Member Info for Pangloss73

Inglis needs to go. He has misled investors and destroyed value.

Compare and contrast to an interview he did a little over a year ago https://www.youtube.com/watch?v=cU1VLBCPlSU when he was talking about the possibility of share buy-backs (!) and that they could "paydown debt at any time" and that it would be an "easy fix" and there was "no real pressure" (see interview at about 33 mins in - if you can bear it). Well done to those who saw through all of that; sadly I didn't.

Small beer really, but better than nothing

Nice little article from Oliver Shah available on the Martley website: https://www.martleycapital.com/shah-on-property-office-opportunists-need-chutzpah-and-access-to-cash/ It's a couple of weeks old, but evidently it's not just Martley that sees opportunities in the "beaten-up office market". Well worth a read if you're feeling a little nervous about your holdings.

Also contains a great quote on the two golden rules for property PLCs - Rule one: don’t ever do a deeply discounted rights issue. Rule two: don’t forget rule one.

Cleared for take off.

Hopefully.

Hi SK. You're right. I've just had another 5k nibble at 252.5. It would have been too rude not to.

I couldn't agree more SK. Personally, I don't care too much about the share price as I'm not looking to sell; I'm just collecting the generous and predictable dividend. The quality of earnings is fantastic and there are only two things put me off buying more: 1 it forms quite a large portion of my portfolio already, 2 the spread is usually quite wide

RNS indicates that Majik's holding is now 4.71%, whereas it was 9.13% back in September 2021. Whilst that's not a ringing endorsement of the company (!), it's surprising that the share price seems to have held up well during the selling (unless the bulk of the selling pre-dated the recent small bounce). More Majik selling to come or will they be content at this level?

HG - you're old-fashioned! However, I totally agree that the leasing news is very encouraging. In normal circumstances, I don't think this would be worthy of an RNS as it's more 'business as usual'. Unfortunately, in the unusual situation RGL is in with so many concerns (some real, some mischievous) it might be considered as potentially price sensitive and therefore subject to RNS.

I think the Martley stake is the big news (great find Chris). I also love the quote from their CEO back in January - when asked about opportunities on the public market, he stated "There are companies that look just absurdly cheap, particularly those that are externally managed that, usually unfairly, are just hated by the market." I think the stake he subsequently built in RGL shows exactly what he thinks of the valuation. Sometimes it's good to be old-fashioned!

Obviously not out of the woods yet, but such a relief to some some detail on a significant disposal programme. Personally, I'm not tempted to buy any more whilst there's a possibility of a capital raise, but it appears they are no longer asleep at the wheel.

I agree that the alarm bells are ringing - that was the point of my original 'governance' post. I believe there should have been stronger governance to address the risk that is now all too evident.

I apologise for using the term 'garbage', but I believe you are wrong to to question the integrity of the valuation. I repeat this is not "their valuation" it has to be provided by an independent source. There are many valid reasons why the share price is at such a large a discount to NAV, but you appear to be inventing a completely spurious new one. In this, you are not the messenger but simply a scaremonger.

"It's no wonder market does not believe their valuations." - sorry, I think you're talking garbage here. Firstly, it's not "their valuations" - they are provided by an independent consultancy. I don't believe there is any market doubt on the integrity of these valuations, it's more the concern that they might not be realised if there was some sort of 'fire sale'. I don't believe this has proven to be the case with the sales realised so far.

TH Tim - "It is highly likely that they have breached LTV covenants"

This is an incredibly strong statement. Please can you provide your evidence to support this assertion?

Whilst I still believe that the stock is seriously undervalued, it is clear that the company has got itself into a sticky position on the LTV. As a shareholder, I have to question the governance of the company that has allowed this to happen. The first point of contention is why Inglis is a "Non-executive director" of the company. He is CEO of the Asset Management Committee - how can he be a NED?

More importantly, I have to ask what the independent NEDs have been doing to allow this situation to arise. They form the Audit Committee and part of their terms of reference is to:

(i) assessing the principal risks and emerging risks facing

the Company, including those that would threaten its

business model, future performance, solvency or

liquidity, and how they are managed and mitigated;

(ii) assessing the prospects of the Company over such

period deemed appropriate (but longer than 12

months); and

(iii) determining and reporting to shareholders in the

annual report whether there is a reasonable

expectation that the Company will be able to continue

in operation and meet its liabilities as they fall due over

the period of assessment;

I have to question whether they have been successful in meeting these requirements.

The penny might be about to drop that the share price and the bond price are totally absurd. Shareholders may have been conned into selling in the belief that the market is always right. It isn't. The UK market appears to have forgotten how to price an instrument correctly - not just RGL, but many, many others (see Hotel Chocalat for recent example). I think this bounce will continue as investors begin to get a grip.

Well something's just triggered a 10% jump

A really skilful mail by CaneToad; an absolute classic of its type.

First, point out some "misdemeanour" to gain the moral high ground.

Second, establish yourself as the voice of reason with everyone else on your side

Then casually compare RGL with a penny stock - you know, the sort that can go bust any day.

And of course you're not shorting, merely standing on the side offering sage advice.

Brilliant work

Check out https://www.hknenergy.com/investors/reports-presentations/ and look at "Reports"

Nice story, but Karamehmet/Çukurova does not hold 56% of Genel. This is very old information. Bilgin is the biggest shareholder at 22%. See 2022 Annual report page 89

Frustration doesn't even begin to cover it. How can the politicians be so stupid to maintain this lose-lose situation?

Still, up 5% today. New hope or false dawn?