Member Info for devonplay

"13 foot squirreling pole" LOL

Looking forward to the release. October will come sooner than you know ;)

"Voluntary admin is a way to gain time, free from creditors hassel. Administrators will get the best possible outcome for the company...
Negotiations could well continue and be resolved with guidance from the administrator...please correct if wrong."
It's more the case of "shareholder hassle" when a company is so skewed towards creditors being the larger party. The larger stakeholder. In that case, willing creditors might tempted to swap debt for equity. When you are a smaller stakeholder shareholder you are more of the hassle than the creditors as there claims are easy if they are willing to swap or the assets are realisable. Sahreholder have been unwilling to commit more capital - that's the hassle.

"The centres will survive"
I agree, only I'm nit sure who will own the business. I didn't want to participate in the equity, but I thougt the debt was a more interesting.
I can't see shareholders having much importance in the process, they've been unwilling to come up with the capita, and are by far the smallest stakeholders. That suggest if a class of stakeholders get trhown under the bus so The centres will survive"...it won't be a surprise which stakeholders it's most likely to be. That doesn't mean I don't think there's not going to be pain..but just the 25% YTM might just dull some of it.

"so that debts could not be enforced"
They don't need to be "enforced" if the company enters the administration on a voluntary basis. They aren't "enforced" at that point, as so much as "self enforced".

"If the government don't step"
That's if you believe a business like Intu is defined by it's listed shares. If you look at the cap table "debt' is the most significant stakeholder element 85>15% diminishing. So a failure of the equity, is only a partial element of the business. It's quite possible that is could still move forward without shareholders (or without the existing shareholders to be more accurate) - that's in the hands of creditors at the moment. Unless shareholder stump up cash, they aren't so important at this juncture. They aren't the largest stakeholder by an excessive country mile.

"Would not be surprised then to see government intervention"
As a debt holder I'd like that! As shareholders have failed to bail the business out, but it's very unlikely.
If there was chance of a government bail out the debt wouldn't be yileding 25%.
If there's a chance of a debt vehicle taking over the reigns why would the governemt step in? Just to save shareholder? I think not.

Small exposure to the senior secured debt, yield to maturity c25%.
May consider options for adding more, but only in a small "punt' way.
This one doesn't have shareholders holding a big position in the cap table, so noise coming from the listing might just be that, noise.
Not enought to worry me either way, but if there's an indication of it becoming a debt holder lead vehicle and they don't default - that 25% suggests debt markets don't think it's a total right off - there might still be money to be made. Just not in the equity.

No, it's just obscured by the crowds...on their way to Primark.

In a difficult market, decent enough result. The airports now under 2%, that feels a better, in an uncertain world cash generative, liquid assets that are for the most part essential feels like a place to be. Assets values have taken a battering - but which one's haven't. I remain invested, you could do so much worse than UEM.

So thin trading, pain inducing spread, no news and difficult to sell more than a few quid at a time....all sounds very promising.
At least 339 will be open soon, but will there be any customers? I suspect there won't be Primark level crowds outside...!

Thanks @Bc. Glad you reminded us of the potential downside.

"1.4p now the mid-price is 2.65p "
Yep, lots of risk. If any update is less than great, potential 50% loss of your capital. That's OK if there's liquidity, but I'm not convinced that's not the case here.

LOL like the wall of blue that turned out to be 1 buy.

Yes, you can see how the market has rejoiced at it!
All sells today.....

"with big spread." sometimes 25%, it's only 12% today. Fablous.
Still in the 2's....that's good news.

I think the payment is next week, interest payment, I always keep a dividend diary, but I never seem to get into the habit of putting "interest payment" in it.

@Pearl This is a good example of what I mean;
Travelodge - https://www.travelodge.co.uk/sites/default/files/Project_Athena_CVA_Launch_Announcement.pdf
Travelodge CVA.
The important bit for holders of the senior unsecured floating debt;
"The CVA does not seek to compromise the claims of other creditors, including, without
limitation, secured creditors (including lenders under the Group’s revolving credit facility and holders of TVL
Finance plc’s senior secured floating rate notes due 2025)"
So you get to have a working approach to Admin/CVA's as, unlike shareholders, you often come out the otherside.
Stressed, but intact. At least for longer anyway.
Holders of AMC's debt, me included, are being offered a 50% haircut, but with enhanced yield and extended terms.
Shareholder provide first line of loss and risk capital (as Debenhams ) show ( I have no expectations of being paid in July by Debenhams, but there's still a chance).
I haven't checked, but I'm sure AMC's shareholder have suffered more , but without the benefit of the 12% yield and theoretical enhanced security.
Time will tell on AMC, Debenhams and Travelodge. But with all of them I've been happy to take a punt on their high yield debt, but wouldn't touch their equity with a barge pole. Beaten up, on deaths door, but still capable of offering income and capital in the future.

Are those sells on the horizon?! Ex*****ve rinse and spin if you've get stung with that spread.
The market thanks you for your help (and cash)...

September/October - it's not that long. As we discovered yesterday that's when, based on last year, we should expect it.
In the context of busines tha'st destroyed 99% on investors value over the last five years it's just a blink of th eye.