XXI Century Share Discussion Threads

[pre] 04/11/2011 11:48

indeed....think this giant has gone largely unnoticed...

[moreforus] 04/11/2011 11:44

well someone is buying

2 vs 1

up 9.3%

[moreforus] 04/11/2011 10:57

pre i think both OCH (Bulgaria) and XXIC (Ukraine) are grossly misunderstood and unloved by uk pi's... however both rely on funding from euro banks (think maybe Italian)

as the euro isnt going to implode ..yet and the banks are still standing so the risk has do have gone down....

[pre] 04/11/2011 10:51

indeed MF...won't take much to move this...just like TOM this will awaken!!

[moreforus] 04/11/2011 10:49

i noticed OCH is up too

[pre] 04/11/2011 10:49

looks like the sleeping giant is about to be awoken...200K buy gone through...

[moreforus] 27/10/2011 12:01

chart suggests 1st stop just under 7p...

[pre] 27/10/2011 12:01

looks that way...big buys...wonder what they know? Nav well aboev current share price ...this will move very fast on a few buys imo...

[moreforus] 27/10/2011 10:45

recoery underway??

rollover or matched book of 671k but 650k buy (35k gbp into an illiquid small cap) and 100k buy...

[moreforus] 17/10/2011 14:50

the nav is 299 mill usd

Market cap is 33 mill usd...

Advfn has the wrong Market cap as it was never updated after the debt to equity conversion

There's another property company that is equally "cheap" OCH but eastern European property companies are trading at huge discounts to nav...

There's several reasons why..but are they overly cheap now...

[cufes2] 17/10/2011 10:01

See above . . .

[currypata kai] 17/10/2011 09:48

so what do u think it is ?

[cufes2] 17/10/2011 09:37

I don't think it's 84p as was suggested by moreforus . . .

moreforus - 13 Jul'11 - 11:04 - 708 of 716


7p price vs 84p net asset value...

__________________________________________________

envirovision

The NAV is reported as $299m and the number of shares in issue is currently 446.58m according to TDW and so NAV per share is actually 42p using current conversion rates . . . so why is the share price 5p . . . I'm no property expert but is it to do with ownership of investment properties . . .



"The above investment properties comprise of investment properties held under finance leases with the municipality authorities and owned investment properties"

So according to the accounts the value of investment properties under finance lease is currently $341m and the actual owned investment properties is $52m . . .

Also is there a risk being attached to company ownership . . .

"As part of the Group's restructuring, share capital increases were effected on 25 January 2011 and 6 May 2011 (refer to Note 25). Following these share capital increases and as at the date of signing of these financial statements, the Company is controlled by Ovaro Holdings Limited, which owns 62.16% of the Company's shares. As a result of the restructuring, the shareholding of Mr. Lev Partskhaladze was diluted to 4.72%.The remaining 33.12% of the shares is widely held by the Eurobondholders and Warrantholders, who converted debt into equity, specifically 26.48%, and other investors."

[currypata kai] 17/10/2011 09:37

CuFeS2

Just to clear this all up please could you tell us what you think the nav is ?

[cufes2] 17/10/2011 07:34

LMAO . . . you two were using the historic NAV figure and the wrong number of shares in issue and thus market cap as ADVFN is wrong . . . obviously I should have checked the NAV myself rather than rely on you and TOPINFO to post the correct info . . .

moreforus - 13 Jul'11 - 10:50 - 707 of 716


51 mill usd 30 mill gbp vs 2 mill market cap?

[envirovision] 10/10/2011 12:35

exactly what it means minority real estate interests, eg those interests that were written down but are currently considered to small to revalue upwards. I assume because it costs money and time to pay for independent valuations, they are thus only interested in the revised current asset valuations of the major estate.

[currypata kai] 10/10/2011 11:34

what does it mean "excluding minorities" ?

[envirovision] 02/10/2011 21:31

Sorry am I being a bit thick here, according to this I make the NAV 50 pence.

28/9/11. Following the restructuring and recapitalization of our Company's balance sheet, our Net Asset Value, excluding minorities, improved to USD 299 million at 30 June 2011 compared to USD 60 million at 31 December 2010. This very substantial increase in NAV was accounted for mostly by the conversion of the Company's USD175 million Guaranteed Secured Notes and Warrants into equity - which, at the time of the restructuring, had reached USD 222 million reflecting unpaid and accrued principal and interest.

Weighted average number of shares currently in issue it: 374,694,000


NAV per share GBP would be:

$299,000,000/374,694,000 = 0.798/1.6 = 0.50 pence

[kinghorm23] 28/9/2011 22:40

Ask topinfo and his username on the pc to his right moreforus for
the real answer !

[cufes2] 28/9/2011 21:58

BTW the market cap is still wrong on ADVFN as it should be £21.3m with 446.58m shares in issue (according to TDW) . . .

[cufes2] 28/9/2011 20:14

envirovision

I'm surprised someone was claiming XXIC was worth 45p . . .

The NAV in the final results issued in July was stated quite clearly as $51m . . .



"The Group's real estate portfolio was appraised by CB Richard Ellis. As at 31 December 2010 the value of the Group's share of properties in its portfolio stood at USD 393 million compared to USD 424 million at the previous year end. Net Asset Value, excluding minorities, was USD 51 million compared to USD 116 million as at 31 December 2009. The substantial decrease in NAV over the last few years reflects several factors: (a) the collapse of the property market in the Ukraine; (b) the heavy carrying cost of the USD 175 million Guaranteed Secured Notes, which at restructuring reached USD 222 million; and (c) disposals which the Group was obliged to make in order to remain viable."

The latest results only serve to obfuscate what is going on at XXIC IMHO . . . 80 pages FFS . . . but with regard to the property portfolio they say . . .

"There has not been any change to the Company's property portfolio since 31 December 2010. At that time, the portfolio was appraised by CB Richard Ellis at USD 393 million and the Board and management have decided that this valuation level is appropriate at mid-year 2011."

I'm no real estate expert so I'm happy to be proved wrong but the current share price would appear to tell its own story . . . all the financial shenanigans looks like smoke and mirrors IMHO . . . but if anyone wants to invest in a Ukrainian real estate business with a registered office in Cyprus then good luck to them . . .

[currypata kai] 28/9/2011 17:33

very detailed report but cannot work out asset value per share...can anyone help ?