Share Name Share Symbol Market Type Share ISIN Share Description
Terra Catalyst LSE:TCF London Ordinary Share KYG8761F1431 ORD 1P (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 35.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
30.00 40.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 5.74 37.00 0.9 5
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 35.00 GBX

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Date Time Title Posts
29/9/201714:06Terra Catalyst Fund114

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Terra Catalyst (TCF) Top Chat Posts

rjmahan: Glad I sold out of this - lucky escape. I had hoped they would be able to sell down property and repay debt but it obviously hasnt happened like that. Still not entirely convinced its a complete no hoper, debt / NAV was 57% !, telecom assets are high quality - though there is a lot of junk in there too. There was a eur 20m (from memory) payment due in 2017 - part of reason I sold out. Surely can be renegotiated again? Dont entirely trust laxley not to try to pick up TCF on the cheap... Dont think we are anywhere near the bottom yet though....
erstwhile2: Bout time this massively structurally leveraged position in Italian commercial real estate got a decent kitchen sinking. Based on the last Spazio report, I'd guess they have marked down the income producing properties by 25-30% and the land by 50-75%. With that markdown to a price where they may be able to sell the assets, and the huge gearing at the Spazio level, you get a 75% redction in spazio NAV/share to around the EUR 1.57 as they mentioned, which translated to the new TCF NAV. Still can't get interested though, if you are about 5% wrong on what you think the income producing assets can be fire-sold for, the TCF NAV would fall another 60% from todays 57p. I'd say the end game is the lending banks force it out and game over at Zero.
rjmahan: I dont know but you could ask them. I think the debt is reasonably short term so no guarantees either way.... Dont forget share is at 40% of NAV... Will revalue once the debt is paid down a bit more and it can start paying dividends...
praipus: 8(th) April 2016. TERRA CATALYST FUND. Net Asset Value of the Company The Directors of Terra Catalyst Fund ("the Company") wish to announce that the final Net Asset Value for the Company as of 31(st) March 2016 was 203.33 pence per share.
praipus: RNS Number : 1682R Terra Catalyst Fund 04 March 2016 4(th) March 2016 TERRA CATALYST FUND Net Asset Value of the Company The Directors of Terra Catalyst Fund ("the Company") wish to announce that the final Net Asset Value for the Company as of 29(th) February 2016 was 200.39 pence per share. -ends-
erstwhile2: Spazio is c60% geared, so the current 50% discount on TCF is equivalent to a mark of 80% of "fair value" of the commercial assets. Fair value is pretty nebulous as Italian real estate is in the doldrums still. Getting 80% of it in an asset sale is not a racing cert. cleaning up the portfolio and getting 100% of it is not possible or it would have been done and dusted by Kingsnorth. Nick Greenwood has just sold half his lumpy position at 95p. It (TCF) is pretty fairly valued I think A different viewpoint, anyway.
rjmahan: Sales + Low liquidity. If you read report TCF wont be able to pay out for several years (I estimate 4) unless sold. However after 4 years I recon this can have a 10% yield.
praipus: Curious price weakness. results and investment environment look ok IMHO Http://
erstwhile2: They are just redeeming available cash - £2.3m - which is about 13.06 pence per share held. Doesn't matter how many shares they redeem. Choosing 11.93% makes the redemption price per share around the mid market level, so that there isn't a share price hit. If they redeemed something like 6.5% of the shares at 201p/share (ie NAV), there would be an immediate adjustment to the ex-redemption share price - like a rights issue adjustment - downwards, to provide the same total of the [remaining shares mkt value + cash received] as prior to the redemption. That said, the signalling nature of a NAV redemption rather than a MktPx redemption would be stronger IMO.
edwardt: well worth the wait - glad i hang around. interesting also to note, despite the enormous rise in the share price, the discount has actually widened out! i can not say that has happened to me before!
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