I've been invested for many years and have always thought it to be an excellent company. The two share class adds to interest too- there has been an extraordinary volume in the non voting whereas the voting stock has hardly traded over the last year or so. Glad to read your post
Town centre has a debenture in issue. £150 m was raised and I believe 106m is outstanding. The covenant probably requires 1 2/3 asset cover i.e £176m . That cover of £70m exceeds equity market cap of £53m - Am i missing something or should the share price be a 'little' higher?
At the moment , doing ' a deal ' on the debt with holders would mean a price of around 110 as I believe there is a ' Spens' clause affecting early repayment. Maybe buying equity at a discount to NAV is a route still preferred by the board.
Disappointing that Natwest think they can get away with this 'steal'. Long gilts yield about 1.2% Selling yield to call at 185 is around 5.6%. I may buy more if I can when the dust settles
If anyone else watches this page, I would love to know their thinking on the large number of twenty share trades in the ordinary and A . Baffles me , I know the market size is small but.....
It's about two months since the sp topped £7. Does anyone happen to know the trade volume over that period? Not sure I've seen many announcements regarding significant interests!