jnm21
Posts: 441
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Post by jnm21 on Jul 8, 2018 12:22:16 GMT
ragtagarmy not fully surprised - it is to be expected - the vote is being staggered (largest investors first possibly), so it will either be that or a mistake (e.g. where they think you opted out of critical emails or the dog ate their tablet). Probably best to email or call them.
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crapo
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Post by crapo on Jul 13, 2018 16:15:46 GMT
Still no sign of any email for me Nor me, and less than a week to go you (jnm21) say? Finally got mine. Says they tried to call to speak to me! Bullsh!t
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,845
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Post by ilmoro on Jul 13, 2018 19:30:03 GMT
Nor me, and less than a week to go you (jnm21) say? Finally got mine. Says they tried to call to speak to me! Bullsh!t Expect a few more. I got mine twice having queried its absence, 2 reminders & now I've got one in the next voting wave as well. No phonecall though.
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Post by sayyestocress on Jul 23, 2018 12:22:12 GMT
I guess the vote has been over for a couple of weeks now. I assume no one's heard from PM about the results and how they are going to proceed?
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Post by penguinz on Jul 23, 2018 19:46:44 GMT
I guess the vote has been over for a couple of weeks now. I assume no one's heard from PM about the results and how they are going to proceed? Nothing since the voting email. Timely communication has never been something Property Moose has been particularly good at.
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Post by sayyestocress on Jul 24, 2018 8:57:44 GMT
I guess the vote has been over for a couple of weeks now. I assume no one's heard from PM about the results and how they are going to proceed? Nothing since the voting email. Timely communication has never been something Property Moose has been particularly good at. Haha, won't disagree with that!
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Post by penguinz on Aug 4, 2018 9:25:06 GMT
PM have sent an e-mail with the result of the vote.
As expected the majority have voted to move their shares to the PLC structure. Lot of things are still unclear and more documentation should be forthcoming. I can’t help but feel that the PLC structure will help those who have invested in ‘lemon’ properties with long periods of vacancies while penalizing those investors who managed to cherrypick the profitable properties.
Email below:
We have now received the votes back in relation to the acquisition of the entire portfolio of buy-to-let properties held in the Property Moose SPVs by a single company, UK Diversified Property PLC (the “PLC”). The sentiment was overwhelmingly positive and the vote result was as follows: Option 1 (move to the PLC and remain invested) = 86.50% Option 2 (move to the PLC and return funds at 4-week valuation) = 12.98% Option 3 (remain in the existing SPV structure) = 0.52% These results are shown as an average across all the SPVs and you can download the individual SPV results by clicking here. As such, we have now been instructed to proceed with the transfer of the shares to the PLC. Any investor who voted for Option 3 will have the opportunity to select Option 1 or Option 2 once the property values have been established but, in accordance with the terms of the voting, will be moved across to the PLC along with the other investors. The PLC has been incorporated and the relevant registration filed with the Financial Conduct Authority. This registration is subject to the FCA’s own timescales but we are pushing to complete this as quickly as possible. To ensure that all shareholders receive the maximum value and return possible, we intend to continue to complete the renovations on the properties that have already become empty and as instructed by the shareholder votes. In addition, we will now start the process of re-tenanting any empty properties. This will ensure that we maximize the opportunity for the PLC to have cash-flow which will benefit all investors, both those in Option 1 and Option 2, by re-generating returns rather than sitting on empty properties and the SPVs incurring costs. Once tenants are found, we will ensure that the necessary checks are undertaken and enter into new tenancy agreements with them (taking deposits and guarantee agreements where applicable). Currently, there are c.50 units already tenanted and we are aiming to have c.90% of the portfolio renovated and tenanted (subject to market conditions) by Q4 2018. The remaining properties require more significant work to maximize value which includes planning applications in some cases which is planned to take place during the period. As well as liaising with the FCA, we are working with our legal providers on the final structuring elements of the transaction. Once this is complete we will circulate a full update to all shareholders on the steps that are to take place and provide copies of the relevant documentation. This will include financial projections (which are only projections and cannot be relied on) as requested by some of our members. We are hoping to have this update available by end of August/early September once the legal and finance team have finalised their work. As requested by some of our members, we are hoping to allow existing shareholders to make further investments in the PLC or to acquire the shares of outgoing shareholders once they are valued. If you are interested in this, please reply to this email giving an indication of the amount you may consider investing so we can fully assess the viability of this option.
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jnm21
Posts: 441
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Post by jnm21 on Aug 4, 2018 22:05:44 GMT
I expect that the valuation will be much worse - I estimate 50 to 75% of the shares' face value - really feel sick. Per propertymoose normal service, my wife got the email, I did not! I have yet to have any notification about any attempt to vote to bring non-BTL into the cesspit! I really love PM!
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