Member Info for zccax77

ENA up by 21bps
Marshall wace down 11bps
Marshall wace are the far smarter Hedge fund, so that is a positive.

Correction, they are now upto 1.71%

Up another 12bps

KAZ operates in a cyclical industry, Intu operates in an ex growth industry currently being destroyed by amazon et al. Apple and oranges.

JW has basically lost his life’s work. He swapped his gem which is Trafford for the carp in Intu’s portfolio, a very poor trade. I think JW has given up on INTU. The problem is if he tries to rescue it, it will take down the rest of his empire with it. Pretty risky for him. Google Peel holdings and you will see he is now devoting his time and effort into other projects as part of Peel 50:50 project, including building a massive mixed development right next to the Trafford centre.

These guys collectively have $100bn, why would you not help your mate (Hill) out? I find all of this utterly bonkers. If this was listed on the NYSE, fat chance of it ever dropping below BV (£10).

This needs more than a token director buy. It needs Hill’s mates to start gobbling up the cheap shares. Though being a pessimist I think they will sit on their hands and watch this go down, whilst Hill is busy playing golf with them on his own golf course.

Next results will be better than Q2. No 2bn deposit leakage due to mini bank-run.

Sorry forgot the nearterm capital commitments:
Short term borrowings -243
Borrowings -4,838
Derivative financial instruments -237
Cash and cash equivalents 401
Net debt -4,917
Spanish Portfolio disposal 631
Pro-forma debt -4,286
Capital commitments -209
-4,495

Short term borrowings -243
Borrowings -4,838
Derivative financial instruments -237
Cash and cash equivalents 401
Net debt -4,917
Spanish Portfolio disposal 631
Pro-forma debt -4,286

I think the real meaning of that comment was to clarify who the real owners of the business now are which are the credit providers. Meaning negligible equity value. The equity from the Spanish sales will barely cover the derivative financial liability of £237m.

There are not many buyers out there for shopping centres and everyone wants to sell, HMSO, BLND, LAND and all the PE owners. Meaning deals being done at yields of 7+%.

Another 2 months until Q3 results. Long time to wait for an RNS

Anyone managed to get some cheap shares today? Shame they could not take it down to 650p and I was busy in meetings for most of the afternoon.

Hope you have some strong balls, betting 5% of the farm on MTRO falling further.

:-0. I think we are all in the same boat here.

@ Deos, how have you managed to buy all the dog share? AML, SXX, SAGA?

Odey thinks their business model is unsustainable. Maybe he cannot see the $100bn backing this.

The shorters know Hill won’t sell on the cheap, otherwise this could have easily been taken out by a us player at 1x or 1.5x book value. A highly rated bank with Zero legacy issues. Not many of those about.

90% of the investor base have invested in this because of Hill.

I do not want to sound like a broken record. Hill’s last venture was started in 1973 with paid in capital of $1.5m. That business which is now the U.S. Retail segment of TD Bank may now be conservatively be valued at $30bn. If this company was listed in the NYSE then it would easily trade at £20 a share, just that UK investors do not know about Hill’s reputation in the states. He is the most important figure in the US retailing banking space over the last 50 years.