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opinion. It's a buy for me. Like said I expect the bondholders to say yes to the new proposal, which will give the sp a short term boost to 20-40p imo. Once that's behind us a gradual closing of the gap between price and net assue value will occur. Prospects for the asset value to rise seem to improve by the day. Investors like to invest in stones (better than bonds and probably better than shares that have done well last year).
People looking for investing in property without liquidity problems should take a look at ECDC (NAV 30 eurocents, price 5 eurocents).
Bondholders will be voting on the 17-4-2014 court meeting in Amsterdam.
my figure was from november, so thats the latest one, 70p, still good though apologies if i was misleading, but that was the figure i saw.
No offense, but you should get your facts right. The net assets are not 1.29. According to the latest reprots net equity is 258 million euros, that's more like 0.7 GBP per share.
lol i thought it was higher as that was small amount, there net assets still amount to £1.29 a share so looking forward what will happen here.
Factually a lot of shares did change hands (millions of the trough the direct access market). And the shares did rise for a reason (being the agreements that their largest shareholder Elbit reached and probably a correction to the overdone market response to PLaza's liquidity problems (+ ING Pension Fund holding 15% probably forced to sell because of rules).
agree with you partially, i was thinking the same thing regarding using up all the money, but to say there was no reason or the rise i think is unfair, for the bank to take 27% shares in plaz, i think boost confidence. an news is really close, the court has also approved the arrangements. plus with the size of teh net assets selling another plaza would not be issue, so its all good. im guessing you sold at 100% profit, my average here 8.4p, can see my self selling, like i said letters have been sent, as news spread bondholders are to agree, buys will pop up and this will shoot up. if your expecting to go to 6p now that were only a couple of weeks away id rethink it.
You're confused. You can say that again. The debt to bondholders is something like 202 million euros. It's not an asset problem PLAZ is having it's a liquidity issue. They can't pay back the bondholders in time. So that's why bondholders have been asked to agree with a delay in repayments of 3 years (getting higher interest rates and stock options in return).
They don't pay them because they CAN'T - just because you have 23M free cash and 10M restricted cash does not mean you can simply use it all up in one fell swoop to pay off a loan....because you have regular activities that must be accounted for which cost money - especially in the construction sector. I'm glad I made the decision to sell yesterday as I was having doubts earlier that it's rising on hot air....when we get some more transparency / news I may get back in but this was soo inevitable to come down as it went up for no real reason (there were not even that many transactions for god sakes! to justify the % movements which I was trying to mention before)
im abit confused, i think they owe 23m to the polish and 17m to the israeli. they have 33m in cash, and net assets 758m why not pay them, either way plaz will shoot up. letters have been sent, i think next week will be very interesting for us many will take positions.
im abit confused, i think they 23m to the polish and 17m to the israeli. they have 33m in cash, and net assets 758m why not pay them ,
I think they will. Bonds are quoting between 95-100% (were 70-80%) a couple of months ago. This while the asset values have been revised downwards. Bondholders seem to think they're better off with new arrangements than the old ones (as proved by rising bond prices (?))
will look at it when news of bondholders come through, exciting times
Somewhere between 20-40p. I would like to give you a higher number, but that's what I'm expecting.
under news releases dated 9 jan, grouch where do you think this will head on bondholders approval
i know that but the bank took 27% of plaz shares not for it, to be worthless which is good news in itself.
You're probably mixing things up. The court and bank approved arrangements you're talking about have got nothing to do with PLAZ. It does concern their major shareholder (62% or so) Elbit Imaging. Which I believe is good for PLAZ too. Because Elbit's financials are improved (because a lot of debt (bonds) will be converted into equity) and Elbit's shareholders would hate to see PLAZ shares becoming worthless. Also there is the matter of bank Hapoalim, whom Elbit came to an agreement with. Bank Hapoalim did get (amongst other securities) 29% of PLAZ shares as a collateral for their loan to Elbit. Surely the bank would hate to see PLAZ shares becoming worthless too. PLAZ still has to come to an agreement with their bond holders. I'm optimistic about that.
where about on the website? i can't seem to find it
company site updated, letter has been sent to creditors, as court have approved the arrangement. also the bank has approved it too, should see some action now
this will shock everyone to where this headed,
been here from 7p time and saw it go to 9p and then dropped to all time low of 5p then saw jump close to 15 a few days drop for now maybe... but i feel it will go back up again to a higher level... I don't expect any share to rise day after day every day.... as long as the rises keeps on increasing and lowest point also rises... I'm happy... pls DYOR i'm also here with a small holding like scot
12k buy to start of the day, is this bouncing up now
elbit imaging worth $26bn
Elbit Imaging Ltd. (NASDAQ: EMITF) ("Elbit") announced today that its subsidiary, Plaza Centers N.V. (LSE: PLAZ, WSE: PLZ/PLAZACNTR) ("Plaza"), has announced that as consistently reported in Plaza's statements to shareholders, Plaza has faced challenging market conditions for some years. As indicated by Plaza, these have primarily been caused by the underlying economic situation in many of the countries in which Plaza operates, combined with the lack of transactional liquidity in the investment markets for assets such as those owned by Plaza and the ongoing lack of traditional bank financing available to real estate developers and investors. Plaza had furthered elaborated that, against this background, Plaza's management team has made considerable progress in re-positioning its business model to ensure that it is focused on the deleveraging of its balance sheet and the recycling of capital, primarily through the disposal of its non-core assets. In 2013 alone, Plaza has raised approximately €61 million through the disposal of five assets and the collection of the remaining proceeds from the transaction in the US. In addition, Plaza has successfully applied intensive asset management initiatives to maximize the income generated by its portfolio of investment assets, seeing marked improvement in its turnover, footfall and occupancy levels (including a recently secured anchor tenant for Torun Plaza which has leased 7% of the mall's space), and has also had success in refinancing a €59.3 million loan secured against one of its largest assets, Riga Plaza in Latvia. Plaza had emphasized that it continues to manage all its assets intensively, with a view to preparing them for sale in an improving market supported by improving operating figures of the assets.