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Post by jimbo89 on Dec 1, 2022 17:28:07 GMT
Bad situation and TLDR; I’m cashing out now (Option 1)
From what I can figure out, they’ve got £1,124,400 cash at present to divide out. So if everyone redeemed they’d get £0.002 per share (or 20% of their original investment back).
They have 20 properties left to sell, so let’s say they can raise another £1,000,000 from those (@ avg £50k each after costs) and NOBODY has redeemed - that would give approx £0.004 per share - which is where I think this “max” figure comes from - i.e if NOBODY gets out, the pot *could* be double and each share would be worth £0.004.
Thing is, at least 50% of investors will take the haircut because of market conditions and the fact it could 1 or even 2 years to sell the remaining 20 properties.
So my thoughts are get out now, invest in something less risky like Bitcoin or Twitter (jokes) because chances are in ~2 years it’ll still be £0.002 per share.
Discuss.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Dec 1, 2022 22:20:13 GMT
Bad situation and TLDR; I’m cashing out now (Option 1) From what I can figure out, they’ve got £1,124,400 cash at present to divide out. So if everyone redeemed they’d get £0.002 per share (or 20% of their original investment back). They have 20 properties left to sell, so let’s say they can raise another £1,000,000 from those (@ avg £50k each after costs) and NOBODY has redeemed - that would give approx £0.004 per share - which is where I think this “max” figure comes from - i.e if NOBODY gets out, the pot *could* be double and each share would be worth £0.004. Thing is, at least 50% of investors will take the haircut because of market conditions and the fact it could 1 or even 2 years to sell the remaining 20 properties. So my thoughts are get out now, invest in something less risky like Bitcoin or Twitter (jokes) because chances are in ~2 years it’ll still be £0.002 per share. Discuss. if you sell out now you are writing off what is left as worth zero (give or take the discount rate on future cash flow). I think I'll wait and take my chances. And theoretically the more people that cash out now, the greater the share of the remaining properties the rest of us will have (if everyone but me cashed out I'd be a millionaire!).
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Post by jimbo89 on Dec 2, 2022 12:56:18 GMT
Bad situation and TLDR; I’m cashing out now (Option 1) From what I can figure out, they’ve got £1,124,400 cash at present to divide out. So if everyone redeemed they’d get £0.002 per share (or 20% of their original investment back). They have 20 properties left to sell, so let’s say they can raise another £1,000,000 from those (@ avg £50k each after costs) and NOBODY has redeemed - that would give approx £0.004 per share - which is where I think this “max” figure comes from - i.e if NOBODY gets out, the pot *could* be double and each share would be worth £0.004. Thing is, at least 50% of investors will take the haircut because of market conditions and the fact it could 1 or even 2 years to sell the remaining 20 properties. So my thoughts are get out now, invest in something less risky like Bitcoin or Twitter (jokes) because chances are in ~2 years it’ll still be £0.002 per share. Discuss. if you sell out now you are writing off what is left as worth zero (give or take the discount rate on future cash flow). I think I'll wait and take my chances. And theoretically the more people that cash out now, the greater the share of the remaining properties the rest of us will have (if everyone but me cashed out I'd be a millionaire!). You are likely correct, but something tells me that Andrew "I lose money even when house prices have doubled since initial investment" Gardiner is ensuring that the "max" payout will always be 0.004 per share by taking a fat wedge of the cash as his salary/expenses. So the question is, is it worth waiting for the remaining properties to sell - or would you be better off exiting now and sticking the proceeds into something like a roulette wheel.
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hazellend
Member of DD Central
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Post by hazellend on Dec 3, 2022 9:30:47 GMT
What the heck happened here? I cashed out at the beginning because I realised how incompetent PM were at property but I got about 70p to the pound which was apparently a 20-30% discount on the 30 day value of the properties. How can it be possible to only get 20p in the pound.
We all know the answer, it’s a scam. A scam that pays a few people excessively well but the majority get nothing.
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IFISAcava
Member of DD Central
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Post by IFISAcava on Dec 3, 2022 11:25:47 GMT
What the heck happened here? I cashed out at the beginning because I realised how incompetent PM were at property but I got about 70p to the pound which was apparently a 20-30% discount on the 30 day value of the properties. How can it be possible to only get 20p in the pound. We all know the answer, it’s a scam. A scam that pays a few people excessively well but the majority get nothing. You did the right thing and I wish I had too, albeit fortunately I had only reasonably small sums left. It has been a big learning point for me here (and with Property Partner similarly) - to get out when the first warning signs hit as that's the best chance of securing most of your money back.
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Post by valueinvestor123 on Jan 13, 2023 14:49:19 GMT
What’s going on here? Am I right in reading that according to the latest update, we’d get 40-50% 0.04-0.05 on the pound?
I thought property prices went up. Is there some cost leakage not disclosed in the updates? Big salaries to pay? Can a stop be put to it? (Legally). They never mention the costs (salaries) in the updates. Is there any incentive to get the sales done sooner if they are still drawing large salaries?
It sounds like another scam and the expectation are being set lower and lower with each update.
Also if others redeemed their shares at 0.02, shouldn’t it increase the value of the remaining shares?
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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
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Post by ilmoro on Jan 13, 2023 18:37:35 GMT
What’s going on here? Am I right in reading that according to the latest update, we’d get 40-50% 0.04-0.05 on the pound? I thought property prices went up. Is there some cost leakage not disclosed in the updates? Big salaries to pay? Can a stop be put to it? (Legally). They never mention the costs (salaries) in the updates. Is there any incentive to get the sales done sooner if they are still drawing large salaries? It sounds like another scam and the expectation are being set lower and lower with each update. Also if others redeemed their shares at 0.02, shouldn’t it increase the value of the remaining shares? Its 0.2p per share or 0.4p per share so yes 0.002/0.004 in the pound. IIRC correctly we paid 1p per share so the return is 20% or 40%. There will be costs ... interest on the various loans, refurbishment, property sales & holding costs etc. Looking at the last accounts there were no staff, so no salaries. The value wont increase for the remaining shares unless the companies assets increase because the company paid for the shares so assets have decreased pro rata to shares decreasing. However, because the company effectively bought the shares at a discount, then yes the value of the remaining shares increases, assuming that the value of the remaining assets is realised as planned. Thats why those exiting once all properties have been sold get more for their shares. For those remaining invested for the new strategy, their shares remain the same nominal value as before because they have migrated to the newco at the same value but the actual value will depend on the assets of the newco. Short term it will be lower, long term the plan is that the value increases to restore actual value to nominal value or more. At least thats my understanding but Im no expert.
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Post by styx on Apr 19, 2023 10:47:42 GMT
Hi, some of you may already be aware, the UK Diversified website has not been working for sometime.
I tried to make contact by phone without any success. After sending an email I did eventually get an email and a phone call. I enquired if everything was alright and I was assured that everything was fine no issues and that the IT dept would look into the website. I informed them at the time that I don't always get the emails for some reason and therefore I relied on the website to keep me updated. The latest communication from UK Diversified was an email on the 16th March 2023 saying that by the end of the month I would get an update. To date, 19th April 2023, I have not received an email update.
I sent an email requesting as to what was going on and got an automated response which reads:
This email is no longer monitored - Please Read
Thank you for your email. As explained within the updates circulated over the past 9 months, UK Diversified Property is in the process of closing down.
If you are a shareholder, please read the latest update provided to you.
We no longer have a day to day team in place but if you urgently need to speak to someone, please email redemptions@ukdiversifiedproperty.com.
Responses may take some time so please bear with us.
The redemption form can be found in the latest shareholder update if you wish to redeem your shares.
Has anyone else received an email lately informing them what is going on and where the redemption form can be found? It looks like I've either lost thousands or I'm about to loose thousands of pounds.
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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: 11,315
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Post by ilmoro on Apr 19, 2023 11:05:13 GMT
Hi, some of you may already be aware, the UK Diversified website has not been working for sometime. I tried to make contact by phone without any success. After sending an email I did eventually get an email and a phone call. I enquired if everything was alright and I was assured that everything was fine no issues and that the IT dept would look into the website. I informed them at the time that I don't always get the emails for some reason and therefore I relied on the website to keep me updated. The latest communication from UK Diversified was an email on the 16th March 2023 saying that by the end of the month I would get an update. To date, 19th April 2023, I have not received an email update. I sent an email requesting as to what was going on and got an automated response which reads: This email is no longer monitored - Please ReadThank you for your email. As explained within the updates circulated over the past 9 months, UK Diversified Property is in the process of closing down. If you are a shareholder, please read the latest update provided to you. We no longer have a day to day team in place but if you urgently need to speak to someone, please email redemptions@ukdiversifiedproperty.com. Responses may take some time so please bear with us. The redemption form can be found in the latest shareholder update if you wish to redeem your shares. Has anyone else received an email lately informing them what is going on and where the redemption form can be found? It looks like I've either lost thousands or I'm about to loose thousands of pounds. I had email from the newco UKDPFounders on 6 Apr which has a UKDP update attached which is supposed to have been sent to investors. It does cover the fact the portal is down (major server fault crashed the DB) and they are trying to get a replacement up but as they have no tech team will have to done externally. It also has the redemption form attached. Current rate is 0.3p. New contact address is redemptions@ukdiversifiedproperty.com but response may be slow as day-to-day team left at end of March Might be worth checking your spam as the emails are coming from an AG account not the previous UKDP support address
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Post by styx on Apr 19, 2023 11:11:32 GMT
Many thanks for the update, I now know that there was an email sent and I've been missed off.
I have sent an email to the redemption email requesting an update.
I don't suppose you could inform me if there was a deadline on that email sent out on the 6th April could you please?
I've checked my spam and there is nothing.
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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: 11,315
Likes: 11,523
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Post by ilmoro on Apr 19, 2023 12:10:03 GMT
Many thanks for the update, I now know that there was an email sent and I've been missed off. I have sent an email to the redemption email requesting an update. I don't suppose you could inform me if there was a deadline on that email sent out on the 6th April could you please? I've checked my spam and there is nothing. No, no deadline in the update or on the form itself. Option is to redeem at 0.3p now or at 0.4p once all properties have sold. I assume that the form will be taken down from docusign if there is any increase in the return available for immediate redemption
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Post by styx on Apr 19, 2023 15:37:07 GMT
Many thanks for the update, I now know that there was an email sent and I've been missed off. I have sent an email to the redemption email requesting an update. I don't suppose you could inform me if there was a deadline on that email sent out on the 6th April could you please? I've checked my spam and there is nothing. No, no deadline in the update or on the form itself. Option is to redeem at 0.3p now or at 0.4p once all properties have sold. I assume that the form will be taken down from docusign if there is any increase in the return available for immediate redemption Many thanks for your update, much appreciated. I have sent an email to the new UKDP email address requesting an update. Its a good job that I came across this forum, otherwise I would be totally in the dark.
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Post by amoose on May 12, 2023 16:40:44 GMT
Hey gents I'm a UK Diversified Property shareholder. Thanks for letting us know what happened here, as I don't receive email neither from them.
Do anyone has a good comprehension of what happened ? A share value of 0.4 p/share is approximately a 60% loss from the original portfolio.
Do we have a report from them on what went wrong ? Ok, they took a lot of time selling the houses but did all the house market collapse that much ? What about the rents they had ? I was expecting a 20% loss or something but not 60% so I'm really surprised on where the money went.
Anyone has a detailed report ?
Was there malpractice or is there a real reason for that collapse?
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Post by gargamel on Jun 28, 2023 19:05:01 GMT
How much did you all have in? I had about 10k.
Not confident I will get any back at all.
Has any litigation been taken out against Andrew Gardiner. If anyone does count me in!
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adrianc
Member of DD Central
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Post by adrianc on Jul 21, 2023 14:35:54 GMT
Hey gents I'm a UK Diversified Property shareholder. Thanks for letting us know what happened here, as I don't receive email neither from them.
Do anyone has a good comprehension of what happened ? A share value of 0.4 p/share is approximately a 60% loss from the original portfolio.
Do we have a report from them on what went wrong ? Ok, they took a lot of time selling the houses but did all the house market collapse that much ? What about the rents they had ? I was expecting a 20% loss or something but not 60% so I'm really surprised on where the money went.
Anyone has a detailed report ?
Was there malpractice or is there a real reason for that collapse?
Read the email you should have received today. It explains many of the issues. £0.004 distribution - which does appear to be 40% of the nominal transfer value from PM to UKDP. No, I don't believe there's been any malpractice.
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