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Old 05-12-2009, 06:27 AM   Nav to Top  #1
PanKleks
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Default MNR - Minerva Plc (LSE) - Property - Long

Minerva MNR.L (current price 13.75p) is a property investor, developer based in London, UK. Mainly focused on office space in London but also does some residential/mixed-use. Their share price has been hammered over the past year due to massive write downs on their portfolio, fear about their high debt and fear about current developments sitting empty once they are completed. It has been trading between 6p-25p over the last 6 months. This is down from a 52-wk high of 138.25p, and down from being over 400p+ in 2007.

This is a bit of a contrarian pick I suppose. You have to believe in a recovery in the UK over the next year, mainly in the banking and property sectors. By recovery I don't mean high flying returns but further stability in property prices and in credit.

I have been watching Minerva for a while now, and have decided to take a dip and go long. I would be surprised if it goes below 10p again but anything under 12p should get you some decent short-term returns. I will be averaging down if it goes lower.

I'm optimistic medium term for two main reasons.

Minerva's looks to have a good relationship with their lenders. Their CEO is ex-Deutsche Postbank and Detusche is one of their main partners/funders for their developments. Now that the banking system has regained some sense of stability, I think Minerva will find some room for maneuver with their loan covenants. Even though their debt is massive, the majority of it is already pushed back to maturing 2 years+ plus according to their data.

The other, more speculative reason is that if Minerva remains fairly depressed as a recovery begins, someone is going to swoop in and buy it out. A South African investor, Nathan Kirsh, has already built up a 29% stake in the group over the past year through his investment vehicle Kifin. There was also a prospect of a take over last year by an arm of Dubai World called Limitless, that offer was for 160p.

So, since most are still holding a negative view on the company there is a chance to buy in if you think a recovery will kick-in at some point this year. With a lot of office projects finishing in 2010, they will have a big challenge of finding tennants for the office space BUT any updates/positive news, especially to do with their debt, should push MNR.L up.

Company site: Home Page | Minerva Plc
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Old 05-21-2009, 04:55 AM   Nav to Top  #2
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If you got in around the time I made this post, especially on the dip due to the Croydon project being pulled, you would have been in for a nice short-term profit when it went into the 18s this past Friday. The Croydon termination was not much a surprise and could be beneficial long-term in terms of not getting into more debt and focusing on existing developments.

The interesting news today is the rumours floating around further stake-building, see the Telegraph article:
Qataris said to be circling Panmure Gordon - Telegraph

Specifically:
Minerva was another small-cap subject of bid gossip. Well-placed banking sources said South African businessman Nathan Kirsh, who owns 29pc of the property company, has been in talks with entrepreneur David Shamoon, who has also been building a stake, about a joint bid that could value the company at between 40 and 50p a share. Mr Kirsh is likely to lead any bid. The shares, though, slipped 1 to 15p.
Given today's price of MNR.L, a 40-50p takeover would be a nice jump. Buy on the rumour, sell on the news...
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Old 05-21-2009, 05:01 AM   Nav to Top  #3
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From last week's Telegraph, when MNR.L first started moving, on Iranian investor David Shamoon's stake-building:

David Shamoon circles Minerva after buying stake - Telegraph

Stockbrokers claimed Mr Shamoon and his associates have built a stake of between 8pc and 10pc in Minerva. However, it was unclear why they had not yet disclosed the stake-building to the market. Mr Shamoon is said to be working with a group of mystery Gulf-based investors who are believed to be providing a significant amount of capital for the Minerva shareholding.

Sources said Mr Shamoon – who runs much of his business through Bursha Holdings, a Jersey-based property company – began building a small stake in Minerva early last year. The entrepreneur, who owns the luxury Marbella Club in Spain, started buying the stake at about the same time that Minerva received a takeover approach from Dubai-based Limitless.

Sources claim that in recent weeks Mr Shamoon's investment group has moved to increase its stake in Minerva to almost 10pc. The talk is that his consortium is interested in teaming up with South African investor Nathan Kirsh, who owns around 29pc of Minerva, in a joint bid.

This is because the pair may divide up Minerva's property assets, with Mr Kirsh taking the office developments and Mr Shamoon's group acquiring the retail assets. When Limitless approached Minerva in 2008, Mr Shamoon is said to have made an undisclosed offer for the property developer. Banking sources said Mr Shamoon's consortium was then advised by Merrill Lynch. It is not clear whether the entrepreneur has recruited financial advisers for a new bid.

On Wednesday, friends of the entrepreneur tried to play down the takeover tale. "Mr Shamoon is not planning to make a bid – he just thinks it is a good investment," said one.
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Old 06-09-2009, 10:08 PM   Nav to Top  #4
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Default Good Loss Mitigation Training

Hey I'm new and I guess this is as good a place as any to see if anyone knows of a good loss mitigation training course?

I keep hearing about people making tons of money becoming foreclosure consultants.
So, If you have any info or you have purchased a good course, please share. I'm retired and looking for a home based business that I can earn a decent income with.

Thanks,
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Old 06-10-2009, 06:38 PM   Nav to Top  #5
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Pan
Good tip posting, checking it out now. Any recent news or thoughts let me know
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