I expect he has done much better than SDIC shareholders.

I feel very sore that he, and others involved, have got away with this.

Substantial funds would be available to anyone who could improve the position of shareholders and/or explain to shareholders how so much of their money has been lost and just where it has gone

[sleepy] 11/5/2012 18:56

See next post

[bisiboy] 11/5/2012 18:21

if hes worth 500m, he can give me my money back.

[strollingmolby] 05/5/2012 13:34

JM: "I am a champion of shareholder rights..."

[bisiboy] 05/5/2012 13:24

i cant find anything out at all.
might try and contact jm directly.
right asset class wrong vehicle very expensive lesson learned.

[davidosh] 03/5/2012 17:20

Has there ever been an AGM or investor meeting for Jim to explain what on earth happened to our investment here ?

At what point do we write it down to zero ?

[mazbar] 03/5/2012 14:11

I was sorting through some books last night with a view to throwing some away and came across a copy of "The top 10 investments for the next 10 years" by Jim Mellon.

It said SDIC was a relatively safe investment for slow and steady growth.

If I'm not going to get any money back from SDIC I wonder if I can at least ask Jim for a refund on the book? At least then I'll be able to afford a bag of chips with a cheap bottle of wine. Not quite the Spanish Villa I had hoped for :-(

[bangor] 27/3/2012 09:09

Doe anyone watch Vox (German tv station) "Mieten, Wohnen, Kaufen" on every week day at 5pm? It shows eccentric estate agents showing interested buyers or renters around properties in different German cities. It is over the top for entertainment purposes but gives insight into current prices and furnishing. Did you know 90% have laminate floors? - it used to be carpet.

What surprised me was how expensive Berlin is to buy now as it was cheap not so long ago, although rents are still quite low.

[scburbs] 26/3/2012 17:07

I didn't realise that the TOR properties were so well located! The rest must have been real dross! With 60% of the portfolio in Berlin it should have been doing really well given the high rental growth! The people involved in SDIC are definitely ones to keep on the watchlist for avoiding in future.

"Benson Elliot Capital Management, the UK-based private equity real estate fund manager, has exchanged contracts with a number of subsidiaries of Speymill Deutsche Immobilien Company PLC (SDIC), to acquire the TOR residential portfolio on behalf of Benson Elliot Real Estate Partners III.

...

The TOR portfolio assets are located in prime metropolitan areas, with three quarters of the properties situated in Berlin, Frankfurt, Munich, Hamburg, and Cologne. The largest concentration – over 60% of the portfolio – is situated in the capital, Berlin. The properties range from individual buildings to residential complexes, comprising a total area of just over 230,000 m². Portfolio occupancy at year-end 2011 was 91%."

[mazbar] 25/1/2012 13:05

Probably not very much :-(

[bisiboy] 25/1/2012 12:53

do you know what that means for us?

[scburbs] 24/1/2012 17:45

TOR assets have been sold.

"After successful negotiations facilitated by the Special Servicer, the sale and purchase agreement was entered into and notarised on 22 December 2011 in respect of the TOR Properties."