Last update was 5 April.How long does it take to review a report from the specialist financial investigator?
If you believe the bid level undervalues the long term value of your company,but then agree to sell at a price significantly below recent NAV estimates,then to my mind you are not fit to be on the board of a public company.Reasons given to sell show the board has no stomach for hard work.Like huge numbers of their peer group they take the easy cash and lunches ,then walk away when times get tough.Or,of course,they have been withholding imminent negative information.Or they have no confidence in the Investment Manager.Wonder what the IM will get out of this deal?
Bah,humbug,Canetoad.
Do you think L and G are spivy day- traders?
Some big tickets went through on Friday afternoon.Buys or sells?
RNS issued about this on 30 March.Not new news.But ,it would be naive to believe that life will carry on as normal.Staff will exit.The bond is big enough to test their ability to either sell assets into a very illiquid and nervous market.And the later it is left the more a distressed seller the managers will be soon.It may be possible to refinance the bond which is at the junior end of the debt structure ,but the cost will be way more than the current4.5%.Current yield is over 7%.
The £50m retail bond matures in August 2024.So assets will have to be sold or the bond refinanced.You could buy the 4.5% bond at just over 96p this morning.
You do not get a big yield without big risk.The debt leverage is very high for a REIT.And they are putting all the eggs into the office basket.
Very disappointing numbers.And sentiment.Feels as if the true NAV is well- below the book figure.
In the trading update of the 7 Feb the chairman stated that there will be no further acquisitions pending an improvement in market conditions and a narrowing of the company’s discount to EPRA NTA.This is typical of the mindset of the cardboard cutouts appointed by fund managers to be the boards on closed end funds.They should be looking for acquisitions from distressed sellers as long as the price hits defined parameters,not saying never.Also,again typical.They will wait for the discount to narrow before buying in shares ,thus costing more and reducing the benefit for existing shareholders.Buybacks reduce the fees for the manager,of course.Again typical of NEDs who are too scared to challenge the managers and just want to have an easy life.Shameful.
Hard to see any deal involving a full **************.An equity raise on the cards?
Why bother?
How many reits have a debt ratio of 50%? Company forgot to state NAV per share .Portfolio down by 11% in value .83% occupancy.Retail £50m bond matures in 18 months. At least there is still room to leverage even further.
Do not direct all your anger at Alvarium.They are American and have a different view of honesty and integrity from us nice folks in the UK.And they do not see it is as immoral to help their mates buy the business out cheaply.I have been an NED on two distressed investment funds having been brought in by shareholders against the wishes of the existing board.You should target your anger at the board.They will be nice people but as feeble as many in the closed end fund world.The Managers select the Board.Do you think they want brilliant people who will challenge them? absolutely not.They want yes - men,with good CVs mostly past their sell by date.And you get extra stars if you get a woman or two.The Directors will have an indemnity policy against errors in the normal line of business.But if they are grossly negligent then you can also sue them personally.From public info to date,they are probably getting very scared……
Anyone know if SOho exposed to them?
About time an updated list is made public?
Surely at these levels the directors should be buying in shares ? Or is there no room left? I wrote to the company pr people but did not get a reply.
Apart from the small fall in NAV not much to complain about in the results.Certainly,these guys are long on verbiage and undeserved self- promotion.NRR is now on an even keel with net debt at a sensible level.What odds this incompetent board will dive back in with a big purchase in next couple of months on grounds it was too good to turn down…and link it to a fund- raising which will dilute existing shareholders?
Would have been helpful to hear the estimated costs ….
Not been in this one for a while.Clearly highly- leveraged.Key factors I look for is NAV per share and how covered is the dividend.These boys seem to give you lots of stats but not a NAV in their bullet headlines.15% vacancies too high?
I rarely look at this MB now either.Months since there has been a good analytical point.