goede morgen
uit de prospectus
Wat als banken die kantoren van ECT huren reorganiseren? Wel, dan gebeurt er bvb DIT.
from Page 20 en 21 >>
Departure of, or consolidation by, major tenants could result in significant loss of letting income, empty property costs, a reduction in asset values and increased bad debts
Many of the Group’s German real estate assets are let to a variety of German corporates and retailers.
Consolidation among those tenants, over which the Group would have no control, may adversely affect the Group if it led to the closure or consolidation of stores and/or office space located in properties owned by the Group. For example, the merger between Dresdner Bank and Commerzbank resulted in the consolidation of back office operations which primarily led to a decrease in tenancy rates in the Drive Portfolio from 78.7 per cent as at 31 December 2011 to 66.9 per cent. for the year ended 31 December 2012 (on a like for like basis).
op pagina 30 staat iets over risicos, en ook over belastingen.
Indien de huidige aanbieding voor "verse uitgifte" niet volstaat, kunnen ze 90 dagen na deze uitgifte voor een privaat uitgifte gaan die onder de prijs gedaan wordt.
Future Share issues could dilute the interests of existing Shareholders and lower the price of the Shares
The Company intends in the future, subject to applicable contractual and other restrictions, to issue
additional Shares in subsequent public offerings or private placements at prices that may be lower than the price of the Offer Shares. The Company is not required under Guernsey law to offer any such Shares to existing Shareholders on a pre-emptive basis. Therefore, it may not be possible for existing Shareholders to participate in such future Share issues, which may dilute the existing Shareholders’ interests in the Company. In addition, the issue of additional Shares by the Company, or the possibility of such issue, may cause the market price of the Shares to decline.
Lock-up Arrangements
The Company has agreed not to issue any Shares (other than Shares issued pursuant to the Offer and the Manager’s Options) for a period of 90 days from Admission of the Offer Shares (subject to certain exceptions, including where the Sole Bookrunner has given its consent to the issue or sale, as the case may be).
helaba. interessant weetje. (pagina 40)
IN Relevant Member States of the European Economic Area.
(In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (2003/71/EC) ...)
snip--
(b) by the Sole Bookrunner to fewer than 100 or, if the Relevant Member State has implemented the
relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than
qualified investors as defined in the Prospectus Directive); or
(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,
---snip
The Company, the Sole Bookrunner and their affiliates and others will rely upon the truth and accuracy of the foregoing representation, acknowledgement, and agreement. Notwithstanding the above, a person who is not a qualified investor and who has notified the Sole Bookrunner of such fact in writing may, with the consent of the Sole Bookrunner, be permitted to subscribe for or purchase Offer Shares in the Offer.
Page 60
The Drive junior facility is currently breaching both its interest coverage and gross yield
covenants (as well as being past its stated maturity date and its standstill having lapsed on 30 April
2013) (remark 12). For further discussion of the Drive Junior facility, see sub-paragraph 13 of ‘‘12 General’’ in Part VI of this Prospectus.
(remark 12) Discussions with the lenders on a refinancing of the Drive Junior facility are on-going.
Eerder, op pagina 47 (over mars floating, die ook niet goed presteert)
Asset Management and Run-Off: German Real Estate Portfolio
As at 31 December 2012 the Group owned 422 properties in Germany with a market value of 2 billion and an annual rental income of 139 million. In 2012, 67 per cent. of the value of the Group’s portfolio was located in secondary markets outside the largest 5 cities in Germany. As at 31 December 2012, investments in German commercial real estate represented approximately 64 per cent. of the Group’s net assets ( Euro 195.7 million)(note 5) when excluding the Mars Floating Portfolio (note 6).
(note 5) The segmental net asset value set out in the annual report which is incorporated by reference pursuant to Part XIII allocates corporate cash of
Euro 38.5 million to the debt and real estate portfolios. The segmental net asset values stated above exclude this allocation.
(note 6) The NAV disclosed excludes the negative NAV of the Mars Floating portfolio as this financing is non-recourse to the Company and not callable as
a result of any changes in the value of the assets.
Het lijkt misschien raar, maar deze passage deed me veronderstellen dat Mars Floating wel eens kan afgestoten worden.
(waardoor de 15 mio 'non recourse" verlies en 27 mio achterstand in mars floating van de baan zijn, maar de netto waarde in ECT wel serieus zakt.
Is dit een absoluut worst scenario?
195 mio en wat overschot op verkoop van die gebouwen in M-Floating, plus opbrengst uitgifte (in range tussen 6 en 7.5 euro?), zou nav/share (indien niet onder waarde verkocht wordt), 9.25euro tot 9.9 euro kunnen worden.
Indien een verlenging rechtgetrokken word zonder Mars floating te verkopen, is de range van zowat 12.75 tot 13.3 nav/share na uitgifte.
Zitten ze wel nog met drive....
nog iets belangerijk
Immediately following Admission of the Offer Shares, it is expected that at least 25 per cent. of the
Company’s issued Shares (before exercise of the Manager’s Options) will be held in public hands.
(Dat verbetert dan met een forse klap de verhandelbaarheid die nu maar 3.6 percent is)
dit zijn knipsels uit de prospectus.
Verder las ik ook dat pensioenfondsen (opbrengst fondsen) niet aan deze uitgifte kunnen deelnemen wegens wetten over risico.
Jt