The Revel Collective Share Discussion Threads

[kev0856153] 22/11/2016 12:05

no they've not sold T10 yet but the arrangement with the Immobilien funds disclosed recently certainly makes it seem close to being done

[alexios1201] 22/11/2016 11:12

Kev, is this for all TC10?

[bckttsim] 22/11/2016 10:59

£10.5 million back to shareholders

[kev0856153] 22/11/2016 10:07

This looks very positive. 5p distribution. You have to assume they have kept enough back to cover all closure costs and liabilities, and more on top of that to give some margin of safety. Now what can they get for T10?

[bckttsim] 22/11/2016 10:03

A Cash Distribution ...

[bckttsim] 22/11/2016 10:02

WOW 5p payment to shareholders

[kev0856153] 19/11/2016 09:02

£3.2M

[alexios1201] 18/11/2016 15:44

What is the value of TC10 to TRC guys?They have 12%

[kev0856153] 18/11/2016 11:38

Thks I'll take a look. TRC do seem to have been far too pessimistic with their valuations in March. The assets they just sold have been at a 70% higher valuation than they booked them at so the question is; have they undervalued TR10 by a similar level??

[flyfisher] 18/11/2016 10:14

Hi kev, eezy and i have discussed this stock on his thread ''eezymunny'' over the last couple of months.

FWIW, i have a similar figure to you with a 6.6p final return, but i am generally an optimist.

The book figure of tc10 should be net of sales commissions in my view, see note from the accounts ''The value of the investment in MK Malls is based on the net sales proceeds to be received under the terms of a final draft (but not yet binding) sales agreement.''

[kev0856153] 18/11/2016 09:58

The NAV was heavily written down last results so I'd be reasonably confident the TC10 valuation is correct. The sterling/rupee exchange rate has also moved favourably recently.

The market makers don't seem to have a clue either with a spread like that.

[eezymunny] 18/11/2016 09:51

I'd be disappointed too, given that they were sales to the German fun that co-owned the properties. I'm not, however optimistic. Being optimistic can be bad for your wealth! And the NAV's in the balance sheet DID reflect possible perf fees IIRC.

It's all very opaque.

[kev0856153] 18/11/2016 09:35

Its possible they may pay IndiaReit some of the proceeds of the sales but I'd be disappointed if these are significant. If they are material they should have been announced with the disposal.

[kev0856153] 18/11/2016 09:31

Thks. Given TRC is being liquidated would they not have to show probable fees to be paid to IndiaReit as a liability in the balance sheet?

[eezymunny] 18/11/2016 09:25

My thinking similar but there may be fees payable to IndiaReit. Somewhere from £0 to £2m looks conceivable to me.

TC-10 may finally sell for almost nothing or something usefully more than your number.

So there's a fair degree of uncertainty IMO. My range is 4-7.5p. Not very useful!

[kev0856153] 18/11/2016 09:18

Hi EezyMunny

£8.7M just received
3.2M for TC10
5.6M (at March 2016) - 2.1M (prev distribution) - 1M (est. running/closure costs) = £2.5M


Total = £14.4M = 6.8p to shareholders

Apply 5% margin of safety to give £13.5M = 6.5p to shareholders.

Apply 10% margin of safety to give £12.96M = 6.15p to shareholders.

Apply 20% margin of safety to give £11.5M = 5.5p to shareholders.

[eezymunny] 18/11/2016 08:58

Kev. What do YOU think it will be, and why?

[kev0856153] 18/11/2016 08:46

Has anyone run the numbers here? What do people expect to be the ultimate total return to shareholders? TIA

[bckttsim] 27/10/2016 10:59

RNS Large stake building going onThey must think this is a good bet

[eezymunny] 24/10/2016 14:09

Had a few of these for the EEZY3 portfolio FWIW.



Hard to calculate lots of things..but upside I think not anything like a bagger, never mind a 4-bagger. My max upside c 30% from 4p.

Things to consider...

Cash
Remaining property (TC-10)
IndiaReit performance fees (5-10%)
Operating costs til TC-10 sold and settled
Wind-up costs
Tax

etc etc

[bbr391] 22/10/2016 08:58

Good news Indeed ,
This is a four bagger or two bagger from 4p .
Dependent on whose MCAP is correct LSE or Alphabet .

Well done All holders .
See you in eight weeks.

And May

[bckttsim] 21/10/2016 12:14

Should be a divi on that. M/c is desperately low.

[kaur70] 21/10/2016 07:22

Today's RNS
SP should be multiples!

[m.t.glass] 07/11/2014 12:20

TRC is among a large number of India-related stocks listed on my INDIA thread -