the board have until 11:59pm to keep trying... who knows who may pop out of the woodwork today....
who kmows whos gonna come out of the wood work today...
The sky release says that 1 person close believes it will go bust tomorrow... further down the page it says others believe it has a chance of survival... i agree this is a story with an ulterior motive.... to scare people into selling... there has been no information leaks throughout this... sky with their double ended story want to just be right either way so have said bust but may survive.... should be bans on news like this
We need to note... British Land are looking at Trafford Centre on this basis...
"Preparations being made should intu collapse"
theres no guarantee they will buy it now.... the vultures are circling.
like i said in March's Rns they confirmed they had cash £180 million and were being prudent.... on top of this they would have had march's rent, the £90 million in May and also rent from today..... if they had paid debt they as required they wouldn't be in this position so my guess is this money must be in their account (i guess about £350million). Their annual results show operating costs are no where near £350 million for the months March - now (approx 3 month) and if they haven't paid anything then they should have £350 million minus operating costs for the period March - now in the bank... to state they have no cash... i simply cannot believe..
current cash in March's RNS Intu said they had cash £180 million and was preserving cash through lockdown and being prudent...further Intu was expecting in may £90 million from the Spanish sale.. this on top of about 30 percent rental income and todays 70% anticipated rent collection..... so that must be £350 million they have at least... i do not buy that Intu have no cash.... whats to say they can afford to pay the sum due and are just playing hard ball and refusing to pay it like some shops and doing with Intu? Thats the bit thats confusing me.... where is the cash going because were talking million here..... still holding my shares but reading between the lines on the RNS's something isn't right .... they must have cash
Same here.. the west midlands are connecting Dudley up to Merry Hill Intu..they've started the works think completion is 21/22 but the centre needs to be better than it is
bed early and alarms set.... gonna be one hell of a night for me
Not gonna laugh because actually you can ....
I live not far from Merry hill and when this opened it ripped the heart out of the Black Country. When I visit i love the outside bits.. Matalan..B&M, The range and TK Maxx Home Sense... they have spent a lot of money on the various retail parks that reside next to Merry Hill. Inside Merry hill you have the run down bit where Poundland etc is then lot of gimmick craft shops.. clothing .... hardly no pop up stalls. I like what they did with the old BHS.. extended primark and moved Sports Direct sporting its new posh look and added Flannels next to it also owned by Sports Direct.... then at the back its all banks empty shops and an outdated Debenhams...you could walk around it in am hour its just so boring....
Confirmed in RNS in March that they were in dialogue with the government to access the £330 support package and also monitoring the effect non payment has to landlords cashflow. This has affected all commercial landlords not just Intu... could Boris be riding in on his white horse.....
In addition to the immediate actions we have taken to preserve liquidity, we have an ongoing dialogue with the UK Government and may look to access their £330 billion support package. In their recent announcement for the protection of commercial tenants from the non-payment of rent, they also stated that they are actively monitoring the impact of this on commercial landlords' cash flow. Other Government measures announced of business rates suspension, employee cost support and tax payment deferrals, are also expected to have a positive impact.
Ive read that Arcadia is also a big non payer... Topman, Topshop, Burtons... Phillip Green & co were quick to open stores and make a lot of money and now crying to be victims because this generation are not shopping at their stores and what they do can be done better...
Technically the stores not paying are in breach of their tenancy agreements... if Intu took legal action or they shut down surely Intu would be entitled to the monies for the remainder of the terms of their agreements... so the £100 million shortfve a pitchall is merely money that may come back... just the shops were keeping it for their own liquidity... as soon as September comes Intu legally can start kicking a** and demanding the rent as they need every penny of it... A few years ago I have looked at renting mall space and was astonished that it could be £700 just to have a space for a week...in Merry hill they come and go... look at the food court.. when it first started they would not allow kfc or mcdonalds in and prided them selves on how diverse and independent the food court was.. the famous chef James Martin opened it.... a few months later they all started closing leaving gaping holes, which was filled with KFC, Mcdonalds and a subway....independent companies simply cant make money and now most of the selling space is just walking space as they have been driven out...if they weighted this better to the individual and charged half they would have more stalls and create more variety and give independants a chance.... 20 stalls at £350 a week times all their centres is a lot of cash....over £350,000 a centre per year thats £3.5million extra revenue for the whole group....... they need to start thinking how to generate cash....
from Intu's company report from March ... annual finance costs for 2019 was £224.6million and they expect the same for 2020.Debt is 4.5Billion.They expect rental income for 2020 is £310million down from £401million but that is over £100 million less than needed to cover all basic costs. The wriggle room does need to come from the finance side of things or they need to find a way to boost income... A standstill will give Intu managment a surplus of £100 million a year but will they be sensible with it? keep paying for extensions is not a sensible use although much needed. There is a shopping centre in Warsaw Poland called zlote tarasy..please look this up its a work of art and very exciting to visit.. this for me is how shopping centres should be.... it has lots of big shops and small over about 4 floors and plonked right on top is a cinema and food etc... its a reason to go there and stay for the day. Merry hill is know as Merry Hell up here... there are 3 card factories and just clothes and jewellery.. the only decent thing is the chip shop in the food quarter its too samey.... they need to extend upwards not keep building add on extensions and create a destination for the millions not just to shop but to stay for the day.
down down down and now up up up..... is this the big bounce before doom... or is good news round the corner... with a market cap of £50-£60 million there must be alot of upside if all goes well.. good luck all
further cash flow projections on intu's wed site... the maturity date for a loan for £352 million was extended and margins reduced to 2 years to March 2020... As this was around the covid lockdown time could this be the loan that they are due to default on. Interestingly in the report it says that this can be extended for another 1-2 years at the lenders discretion... just trying to make some sense of figures
hi all, usually watching and reading but have taken the leap online... bought just over 61,000 at 5.05p a few days ago having bought and sold at a loss.. every covid stock apart from genedrive has rocketed.. every stock i buy seems to go wrong... so firstly i may be a hoodoo... i'm all in...head tells me to get out but heart says its worth the risk.... but its really hard to find anything about the company or whats currently afoot... i was more concerned to see cash coming in.. where the money from the Spanish sale has gone and exactly what loans are due to be defaulted...I have found this dated 2nd June 2020 from Intu's website about cash forecasts it shows £491 million was collected last year and this year they expect £310 million.. it also shows as of 2nd June they had £82 million in the bank and forecast £160 million in the bank by end of 2nd half.. theres a note about a standstill.... I can only find one loan due to be repaid but that's only for £89 million is this the one thats due friday... Intu seem to have cash and have had cash... where is it all going? someone who knows more can you look at this?
https://www.intugroup.co.uk/media/6986/intu-properties-plc-cash-flow-projection-information-02062020.pdf