Urban Exposure Share Discussion Threads

[papy02] 13/7/2021 16:00

I confirmed with the Liquidators who replied today:

please note that there was a slight delay due to a settlement agreement of a loan. This has resulted in an increase in the quantum of distribution (GBP0.536).

We are expecting an initial distribution to be made in the next 2 weeks

[papy02] 09/7/2021 12:27

Indeed, many thanks! Brilliant news.

[pejaten] 09/7/2021 07:41

Thanks for sharing that great news!

[stemis] 08/7/2021 19:33

Just had a message from my broker to say that the liquidation proceeds to be credited on 16 July has now been increased to 53.6p (from the original estimate of 31.6p)

[solarno lopez] 09/6/2021 08:10

it certainly would

[papy02] 09/6/2021 08:03

Indeed. Would be interesting to know what price they paid.

[solarno lopez] 09/6/2021 07:47

Lets hope they know more than we do

[papy02] 09/6/2021 07:26

our new 11% shareholder:

Almitas Capital strives to achieve superior risk-adjusted returns for clients by investing in undervalued equity and debt securities. Our investment process employs fundamental and statistical analysis to find securities trading at discounts to intrinsic value throughout the world.

hxxps://www.almitascapital.com/?page_id=37

[stemis] 28/5/2021 10:49

I guess one of the issues here for those who hold the stock in an ISA is that, on delisting, it's no longer eligible to hold in an ISA. Some holders wont want to lose the associated funds in an ISA so will be selling.

[stemis] 25/5/2021 13:48

Emailed the company yesterday and got an answer today, which is always encouraging. Basically the difference between 72p and 75p does include a bit of 1/ and 3/ includes some contingency. Not willing to say anything about 2/ which I guess is understandable.

[stemis] 21/5/2021 13:47

A few questions not really answered by the circular

The difference between the top and bottom distribution is 3p (72p v 75p) or £2.165m, so

1. presumably both assume recovery of the £10.7m loan it will need to use 'all its legal rights for'. The loan represents 14.8 p of NAV

2. is anything for the claim against Honeycombe in the top distribution ?

3. if they are setting aside £4.72m for known and contingent liabilities and costs of liquidation (or £3.97m ex liquidation costs), how does that equate to the £2.165m above. Are the claims from a defaulting borrower and office lease costs less than £3.97m or less than £2.165m?

[solarno lopez] 21/5/2021 07:54

Near the end

[solarno lopez] 22/4/2021 14:34

As did I CJohn with the same outcome

[cjohn] 22/4/2021 14:23

I tendered the lot at 75P and was accepted for a very high percentage, leaving a rump of several thousand pounds worth.


Even with the disappointing update, it makes more sense to hold until wind up (or another tender).

About 6 - 11% upside, realised in - a year? year and a half? Minimal risk?

[yieldsearch] 20/4/2021 10:20

yes and not providing an exact time horizon for liquidation etc.

[papy02] 20/4/2021 09:53

Bit disappointing RNS. After last tender NAV should have been nearly 79p vs they say 75p now, with estimated 72-75p total return to shareholders.

They are not upfront about this being an underperformance.

Wish I’d tendered the lot at 75p. I was expecting accountants to underpromise and overdeliver.

[yieldsearch] 23/3/2021 13:44

I may have missed news, but it seems that there has not been any update on the portfolio or the realisation since end 2020?

[cjohn] 04/1/2021 15:58

Thanks for the explanation! which is confirmed by the quantum of cash returned to me on the 31st by Hargreaves Lansdown, which in percentage terms was significantly less than at Eqi.

[pejaten] 01/1/2021 15:34

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

[cjohn] 30/12/2020 15:36

Hi Yieldsearch,

as far as I'm concerned you are the board's expert on this share. And thank you for your previous postings, that have been very researched and conceptualised.



I wouldn't have thought the allocation of tender shares would be according to the position at each stockbroker.

Surely, everyone who tendered all their shares will receive the same percentage as myself?



It seems like eqi have been particularly agile (on this occasion).

[solarno lopez] 30/12/2020 07:33

Sorry wrong question

[yieldsearch] 29/12/2020 19:20

98% of your shares, that is very good for you, well done, i guess it most likely mean that other shareholders using EQI didnt tender and therefore you benefited from their allocation?

[cjohn] 29/12/2020 18:14

I hold UEX shares with two popular brokers: EQI and Hargreaves Lansdown.


I tendered all my shares in both accounts.

At EQI, I received cash on 23rd December for almost 98% of my shares, leaving me with a rump of around 2.3% of my original holding, a few hundred pounds, which I'll probably run till the next tender.

At H and L, no cash return yet.