Theracryf Share Discussion Threads

[skyship] 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.

[rjmahan] 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?

[edwardt] 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!

[rjmahan] 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.

[praipus] 23/12/2014 18:00

Curious price weakness. results and investment environment look ok IMHO

[rjmahan] 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.

[praipus] 11/9/2014 21:12

Correction I meant: will we see the theoretical NAV rise 12.42p after redemption?

[praipus] 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] 11/9/2014 09:36

hi rjmahan, a question

If the NAV is really £2 why are they only redeeming £1 per share?

[rjmahan] 10/9/2014 23:37

Glad I held mine - always think when they redeem - should buy more but never do - spread is too big now...

[topvest] 22/8/2014 19:13

The valuation of the underlying properties hasn't really changed. It's just how they have accounted for the investment. A big discount is warranted as they can't sell the Italian properties and they don't generate much cash. At least they sorted the tax issue. Must be quite a de-listing risk though in my view, so be careful if you wish to get out anytime soon. I still have a few Value Catalyst and that's been a slow and declining value scenario.

[praipus] 22/8/2014 19:02

See what you mean they went up but didn't have the discount:)

[edwardt] 22/8/2014 15:10

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!

[topvest] 11/7/2013 12:45

Yes, not impressed at all by Laxey. They moan about other organisations, but they should look at themselves. This vehicle has been a disaster, but they have increased their investment management fee from £364k to £862k in the year - what exactly do they manage...nothing much!? Director fees are £164k. Disgraceful!

Value Catalyst Fund is much the same. A very slow liquidation, but Laxey still take too much.

I will avoid Laxey Partners in the future!

And they are happy to run campaigns against Alliance Trust - they have to be joking!

[edwardt] 26/3/2013 16:59

all quiet here - any views??

[edwardt] 08/1/2013 16:24

went back in on discount widening out post cash distribution. Obviously hugely linked to tax ruling on spazio and may be subject to delisting risk etc. all in , i think it is worth a punt..

[praipus] 08/1/2013 16:04

Also surprised we havent seen an "ex-divi" dip. Edit ok guess we wont see one due to the nature of the return.

[praipus] 08/1/2013 15:24

Ok can see its on its way. What was your rationale for reinvesting?

[edwardt] 08/1/2013 15:02

declared yesterday.