(TRV) Treveria PLC

Ok made it to 8 ,just about .
The bullish case remains undaunted.
Buy at your leisure ,with luck just under 0.4 .

gla concerned @ Team Trev

Holding above the 0.04 mark .
More dividends expected in the future ,all things going well .

Long term ,despite the oncoming tide , a sage buy .


gla concerned

Good little safety share for my funds .

gla concerned

So few others have noticed this nice turn of events.
Great long term hold from this point .

gla concerned

Better safe than.
Well done on holding IR.
Looks like 10 euros before divvy is achievable.

wish id had the cojones to put more in, oh well thats always the way ((

Perhaps you were right .
Well done .
Nice divvy ahead.

gla concerned

have just got in, i figure a most IT prices go up when they get liquidated / wound up and realise the NAV, this is the best thing to hope for.

on the other hand some debt extensions would give the drowning patient a few more gaps of air, and maybe the SP too

cant lose!

anyone have any insights on whether shares could get suspended , big debts, problems with banks, restructuring etc, i only ask as i was a UEN shareholder with painful memories

So silo d is given another year while silo f is still up in the air. Must be fun working for TRV. You'd certainly not want to work there and be a share holder too. Way too much stress.

Just looked back again at this and was surprised at the recent fall. Anyone have any comments? I seem to remember at least some of the Silos were protected in this weren't they?

DJ Treveria PLC Update on debt facility

TIDMTRV

RNS Number : 5849K

Treveria PLC

18 July 2011

18 July 2011

Treveria plc ("Treveria" or the "Group")

Update on debt facility

Treveria plc (AIM: TRV), the German retail focused real estate investment company, announces that it has signed a standstill agreement with debt servicer Hatfield Phillips with regard to its EUR424 million Silo E securitised debt facility, which was due to mature on 15 July 2011.

The standstill agreement runs until the end of September 2011 in order to facilitate ongoing discussions regarding a longer-term extension to this loan.

Enquiries:

Treveria
Bernhard Fuhrmann +49 (0) 69 2475 31998
Financial Dynamics
Richard Sunderland / Laurence Jones +44 (0) 20 7831 3113
Singer Capital Markets Limited
James Maxwell / Nick Donovan +44 (0) 20 3205 7500

This information is provided by RNS

The company news service from the London Stock Exchange

END
MSCLVLFFFDFXBBV

(END) Dow Jones Newswires

18-07-11 1239GMT

Unfortunately I don't think the tax set-aside is cash, I think it is just a provision within the accounts that has had a -ve effect on NAV but which will have been removed in the next set of accounts

The free assets are the cash of €49m+€13m debt free property+€31m of equity in the silo with only 50% mortgages. This is safe assets totalling €93m = €0.15 per share i.e. more than the current share price.

Then there is a further €214m of net equity in the other silos, which at over 80% loan to value are in breach of banking covenants. Most of these have been in breach since 2009.

We have been through some really bad times, commercial property prices got hammered as investors bailed out and forced funds to sell properties in a hurry. Since then the market has recovered and is on the up.

My take on this is that if they wanted to seize the properties and have a fire sale, the covenant breaches would have allowed the banks to do this a few years ago. Hence there is no reason why this should suddenly happen in July 2011 when debt is due to mature ? If you were the bank, your loan is performing, and your interest rate is probably higher than you could re-lend it to someone else in the current environment, the value of your security is rising ( as evidenced by recent sales) wouldn't you roll over the debt into a new longer term facility ? I would expect that Treveria will have to sell a few more properties in order to bring LTV down to 75% but that should be about it.

The equity in these properties is worth an extra €0.35 per share i.e. >250% upside to the current price.

I agree that there is still risk but the current price is backed by assets and I think the upside is well worth it.

I would expect any kind of good news about new bank facilities in the next few months to project this share upwards pretty swiftly.

T

I think of it as having 2 navs - one is the 49m E cash plus the 40m E set aside as a contingent liability for the tax thing plus 13m E no mortgage property in silo J = 102m E pretty much for sure.

Then there is the slightly less certain you're gonna get the money one that includes the above plus the mortgaged properties (on mortgages that run out soon and may not be renewed without dilution or destruction of the value there). And that one is 340m E.

Given investors aren't actually going to get their hands on the 102m E for a while even if everything goes right I think it's now a pretty fair price, no?

According to my calcs, using the property values and LTV figures given today, treveria now has €205m of property assets ( after deducting debt) and they said they have €49m cash.

They have said that there is potential to add value from Silo J which currently has nil value and they said that the €40m provision for tax is to be released.

Properties sold in the period were 9% over book value so values aren't overstated.

According to this website, market cap is only €75m ?

If that is correct then this is way undervalued given that the Board is in the process of liquidating these assets and will distribute the cash in due course.

Share price should definitely rise from here.

T

I bought some of these thinking that if they survive we will get a good return. Is this the start?

And such a quiet bb considering.

just got in.
gla

I am a holder of a few shares!

I'm still in - slightly concerned about the Euro, but look to hold these until significant further movement.