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As predicted Hansteen initially are taking a large stake teaming up with Aviva in the Ashtenne Portfolio and the asset management from Warners Last nail in the coffin -nil shareholder value Goodnight Irene
Not anymore!!!
One to watch
My quarterly visit here to see how the patient is doing Still being drip fed.Clearly the banks still think euthanasia is still out of the questionn
Dont know how? spread is 66%. not worth a w ank.
just checking that they are still here
No worries I am just watching from the sidelines. I was a shareholder a while back so sad to see the demise here
Unfortunately I guess its taken as read as being underwatertwithout having to spell it out again otherwise thier finance would already have been in placeTheir future is entirely dependent on whether their 3 bankers are wiling to refinacet. I cant see any benefits for the banks keeping them going they might as well get the properties back and deal with them as they think fit Im sure the banks are in discussions with Hansteen who have kept plenty of powder back for the Asthenne Portfolio i guess it will be a matter of weeks rather than months til we know their fate -the doommonger
Be careful m8...
Interim management statement out - still talking to banks but I did note no line on "little or no value for shareholders" this time... interesting..
Usually means the end of an era
looks like a mini dead cat bounce
Very good points, and good luck if you are in!
Pre Pack possible? get rid off the shareholders directors carry on as normal running it for the RBS. Maybe float it again in a few years if it can make a profit, simples.
I am not sure why anyone would be buying the shares in view of the negative NAV and servere funding issues. Of course if funding is sorted then it may be a multi bagger but exceptionally high risk so I wouldnt put much in here until the next RNS! GLA
Joker I am by character a gambler but I buy shares in a SIPP .Its my only pension so Im ultra cautious(relatively speaking) espec ialy as I bought a shedful of DTZ last year which went west having been taken in by the CEO 'sc omments that deal had been struck to sell the company subject only to agreement on price where it hadnt the purchaser moving in for a flatpack Just as well I had invested in Taylor Wimpey and Telford Homes which mitioated the damage I cant see any way out for Warner with the stock they own most bought at top of the market For it to raise its head above water its going to require the commercial property yield gaps to improve by a minimum of 2% and it aint gong to do that for somewhile
How do they stay listed, i was told the company has to pay £100,000 to stay listed. Maybe by the time someone reads this, it will be de-listed. I personally have shares in this but to sell at a loss, only around 2k isn't worth my while. This is a major gamble, i'd rather take my chances on one number on the roulette table, better odds. Good luck if you are gambler.
Perhaps you are right for the short term.The banks have enough firefighting to do before possibly addressing this situation However some of the loans are up for review shortly and their is an appetite in the market for industrials at the moment so maybe sensible to pull rug I havent drilled into the financials to see what % of rental income headoffice expenses are but if they are exceeding 12 /15% its an expensive mangement fee Irrespective the company has a negative value
in this share, need 3p sell price to even out, I look at this as long as the banks are getting their money, wner will stay alive. I really have to switch off from this share, have a look in 5 years time. Maybe de-listed, maybe 2p. To the people who are buying, state your reasons, i may average down.
Maybe December rent Quarter day could be the watershed here.Apart from apathy and possible delaying the crystallisation of losses I cant see why the Banks havent pulled the rug My interest here is that I am a great fan of Hansteen the antithesis of Warner who I hope will pick up the industrials they carefully crafted themselves under Ashtenne. There are of course other buyers in the market place various vulture finds, M7 etc and the Banks wont take too much of a hit -so sooner the better for me
Agreed Sain, but there is no penance great enough that can be passed to the directors that will grant forgiveness in this case. They cannot repent for the sins of their fathers and have had no alternative but to sell off the family silver (wholly owned fund) to satisfy banks and creditors. I am at a loss though why people are still buying shares in this company (what do they know!?). Warner as you say bought properties at the peak and sold in the troughs and could never quite establish who they were and what market to specialise in. Anyone with the ability to read company accounts would sell and get out whilst they can. There will be no rights issue and salvation for Warner. If I am wrong, I will eat my hat!
Good synopsis" the sins of the fathers visited on their sons" corporate metaphor Historically thery were always searching for a niche in the property market but never quite found one They were one of the first companies to invest in "trade counter units "which as a property asset always suffered falling between two stools industrial and retail warehousing They then comcentrated on other sectors regional offices then industrial buying big and bloated normally after the horse had bolted and have puffrd themselves into extinction
But it does need putting down joker. There is no value in this for shareholders. The company has been asset stripped, the joint venture partners lost faith in their ability to asset manage. They have no staff to speak of. Even directors stopped purchasing shares over a year ago!! Mr Warner put the company into such a highly geared position, failure was inevitable. Hansteen are waiting to pick up the scraps, but the demise of this company is a result of poor management. The current directorship did not stand a chance and they have effectively booked first class seats on the titanic. The banks will put all the shareholders out of their misery soon enough. Only the foolhardy will buy these shares now.
I think whats happening here as the banks have been so busy fire fighting elsewhere its probably sitting on their "to do" List.The management are probably adequately competent to collect rents and to attend to the odd real esate mangemnnt issue and I suppose the commercial property market has bottomed so its not actually getting any worse They are probably looking at head office expenses as an enhanced management fee