Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
To deliver an attractive total return to shareholders with a strong focus on income, from investing in UK commercial property, predominantly in the office and industrial sectors in major regional centres and urban areas outside of the M25 motorway.
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Https://reactnews.com/article/crofts-martley-builds-regional-reit-stake-and-takes-swipe-at-managements-refinancing-strategy/
https://www.martleycapital.com/
An interesting development having another asset management company building a stake in the company at current SP. Whatever next?
House Brokers are something I struggle to believe by the very nature of their position. Whilst I appreciate things haven’t been easy, the debt on the bond side should have been sorted well ahead
Edison just seem to be clear there will be a rights issue or a further debt issue. Just a shame the management here are leaving it so late
Www.edisongroup.com%2Fresearch%2Fperforming-as-expected-ahead-of-refinancing%2F33446%2F
/www.edisongroup.com/research/performing-as-expected-ahead-of-refinancing/33446/?j=197578&sfmc_sub=12780302&l=716_HTML&u=5795183&mid=536001663&jb=1
Morning Krusty, Good to see we are still treading the same path albeit a bit of a bumpy one with RGL at the moment. But then again whoever said dealing in shares (especially RGL) would be easy!!!! As long as the dividends keep coming then happy to keep collecting. Continued good fortune to you and may your gains exceed your losses. Rgds, S
Thanks saintly, and the same to you. Pile those dividends high!
👍
Dividend day is once again upon us. Pleased to say that all monies are now in my accounts. Continued good fortune and patience to one and all. Rgds S
Yip roller coaster or what looking for some stability and clarity on Bond repayment before getting back into this
LOL! Yeh someone commented here that the 20p=>13p tank, following the bizarre RNS a couple weeks ago, was on no new news whatsoever, and therefore it should trend back to 20p. Et voila! And now: an ER which says.. nothing everyone didn't know already. How many of us are kicking our own behinds about not doubling-down at 13p!?! Some talking head - was it ware Buffet? - said investors have enough brains, but not enough balls...
Last week everyone thought RGLs days were numbered. Now it's climbing 10% in 1 day. Easy money if you know how to play the game.
Now I can see light at the end of the tunnel SP should start going back up .
🤞
Finally getting somewhere. £22 million under offerand another £20 million under negotiations.
Total £42m if LTV is 55% should leave £20m free after £22m is repaid loans.
With the other cash £35m+20m that should cover the £50m bond.
More sales to follow should turn round this sinking ship, shame inglis didn't do it 18 months ago, would have got much better prices.
Correction: NAV per share is 59.3p, giving a discount of 69.3% ( My maths is bad today... one minus...)
Santander LTV 52.1% as at 31st December. ~£2.5m of the loan paid down further. £10.9m paid down in total.
The new known unknown is by how much any of the loans have been paid down since the year end.
NAV per share of 56.4p, which with a share price of 18.2p is now at a discount of 32.3%
No news is... no news...
Still a chance to pick up the bonds @ 94p if you're feeling confident, for a YTM in excess of 20% (assuming my calculator is working properly). Yes, only 5 months but it beats cash in the bank.
Obviously not out of the woods yet, but such a relief to some some detail on a significant disposal programme. Personally, I'm not tempted to buy any more whilst there's a possibility of a capital raise, but it appears they are no longer asleep at the wheel.
Looks like the asset sales are well advanced so covering the bond is not an issue now. I think that the share issue was a last ditch opportunity to ensure that if sales did not materialise then they had the funds to ensure survival if all else failed. I don’t think it is a realistic option now.
In the Debt Financing and Gearing Section unrestricted cash is stated as £25.7m,whereas in the Financial Resources Section it is £30.2m .Why the difference?
58 “assets” are up for sale totalling £130m.Is an asset the same as a property ? They have 144 properties valued at £700m.So they are selling the smaller stuff,basically.Bigger stuff will have to be used to repay the institutional lenders.
A dump to get the bond covered.No bad thing.But £100m+ needed to get out of the Straight- jacket.
I do not believe there is any vaguely significant likelihood the business cannot continue as a going concern. The retail bond concern is a minor irritation for which there exists a wide range of alternative solutions. In 2023 the business had an operating profit of £43.1 million. As at the year end there was £30.2 million unrestricted cash.
2.2 Going concern
The Board have performed an assessment of whether the Group would be able to continue as a
going concern for at least twelve months from the date of the consolidated annual financial
statements. The Directors took into account the financial position, expected future performance of
the operations, the debt facilities and debt service requirements, including those of the proposed
refinancing of the Company’s Retail Eligible Bond, the working capital and capital expenditure
commitments and forecasts.
The cashflow forecast indicates that the Group requires additional liquidity to fund the Retail
Eligible Bond obligation during the next twelve months; and the Group’s ability to continue as a
going concern is dependent on its ability to obtain the necessary additional funding required through
a capital raise or alternative funding sources, which are currently being considered by the Board.
This condition indicates the existence of a material uncertainty that may cast significant doubt on
the Group’s ability to continue as a going concern. The consolidated financial statements for the
year ended 31 December 2023 have been prepared on a going concern basis as, in the opinion of
the Directors, the Group will be in a position to continue to meet its operating and capital costs
requirements and pay its debts as and when they fall due for at least twelve months from the date of
this report, as the Board are confident they can raise the necessary funding to replace the Retail
Eligible Bond due to be repaid in August 2024.
I dont quite understand the recent buying given that it has been announced they are considering issuing shares at a significant discount. Why not wait until after if you wanted to buy?
Given that refinancing has recently been flagged via Edison then an official announcment is in everyone's best interests - especially the Board's. The (bad) news is expected so they ought to take the opportunity to get it out into the open. Failure to do so might suggest an element of panic.