Treveria Share Discussion Threads

[praipus] 21/5/2012 18:10

Featuring in the top 30 stock's on loan!

[praipus] 12/3/2012 12:10

Taube Hodson Stonex Partners LLP trying to leave quietly perhaps? Reducing to 4.86%

[praipus] 06/3/2012 17:22

At least 85.62% of shares allegedly in institutional hands hmmm

[praipus] 21/2/2012 13:48

Starting to think the market maker here has some form of keyboard touretts that comes on bad around lunchtine!

[red army] 20/2/2012 16:22

Managed to pick up quite a few today albeit in small parcels.

[ydderf] 20/2/2012 15:58

seems to have turned?.......not surprising given that nav is 50+

[cascudi] 15/2/2012 16:05

slowly and silently is going up.. (20% up from beginning of February)
balance sheet seems good...
does anybody have any news about this company?

[cerrito] 09/2/2012 19:30

Have not looked at this for 2/3 weeks-I did rather faff around buying more but inertia took hold.
A bit concerned when I read change in CEO as there seem to have been a lot of changes but reassured myself when I reread the Chairman's statement in the 2010 annual report that Dr Fuhrman, who had been CFO, was appointed as an interim CEO.
Given that we have board stability let us hope we now have management stability and that Chritoph Maichel does what is needed.

[cascudi] 02/2/2012 23:10

people buy few share and price go up immediately. what does this mean? godd or bad sign?

[horndean eagle] 25/1/2012 19:25

Silo D will result in a very chunky saving of interest. Especially with Euribor down over the last few months. 6m on an annualised basis. Silo E extension also agreed which probably isn't too dissimilar a margin. That would lead to a 10m saving in interest. The above will help with amortising the loan. TRV could then dangle the carrot of a cash injection in exchange for a longer extension on the loan. We could end up with a very healthy cash generating machine. German economy seems to be holding up very well and should help sustain values. Looking worthy of a punt.

[ydderf] 06/12/2011 15:26

market cap now roughly equal to the ring fenced cash in the holding co, so no matter what the outcome of the silo financings - and one silo has no debt at all, it would seem that the downside is limited......oder?

[cerrito] 06/10/2011 10:10

Just organized myself to go through the interims and having read them I can understand that for company specific as well as wider market reasons, the share price continues its stately decline.
Reiterated strategy announced in finals that the key strategy is deleveraging which given the weighted average LTV of 79.1% seems sensible..indeed 65% LTV target for 2014 also seems sensible..although if all banks were as generous as Deutche Bank in silo D and have a margin of 85% over LIBOR with a 3% cap I am not sure if I would be in such a hurry to deleverage.
Note no comments on buy backs which they highlighted in the finals and no buybacks since March.
Reduction in operating costs good and also good that Cournoyer is back as Montpelier have 21% of the shareholding; actually over the last 6 months there seems to be far less change in large shareholders than over the last three years and if all the major shareholders are on the board-better.
Note big disconnect between E0.542 NAV and current sp
Frustrating that once again no parent company financials although we can infer how much cash there is in Parent from note 11.
To see underlying profitability looked at the income statement and to focus on underlying ignored valuation changes in both real estate and derivatives as well as realized capital gains/losses ie gross income minus admin costs minus net finance.
In this last semester we get a rather small profit of E1.6m compared to E6.2m the year before but better than ther E0.9m loss in the second half of last year.
Of course performance is hindered by high level of voids 13.9% at end June.
I would have been happier if there had been more definitive news on loan restructurings but the extensions(which seems reasonable and as per above very reasonable in the case of silo D) are par for the course in today's climate.
Obviously with the benefit of hindsight I should have exited some months back at E.20 +; given current price will probably stay for the hard slog. They have a unified shareholder structure and what appears to be more focused management than in the recent past.

[praipus] 28/9/2011 13:06

"The adjusted net asset value per share of the Group was 54.2c"

from the half yearly report

[praipus] 09/9/2011 17:04

Crawford any chance of putting the company website in the header please?

[zangdook] 18/7/2011 14:01

there you go, Fred

[praipus] 30/6/2011 23:27

These guys dont seem too bothered

Taube Hodson Stonex Partners LLP

[ydderf] 19/6/2011 05:22

in the last announcement we were told that the company expected to have concluded some debt negotiations by the end of May........June 19th.......tumbleweed.....and counting

[praipus] 14/4/2011 22:52

Hi Cerrito, in answering your post

1.) Always a good idea to refer to the page number/s in the report that relates to your question so others can follow concisely.

2.) Can't find any of the figures you mention above in the half year report where did you get them from?

3.) Debt interest vary due to loan size term etc and it being part fixed and part floating rate. Floating rates have dropped as have deposit rates.

4.) There does seem to be a lot of inconsistency in the text of the Half Year Report for example referring to "irrecoverable costs" see page 2, column 3, paragraph 1 it states a drop in irrecoverable costs from €12m to €4m.

Page 3 column 1 paragraph 2 it says
"In the first
six months of 2010 we managed
to reduce the irrecoverable service
charges significantly to €4.0 million,
compared to €12.5 million for the
whole of 2009."

On page 15 shows a €100k rise in "irrecoverable service charges" from €3.867 half year 2009 to €3.960m half year 2010. So no reduction at all .....in fact an increase!

[gowkirk] 12/4/2011 17:19

silo C was obviously a dead duck, let it RIP. Am back in, thanks to the management for making the reporting clearer. (in my wifes advfn id - timanglin).

[pre] 12/4/2011 09:47

the nav based on today's rns is 54c:

Adjusted* net asset value per share increased 56% to 54.0c (2009: 34.6c)


so we are just at 20c! ridiculously cheap imo....

[praipus] 12/4/2011 09:39

lol...

from the results

"The result of all the above activities is to increase our adjusted net asset value per share from 34.6c to 54.0c. "

...SP...20c.!!!!