Urban Exposure Share Discussion Threads

[stemis] 12/9/2023 12:57

If anybody is still here, I've had a reply (below) to an email to the liquidator about the outstanding loan (which it was originally hoped would deliver another 2.5-3.5p/share payout) --->

The position remains to be resolved, but we are hopeful that a successful conclusion will result in a further return to members.

We would hope that matters can be resolved in the next 6 months

[solarno lopez] 01/3/2023 16:27

Thanks SteMiS

[stemis] 01/3/2023 16:14

Expectation was/is that total distribution would be 72-73p. So far we've had 69.5p so on that basis there's another 2.5-3.5p. There's only one loan left.

[solarno lopez] 01/3/2023 15:43

Are there anymore distributions to come ?

[stemis] 26/8/2022 10:16

Have now received the 5.5p a share into my AJ Bell accounts (19 Aug). Weirdly AJ Bell are now showing my shares in UEX to have a market price of 60p a share. If only so...

[pejaten] 12/7/2022 15:47

Not yet! Website still says in a few weeks. I guess before end of July.

[solarno lopez] 12/7/2022 15:29

Has the distribution been paid ?

[pejaten] 10/6/2022 10:13

the info is now also confirmed with an update on the website



Note 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
[e-mail]

FRP Advisory Trading Limited
Geoff Rowley, Joint Liquidator

Please contact Emma Mealiff
[phone]
[e-mail]

[solarno lopez] 09/6/2022 10:00

That is nice thank you

[stemis] 09/6/2022 09:41

Good news, thanks for posting

[pejaten] 09/6/2022 09:23

I have received the following up dateCompany placed into members voluntary liquidation on May 13Only one loan remaining, taking time to sortFurther distribution of 5.5p per share in next few weeks, bringing total to 69.5p Final distribution likely to total 72-73p

[johnwatkins] 10/1/2022 16:44

Just hear from HL 😃

As you will be aware, Urban Exposure Plc delisted on 23 June 2021 and is in Liquidation. The Liquidators have made a Second Liquidation Payment of 10.4p for each Share held at the close of business on 14 July 2021.

 

How has my portfolio been affected?

 

This cash was credited to your Stocks & Shares ISA on 2 December 2021 on the following basis:

[stemis] 07/12/2021 10:13

Quicker than I expected

[pejaten] 07/12/2021 08:47

another 10.4p returned, so 64p so far...
The liquidator advises that a final distribution will be made in Q2 2022, once they are satisfied that there are no further claims

[pejaten] 30/7/2021 16:25

Yes, they said within the next 12 months.

[stemis] 27/7/2021 19:32

Unfortunately the UEX web site no longer functions so I can't see the circular however my recollection is that rest of the funds are expected to be distributed in a years time.

[johnwatkins] 27/7/2021 19:23

Good, now waiting for the rest

[stemis] 26/7/2021 18:54

Now received

[stemis] 23/7/2021 14:28

Interesting. I'm with AJ Bell and have received nothing

[johnwatkins] 23/7/2021 10:37

Yes, last Friday, broker is HL

[stemis] 23/7/2021 09:51

Are you saying you've received the 53.6p ??

[johnwatkins] 20/7/2021 11:20

Yes at last, anyone have any idea when we can hope to see the rest?

[pejaten] 20/7/2021 06:00

Nice to get the money