Member Info for Globex

From latest results published in May:

•EPRA Net Tangible Assets per share 567p

This takes into account debt. So at today's close of ~355p, it's valued at only ~62% of tangible NAV.

Across sector, it simply does not get much cheaper than this. Good enough for me.

As for gearing, LTV here actually lower than closest peer Landsec.

Btw Finley1 I agree encouraging to see these director purchases, right up to chair level. All too often you see plc management get rewarded with free shares, so has to instil confidence that here they're spending their own money on these positions.

Excellent find 👍

The key part here is as someone else pointed out, that stake in Alpha Prospects valued at £3.5m+

Https://www.alpha-prospects.com/shareholder-information

Together with having half of market cap in cash. As part of the company's new crypto treasury strategy, if they sold that stake and used proceeds towards acquiring additional btc, makes you think where this could go.

You must be new to Reits. Look at the NAV vs market cap.

It is interesting to note Hamak gain 60% on the back of one director appointment, especially as they are only an explorer, whereas we are already at the production stage. Once our CEO appointment confirmed within next couple of weeks, makes you think where this could go.

GLA

What I believe market may have missed was significance of Agilent, proper big pharma with a market cap of $33 billion. To hold a joint presentation with them, coupled with the Pfizer joint study, shows the company are already moving in the big leagues. Scientific credibility proven, only piece of the jigsaw missing now is the valuation to go with it.

Something I can't help but wonder is if the rebrand to Debenhams wasn't part of a Kamani plan to deliberately let it fall into administration, with a view to ultimately phoenixing out the youth brands in a pre-pack.

The logic of the rebrand when company seemingly on brink would be when news hits about the failure, it's the Debenhams name that gets most headline coverage. It gets thrown under the bus in an attempt to keep the youth brands as untarnished as possible.

When the name has already fallen into administration once before anyway, it sort of blurs into the collective memory. The casual/non-financial reader is probably surprised Debenhams was even still trading anyway. They always talk about growth of Debs, alongside those other legacy high street names, but that always seemed like a smokescreen when volumes insignificant versus the original core brands.

Pre-pack would potentially allow uninterrupted trading and debts to magically go away, and most key is nuking plc equity only physical way they could remove Mike from the equation.

Jcj07 👍

This board has become a bit of a strange parallel universe this board at times, you'd think from reading some of the posts here everything was fine, or bullish even. Meanwhile in the real world the challenges only continue to mount up, and price continues its perpetual fall towards the floor. The strangest part for me is when Sorrell is quoted as if he has any credibility left at all lol. Market's judgement on his stewardship says it all really.

CHP appears to now be a vehicle for him to offload his illiquid shares in Albaco into liquid plc form, leaving shareholders here holding the bag. Can't be allowed, can it? If he controls both companies and is making investment decision here it appears to be an open and shut case of conflict of interest. Lots of other questions like who valued Alba that high, when it has zero revenue and no license. If anyone does want to report this to likes FCA I believe you'll have a good case here.

This was big news today. It did appear to me the results seemed a bit of a kitchen sink job giving new exec chair a clean slate and appears he's now delivering. He's far more commercially minded than predecessor. Product having scientific credibility matters above everything as will naturally lead to better commercial future for the company. As others have said, by far the cleanest option for everyone has to be pure and simple buyout.

It's an interesting situation and a bit of a win win for shareholders either way. Blackstone increasing their stake to 13.79% and looking to add to that, together with board switching backing, must make them favourites at this point. Telling market price has settled exactly in line with their bid (including dividend).

But it's not great for London market as a whole to yet have another plc taken over by private equity. It speaks to quality of the company's assets and their potential to even have these competing bids. Ball firmly in BBOX court but they will need a decent counter - hopefully they pull something out of the bag for the good of the exchange, and for shareholders with a longer term view.

What this really calls for now is another Sorrell youtube interview.

I don't know if he's yet the most interviewed man on the planet, but with a fair wind that record must be for the taking.

Feels momentum building here steadily, while many of these newer treasuries have crashed and burned, would much rather see the type of incremental increases we're seeing here. Still way under the radar for now - eventually in my view this becomes unstoppable.

This seems excellent value down here. Taken a bit of beating over last month, presumably due to gilt yields as impacted peers like Landsec equally, housebuilders much the same. From the larger Reits I rate Blnd particularly as fairly diversified portfolio and well positioned with underlying assets - premium London offices and out of town retail parks in right areas as high demand as ever.

If Semantic is who everyone thinks he is, honestly guys I wouldn't waste the time trying to decode his various riddles, and instead divest anything you might still hold that has any kind of a connection to him. I'm being serious.

Even if you put aside the numerous morally objectionable actions over the years, that track record as a value destroyer speaks for itself.

Good luck.

This seems very under the radar and a decent opportunity here. Proactive management with a diversified portfolio in right sector at right time, seems the company has been very underrated by the market.

Firmly believe we are going to see a spectacular re-rate here at some point. Can't say when, but feels like just a matter of time.

I love a good distress/turnaround situation but honestly this looks ultimately terminal. From an investment point of view, agencies like this have become firm bargepole territory. Applies doubly so in the case of anything originally cobbled together by Sorrell.

No skin here but this is one of those companies I've followed for a little while now and of course am kicking myself for not buying in after nearly bagging since since spring. Anyway well done holders, right sector at exactly right time and still a very small player so I imagine plenty of room still to grow.

True unhooked, there is a sense he saw the writing on the wall and won't face consequences either way. But from what I've come across Read was relatively highly regarded in industry, and to be fair did move pretty quickly on AI. But he had a mammoth of a job tidying up after Sorrell left various unexploded bombs and bolt-ons not working together, and none of them actually useful for where industry going. Very tough gig this for whoever follows Read here.