Tamar European Share Discussion Threads

[skyship] 02/11/2011 11:08

Hi Praipus – herewith the dictionary definition and explanation of deferred tax:



Many mentions last March in the Finals to 31/12/10:



Frankly, I'm no expert as to the circumstances in which any tax might actually be payable; though someone (scburbs perhaps) did explain on this thread c.1yr ago – so perhaps worth scrolling back.

I suspect that in the meantime it is safe to assume the NAV is somewhere North of the net figure of c.58p and South of the gross figure of 84p. That would suggest TEIF is trading at a 50% NAV discount with an activist fund parked on the lawn.

Looks like a good time to average down your price to c42.5p...

[praipus] 02/11/2011 10:49

The only mention I can see on deferred tax (in the last results) seems to be circa £5m or 3.5p per share?

[praipus] 02/11/2011 09:36

Hi Skyship I'm in from 49p, so this looks like a value trap to me at the moment, however the NAV keeps my spirits from flagging.

What is the "large deferred tax element"?

[skyship] 02/11/2011 09:09

Ad idem - I thought exactly the same.

The novelty here is that 84.6p NAV versus the share price of just 35.5p - though that figure does include the large deferred tax element...

[tiltonboy] 02/11/2011 09:05

Absolutely, and I'm sure any deal will benefit both sides, and encourage further co-operation.

I must admit, when I saw the headline first thing, I anticipated a large Nordic sale, and a modest acquisition!!!

Not quite what I expected, but I'm warming to the deal.

[skyship] 02/11/2011 09:01

TILTS - the stated objective is for a quick trading turn:

".. TEIF's strategy is to actively manage the assets in order to dispose of them either as a portfolio or individually over the short-term."

Just nice to see management on the ball and sufficiently well-connected to reap the benefits of such trading opportunities.

[cerrito] 02/11/2011 08:30

As an ex shareholder in TEIF what attracted my interest is that there will be the potential to do many other such deals, given the financial strains of the Continental banks..the question for which I have no answer is how deep their management team is.

[tiltonboy] 02/11/2011 08:25

SKYSHIP,

On the face of it, it looks a great deal, but this needs to be taken into consideration:

"The pricing of the acquisition has created an attractive potential upside which, in part, and subject to a priority return to TEIF, will be shared with the bank."

It looks like we might not hold the asset for that long to enjoy the yield, and we do not know what share of the profit the bank will take.

Still looks like a good deal, but some more info would be good.

[skyship] 02/11/2011 07:47

Strewth - what an amazing deal, fully funded by the vendor: ".... producing a net initial yield based on current net income of 16.92%, with a reversionary yield of 19.86%."

Badtime, Simon - here's hoping we may have bought and added at the bottom!

[badtime] 28/10/2011 21:01

added today

[skyship] 27/10/2011 14:21

These are totally friendless and forgotten - so time to BUY a few again:

[scburbs] 06/10/2011 13:23

Some of TEIF's FX gains had started to reverse, but BoE determined to put paid to that and get sterling back into reverse gear generating more gains for TEIF!

"The Bank of England has said it will inject a further £75bn into the economy through quantitative easing (QE)."

[scburbs] 28/9/2011 20:46

Been sitting on the bid for a few days, but finally got to add another 20k at 37.25p towards the end of the day.

[skyship] 22/9/2011 10:58

Tilts - considered gravitas, but thought not to burden such a young man with such a double-edged compliment!

Yes, some totally counter-intuitive moves in the tertiary property plays - especially IFD. If they cut the div to 3.0p from 3.88p they would still be yielding 9.2% @ the now totally depressed 32.5p. No refinancing for 3yrs, a continuation vote in 2014 and an EPRA NAV discount of 43%! Nonsense, but reluctant to add....

[tiltonboy] 22/9/2011 10:18

Lowered my limit this morning given the weakness in markets, but still managed to get my fill. Looking at the weakness in PCTN, IFD etc, I should, perhaps, have been a little more patient.

[praipus] 20/9/2011 11:52

Skyship thanks for your posts 185, 186 and 187. If only as to remind us how lowly the humble PI/shareholder is in the pecking order.

Curiously I have heard that Weiss has been grumbling about front runners.

[badtime] 20/9/2011 09:40

looooooooooool..bit like Birminghams league position? :)

[tiltonboy] 19/9/2011 19:20

Did you mean Gravitas...lol...

The influence of gravity on me, is my belly sinking lower and lower!!!

[skyship] 19/9/2011 18:44

Surely a man of your gravity could bid Joe Lewis for his stake - though he may not play ball at 39.5p!

[tiltonboy] 19/9/2011 18:10

Was bidding 39.5p for 75k for starters. No sellers at that level yet.

[skyship] 19/9/2011 17:50

Tilts - you trying to buy a few @ 40p perhaps?

[tiltonboy] 19/9/2011 17:44

badtime,

The sell price went up a little because that is my cheeky little bid.

[skyship] 19/9/2011 15:59

Ah - yes, XD - had forgotten about that little bonus.

22% shareholder Joe Lewis is still playing hardball over at MAB. hopefully he'll table a serious offer there; then get out of this periphery play by selling to Laxey at a sensible price.

[badtime] 18/9/2011 22:34

the spread narrowed...but the sell price went up slightly....also went ex div on wed .75p