sd2
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Post by sd2 on Nov 3, 2019 11:40:38 GMT
Hello big boy We have an exciting new development in C***** M***, Lincoln. As a shareholder in C***** M***, Lincoln, we are writing to inform you that we have received an unsolicited offer to acquire the property for £1,200,000. This is £100,000 above the property’s September 2019 independent revaluation of £1,100,000. We are writing to seek your approval to sell the property for an 11% net capital gain on equity to investors who bought shares at the new listing price. We have temporarily suspended trading in the shares of C***** M*** until the outcome is decided. The vote closes at 1pm on Thursday, 14 November 2019. C***** M*** has performed well since our purchase, currently paying a dividend yield of 6.7% against the new listing investment cost. If shareholders vote to accept the offer, we will work toward exchange and completion as soon as possible. This would deliver investors who bought shares at the new listing price a total return of 20%, including the dividends earned. A shareholder mandate is now sought to proceed with sale - a 75% majority vote is required.
I have voted yes I expect to make £15.23 on it but don't let that effect your decision in anyway!
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beh
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Post by beh on Nov 3, 2019 17:26:55 GMT
Also voted to sell.
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Post by scepticalinvestor on Nov 4, 2019 14:56:40 GMT
The same. Not a huge amount invested, but any sort of profitable exit from my remaining PP investments is welcome news!
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mrk
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Post by mrk on Nov 14, 2019 14:30:02 GMT
any sort of profitable exit from my remaining PP investments is welcome news! That was my hope too. Unfortunately it won't be sold because not enough investors voted in favour. 😞
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Post by greatboo on Nov 14, 2019 15:26:58 GMT
That's an interesting result!
I voted to sell because I should really reduce my exposure to PP - but reluctantly because the property is performing well - so I'm not really disappointed by the result.
It does indicate that not everybody's bailing out of PP - there's a core of people who still have confidence in the platform which has to be good news going forward.
I wonder when we'll see a new property (as opposed to a loan) on the platform - it's been a while.
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IFISAcava
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Post by IFISAcava on Nov 14, 2019 15:48:11 GMT
Was it people voting against, or just people not bothering to vote so insufficient mandate? The latter is a problem that could affect all properties at exit point.
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bigfoot12
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Post by bigfoot12 on Nov 14, 2019 15:59:02 GMT
Was it people voting against, or just people not bothering to vote so insufficient mandate? The latter is a problem that could affect all properties at exit point. From memory - I haven't checked - the 75% is needed for an early sale. The process is different at 5 years and an individual should be able to get out whatever others do.
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IFISAcava
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Post by IFISAcava on Nov 14, 2019 16:26:02 GMT
Was it people voting against, or just people not bothering to vote so insufficient mandate? The latter is a problem that could affect all properties at exit point. From memory - I haven't checked - the 75% is needed for an early sale. The process is different at 5 years and an individual should be able to get out whatever others do. I think that's right - there is a process that can lead to shares being sold at market value to other PP investors or actually sold on the open market.
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Post by greatboo on Nov 14, 2019 16:47:36 GMT
Turnout was 79.4% (of shares)
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bigfoot12
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Post by bigfoot12 on Nov 14, 2019 20:24:34 GMT
Turnout was 79.4% (of shares) Did they need 75% of shareholders, or 75% of those voting?
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mrk
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Post by mrk on Nov 14, 2019 22:08:25 GMT
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bigfoot12
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Post by bigfoot12 on Nov 14, 2019 22:51:51 GMT
Thanks - I sold out of this a few months ago so I didn't get the email.
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sd2
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Post by sd2 on Nov 18, 2019 20:27:55 GMT
Oh well I voted for but at least it is one of the highest paying properties. So not the end of the world!
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