Treveria Share Discussion Threads

[nickcduk] 15/7/2010 20:56

They reckon the tax would be payable within the silo's rather than at parent company level if it were adjudged that any tax was due.

[m1keg] 15/7/2010 16:47

Some or all of that cash still might need to be paid to the German goverment for Real Estate tax. We are still awaiting the figures.

[envirovision] 15/7/2010 16:25

Approx cash of EUR 58 Mill and market cap EUR 43 Mill.

[miamisteve] 13/4/2010 16:50

Good results. NAV stable, compared to fall in peer group. Quite sure that this will double in value by interims. +150% if tax issue cash is released.

[wskill] 13/4/2010 07:56

Looks good to me this is always going to be a long term investment and over time will increase in value shame no clarity about tax issues but good news another silo out of cash trap well done to the management I say keep up the good work.

[miamisteve] 09/4/2010 09:59

Audited results out on Tuesday.

Probably a small decrease in NAV leading up to the end of December from June figure, although the general outlook should be more positive.

Hopefully some clarity on the tax issue will also be given.

[wskill] 23/3/2010 09:22

MikeG no but we should have got 8c per share return but for a problem with the German tax which may have to be paid around 4c per share when this is sorted we should get back the other 4c as a return of capital.

[m1keg] 19/3/2010 16:24

wskill,

Are you referring to some news? I have not seen an RNS yet.

MikeG

[wskill] 19/3/2010 16:18

Hope this means that TRV have sorted the tax issues and we get the other 4 cents divi which was promised cannot see property falling anymore in Germany also when will we get the promised revaluation anyone know?

[wskill] 23/2/2010 15:58

Still waiting for my divi from TRV anyone received theirs yet? my thoughts entirely miamisteve still buying a few here when funds allow one to tuck away but we do have a seller out there.

Received my divi today 02/03/10 after 2 emails

[miamisteve] 23/2/2010 03:42

Have turned quite optimistic about this one with a longer term outlook.

Germany's stalled GDP figures imo where down to extreme winter weather and expect the economy to prosper from one of the core fears that is holding the stock down.

The Greece debacle will ensure a weaker euro (and aid Germany's export driven recovery) and surpress interest rates in the eurozone which will be out of kilt with the German economy and put some rocket fuel into property valuations.

Many of our peer group have seen their sp's increase 1000%+ as soon as they get some daylight between NAV and debt and see this as one of the last chances to cash in on those sort of returns brought about by the fear and uncertainty of the financial crisis.

[scruffydave] 09/2/2010 14:53

cheers wskill

[wskill] 08/2/2010 19:00

Paid 19/02/10 scruffydave hopefully they can sort the tax out and pay the other 4c soon

[scruffydave] 08/2/2010 09:16

Hi guys - has anyone received their dividend yet?If not, when should I get it?

[miamisteve] 03/2/2010 16:41

4¢ ex divi - today - so equivalent of 15.2¢ at close

[wskill] 03/2/2010 15:35

L2 today 3 auctions up to now this is looking up at last the company must have a good future if a director will take his salary in shares

anyone out there

[wskill] 02/2/2010 16:06

Bought a few more today after reading the statement it is not as bad as I had thought now German manufacturing is galloping out of recession retail should start to pick up this year.

[ydderf] 26/1/2010 16:16

looks like a warm up for a little leapista - i can't imagine that it will trade at 10.5 (14.5 less ex 4c divi) and neither can the market......if it settles around 11.5-12 ex that will be nice for starters.....after that it seems the sky's the limit in 2010

[miamisteve] 18/1/2010 11:08

Looks like they have made peace, and dividend now seems a certainty. EGM will still shed some light on the state of affairs I expect.

[ydderf] 15/1/2010 04:42

with these recovering AIM stocks the biggest danger is usually a cheap buyout followed by a delisting, but with a highly motivated entrepreneur in the driving seat, it seems more likely that everything possible will be done - and fast - to extract shareholder value (for shareholders:)).

my guess is that a combination of stable property values and financial engineering, will make it possible for an investor to recover the current share price in cash dividends and leave a rump with a nav of 20-30 cents to find a level in a recovering property investment market...after all the directors can hardly say that they intend to gut the company with the banks staring over their shoulders, can they?

whatever happens i see very little downside at this price

[norbert dentressangle] 13/1/2010 14:04

Re: NAV rise, let's hope so! If property prices have stabilised or even risen in Germany, as expected then NAV will undoubtedly increase providing the property portfolio has been revalued recently for accounting purposes.

[norbert dentressangle] 13/1/2010 14:02

Thanks miamisteve.

I get the bit about returning cash, I thought it was in a separate account anyway and couldn't be migrated in to the company's main account (put simply for my benefit!)

It's still left me scratching my head though, regarding what it's designed to achieve. share price is 15c, NAV was 40c at last report. So am I right in thinking that distributing cash to share holders is an effort to appease investors because the share price is too low, ie giving back some value, or is it in an effort to cause a share price fall and therefore present a greater disparity ratio from share price to NAV, ie to present a greater investment opportunity to those not invested? What's wrong with a share price that represents such a discount to NAV, surely if the market considers the company to be undervalued then the shares will find their own level (presumably higher)

Sorry for being utterly thick!

[miamisteve] 13/1/2010 02:32

EGM - 20th Jan
Ex-Div - 3rd Feb
Dividend - 19th Feb
Annual report - Start April

----

Expect the NAV has risen sharply from the 30th June figure of 40.5cent.

[miamisteve] 13/1/2010 02:16

Norbert - The rational was spelt out by the company back on the 29th September. It did seem to have a positive effect on the share price after that point, up until the tax issue arose.

---------------------------------------------

"For some time now, there has been a notable disconnect between the Company's
share price and the Group's net asset value. The market capitalisation of the
Company has been much more closely aligned with the level of cash within the
parent company as investors take a cautious approach to the likelihood of medium
term value within our four largest property sub-groups, or 'silos', given the
high loan-to-value ratios and refinancing risk.


"The board has therefore carefully judged all the relevant factors within the
context of continuing to operate the business as a profitable and viable going
concern. As a result and given the current strategy, the level of cash held by
Treveria plc is surplus to its current needs. The board has therefore decided
that it is in the best interests of its shareholders to return the surplus cash
and, accordingly, it is proposed that the directors will recommend a
distribution or return of surplus cash to the shareholders amounting to 10c per
share equivalent to about EUR60.3 million."

[timanglin] 12/1/2010 22:46

by paying back our money the percentage discount to NAV increases, and we get some of our cash back?