17-09-2024
The important point is that if the debt can be ported and thereâs a takeover for the reit is that the IFRS NAV (with fhe PV of the debt) should be used to judge any offer and not EPRA NAV And even if the debt canât be ported we are still giving up that asset
20-07-2024
Whereas if you change control and keep the debt then youâve just gained an asset worth about £40m (delta between cost of debt v what new debt would cost discounted back at the new cost of debt over the average life of 9 years) Thatâs about 10p per share Of course we wonât get paid out that But if we get any takeover below EPRA NAV itâs worth remembering that the true NAV is considerably higher than EPRA
19-07-2024
Tracey Fletcher-Ray is the senior independent Non Exec at Tripple Point I wrote to her a few weeks ago with my concerns that this is a sitting duck for a cheap takeover and thus the external manager needs to be changed (theyâve lost TENT and are losing DGI9) Atrato (manger of SUPR) have a social/assisted housing platform, key thing is that we get somebody in with both experience and market confidence The alternative to a PE takeover (cheaply of course) is a wind down - but of course we all need somewhere to put the profits of our other wind ups into - and this should be an excellent place for that