Member Info for chris1979

Placee has a lock in period of 6 months assuming it ends up with less than 20% of the shares, so no share sales in that period.

Another interesting point looking at the prospectus "The Company entered into an exclusivity agreement (the “Exclusivity Agreement”) in early 2024 which proposed participation in and underwriting of a firm placing and open offer of Ordinary Shares. The Exclusivity Agreement provides for a break fee of £1,152,671 (being an amount equal to 1 per cent. of the market capitalisation of the Company on the date of the Exclusivity Agreement) to be payable on a breach of the exclusivity provisions in the Exclusivity Agreement (which, for the avoidance of doubt, would be payable on such breach whether or not the Capital Raising completes). There is a risk that the Company may need to make a payment in settlement of the break fee clause contained within the Exclusivity Agreement." so that maybe is another £1m wasted.

I wonder does anyone know if there is a minimum time needed for a rights issue? Given the 50 odd days to go until the bond is due for repayment do they have time left to do a rights issue or is debt refinancing now the only way to go?

I think as a non uk entity you have to disclose within 4 day's or as a UK entity within 2 days under FCA rules. Like you say interesting to see the share price holding up while this level of selling so I assume a deal was done with another interested party.

Https://www.martleycapital.com/crofts-martley-builds-regional-reit-stake-and-hits-out-at-managements-refinancing-strategy/

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?

Interesting to see lots of trades buying into the stock over the past couple of days ahead of the annual results supporting the price up a bit. Do you think the we / the market will get the clarity over debt and financing it clearly needs from the annual report and / or any statements issued at the same time?

Also let's not forget this is a profitable business in real terms (removing the effects of any property valuation movements) it is "just" a debt repayment issue of £50m in Aug 24 on a LTV of approx 55%. Once the board give some firm guidance with the release of FY23 figures the share price will recover. If they can show that the debt will be repaid in Aug (and you would be mad to pay a dividend if you couldn't do that) I expect things to calm down a bit. At these prices I will continue to buy for the longer term. Maybe I'm wrong but time will tell. I think March 26th is the key date for all, until then hold tight!

At this discount if someone does buy up the shares and then break it up they would be on to a nice payday. The parts are worth more than the whole at the moment.