XXI Century Investments Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9046122
On the debt/equity swap, I think you've missed the fact the debt has been wiped out.
In my calculation, 406m new shares were issued & $175m of debt wiped out so the new shares were effectively bought at 43c per share or 27p at 1.6 $/£ rate which was your price at suspension.

The new NAV should then be adjusted up by the debt writeoff (debt/equity swap).

I know this doesnt really help given the share price is now right at your 4.75p but IMO this doesn't explain why it is at 4.75p.

Could it be crushed as there are no natural buyers & all the old debt holders are natural sellers (same as FRR is experiencing at the moment)?

I am not convinced by them keeping the property portfolio NAV the same but then I'm just used to looking at UK priced dropping...

I'm not sure what's next for this but at sub-5p I'm in for a few shares.

All IMO & DYOR & pls let me know your thoughts. By SlickIdeas ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=9046122&action=detail Thu, 08 Dec 2011 13:21:00 GMT SlickIdeas tag:iii.co.uk,2003:tst.8610874 http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=8610874&action=detail Thu, 04 Aug 2011 09:35:00 GMT m4us tag:iii.co.uk,2003:tst.8610826 http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=8610826&action=detail Thu, 04 Aug 2011 09:29:00 GMT Krayl tag:iii.co.uk,2003:tst.8609418
even so net asset value is now 12 mill usd more given the Market cap is 3mill gbp..they just reduced debt = 3 times the current Market cap... By m4us ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=8609418&action=detail Wed, 03 Aug 2011 20:29:00 GMT m4us tag:iii.co.uk,2003:tst.8608635 usd..net asset value is now over 63 mill usd vs a market cap of 3 mill gbp..or say 4.5 mill usd...

plus they are moving forward

it looks very cheap to me and the newsflow is good! By m4us ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=8608635&action=detail Wed, 03 Aug 2011 16:42:00 GMT m4us tag:iii.co.uk,2003:tst.8608231 The management are actually doing a very good job in the circumstances, long may it continue - you never know, might get some money back! By Shaggy - Scooby Doo ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=8608231&action=detail Wed, 03 Aug 2011 15:33:00 GMT Shaggy - Scooby Doo tag:iii.co.uk,2003:tst.8608096
Term Loan Restructurings and Disposal
print
TIDMXXIC

RNS Number : 6731L

XXI Century Investments Public Ltd

03 August 2011

XXI Century Investments Public Limited

("XXI Century" or the "Company" or "XXIC")

Term Loan Restructurings and Disposal

3 August 2011

XXI Century is pleased to announce that multi-currency term loans totaling circa US$32.7 million originally provided by UkrSibbank PJSC to wholly-owned subsidiaries of XXIC have been successfully assigned and restructured with two independent third parties, both of which are controlled by the same independent group.

In view of the complexity of the arrangements, the assignment and restructuring was executed in several stages. In the first stage, UkrSibbank PJSC assigned the term loans of Kyivsky Kashtany LLC, Khrizolit LLC, Torgovy Centre A CJSC and Kvadrat Ukraine CJSC, all of which totaled US$32.7 million to third parties.

In the second stage, liabilities amounting to US$12.1 million (representing 37.0% of the total outstanding loans US$32.7 million) were cancelled on the condition that XXIC immediately repaid US$16.6 million of loans and agreed to pay the balance of US$4.0 million prior to 12 May 2012. This US$4.0 million loan is secured by a pledge of corporate rights belonging to the aforementioned wholly-owned subsidiaries which, in turn, control sites in Kyiv, Sevatopol and Lviv.

In the third stage, in order to fund the US$16.6 million repayment of loans mentioned above, the Company has also sold its shopping centre, Kvadrat Lukyanivka, to Monkar Limited for US$14 million and also executed an option agreement which enables XXIC to repurchase Kvadrat Lukyanivka in the fifth year following the date of sale.

The appraisal value of the Kvadrat Lukyanivka shopping centre in the Company's report and accounts for the year ended 31 December 2010 amounted to US$18.5 million and the net operating income attributable to the shopping centre for the 12 months ended 31 December 2010 was approximately US$2.1 million and was fully dedicated to serving the aforementioned term loans.

In summary, important and immediate benefits arise from this transaction, namely:

-- The elimination of US$32.7 million of senior secured term loans at a discount of US$12.1 million, or 37.0%, together with attendant carrying costs;

-- The transaction effectively deleverages the Company's business and balance sheet. As a result, the directors expect there to be improvements in liquidity and the general working capital position since the net operating income from Kvadrat Lukaynivka was insufficient to service the term loans; and

-- By removing the pledge as described above, the Company has eliminated the high risk of losing 4 attractive sites in Kyiv, Sevastopol and Lviv, all of which are earmarked for developing shopping centers.

For further information, please contact:


XXI Century Investments Public +380 44 2000 457
Limited ir@21.com.ua
Jaroslav Kinach, Executive Director
Dimitri Vasylev, Director of Marketing and Public Relations
www.21.com.ua

Shore Capital & Corporate Limited +44 (0) 20 7408 4090
Anita Ghanekar
Toby Gibbs

www.shorecapital.co.uk
By m4us ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=8608096&action=detail Wed, 03 Aug 2011 15:02:00 GMT m4us tag:iii.co.uk,2003:tst.7547945
Ever the optimist, I have put this one in the bottom drawer (no room in the man drawer!!), and hope to be pleasently surprised in a year or two. By SnowPatrol ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7547945&action=detail Wed, 05 Jan 2011 13:51:00 GMT SnowPatrol tag:iii.co.uk,2003:tst.7541416 http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7541416&action=detail Tue, 04 Jan 2011 15:39:00 GMT spook2 tag:iii.co.uk,2003:tst.7500802 To save Snowpatrol the effort and to see if i've understood it correctly, calculation is from Fridays RNS

Where we were;...
£21,300,000 = a market cap
40,416,633 = b shares in issue
£ 0.527 = (a/b) = c NAV per Share
£ 0.270 = d price at suspension
49% = (c-d)/d discount to NAV

Where we are;...
268,395,302 = e New issue shares to Ovara
133,525,000 = f New Issue shares to Noteholders
4,244,266 = g New issue shares to Warrantholders
446,581,201 = (b+e+f+g) = h Total shares issues at readmission

£0.04770 = a/h SP at readmission

probably with discount to NAV still to come off!

as I said in earlier post - (virtual) write off.

regards
By Shaggy - Scooby Doo ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7500802&action=detail Thu, 23 Dec 2010 16:26:00 GMT Shaggy - Scooby Doo tag:iii.co.uk,2003:tst.7500189 http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7500189&action=detail Thu, 23 Dec 2010 15:14:00 GMT spook2 tag:iii.co.uk,2003:tst.7499142
Merry Christmas!!! By SnowPatrol ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7499142&action=detail Thu, 23 Dec 2010 13:13:00 GMT SnowPatrol tag:iii.co.uk,2003:tst.7226936 http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7226936&action=detail Tue, 09 Nov 2010 14:38:00 GMT Intoorbit tag:iii.co.uk,2003:tst.7206011
http://translate.google.co.uk/translate?hl=en&sl=ru&u=http://www.likos.com.ua/tag/hotels-in-kiev/&ei=-AnUTInYMo7H4AaM9bXdAw&sa=X&oi=translate&ct=result&resnum=9&ved=0CE0Q7gEwCDgK&prev=/search%3Fq%3D2010%2B%25D0%259A%25D0%2594%25D0%2594%2B%25D0%2593%25D1%2580%25D1%2583%25D0%25BF%25D0%25BF%2B%25D1%2580%25D0%25B5%25D0%25B0%25D0%25BB%25D0%25B8%25D0%25B7%25D1%2583%25D0%25B5%25D1%2582%26start%3D10%26hl%3Den%26sa%3DN By NOJUS ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7206011&action=detail Fri, 05 Nov 2010 13:59:00 GMT NOJUS tag:iii.co.uk,2003:tst.7186813 The lack of SP movement is therefore understandable!
IMO i've written these off, I think they will refinance and therefore come back - but i'd rather look at this as a bonus rather than hang my hopes on it.
Good luck to all. By Shaggy - Scooby Doo ]]> http://www.iii.co.uk/investment/detail?code=cotn:XXIC.L&display=discussion&id=7186813&action=detail Wed, 03 Nov 2010 09:28:00 GMT Shaggy - Scooby Doo