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Well I think the board will return the cash. Read the articles of association on the website.. they cannot dilute below the NAV value. Also a GM vote must be held every 2 years as per these articles.. to close the company. So it just needs 59% approval.. personally if it got near to the NAV to sell.. I would take my money whilst listed
Not sure what I make of this - they cancel listing, then hold another vote (no guarantees) after which I get my money back. Not something I have encountered before. I dont like it.
If my maths is correct $17.6M cash balance as at 31/10/17 according to today's RNS and 27.78M shares in issue equates to a value of $0.63 per share. This is before liquidation costs of course.
Looks like it's happening
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Locus Capital is trying to get the cash returned via shareholder vote - if you support this click here: hTTps://goo.gl/forms/QGj6pTJrC05oU1b62
There has been a 37c tender offer from Southey capital - HL told me... I dont think you should accept - I would expect this to prompt movement here.... hTTps://deepvalueinvestments.wordpress.com/2017/07/17/tejoori-37c-tender-offer-dont-accept-its-worth-almost-double/
Spoke to the NOMAD, Allenby Capital, this morning. Couldn't tell me much when I asked how much longer the distribution would take to be finalised as this is price sensitive information. All they would say is these things take time, it is being worked on and an announcement would be made in due course.
A few sellers getting impatient waiting for news on the distribution which is understandable. Have tried contacting a couple of the directors in Dubai to get an update but they are never available. Very frustrating!
Surely it can't be long now before we get details and timing of the distribution???
The company is delisting and returning only part of the capital. If anyone is interested to sell the shares, please contact me at scott.lee@locuscapital.co
I personally think this is far from certain a done deal given the co did say very clearly they will only return part of the capital...And did anyone actually figure that the CEO is on BEKON's board? BEKON, the investment which we wrote down USD 3.35m of?
By my reckoning they should have around $19m in the bank now. Per the 30 June 2016 accounts they had $2.2m on deposit and approx $1.1m cash (excluding the funds they had just received on the 1st Arjaan plot sale) For Arjaan plots net received has been: Plot 1 - $6.4m Plot 2 - $3.7m Plot 3 - $5.7m So a TOTAL of $15.8m. Operating costs are fairly minimal so should have around $19m in cash (i.e considerably more than current market cap) If they decided to distribute $15m, of the Arjaan cash that would be 0.54c per share. Not half bad. I think it depends what they want to do with the business going forward as to how much cash they return to shareholders.
My guess is they will return all to shareholders (less admin costs and any taxes dues). We should find out soon.
Assume it would be via some sort of special or interim dividend. Will be interesting to see how much they distribute and what they plan to use the retained funds for. As this is now basically a cash shell.
Anyone know the procedure for distributing cash to shareholders? Hope it will be a speedy process and that Tejoori have arrangements more of less in place knowing the final plot sale was a done deal since the MOU.
Hello hello RNS all plots sold and cash received hopefully some cash back soon. Very quiet on here....
Under the MOU the sale of the final plot has to be completed by 1st March at the LATEST. We can then expect an announcement detailing return of capital to shareholders.
Hopefully we won't have too long to wait for disposal of the remaining plot. Easy profit to be made if you have the patience.
Could double the mcap here
Cash is in
Surely the cash will be received next week. Two weeks since the certificate was submitted. Should just be a rubber stamp excercise by land registry to then press the remittance button.
Rents for one-bedroom apartments in Dubai Marina have declined by the most among the freehold communities, while Arjan has registered the biggest increase, according to Dubai’s official rent index for 2017.
Sale