Member Info for zccax77

No point averaging down with such POS management. This will be going down to sub £1 without further details, and management will still be scratching their heads.

No need to despair, we have all been there. It's a shame the crooked BoD who are responsible can get away scott free!

Expect the placing to be more than the MC tomorrow if there is no RNS.

There really should be consequences and repercussions for such skulduggery by the BoD. This will continue to drift down if no placing details RNS by 7am tomorrow. It will be like an invitation to treat to all the shorters in the city.

Let me see,
JW liquidating 12.5% of peel ports = £500m,
Intu cash on their balance sheet = $240m,
FCFO for 6 months = ~£100m
Recent sale of Derby = £165m
Total = £1bn

JW non-controlling interest in Intu = 70% x£1.16bn MCAP = £800m

JW will pick up a bargain, thanks to the shorters.

Expect this to go below £1, why would these imbeciles announce a rights issue without terms. Recipe for disaster, just like metro.

https://www.propertyweek.com/news/orion-more-than-doubles-stake-in-intu-to-92/5103096.article

Bottom I agree with you from a location perspective. Though I cannot see this turn anytime soon.

Intu is understood to believe that it would be better-placed to take its chances with an administration process for Arcadia, with Topshop accounting for 70% of its Arcadia units.

The company owns eight of the UK's top 20 shopping centres, and disclosed this week that footfall last month at its centres rose by 1.1% - outperforming the wider market.

https://news.sky.com/story/arcadia-on-brink-as-lakeside-owner-opposes-new-rescue-deal-11739592

https://www.zerohedge.com/news/2019-06-08/why-danes-dont-write-letters-anymore

Those are not true new holding rns’s. They are just the ii’s Confirming their new holdings, expect to see more of these over the next week or so.

looks like Intu are calling the shots here, best to go into administration. Better outcome for all including the pensioners who will be protected by the PPF.

When this POS goes to zero I will go out and celebrate, likewise with FOXT

Volatility jumps by 10% over the weekend and this turkey goes down. Sometimes I think the market is stoopid

CWD and FOXT, a blind man in a cupboard could have seen these coming. Though I never expected CWD to fall so violently though. Just goes to show 99% losses do happen.

The bankers will not be holding the debt, they are already held as CMBS, so private equity, hedge funds and vulture funds will buy them for pennies in the £ and JW might not get a chance to buy INTU on the cheap. Look at what happened to DEBS, I don’t see Mike Ashley buying DEBS out of administration.

JW previously tried to take the company over for $2.8bn+ in October. Another bid may come.

The net debt is £4.8bn

The company has debts maturities of 5.8 years. In the 5.8 years INTU can pay off sufficient debt if the FCF stays constant.

The Spanish properties will be sold and 0.3m of debt paid off as well as the recovery of 0.2m of equity which can again be used to pay off debt.

There are very few asset specific loan covenants at the 65-75% level and can easily be curred from available cash.

Interest cover covenant is 125% vs 200% actual.

INTU has enough tax losses so the REIT status won’t matter.

Some people think ecommerce is the end of bricks and mortar. Should I remind you Asos has a 2% margin whilst Primark has a 12%.

My average price is 98p, so I am not too worried. I am looking for another bid at 30-40% above current MC.

@ Gewillia thanks. That was very informative. Nice having members on here with a lot of knowledge.

I thought all of these legal issues were priced in since these are nothing new.I guess the market prices these in, until they aren’t, just like the poor H1 results are already price in, until they are not and this crashes 20%.

When you have world class management don’t be surprised to be sued by disgruntled investors. So many of these issues could have been avoided by management if they were a little tactful, but they will shrug their shoulders and say I cannot control the share price.