Wichford Share Discussion Threads

[gac141] 25/3/2010 15:12

I see CIREF PLC have decided now is the time to add another 1%. Looks good.

[noexpert] 20/3/2010 03:21

i maybe noexpert nut - somebody told me to invest in wich so i stuck in a grand last year and every month since i have received a magazine detailing which is the best washing machine,dishwasher.car,house insurance etc....... i think i might have the wrong wich!!!!

[masurenguy] 19/3/2010 07:29

RNS Number : 8288I
Wichford plc
19 March 2010

VBG1 Standstill Agreement Extension
19 March 2010

The Board of Wichford P.L.C., the property investment company, issues a further update on negotiations in connection with the maturity of the €67.50m VBG1 Facility within two of its German subsidiaries.

Further to the announcement made on 1 February 2010, the Servicer has agreed to extend the Standstill Agreement for an additional 60 days until 18 May 2010. Since the last update the Company and the Servicer have continued to make progress with restructuring the loan and both parties remain confident that an agreement, which is beneficial to both the Borrowers and the Lender, can be reached. Negotiations continue to proceed in line with the Company's expectations and the options communicated during the course of 2009. A further update will be given in due course.

[lord gnome] 16/3/2010 13:00

FWIW, I reckon we are stuck in a sideways timewarp until we reach August and the next results. This will not get above 9.5p on the bid until then. If it does, then I will be surprised / delighted. Too many shares in issue and the potential for the NAV is too limited.

[supersturrock] 16/3/2010 11:30

Well they've certainly underperformed the rest of the sector. NAV must be recovering nicely by now.

[masurenguy] 16/3/2010 10:41

Why dost thou think that ?

[hybrasil] 16/3/2010 10:38

I have been watching for a while. I think we may be in for a bit of a run here.

[mattyd] 08/3/2010 09:15

gone a bit quiet on here. should get an announcement on the VBG1 loan soon. under two weeks left before standstill agreement ends.
..................................

VBG1

As previously announced on 1 February 2010, two of the Company's German
subsidiaries have entered into a standstill agreement until Friday 19 March 2010 with the Servicer of the VBG1 Loan. The Company remains confident that an
agreement which is beneficial to both the Lender and Borrower can be achieved.

[quazie12] 24/2/2010 08:16

good post mas.

[makingheaps] 18/2/2010 18:57

No guidance on NAV other than they believe it will have risen??

[mattyd] 16/2/2010 13:57

looks good to me. every article and rns i've read recently has been positive. cant believe its so quiet here

[mctmct] 16/2/2010 13:47

Interim management statement out today. Anyone analysed it?

[mattyd] 15/2/2010 16:35

thats what i thought at first but the IC article thinks not-

We will not have long to wait in any case, because at the start of this month
Wichford's board announced that it had "entered into a standstill agreement with the servicer until 19 March 2010... a number of proposals have been submitted with regard to restructuring the loan and the company and the servicer are confident that an agreement, which is beneficial to both the borrowers and the lender, can be reached." I would be astonished if there is not a beneficial outcome for the company in the ongoing negotiations, as it would make no sense for the lender to take possession of €50m (£43.5m)-worth of properties secured on the VBG1 facility given that the debt owing is €63.6m and there is no recourse to the other assets pledged to other group facilities. I therefore fully expect the company to announce an agreement with the lender before the standstill agreement ends next month. But even if it doesn't, then the net effect to Wichford is that any foreclosure would actually enhance rather than dilute its NAV per share given the fact that the loan-to-value ratio is above 100 per cent on the VBG1 facility.

[whiterussians] 15/2/2010 15:56

the standstill agrement - wondered if it was a banking euphimism for stand here while i fork your ass

[mattyd] 15/2/2010 15:55

no - what makes you think that?

[whiterussians] 15/2/2010 15:40

have the banks pulled the rug?

[mattyd] 15/2/2010 15:31

i'm guessing its from investors chronicle. simon thompson is their small companies editor, and he has tipped Wichford a few times in the last 6 months.

i havent subscribed the the online service but i expect this article will be in fridays paper edition

cheers for the link Mas.

edit - yes it is from IC

[mattyd] 11/2/2010 10:39

CIREF is a Jersey registered closed-ended property investment and development company. It invests in commercial real estate primarily in the United Kingdom and Europe, with a focus on retail and commercial assets.

The Company, the successor entity to the Corovest International Real Estate Fund was admitted to trading on the AIM market of the London Stock Exchange on 26th May 2006.

CIREF is managed by Corovest Fund Managers Limited, a BVI regulated fund and investment manager

[mctmct] 10/2/2010 17:21

Ciref now have 20%. Who are they?

[quazie12] 04/2/2010 07:31

I think a stand still agreement was good for the company. it may have been tempting to walk away from it all as I think the property value is pretty much under water right now. The agreement solves no problems but at least it has bought the company some time. Another very opaque rns from the wichford board. bunchg of arrogant fkers. Wonder why no heads have rolled yet as they have done in countless boardrooms across the globe ???

[dnfa1975] 01/2/2010 09:11

depends who blinks first and whether the bank wants to shoot them in the back