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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 35.00p 30.00p 40.00p 35.00p 35.00p 35.00p 0 07:55:06
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 5.7 37.0 0.9 5.43

Terra Catalyst Share Discussion Threads

Showing 101 to 125 of 125 messages
Chat Pages: 5  4  3  2  1
DateSubjectAuthorDiscuss
14/7/2017
21:53
Yes, right with you on not trusting Laxey Partners!
topvest
13/7/2017
20:40
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....
rjmahan
13/7/2017
19:33
Looks very bad news. Relieved that I don't hold these any longer. Blimey didn't Lacey Partners invest in some rubbish highly liquid and leveraged assets? Think their credibility as an asset manager is close to zero. Still have some Value Catalyst Fund shares, unfortunately. Think this is possibly heading to zero!
topvest
13/7/2017
16:34
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.
erstwhile2
02/12/2016
21:35
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...
rjmahan
02/12/2016
20:59
Gearing here about 60%? Can anyone speculate what happens here if there is an Italexit? Does the debt remain in Euros but the assets revert to lira? Or does both debt and assets convert to lira?
brwo349
09/8/2016
16:54
i assume nav growth is purely euro strength?
edwardt
18/4/2016
11:02
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
08/3/2016
12:45
Yep...the assets are in beautiful Italy and subject to fortune like all things.
praipus
06/3/2016
20:28
Praipus - do you own this ? I do - its one where I can sleep safe in the knowledge that one day in the next four years it will probably double...
rjmahan
04/3/2016
22:45
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-
praipus
07/7/2015
15:50
there you go -terms agreed - could be a good performer now for a month or so..
edwardt
14/4/2015
07:46
rjm - as you must surely be aware, all valuations are based upon yield considerations; hence in an era of yield compression, values rise. Very simplistically, if you buy an office block in Leicester providing £500k rent and you value with an 8% yield, then the asset will be valued at £6.25m. Over the course of the next year yields on similar assets drop to 7%, so the asset will be revalued to £7.14m. All other things being equal of course... A simple model surely can't exist as there are so many variables, starting with yield, covenant and lease length.
skyship
13/4/2015
18:49
Skyship thanks for the reply. I am serious. I don't entirely see why the Nav of a building need necessarily change when let. Surely for almost all building s if you drop the rent enough they will be let. That being basis on which they should be valued... Also over at IERE unlet buildings have been sold at 50% discounts to Nav why would this be the case if the Nav was remotely accurate... I really want to understand this better think it is time to read some surveying books... I know prop cos provide detail but if I can't model Nav effect no real use to me... I am often concerned NAV doesnt reflect likely open market sale value...
rjmahan
13/4/2015
08:27
rymahan was yr question to edwardt genuine? Of course a lease extension can give rise to an asset revaluation. # A building with no tenant - a void - could be valued at x # That building with a small company tenant could be valued at x +15% # That building with a blue chip covenant tenant could be valued at x +25% # All valuations take regard to lease length - a short lease could lead to a void! This is why propco Annual Reports always provide extensive detail on leases and covenants... I am not aware of an available detailed guide to Surveyors valuation techniques.
skyship
09/4/2015
15:46
Edwardt why would a lease extension move Nav surely value of assets is the same... Do you have any guide as to the theory of how NAV is calculated?
rjmahan
08/4/2015
17:49
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.
erstwhile2
08/4/2015
17:10
surely the idea here is is to extend leases - get circa 20% nav uplift (conservatively) and then sell. on current share price , we could make 1.5 times our money? easy!
edwardt
31/12/2014
17:51
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.
rjmahan
23/12/2014
18:00
Curious price weakness. results and investment environment look ok IMHO Http://www.terracatalystfund.com/Documents/Terra%20Interim%20Report_14.pdf
praipus
15/9/2014
22:06
Praipus - they arent redeeming £2 a share as they can't - its is locked up in Italian telephone exchanges. They are looking to realize - but it will take a while. They are simply returning cash.
rjmahan
12/9/2014
12:56
In your example: NAV falls by £129.71 in absolute terms to £1880.29 Shares out fall to 881 NAV/share post redemption = 213.4p, a rise of 6.2% or 12.4p, like you said.
erstwhile2
11/9/2014
21:12
Correction I meant: will we see the theoretical NAV rise 12.42p after redemption?
praipus
11/9/2014
16:37
No. Market value of the (exit cash + remaining shares) is what is preserved. NAV is irrelevant. Initial MV = 1000 shares * 109p = £1090 Exit cash = 129.71 Remaining shares = 881 @ MV of x pence (x is post redemption price) TOTAL should be £1090 else arbitrage so x = 109p
erstwhile2
11/9/2014
14:07
NAV £2.01 x 1,000 shares = £2,010 Redeem 119 at £1.09 = Cash £129.71 Remaining 881 shares at £2.01 = £1,770.81 + Cash £129.71 = £1,900.521 Difference £109.48 presumably this accrues to the remaining NAV? So will we see the share price rise by 12.42p after redemption?
praipus
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