Member Info for Punter64

Great news today. My average is 25p so hopefully we will soon be above that. Still very undervalued here and my target is 40p.

Any idea what has caused the 9% rise today? News due perhaps?

I've decided to buy back in here. I think this will now start to recover and at 6% the divi is looking very attractive.

Up nearly 7% so far this morning - nice

Will the shorts start to close their positions now? If so this will fly. Interesting days ahead.

Well it is certainly a full and comprehensive response running to 37 pages! They have also confirmed that the dividend id safe and that the share buyback funds will come from money that would have been set aside for buying more properties. I think I may buy back in once I have read and digested the contents fully. Shame it took nearly three weeks but given the fullness of the response I suppose it is reasonable that it took so long!

The whole thing stinks to high heaven IMO.

Keep in mind that CSH are justifying propping up the sp with a buy back on the grounds that the NAV is 108p. That doesn't work so well if the true NAV is much lower as Shadowfall claim. Buying shares back at 88p doesn't make sense if the true NAV is nearer 50p for example.

According to Shadowfall their allegations if correct mean:

'Transparency regarding the “100% government funded framework”
Aside from what we view as a lack of informative disclosure by either Civitas or CIM regarding the above, we have
significant reservations regarding the overall viability of Civitas’ business model. Indeed, we believe that:
? At least 23% of Civitas’ annual rental income could be at risk.
? 48% of Civitas’ dividend could be at risk.
? As Civitas’ investment property valuation is determined from its rental income, we believe that its NAV could
be at risk'

Furthermore the dividend will come under further pressure due to the on going failed share buy back which is using up considerable funds.

I will be amazed if the rebuttal happens at all - the fact it has taken over two weeks already suggests they don't have the answers. The shorters are in no hurry to close their positions because they think this has much further to fall. Not sure why you are so confident that the dividend is safe because this failed share but back is burning up the available cash. We will see....

Another 300k shares bought back but still the sp continues to fall. The only thing can can stop this is a proper rebuttal from CSH but still no sign of it and it now seems it will never happen. Kiss goodbye to the divi as there will be no money left to fund it.

Best not to stick your head in the sand old pal. I wish I had listened to the derampers a few weeks back but I chose to believe the directors when they said Shadowfall's claims were unfounded and that they would post a full response to prove that. I can see this headed for the true NAV which is nearer 50p than 108p.

I would blame the shorters if they have made this up. However, the evidence is suggesting that their accusations are correct and if that is the case we should all be blaming the directors. Try calling them for an explanation - good luck with that one, haha

Will the dividend be cut?

Don't you worry I will be around for a while yet to highlight CSH's failings. I note that they have already spent roughly £2.4 million on this failed share buy back program with plenty more to come. The quarterly dividend costs them about £9 million. Where is this money coming from? Will the dividend by cut - I suspect so!

If you are a holder here and haven't yet read Shadowfall's letter to CSH you should do. https://www.shadowfall.com/wp-content/uploads/2019/01/SFCR_Letter_to_CSH_Board_Final.pdf?utm_source=SF+-+CSH+Open+Letter

'It is the Board's belief that the letter is based on factual inaccuracies, incorrect assumptions, erroneous comments and assertions which are not grounded in fact. Civitas will publish a full response having taken the time to review the letter in detail. This will be published on the Company's website.'

Why are we waiting CSH? Do you actually have the evidence to refute Shadowfall's accusations of malpractice? The longer the delay in responding the more it seems that Shadowfall are correct.

meanwhile the short positions continue to grow.............

I have sold out my holding today and taken the loss. I am appalled that CSH has not yet published the rebuttal to Shadowfall's damaging allegations which it promised to produce in an RNS two weeks ago. The fact that the company has clearly been dragging its feet over this makes me very suspicious and suggests that they are struggling to provide answers to the allegations. I have tried contacting CSH by phone and email and have attempted to speak to a director but none of the directors have returned my calls or emails and seem to be hiding behind their secretaries who are screening all calls. I can see this falling much lower in the coming weeks and thus this share is now a strong sell. Furthermore, I strongly suspect that the current share buyback program (which is clearly failing to stop the rot here) will mean that the dividend will be cut . If that happens this will go into free fall. Get out whilst you can IMHO.

To the tune of Come Let Us Adore Him - ' Why are we waiting? We could be fornicating, Oh, why are we waiting, So feking long.' Why are we waiting for the directors to publish their response to Shadowfall. Nearly two weeks now - bunch of clowns.