Member Info for okenia

On phone at airport so can't look easy. Could someone remind me the total number of shares currently held by the disclosed significant shareholders please, and then compare the remaining free fl

Here :) Having pasta, an episode of Suits, and packing for a business trip to Vienna. Roll on unlimited Black Forest Gateau. See you lot next week, try not to break anything while I'm away?

Exactly. The mezzanine lender is letting them run with this even though they have the power to pull the plug if they want. That tells you that the lender thinks they'll get a better outcome this way.

Start at the half yearly report and work outwards. Take your calculator with you.

Good news as it demonstrates the mezzanine lenders continued support for the turnaround strategy. Getting Plan B to work is 100% dependent on them giving their continued support - which this letter does.

Simply what you can work out for yourself from first principles - which is that if they do a firesale of the ENTIRE p/f now at a LTV of 83% then there will be precious leftover after repaying the debt. Fortunately they are working on a Plan B As said from the start, if they give up and windup the company then value is s0d all. (hence the low SP). However, if they pull the cat out of the bag via doing a partial disposal and getting the LTV to 70% and therefore getting a 3% reduction in interest payments on the debt then they have a fighting chance of surviving. If they survive then net NAV will be in mid to high tens of millions of euros, versus a current MCap of less than a million. So yes, at moment if they wind up they are bust. However, they are trying a plan B and if that works (IF IF IF) then the upside will be spectacular. Market is assuming they won't pull it off so have written the shares off. Hence the opportunity.

OK here are the values of the last four disposals. They range from at-par, to a small discount, to two at 20%+ discounts. Alovera, Spain. The sale in line with the latest valuation of the property Campus Heusenstamm discount of 22% Office properties located in Belgium discount of 27% Girona, Spain. discount of 3.88% Next job is to look at the broader property index for those periods and to see if the discount reflects a broader decline in the index during the time between last valuation and disposal, or whether Savills were doing a rubbish job of valuing. Coffee first though. ----------- 07 August 2014 INVISTA EUROPEAN REAL ESTATE TRUST SICAF (the "Company") Invista European real estate trust Completes the sale of A LOGISTICS asset in ALOVERA, SPAIN Invista European Real Estate Trust has completed the sale of a logistics asset located in Alovera, Spain. The sale was achieved at a price that was in line with the latest valuation of the property, at €12.2 million. 17 April 2015 INVISTA EUROPEAN REAL ESTATE TRUST SICAF (the "Company") SALE COMPLETION of OFFICE ASSET in GERMANY Invista European Real Estate Trust has completed the sale of its largest property, Campus Heusenstamm located near to Frankfurt, Germany. The sale generated net disposal proceeds of €32 million, representing a discount of 22% compared to the latest valuation of the asset (dated 30 December 2014). 24 February 2015 INVISTA EUROPEAN REAL ESTATE TRUST SICAF (the "Company") Invista European real estate trust Completes the sale of TWO OFFICE ASSETS in BELGIUM Invista European Real Estate Trust has completed the sale of two office properties located in Belgium. The sale was achieved at a total price of €5.25 million, representing a discount of 27% compared to the latest valuation of the properties (30 December 2014). After transaction costs, the remaining sale proceeds will be used to repay a portion of the Company's outstanding mezzanine debt. 23 June 2015 INVISTA EUROPEAN REAL ESTATE TRUST SICAF (the "Company") SALE COMPLETION of LOGISTICS ASSET in SPAIN Invista European Real Estate Trust has completed the sale of a logistics asset located near to Girona, Spain. The sale was achieved at a total net price of €2.95 million, representing a discount of 3.88% compared to the latest valuation of the property (31 March 2015). After transaction costs, the sale proceeds will be used to repay a portion of the Company's outstanding mezzanine debt.

Yes it's a nice mix of assets - producing tungsten mine where EVO provided cash to make a step-change in production levels (i.e. not a passive investment but money being put to good use that will change the underlying investee company) - decent chunk in HH - Noricum (an interesting play) - a substantial legacy stake in VENN plus a royalty stream from them - £500k cash Currently trading on a substantial discount to the asset values/purchase price, and with no valuation given to the royalty stream. And finally there is the DL factor, this remain a small shell that is now stable and fully invested, so it can be used for wheeler-dealing (what DL likes to do). DL's modus operandi is to rescue defunct companies, clear them out and make a shell, stabilise it by doing enough investments to qualify as an investment company, and then Do Something With It. That means we should add some value for the potential to DL to use this as a vehicle for a new deal up his sleeve. For example, it could be a way to get an AIM listing for Lenigas Cuba without having to do a full IPO (something that has never been his style). If EVO is going to surprise, it'll be on the upside. That's why I keep a position here.

Nice to see them buying in the open market as well as via the subscription. The subscription puts money into the company to deploy. Open market share purchases don't but they do support the SP. Agree - nice to see them doing both, and with their own cash.

Even if the company had said that it wouldn't be a breach of AIM rules because they would simply be repeating what the AIM rules for companies regulations state. Let's do the three comments individually and you can compare them to the AIM regs as per here: http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aimrulescompaniesmay2014.pdff "The company would have to notify the market without delay, ie the same day, if they had made any purchases of shares in the company for cancellation or treasury in a buyback." - correct, that is nothing more than a repeat of Clause 17 of the rules, as I had noted earlier. "I was told that it should NOT be read as a definate that the/any company intends to initiate a buyback programme just because they had a resolution passed by shareholders at the AGM." - again a statement of fact. The AGM motion gives the authorisation to do a buyback, but does not oblige OBT to do so. We know this already since a similar clause was in the 2014 AGM and no subsequent share buybacks occurred. "I was also told that because OBT are in a closed period (ie 2 months prior to the next interims at the end of Sept) they would not be allowed to go ahead with a share buyback, so any large trades going through during the closed period will not be purchases by OBT." - again a statement of the regulations, equivalent to the common statements one gets from Directors saying that they aren't able to buy shares themselves because they are in a closed period. We had a statement to that effect from MTR recently, for example. All three points are simple statement of the rules. The fact that the 1.53m buy last week hasn't triggered an RNS from OBT to say it has bought shares does now strongly suggest that it wasn't a buyback (unless they are very tardy with submitting an RNS).

Thanks for doing that - the last bit about not being able to buy in a closed period is new to me, I've learned something today! No sign of a matching trade for that 1.53m one so it's looking increasing like it was a single big proper buy by someone. (knowing my luck a delayed/cancelled will now pop up to kill that idea!)

I expect there will be some selling initially as people who were locked up decide to free up cash and move on, but then we should return to the boring and stable ~60p mark that we saw in Round One. And then we wait. I just squirrelled it away and forgot about it, the downside is minimal so no point stressing, just let them get on with is. As you say, nothing has changed (except perhaps there are better bargains available at the moment) so i'm perfectly happy to let them have a go with Round 2. It's nice to have some shares I don't have to monitor and stress about!

Back to square one. to recap - cash on books ~ £1.2m Main market listed shell (as opposed to spivvy AIM one!) so add some value for that Add value for credentials of the BOD and founders. No time limit to get this done (I think) compared to an AIM shell MCap at suspension was ~ £1.6m so trading at a very very conservative level for a shell (let alone a main market shell). BOD have committed to returning cash if this doesn't work, this isn't an AIM lifestyle company where all the money will disappear into the salaries for the BOD >> for a shell there is very limited downside, a very good valuation, plenty of cash and a good team. Has to be one of the better shells around if this is your thing.

Useful to double-check, thanks for doing that. Phew! I note the usual swift and professional response from AUCT as well.

"I was fuming when the indicated the intention to drop it." - agreed, I was not pleased at that, glad to see it's gone. One interesting quirk here is that I don't think there is a time restriction for a main market shell to do a RTO, unlike on AIM where you have 18 months as an new Investment Company to do a RTO or 'substantially implement the investment policy' before being booted off AIM. Thus plenty of time for Round 2.

One final thing of note - the cash raised from the founders and BOD today is at exactly the same terms as before (50p/share). If you look at the IPO document you'll see that the initial fundraising was done on those terms, so they've simply done more of the same. from IPO document: "Auctus Growth plc ("Auctus" or the "Company") is pleased to announce the results of its successful placing of 2,440,000 Ordinary Shares (the "Placing") to a list of professional investors and institutions and the initial public offering of its entire share capital, being 2,440,000 Ordinary Shares. Auctus has raised gross proceeds of £1,220,000."

The other crumb of cheer is that the board and founders have a lot of their own money here, *plus* have just thrown another £122,000 of their money at the company. [To offset the spend on the failed acquisition and to bring the war chest back up to what they see as a sensible level]. "In support of the future acquisition plans for the Company the board and founders of Auctus propose to subscribe for up to 244,000 new ordinary shares at a price of GBP 0.50 per share. The proceeds of GBP 122,000 will mitigate the abortive costs incurred in relation to the Proposed Acquisition." They've put their money where their mouth is, re-stock the armoury, and are going to have a second go.

The main listing is the USP (plus the credentials of the board). I wonder if Byrne will have another look at the natural resources sector, it really is bombed out there and there should be some bargains to pick up. This is his stomping ground after all.

If we re-wind here a moment ... ... the original logic was that AUCT was set up as a Main Market shell, which is quite unusual. [There are loads of AIM shells available if you want one, just pick a failed AIM company lol] ... then the news came that a natural resources RTO wasn't going to happen - a wise move in the current climate where everyone hates NR companies. ... then came this idea to RTO a social media company and list on AIM. To me that wasted an opportunity - AUCT's USP was the main market listing after all. But clearly the social media company wanted the "light touch" AIM offers. I have to say I'm mightily cheered this has been pulled, as it would have been a wasted opportunity having a main market shell and then just to degenerate into another AIM shell/RTO situation.

Yeah I know what you mean. It seems to be a constant head-scratching trying to figure out the trading pattern on OBT. Whatever - it gives us something to talk about while we wait for the zillions of dollars of profit from the sale of those trees.