The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The main A v B options for BREDS. Basically they can take control and sell the assets, or add another 5.38% interest to the existing 7.7% interest rate. ------------- "If further Standstills are not granted, BREDS would have the following options: a) Enforce their security over the Group, thereby taking effective control of the Group and possibly initiating a sale of the assets. It is likely that this course of action would result in a significant reduction in the proceeds received from the accelerated sale of the Group's property assets and consequently the amount of equity returnable to shareholders. b) The Mezzanine Facility Agreement includes a provision for a Default Rate of interest, which can be applied in the event of such a breach, at the discretion of the Mezzanine Lender. This would mean (at current debt levels) an additional 538 basis points ("bps") of interest on top of the current margin of 770 bps. In the event that the Group is unable to support this additional interest cost, a mechanism exists whereby it is possible that the Mezzanine Lender may (but is not obliged to) allow unpaid interest to be treated as an accruing liability on the balance sheet of the Group, thereby reducing the Net Asset Value."
think it was more like red or black on the roulette table, you choose red but all the red numbers were blacked out.
Have a look at the HY interims and in particular the options BREDS have. I really don't think I understand quite what is happening here (to put it mildly). here's the link - I'll post the text in subsequent posts. We can then see if we can tease this opaque situation apart. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=IERE&ArticleCode=2ekfx6ot&ArticleHeadline=Half_Yearly_Report
From the very beginning several people have made it very clear that the most likely outcome was (and is) total wipeout for the ordinary shareholders. That however was more than offset by the upside in the rare event that they pulled it off. Think of the maths. Let's say you roll a die and have to pay £1 for each roll. You get nothing back unless you roll a six, in which case you get £10. Most rolls you get wipeout. Overall (multiple rolls == big portfolio) you make money. "punt" may not be the word but 'risk-reward special situation' is too much of a mouthful!
some people, I got a load of grief yesterday for telling you exactly what was going to happen, why because they told you exactly what was going to happen on more than one occasion. cant understand people saying "it was a punt".
It will go under .for some reason thay need the weekend .maybe thay are still in talks . But if it does go under so be it I only put 350 in lost a lot more in TVz lol have a good weekend all
Your prob correct ,I'm expecting delist confirmation rns Monday . No tears from me always a gamble I was happy to take .
Delist appears in rns not game over IMO. I've written off £500 which I was prepared to loose so not concerned anyhow ,obviously be nice to get a result but I do feel a big ask !!!!!
I'm just kidding. I have the tvz scars lol. Punt money gone. No biggie .
Never mind, I lost a few hundred quid here for about 5 minutes excitement but at least I've got my VAST shares to fall back on
Duck put it down to experience I had one a whilst back called African Minerals I think.... Monday's another day!
See Lse notes. An issuer must continue to comply with the Standards, even when admission of its securities to trading is suspended, unless the Exchange otherwise agrees. So they had to issue the extension rns because the banks gave them more time to tie the loose ends. Rns still had to be issued.
MMs are not in the know its electronic trading through there order book, You don't think there is someone one on the other end taking buy and sell orders as fast as they do. its how the shares are in demand and if they are short then they go to sell orders and when there not they go to buy orders and move on between themselves, that's how they make money. If they were in the know then they would not offer you a penny for your shares if a company was to go under. It is what it is here and we will soon see the outcome and not you me or anyone here can change that. im glad to know you never bought in here too and im sorry for you to have to mention that.
no wonder the bid was always low mms didnt want to buy.the ones in the know sold out and pis got mugged.glad i never bought here sorry for all who lost.
Not enough to not post though lol. I had a punt here and I agree with riddler. There is no good outcome. The late rns will just go down as being bizarre.
https://twitter.com/secrettrade430/status/642434819847229442
Probably Pearo but why the extension over the weekend ?
Im invested here. hate to say it folks but you are clutching at straws. That RNS is a formality.
be that a / or some late Friday afternoon sales from the portfolio completed which changed the outlook for the better. Just another thought.
Also, if at 14.36 they thought another extension was in doubt, that would explain the use of the word "unlikely". Now the extension is in place, we are back to square one! All possible.
it would be .pointless .issuing the late RNS .........
I completely agree with you. Could it be that they actually cared about the shareholders? Ok, that would be unheard of, but today was the highest in term of shares traded in IERE's history with just under 35 million shares exchanged, so maybe, just maybe at that stage of the day, things were looking quite bleak for them, so they panicked, and possibly to the limit the amount of new holders getting sucked in, they suspended trades. But then, things changed for the better again. All sounds a little far-fetched, I know, but I am not writing anything off right now, and as far as I am concerned, we are back in business. Monday could be spectacular, let's live in hope. You couldn't make this stuff up.
deltalo ..i do agree this .with you .i guess .the management them self making the things confused .in same day 2 extension rns was not .necessary
what you seem to have all overlooked here in the second rns. The RNS came out at 14;36pm and at that time clealy says and I quote.. However notwithstanding the extension of the standstill agreement the Board is ( now ) of the view that it is unlikely that there will be any value for the distribution to holders of ordinary shares or preference shares. So as the time of this RNS there were no extension of the standstill agreement so they had to suspend trading at that time. Now they have another extension to the 13th that has come in late. If the extension had come in yesterday then we would not be suspended and this shows there playing by the trading rules. There is no difference in circumstances from this time yesterday just the extension was late so there is a chance of a positive outcome here.