Tamar European Share Discussion Threads

[skyship] 17/9/2011 19:08

Yet the share price marked down slightly to 40p-41p.

Does seem remarkably good value at 20% below the recent peak.

[scburbs] 16/9/2011 08:55

Bizarrely it looks like sterling has marginally appreciated since 30 June 2011 (8.8NOK now vs c.8.65NOK on 30 June). It is always surprising to find a period in which sterling has increased against NOK, the next round of QE should put paid to that for the remaining disposals! After all the one thing TEIF has done well(!) is making cumulative FX gains (39p) almost equal to the share price! What would the share price be if sterling hadn't collapsed?

This makes the 2.5% look more impressive and closer to 5% in NOK (although it is not entirely clear from the wording which currency they are referring to). It also means the profit is greater than it appears as the disposal proceeds will be 2.5% higher than book and the loan repaid 2% lower than book.

[scburbs] 16/9/2011 08:44

I like this disposal with the extra disclosure, premium to book even after a discount for tax (probably unprovided tax).

What the extra disclosure tells us is that the lower NAV figure (after all taxes) they quote will be tending towards the higher one, i.e. the inherent tax is not causing a discount to book value on exit. Of course, this is just one example. However, it has been possible to see this trend across the disposals they have been making.

"Tamar European Industrial Fund today announces that it has signed an unconditional agreement for the sale of an asset in Drobak, Norway, for a net consideration of £5.86 million (51 million NOK) after an allowance for latent tax. The sale price reflects a net initial yield of 7.00% and is 2.5% above the latest Fund valuation as at June 2011."

[contrarian2investor] 31/8/2011 20:07

SKYSHIP & Praipus, I had to pay 41.25p for my initial tranche. I have a stop-loss in place at 36p and further orders in at 39p and 44p.

[alanji] 31/8/2011 10:00

Sky - to say nothing of the collar & tie!!

Have a great weekend & best wishes to daughter.

Alan

[badtime] 31/8/2011 09:37

i'm off to Bath this wkd...looks as though yur weather wil b btr thn mine...and i wish a gd day for yur daughter.

hand is slowly getting there...its at the frustrating stage now..not so much pain..just have 2 fingers that r being a nuisance ..thanx for asking

[skyship] 31/8/2011 09:27

Hi Badtime - unfortunately no time to meet up, though will be flying into Gatwick & visiting a friend for Thursday lunch just outside Wineham - very much in your neck of the woods. Then off to Marlow. Fly back Sunday - a very quick trip.

Hope the hand settling down well...

[badtime] 30/8/2011 23:52

41p!!! doh...sky wherabouts in uk??

[alanji] 30/8/2011 12:49

Damn - missed it. About to go out so have put in a limit order without much hope.

[skyship] 30/8/2011 12:38

Topped up with a few @ 41p - a great opportunity. Hope you got some too c2i.

[badtime] 29/8/2011 22:49

welcome aboard

[contrarian2investor] 27/8/2011 13:39

SKYSHIP & Praipus,

Further to your posts 212 & 215 which highlighted the larger shareholders and the demographics of TEIF holdings. I once again had a closer look at commercial property in the wider context across Europe. It led me to decide to re-invest my DWN windfall here as of next week. I am hopeful of getting in around 42p.

[skyship] 26/8/2011 17:20

Swiftnick - thnx for the PW article

[skyship] 26/8/2011 17:19

Link to the CP+ thread - ADVFN having problems with non-alphabet symbols in the EPIC box, though hoping to sort it soon!

[swiftnick] 26/8/2011 15:06

Tamar European Industrial Fund starts Scandinavian sell off

26 August 2011 | By David Doyle.

Tamar European Industrial Fund enjoyed net asset value per share growth of 3.6% today, and announced the start of a £100m sale of Scandinavian assets.

The fund saw net asset value per share rise from 83.3p at the end of 2010 to 86.3p at the end of June this year.

Earlier this month the fund completed a refinancing with Deutsche Pfandbrief which saw its debt with the bank reduced €88m to €80.4m and the facility extended for three and a half years.

Chairman Giles Weaver said: "With the fund's capital structure now strengthened, the key focus of the board can turn to pursuing the disposal programme of the Scandinavian assets in line with the recently amended investment objective.

"At 30 June 2011, the portfolio was yielding 7.61% and continues to have a strong defensive income profile.

"The key asset management focus for the remainder of 2011 is to commence its asset disposal programme in the Nordic area while continuing to stay close to tenants and assisting them where possible as they deal with the prevailing economic climate."

As at 30 June 201, the fund's total portfolio was valued at £259,768,000, a 0.03% decrease from the first quarter valuation.

By value the portfolio breaks down across seven countries as follows: France 35%, Norway 24%, Belgium 14%, Sweden 13%, Germany 9%, Netherlands 3% and Finland 2%.

The portfolio comprised 59 properties totalling 5.6m sq ft with 356 individual leases and produces rental income of £21.6m.

[skyship] 26/8/2011 14:56

Can someone copy and paste what PW say in this link below. I'm unable to access as I've had my 5 free this month!

[swiftnick] 26/8/2011 08:33

Encouraged by these results - back in at 42p.

[skyship] 25/8/2011 17:23

Alan - we may have a continuation of the EuroFaible; but as you can see, it has barely moved versus the feeble £. Could it perhaps be more likely that we will see a EuroFort as Greece and Portugal are discarded?

At the end of the day I am replenishing my position as:

# Laxey has 30%
# Joe Lewis has 20%
# Weiss has 10%....and rising

This combination does suggest that some form of force majeure is more likely than not! If Weiss are prepared to ante up c.42p for another 990k; then I have to take the view that 41p does seem rather good value...

[praipus] 25/8/2011 09:59

By saying "I see no PIGS" I'm refering to the portfolio and with relief that the holdings all seem to be in reasonable, economically stable countries.

So the Euro can do what it likes assets in France or Germany I would imagine will sell for more Euro's and generate more stable income than assets in say Spain or any of the other PIGS.

[alanji] 25/8/2011 09:34

Scandinavian assets are being sold leaving Euro-zone - or are you absolutely certain the pigs will be kicked out? If not, the euro is bound to suffer imho and may do so even if they are not kicked out.

[praipus] 24/8/2011 17:11

"concerned by the downward drift and the prospects for the Euro"

Just picture the scenario Euro fails and all the following currencies float to reflect the strength of their economies...hmmmm...I see no PIGS.

These are the % assets held in each country as per last annual report.

France 33%, Norway 27%, Belgium 14%, Sweden 12%, Germany 9%, Netherlands 3%
Finland 2 %

[alanji] 24/8/2011 16:32

Where did you get the funds for another 990k Skyship? I am tempted to top up with a few less than that but am concerned by the downward drift and the prospects for the Euro.

[badtime] 24/8/2011 00:47

took a nibble

[skyship] 23/8/2011 16:57

Good news for TEIF bulls. Weiss take on another 990k & go through 10%. Bt 790k @ 41.75p & 200k @ 42p - both trades on 17th August.