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Hi all, I have posted a blog about SPDI and EEP, both of which I have shares in, that may be of interest to you. Feedback welcome! The blog can be found here: https://tbifund.wordpress.com/2022/08/13/eep-eep-ln-spdi-spdi-ln-the-alchemists/
has any1 submitted any qs for the shareholder call?
Meh. Nearly twice yesterdays SP, based upon an Arcona share NAV of 13.98, however Arcona shares are currently trading at 7.
A lot of ifs, buts and maybes in the announcement too. Hence the rather muted market reaction.
End of RNS says yeasterdays £14 Million M Cap is no where near the portfolio value and tha5 was from just the none Greek assets . Looks like the M Cap alone is way out never mind all the bonuses from the deal and the other portfolio . Will have to do some reading .
The sale is nearly twice yeasterdays SP . What value do the other assets have , on top ...”95% premium to SPDI's total current market capitalisation”. Dividends as well and Warrants to exercise if we want to . Plus the other assets .
Could be tomorrow , who knows but the deal completed RNS will give extra ( probably on open ) when it arrives .
yes - guess its a case of q1 2019 when deal is completed? If I read it right each shareholder here gets shares and warrants in arcona too?
Maybe orders being filled . Maybe because implementation agreement so might be keeping some headroom for actual agreement or just greedy MMs gathering Christmas spends .
Now even cheaper.... Can buy at 12p?
Nowt .
so the sell works out at 20p per share equivalent + they get warrants + the rest of their PF? What am I missing please?
*95%
so... why hasn't this gone ballistic then? Late bloomer? Sale of property was at 98% higher than yesterdays close?
Agreed.
This is gonna do well.
2.5 million euro disposal today, maybe that will stop the rot although who fancies Eastern European property to rise in a market being sucked dry of equity? QE is over, the time of rising inflation and soon to be interest rates is here. Worse still with the UK about to crash out of the EU sentiment for stocks like this one will likely remain low.
http://tinyurl.com/qznsbzd Lambros Anagnostopoulos, chief executive of Secure Property Development & Investment (LON:SPDI), has hinted at the company’s first dividend payment to shareholders may not be far away. The South-eastern Europe-focused real estate investment firm made underlying earnings (EBITDA) of €1.5mln in the first half of this year and is keen to start rewarding loyal holders of its stock. Assets under management broke through the €100mln barrier to end the reporting period at €126mln as it made five property acquisitions between January and June.
Expect SPDI and many other European property portfolios to take a pummeling in the coming weeks. Acquiring 3 properties in Greece during 2014, and in early March 2015 the GED warehouse acquisition (Greece) will prove awful decisions soon enough, the value of these assets will be vastly reduced once the country leaves the Euro. New currency peg will mean the current rental yields are unaffordable. At May 2015 Greek properties accounted for 18% of net operating income... And the wider fallout in the weeks ahead GLA
For sake of clarity, this related party transaction is likely not in shareholders interests! The CEO Mr Anagnostopoulos (that's a mouthful) owns a majority stake in Ionian Equity Participations Limited. They have effectively sold their property portfolio interest to SPDI for an increased shareholding. "In settlement of the Acquisition, SPDI has agreed to issue the vendors with - 18,028,294 shares in the Company - 18,028,294 warrants exercisable at a price of 10p within 45 days - 18,028,294 warrants exercisable at a price of 45p by 31 December 2016 If you look at the value of the portfolio and the lack of detail surrounding previous year income generation, it seems likely this was done at a premium to actual portfolio value, never mind the unnecessary 10p warrants... The CEO is offloading his own side dealings for a significant chunk of equity here. "The Company's nominated adviser, SP Angel Corporate Finance LLP, consider that the terms of the transaction are fair and reasonable insofar as SPDI's shareholders are concerned." - but we all know how books are cooked, especially in that part of the world... NAV of €18.6 million = £13.5m
Classic head and shoulders pattern, i might wait a bit longer.
Still don't understand why anyone would put any faith in the NAV here. "If we disregard the asset revaluation and FX losses as a result of the Ukrainian Crisis... It is the first year in the history of the Company that our revenues topped €3,6 million, while our EBITDA surpassed €0,8 million, more than quadrupling in comparison to 2013. Finally the Company has profits after tax of ~€1 million indicating an even better year to come." These are paltry amounts and with the Euro expected to weaken further will translate to smaller revenue and profit figures going forward. The major headache though has to be the Ukrainian assets which have lost significance value, not just because of the continuing devaluation of the Hryvnia but also the exodus of capital from the country. Assets are depressed there for a reason and will continue to fall as the economy contracts - 9% according to the IMF http://www.bbc.co.uk/news/business-32954874 Greek assets will fare far worse if the country pull out of the Euro. Worse still are the balance sheets! Total equity down 38m to 33m whilst total liabilities up from 13.5m to 33.5m in the year! The value of properties has increased from 39m to 62m as of the last update. But this valuation exercise is fruitless and the company won't dispose of all assets, no they intend to retain them in order to chisel out less than £1m profit per annum
On the up again . Re -Rate still on .
Never fails to deflate.
Few sell 20% down May do the opposite tomorrow . Always look on the bright side of life lala lala lala lala lala
Value at this level . Going back to 70p min . I actually think it will hit £1 , excellent forward earnings forecast plus value .