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50 pence was available on the bid earlier in the day,
we drifted in the afternoon.
Tomorrow's price action will be interesting.
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* Tuesday, rather than tomorrow.
Had not realised the time.
Up again.
Tomorrow may be a sterner test.
Watch out for the bear trap....
Well see
I'll be happy to be able to exit the remainder of my holding at 54p without having to average down.... again
GLA
Those looking gor 46 pence, may be disappointed.
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N/m.
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I agree there may still be investors who still want out,
however there are also new holders buying for the wind up proceeds.
I do not consider it suspicious the merger did not complete, it was a high bar in % terms tha tneeded to agree the terms.
Still a lot wanting to exit is my guess. I bought for a dividend stream NOT a sell off, maybe for a profit. I find it very suspicious some funds voted against and their motive. I reckon they expect to use their weight to stuff the average PI.
So expecting this to go lower, until it becomes an outrageous buy, which is when some funds will load up.
Take your guess where that price is. I've already stated my view. I'm close to starting to buy more, but not there yet.
Is there value here now? - minor bounce late Friday.
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Slipping down the slope of hope..?
I tend to agree with you Jax. Too many sellers wanting to exit quickly now. It was probably why the IIs voted against. They will help the share price down and then load up. Either that or they were gullable and believed the shorters narrative about a bumper payout by rejecting the deal.
It's just left this share vulnerable to the vultures, as predicted.
I still hold, but regret not fully exiting when the deal collapsed. Will top up, but 46p is my absolute top.
The BoD could also cut or eliminate quarterly dividends while this goes on. Its no longer a nice guaranteed revenue stream. If that happens I expect more like 40p as the bottom. Let's see.
OK thanks Jaxon, missed that bit. This is turning into a sorry saga with no likelihood of either an early or successful outcome for API holders. Thanks, whichever II's voted against the excellent CREI proposal.
Normally under 50p i would be wading in buying but feels like it could be money tied up for a long time with the move to the wind down so i'm holding off for now. Maybe if it gets back to around 46 i might take the risk
The CREI disposal today gives me some hope that we may get close to 65p disposal value after all the costs and issues of a fire sale. Not sure how many will stick around though.
Here's hoping today will be better!
It looks like it we might enter a Managed Wind-down phase.
I'm curious if any of you have encountered similar situations with other REITs in the past? If so, could you please share your experiences or any insights you gained from those situations?
Assuming shareholders don't vote against it, of course. Thanks.
Yesterday Segro announced they had raised around £900m for 'new and existing development projects and to take advantage of potential acquisition opportunities'. Down the line SHED and CREI may have competition when negotiating for the 'good bits' of API. DYOR
Bottom of yesterday RNS..................
"Further to its announcements of 14 March 2024 and 20 March 2024, the API Board will now take steps to implement a Managed Wind-Down subject to the approval of API Shareholders at a general meeting. More information on this process will be set out in due course."
In my experience of other managed wind downs, they dont deliver the value expected and take a lot longer than anticipated with a rump of assets that they cant shift. I'd rather just keep going as is and sell when theres value than try and wind down at the bottom of the property market.
Feels like it will drift back to the 40's where it started
More people want to get value AND income out of this portfolio than want to sell it cheap. We will have no say in the prices achieved in the market. Aberdeen will be keen to close quickly. SHED will be rubbing their hands, waiting.
I reckon the next dividend will be cut or scrapped. Its not covered, and with increased costs the gap will widen. Thinking now we may see 65p or over if we are very lucky IMO. Look at CREI go this morning, against a backdrop of other REITs falling today. The value in the offer was far greater IMO.
Reduced this morning. Overall I'm OK as made a nice return on CREI and I also still hold both so lower risk for me than before the offer.
Still unhappy though.
Why would they vote against the managed wind-down? One of these funds was actively pushing to reject the merger because they considered a lot more value in the wind-down!
Unbelievable. Just unbelievable.
Out of interest, where does it say the managed wind-down is subject to shareholder approval?
The fall is totally predictable. The high activity funds who are making a fortune from PIs voted against. We will get sold down below 48p is my opinion as that is where we were before this started. They will also vote against a managed wind down.
So so disappointed that a small number of funds voting can block this.