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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Urban Exposure Plc | UEX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 68.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 68.50 |
| Top Posts |
|---|
Posted at 10/6/2022 11:13 by pejaten the info is now also confirmed with an update on the websiteNote on Company Liquidation In May 2020 the board of Urban Exposure PLC decided to pursue a strategy whereby the Company would no longer write new business and would undertake an orderly wind down of its loan book to maximise returns to shareholders. This decision was subsequently reaffirmed in June 2020. Despite significant market headwinds and three national lockdowns, management has successfully reduced the Company’s managed loan commitments (including capital managed for partner investors) from approximately £1 billion down to the smallest exposure on the loan book, and a corresponding reduction in the number of loans managed from 21 loans to 1 loan remaining. This has enabled distributions to shareholders of over £111 million since June 2020 (of a total forecast return of approximately £117m) and a forecast range for total shareholder returns of 72p to 73p, against a share price of 48p on 18 June 2020, the day the run-off was announced. This corresponds to a run-off IRR of approximately 72% and money multiple of approximately 1.54x. On 22 June 2021 Geoff Rowley and David Shambrook of FRP Advisory Trading Limited were appointed as liquidators to affect the voluntary winding-up of Urban Exposure PLC. On 23 June 2021 the admission of Urban Exposure PLC’s ordinary shares to trading on AIM was cancelled. On 13 May 2022 the remaining group companies were placed into Members Voluntary Liquidation with Geoff Rowley and David Shambrook of FRP Advisory Trading Limited being appointed. The liquidators are now in control of the Group, with all remaining staff having departed. The Group has only one loan remaining which requires additional time to work out. The Group has retained a suitable cash balance in order to ensure orderly repayment of this loan and members of the management team will provide ongoing support to FRP in respect of this loan. Given this situation the Company is set to make the next distribution to shareholders of £4.0m (5.5p) within the coming weeks. This distribution amount takes into account the Company’s current cash reserves, future expenses and an appropriate cash buffer. The current expected range of total shareholder returns is now 72 to 73 on a pence per share basis. Signed: Urban Exposure Sam Dobbyn, Director sam@urbanexposureuk. FRP Advisory Trading Limited Geoff Rowley, Joint Liquidator Please contact Emma Mealiff +44 (0) 20 3005 4000 emma.mealiff@frpadvi |
Posted at 01/1/2021 15:34 by pejaten HL, EQI operate pooled account. They make one submission for all their clients, whereas traditional stockbrokers tend to have dedicated accounts so they apply for you in your name. If you got 98% it would mean that other investors EQ did not bother to apply |
Posted at 25/11/2020 07:53 by yieldsearch I would tender as much as possible (100% of holding), selling at 75p is likely a decent price for anyone. and potentially due to some investors not tendering, selling more that your prorata share.By not tendering, you are swapping certainty of cash andtiming vs increase in payout but uncertainty in timing/realisation of the tail of the assets. So selling now at 75p vs selling (potentially/subject to write down) at 79.4p at some stage in the future. 4.4p difference. 72% of the NAV still has to be realised (with potential increase or decrease in that unrealised nav). |
Posted at 10/10/2020 18:02 by yieldsearch Hi Papy02tks for your comment, it is a hard choice, selling now or waiting for tender and further clarification on full realisation. Sell: if you sell at 68.4, you are leaving between 3.6 and 9.6 ( of 5.3% to 14% upside). You clearly have no risk left. Keep: if they do a tender, weiss already own 20pc so they will tender those (Assuming tender at NAV). Others institutional investors will/should likely do the same. You may have some upside from other retail investors not participating in the tender but hard to assess. Some loans repaid or refinanced (as above), which created a good initial cash amount, and i guess thats what create the recent price appreciation. I have no visibility on the other loans, i guess if those are not refinanced by third parties like the luton loan, either it is due to credit reasons (i hope not, otherwise they would have disclosed it? and reduced the realisation value of 72-78p accordingly??) or they can't be refinanced due to their nature (exactly what, I dont know, may be priced pre covid, now loan pricing went up). then clearly while the assets are loans and therefore have some level of protection, who knows what will happen with covid, residential markets, general economy and brexit in the short and medium term. So really either crystallising your gain and leaving a return of 5 to 14%, or keep it for the full realisation and be exposed to timing and potential reduction in realisation price.( the 78pc i dont think can be increased.. capped by the return on each loans) On my side, I had a target return and it is basically achieved. so really depends on your entry point, your target and the level of risk you want to take. tought choice! |
Posted at 05/10/2020 12:37 by yieldsearch Weiss AM ownership jump for 5.92% to 17.5%.Large part through financial instrument, on the 1st Oct, date of the company update Weiss is a value investor so good sign to have them on board |
Posted at 24/9/2020 22:30 by yieldsearch Hi Papy02: you are correct, i amn lazy by nature and wanted to be conservative...Number of shares in issue: 165,000,000 Excluding treasury shares: 158,494,130 Recent volume explained by the arrival of a new investor, "Almitas Capital LLC". Their website is disclosing that "Almitas Capital strives to achieve superior risk-adjusted returns for clients by investing in undervalued equity and debt securities." Sounds good to me. |
Posted at 24/8/2020 12:06 by yieldsearch Weiss owning 5.21%I believe it is a value investor |
Posted at 08/6/2020 11:18 by vatacarma Thank you SolThe fundamentals appear to be good and with three large investors buying in I have also added to my holding |
Posted at 08/6/2020 09:16 by solarno lopez A bit of a follow through but who can blame investors after being let down previously and suspect loans to directors as I keep adding |
Posted at 05/11/2019 21:45 by spob Robert Tchenguiz returns to shareholder activismProperty investor launches campaign to restructure listed real estate lender Urban Exposure Judith Evans 2 hours ago Property investor Robert Tchenguiz has returned to shareholder activism with a campaign to restructure a listed real estate lender in which he owns shares, after years embroiled in litigation over a failed probe by the Serious Fraud Office. Mr Tchenguiz on Tuesday said his company, R20 Advisory, had built up a 12.6 per cent stake in Urban Exposure and had written to its board proposing to restructure it as a listed debt fund. “UK plc is riddled with these types of companies where they sell mixed messages, and mixed messages are not what the investor base wants,” Mr Tchenguiz said. “This is a prelude to a much bigger one I’m working on.” Before the financial crisis Mr Tchenguiz was one of the UK’s most aggressive activist investors, intervening in companies such as the pub group Mitchells & Butlers and supermarket J Sainsbury before the lending behind many of his stakes collapsed in the crisis. He and his brother Vincent Tchenguiz were arrested in 2011 in a Serious Fraud Office investigation into the Icelandic bank Kaupthing, prompting years of litigation that lowered the brothers’ profile as investors. The SFO later dropped its investigation into the brothers, and in 2014 it apologised to the pair and paid them £4.5m in damages. Related lawsuits continued until last year, however, when Robert Tchenguiz dropped a legal case against accountancy firm Grant Thornton and several other defendants, after reaching an agreement with Kaupthing. He said at that time that he hoped to rebuild his business interests. But he now operates separately from his brother, who has amassed a biotechnology portfolio and owns billions of pounds of residential freeholds. This year Robert Tchenguiz expressed support for an activist campaign being waged by the US fund Coast Capital at First Group, the rail and bus company, in which he also owns shares. Listed on London’s Aim in 2018, Urban Exposure lends to residential property developments in the UK from its own balance sheet and manages loans financed by third parties, such as the private equity giant KKR. It trades at a discount to net asset value of 25 per cent, Mr Tchenguiz said. Shares traded at 57.8p each when markets closed on Tuesday. Mr Tchenguiz said: “The guy who wants exposure to the debt [issued by Urban Exposure] currently has to take a risk on the management.” R20 proposes carving out the management company from Urban Exposure, saving what it said would be £12m-£13m a year. It said the management company would be majority-owned and controlled by Urban Exposure. R20 said the group should pay a dividend of 30p a share, worth a total of £47.5m, and should also issue 100m new shares at 35p to improve liquidity in the stock. It said it would underwrite 57 per cent of those shares and had identified a broker for the rest. The group said the new structure would mirror that of publicly traded debt funds such as Starwood European Finance. Urban Exposure said: “The board of Urban Exposure notes the announcement by R20 Advisory Limited .&thi |
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