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REA Holding Prefs

Gilts, bonds, and interest-bearing shares
moorfield
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Re: REA Holding Prefs

#356003

Postby moorfield » November 12th, 2020, 9:46 pm

carnie wrote:The price on these seems to be up quite a bit today, I received a 66p quote to sell through ii.

I don't see any company announcements and the share price is not moving so am not sure why. Palm oil price has been performing better of late so I guess there maybe increasing hope of the pref dividend being re-instated?

I'll hold on for now.

Carnotaurus


... and continuing to rise, now up some 35% from last months lows. We await a reinstatement of the dividend, but I applaud anyone who had the cojones to buy these then (I didn't as deliberated above).

moorfield
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Re: REA Holding Prefs

#382691

Postby moorfield » February 1st, 2021, 10:53 am

Trading update today.

https://www.rea.co.uk/websites/reaholdi ... ID=2060371

Subject to the prospects of much improved cash flow in 2021 being realised and to satisfactory arrangements being agreed to fund the indebtedness falling due for repayment in 2021 and 2022, the directors expect to be able to pay the dividends arising on the preference shares in respect of the current year. Whilst the group recognises the importance of paying the arrears on the preference dividend, which now stand at 18p per share, with a significant debt refinancing still to be agreed, it is not yet in a position to provide guidance on when it might be able to commence doing so.

Wizard
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Re: REA Holding Prefs

#388630

Postby Wizard » February 22nd, 2021, 9:32 am

moorfield wrote:Trading update today.

https://www.rea.co.uk/websites/reaholdi ... ID=2060371

Subject to the prospects of much improved cash flow in 2021 being realised and to satisfactory arrangements being agreed to fund the indebtedness falling due for repayment in 2021 and 2022, the directors expect to be able to pay the dividends arising on the preference shares in respect of the current year. Whilst the group recognises the importance of paying the arrears on the preference dividend, which now stand at 18p per share, with a significant debt refinancing still to be agreed, it is not yet in a position to provide guidance on when it might be able to commence doing so.

Thinking about this, is there a 'blocker' on dividends on ordinary shares until the arrears are paid, or is paying the current year dividend sufficient to allow ordinaries to receive a dividend or is there no blocker at all? I should know this, but off the top of my head I don't and I thought I would ask here before diving into the documents.

moorfield
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Re: REA Holding Prefs

#388638

Postby moorfield » February 22nd, 2021, 9:54 am

Wizard wrote:Thinking about this, is there a 'blocker' on dividends on ordinary shares until the arrears are paid, or is paying the current year dividend sufficient to allow ordinaries to receive a dividend or is there no blocker at all? I should know this, but off the top of my head I don't and I thought I would ask here before diving into the documents.



I think the ordinaries cannot be paid until all the arrears have been. It's the same as announcing that 9p of the arrears are being paid and the 2021 dividend is being deferred. I'm not sure why it's done this way round, perhaps there is some legal or accounting reason for it. Still, I will appreciate the cashflow this year.

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Re: REA Holding Prefs

#413440

Postby CatcheeMonkee » May 20th, 2021, 9:31 am

R.E.A. Holdings plc ("REA" or the "company") Dividend payment in respect of 9 per cent cumulative preference shares (the "preference shares") In the company's annual report for the year ended 31 December 2020 published on 27 April 2021, the directors stated their intention that, provided that CPO prices remain at current levels, the preference dividends arising on 30 June 2021 and 31 December 2021 are expected to be paid during the year. In line with that intention, the directors have today declared that the fixed semi-annual dividend of 4.5 pence per preference share falling due on 30 June 2021 in respect of the half year ending on that date be paid to holders of such preference shares registered at the close of business on 28 May 2021.


Nothing yet about the 18p arrears though ...

www.rea.co.uk/websites/reaholdingsplc/E ... ID=2095880

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Re: REA Holding Prefs

#414515

Postby plodder » May 24th, 2021, 9:16 am

In their annual report they state that:
Provided that CPO prices remain at current levels, the directors believe that cash flows are currently adequate to support payment of the current year's preference share dividends but, pending greater certainty on future cash flows, they are not yet in a position to provide guidance regarding payment of the arrears of preference dividend, which now stand at 18p per share. The directors recognise the importance of paying these arrears and will aim progressively to catch up such arrears as soon as circumstances prudently permit.

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Re: REA Holding Prefs

#440656

Postby moorfield » September 8th, 2021, 3:35 pm

The flame is beginning to flicker again. Back to (nearly) par - did anyone manage to nearly double their money on these from last year's low? There'll be a tasty income in it for you too.




https://www.rea.co.uk/websites/reaholdi ... ID=2148584

Dividends



As anticipated in the company's 2020 annual report, the fixed semi-annual dividend on the company's preference shares that fell due on 30 June 2021 was duly paid.



The cumulative arrears of preference dividend currently amount to 18p per share and the directors intend that 1p per share of this should be paid on 31 December 2021 together with the semi-annual preference dividend arising on that date. The directors recognise the importance of eliminating the arrears of the preference dividend and will aim progressively to reduce such arrears as rapidly as the performance of the group permits.



While the dividends on the preference shares are more than six months in arrears, the company is not permitted to pay dividends on its ordinary shares.

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Re: REA Holding Prefs

#450514

Postby naam » October 16th, 2021, 7:35 am

Yes I did. Bought at 56.
But still losing money with the ordinary stock :shock:

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Re: REA Holding Prefs

#453918

Postby naam » October 28th, 2021, 5:05 pm

100!
On par now. Still a buy at 9% + arrears.

moorfield
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Re: REA Holding Prefs

#453935

Postby moorfield » October 28th, 2021, 6:09 pm

naam wrote:100!
On par now. Still a buy at 9% + arrears.


Still 17p of arrears to make up.

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Re: REA Holding Prefs

#454094

Postby naam » October 29th, 2021, 11:07 am

These arrears have to be paid before REA can pay dividends on its ordinary stock.
So my guess is that they will be paid as soon as they can.

If palmoil prices stay at these levels, I'm betting on a full payment before the end of 2022.

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Re: REA Holding Prefs

#460749

Postby Wozzitworthit » November 25th, 2021, 8:53 am

Announced this morning

As already announced, REA will pay a dividend of 5½p per share on the company's preference shares on 31 December 2021. The 5½p will comprise 1p per share of arrears of dividend plus the 4½p of dividend accruing on 31 December 2021. REA intends that, in addition to the normal dividends (totalling 9p per share) accruing in respect of the preference shares during 2022, the company will pay not less than 10p per share of dividend arrears on the shares (amounting to 17p per share after payment of 1p of arrears on 31 December 2021) by no later than 31 December 2022. REA plans to increase this amount if expectations regarding recovery of the loans to IPA are confirmed, the group's oil palm operations continue to perform satisfactorily, and the group retains a substantial proportion of the existing dollar note funding for the proposed extension period.


Full details here


https://www.londonstockexchange.com/new ... s/15225252

moorfield
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Re: REA Holding Prefs

#460951

Postby moorfield » November 25th, 2021, 9:12 pm

Good news. A big (albeit deferred) packet of cash coming next year.


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