Share Name Share Symbol Market Type Share ISIN Share Description
Tamar European Industrial Fund LSE:TEIF London Ordinary Share GB00B1CH3174 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 37.00p 0.00p 0.00p - - - 0 05:00:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 20.7 -1.1 -4.3 - 51.80

Tamar European Share Discussion Threads

Showing 351 to 375 of 550 messages
Chat Pages: 22  21  20  19  18  17  16  15  14  13  12  11  Older
DateSubjectAuthorDiscuss
19/3/2012
08:28
But AIUI the plan is to sell the Nordic assets and keep the rest - the fact that the manager gets a cut doesn't empower him to sell everything regardless. Following the amendment to the investment policy to allow the Group to dispose of its Nordic assets, as approved by shareholders in August 2011, They'd have to have another amendment if the plan was to sell everything.
zangdook
19/3/2012
08:20
Zangdook, It doesn't say that anywhere, but it is effectively built into this incentive as the percentage going to the manager falls to 5% after 30 June 2014 (compared to anywhere from 5% to 30% before then). "The Investment Manager will be entitled to 5% of gross payments to shareholders over 40 pence per share rising in steps to 30% of gross payments on amounts over 70 pence per share. The percentage of gross payments to which the Investment Manager is entitled will fall to 5% for all payments after 30 June 2014."
scburbs
19/3/2012
08:19
"Under the new agreement, the Company will pay a stepped performance fee to the Investment Manager when gross payments to shareholders (either by way of dividend, tender offer or otherwise) after 1 January 2012 exceed 40 pence per share. The Investment Manager will be entitled to 5% of gross payments to shareholders over 40 pence per share rising in steps to 30% of gross payments on amounts over 70 pence per share. The percentage of gross payments to which the Investment Manager is entitled will fall to 5% for all payments after 30 June 2014. "
gingerplant
19/3/2012
08:09
scburbs the manager is incentivised to wind the group up by 30 June 2014 Can you point me to the place it says that? I can't find anything about winding the company up - and if that is the plan it's the first time they've said so explicitly.
zangdook
19/3/2012
08:07
70p return would be nice
envirovision
19/3/2012
07:52
Results rather dull with lots of the disposals completing after 31 December (so gearing is really lower than shown) and the large write off of deferred tax assets which no one was including as valuable in the first place (other than the company!). Incentive arrangements are out, good to see that the manager is incentivised to wind the group up by 30 June 2014. To be fair these seem ok to me as they are mostly linked to returns to shareholders, although 30% over 70p is bit too generous (although 70p is not an easy target) and I suspect the step below might be too generous as well given it will be an easier target. "Under the new agreement, the base fee will be £1.5m for 2012, £1m for 2013 and £0.5m for the six months to 30 June 2014. Thereafter the fee will be 1.35% per annum of the mid-price NAV (the NAV half way between NAV excluding a provision for deferred tax and NAV including a provision for deferred tax). The base fee will be payable quarterly in arrears." "Under the new agreement, the Company will pay a stepped performance fee to the Investment Manager when gross payments to shareholders (either by way of dividend, tender offer or otherwise) after 1 January 2012 exceed 40 pence per share. The Investment Manager will be entitled to 5% of gross payments to shareholders over 40 pence per share rising in steps to 30% of gross payments on amounts over 70 pence per share. The percentage of gross payments to which the Investment Manager is entitled will fall to 5% for all payments after 30 June 2014." "As part of the new Investment Management Agreement a new disposal fee was introduced, effective from the date of signing. This is calculated as 2.5% on net sales proceeds for property sales until 31 December 2012, and 1.5% on net sales proceeds for property sales completed in 2013. No disposal fee is due on sales completed in 2014 onwards. To calculate net sales proceeds various deductions are made from the gross proceeds of any disposal which include fees, costs and expenses for such sale, any discount for latent capital gains tax given to the purchaser of a special purpose vehicle subsidiary of the Company or, in the case of a sale of an asset, any capital gains tax which will become due as a result of the sale, any debt repayments and/or amortisation, any swap break costs and any pre-payment penalty. There is a cap on the aggregate base fee and disposal fee for 2012 of £1.85m and for 2013 of £1.5m. The total fee payable to the Investment Manager in any one year is capped at 4.99% of the NAV per the Company's audited balance sheet as at 31 December of the previous year." http://www.investegate.co.uk/Article.aspx?id=201203190700085519Z
scburbs
06/3/2012
16:33
scburbs - very true. Follow WEISS and you'll invariably be making money. In that respect you may be interested in today's developments over at SIGG – assuming you haven't already seen today's posts on the matter on the JDT, SIGG & SL threads. Looks a very good buy IMHO. http://uk.advfn.com/cmn/fbb/thread.php3?id=23850423
skyship
06/3/2012
16:28
Good to see Weiss adding, now over 15.1% (c.45% between them and Laxey), with there being another couple of big shareholders (does JL have around 20%?) the free float is starting to look very low. http://www.investegate.co.uk/article.aspx?id=201203061556428045Y&fe=1
scburbs
29/2/2012
18:07
I would expect the valuation to be up minimally 15% on that lease extension...
skyship
29/2/2012
17:12
Market likes it.
envirovision
29/2/2012
13:50
Sleepy, I did try and do a quick calculation. The rent level was reported as £1.546m in 30 June accounts. If this was translated at the 30 June FX rate of 8.63 then it would be NOK13.348m p.a. which would imply a 2.6% fall in gross rents. However, I am not confident in this number and on reflection the percentage fall in gross rents should be lower than the fall in NOI.
scburbs
29/2/2012
13:13
How many NOK to the pound? Any guesses at what previous rent was and new rent is?
sleepy
29/2/2012
10:29
This is excellent news and the extension to 2020 should be worth more in terms of saleability then the minor 1.4% fall in NOI. Impact on valuation will be interesting, given the short expiry I would expect the lease extension value increase to be greater than the fall due to the reduced rents, but that depends on how much of a discount was previously being applied due to the short lease. "Tamar European Industrial Fund today announces that it has signed an extension of the lease of its largest asset at Svelvikveien, Drammen, Norway, extending its expiry to November 2020. The asset comprises 18,352 sqm of logistics warehousing and offices, located in the port of Drammen, some 40 kms south west of Oslo. It was let to Bauda AS, a company which owns several Toyota dealerships in Norway and in which Toyota owns a 40% stake, on a lease that was due to expire in November 2013." http://www.investegate.co.uk/article.aspx?id=201202290918433549Y&fe=1
scburbs
16/2/2012
16:20
for a net consideration of GBP3.17 million (28.65 million NOK) to a private investment company specialising in the industrial sector. The sale price reflects a net initial yield of 10.1%. Question about terminology: does this mean the buyer will be making 10.1% of 28.65M *after* costs per year in rent? If so, isn't the price a little low? 10.1% return seems a bit excessive.
stewjames
16/2/2012
15:57
Thanks scburbs. It doesn't enhance a company's credibility when they don't give information such as the book value
sleepy
16/2/2012
15:36
In the absence of facts from TEIF I have had a look for myself. This asset appears to have been valued at £3.76m at 30 June 2011 so the sale looks to be at around a 16% discount to 30 June 2011 book value. In NOK terms it would be NOK32.5m at 30 June compared to NOK28.65 sales price so 12% below book before small adverse FX move.
scburbs
16/2/2012
15:19
Another sale with more deliberate obscuration of the financial impact together with a similar effort on the total sales to date (by adding the wording prior to discounting for tax). They well know that shareholders are interested in the proceeds compared to book value not the proceeds prior to certain discounts compared to book! Why can't these guys just tell it like it is, they seem to manage factual disclosures when it is a good result! "Tamar European Industrial Fund today announces that it has sold the Special Purpose Vehicle (SPV) which owns an asset at Disenaveien, Skarnes, Norway, for a net consideration of £3.17 million (28.65 million NOK) to a private investment company specialising in the industrial sector. The sale price reflects a net initial yield of 10.1%." http://www.investegate.co.uk/article.aspx?id=201202161510415842X&fe=1
scburbs
06/2/2012
11:38
MIND YOUR HEADS! - We're moving UP at last...
skyship
03/2/2012
14:39
A reminder of the irritatingly vague way in which the performance fees were announced. Worth bearing in mind that 4.99% of the NAV represents a cap of just under 14% of the market cap! They really need to announce the terms of this agreement rather than trying to obscure the arrangements. The year end accounts will presumably need a provision re: the disposals made to date. "The ongoing investment management fees payable by the Company to TFSL are amended to introduce a reduced fixed base fee starting at GBP1.5m for 2012 which reduces in subsequent years and is supplemented by performance related fees which focus on the sale of the Nordic portfolio and the creation of value in the remaining assets and jurisdictions. Total fees paid to TFSL in any one year will be capped at 4.99% of the NAV per the Company's audited balance sheet as at 31 December of the previous year." http://www.investegate.co.uk/Article.aspx?id=201112150700220160U
scburbs
03/2/2012
14:01
It seems rude not to, I have followed suit. TEIF has had not had much of a bounce on the recent improvement in sentiment and having sold c.15% of its portfolio at close to book value over the last 6 months will be showing much lower net gearing levels in the year end results. Hopefully they are squirreling cash away at parent level free from any bank security arrangements. If they can do something about getting the £25.9m cash they held at 30 June out of the subs and up to the parent (there may be some banking restrictions here). then it shouldn't take too long to build an amount of cash equal to the current market cap. Having said that I would like to see the new IMA arrangements in relation to how much the manager is being paid for selling the Nordic portfolio before buying too much more. I suspect most people will consider these arrangements as being far too generous, even though we have no idea what they are!
scburbs
03/2/2012
11:27
added here this morning.
envirovision
27/1/2012
10:36
Hi Badtime - Yes, noticed that - the Bid North of 30p - a small but interesting move. Could be something in the wind....finally!
skyship
27/1/2012
09:56
nice to c the quoted bid up a bit
badtime
25/1/2012
10:21
Dead as the proverbial dodo here. I think euro concerns to blame. Are the bulls still as confident as they were when the shares were at +40p.
hugepants
04/1/2012
14:35
Is it a case of misrepresentation? Should'nt the manager have been aware of the clients intentions before now? This is one of the problems/risks with liquidations and "agency" in general.
praipus
Chat Pages: 22  21  20  19  18  17  16  15  14  13  12  11  Older
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