SwissVan Posted April 6, 2020 Share Very interesting RRI wont commit due to starting a new job and needing to spend time getting on top of that.Will be following in stealth mode Link to comment Share on other sites More sharing options...
River Rat Posted April 6, 2020 Share Are we allowed to add value comment from time to time when we can ?I think we are being sidetracked by the "commitment" issue, all I am looking for is that you agree to the rules not that you participate at every session . You are welcome to comment ad hoc as and when you have time. The 18h00 tomorrow is the kick off time where we will start the process and the first issue is to decide on the rules of the game. I doubt that we will finish it but we'll get the discussion going and hopefully collate what we have by 18h00 on Wednesday. We'll then review whether we can make a decision or not and move on to the next rule or step in the process. Capricorn, DJR, Slowbee and 1 other 4 Link to comment Share on other sites More sharing options...
geomark Posted April 6, 2020 Share Will try to be online at 1800 tomorrow and think its a good initiative RR, will be nice to have more focused thread with less noise and a more positive focus. I think it may take a while to get used to people talking over each other given the inevitable delays and non linear responses on a thread but nothing that cant get absorbed River Rat 1 Link to comment Share on other sites More sharing options...
Patchelicious Posted April 6, 2020 Share This is excellent. Having read Mind of the Fox in Std 7, and having used it for many decision, I am excited to see that others have used it too. See you tomorrow at 5pm my time. River Rat and Nibali 2 Link to comment Share on other sites More sharing options...
CJ Van Posted April 6, 2020 Share This sounds like a very interesting topic and this could be very a useful experience for my actual work as well. I might not be able to join every meeting because I’m fortunate to still work during this time but I will do my best to attend all the meetings. Bernard Horn and Captain Fastbastard Mayhem 2 Link to comment Share on other sites More sharing options...
fanievb Posted April 6, 2020 Share I think we are being sidetracked by the "commitment" issue, all I am looking for is that you agree to the rules not that you participate at every session . You are welcome to comment ad hoc as and when you have time. The 18h00 tomorrow is the kick off time where we will start the process and the first issue is to decide on the rules of the game. I doubt that we will finish it but we'll get the discussion going and hopefully collate what we have by 18h00 on Wednesday. We'll then review whether we can make a decision or not and move on to the next rule or step in the process. will participate when able and available I work in financial services sector and this is high on all forum agenda's Link to comment Share on other sites More sharing options...
SteveFW Posted April 6, 2020 Share Sounds like a really interesting and potentially valuable exercise, be keen to participate. Similar caveats to those above re time and need to keep the day job(s) running. Thanks for the idea and being prepared to facilitate. River Rat 1 Link to comment Share on other sites More sharing options...
Flippa Posted April 6, 2020 Share I'm in a bit of a weird position, having just immigrated to Ireland, however, I have a stake in a small business in SA that this will be useful for, as well as our aspirations for breaking into another market under these unique, post-lockdown conditions. I'm not a smart guy, so my inputs may be limited, but I'm in. River Rat 1 Link to comment Share on other sites More sharing options...
Slowbee Posted April 6, 2020 Share I to am in River Rat 1 Link to comment Share on other sites More sharing options...
gogo@ Posted April 6, 2020 Share I am keen but the earlier time would have suited better -- will always be that issue, so I will be following possibly only the next morning but with great interest. Time for something constructive and positive, thank you!! River Rat 1 Link to comment Share on other sites More sharing options...
RobertWhitehead Posted April 7, 2020 Share So we're going to meet up on the Hub . Link to comment Share on other sites More sharing options...
River Rat Posted April 7, 2020 Share The BusinessThis is a property owned by us consists of 10 000m2 of lettable space with the following Anchor tenants Spar, Dischem, ABSA and Ackermans representing 65% of the income , the rest of the space is made up of restaurants, hardware, bottle store and other small entrepreneur driven tenants. 10% of the space is first floor offices with lawyers, doctors, estate agents and financial planners as tenants. It is based in Pretoria and it services a market with a similar socioeconomic base to that of the Bikehub. The monthly rental income equates to R1.2 mil and the loan repayment is R920k per month. Running costs such as management, security, cleaning, insurance etc is R80k per month. The property was recently valued at R130mil and the outstanding loan amount is R48 mil to be repaid over the next 5 years. The property is due for an upgrade/ refurbishment in 2023 and this is vital because there is a large regional shopping mall being developed within 5 km of the property scheduled for completion in October 2023. We have R3.5 million in cash available and we were expecting to pay a dividend of R2 million to shareholders upon approval of February 2020 year end accounts, this was scheduled for the board meeting of 23rd April 2020.Since lockdown the legal firm, doctors, Spar, Dischem and ABSA have all indicated that the want a reduced rental, while virtually all the other tenants have indicated that they won’t pay any rental during lockdown and have asked for a rent reduction post lockdown. The impact during lockdown is that total income will reduce to 45% or roughly R540k per month which after running costs leaves only R4260k to service debt. We have approached the bank which coincidentally happens to be ABSA to discuss loan repayments and they have asked us to make presentations of our plan going forward. Edit: Added budget for Refurbishment R6.5million Edited April 7, 2020 by River Rat Link to comment Share on other sites More sharing options...
Benjamin Posted April 7, 2020 Share Just a question before we kick off RR.Is this a fictional business or a real live existing one ? Link to comment Share on other sites More sharing options...
River Rat Posted April 7, 2020 Share Just a question before we kick off RR.Is this a fictional business or a real live existing one ?Purely a figment of my imagination. Link to comment Share on other sites More sharing options...
fanievb Posted April 7, 2020 Share The BusinessThis is a property owned by us consists of 10 000m2 of lettable space with the following Anchor tenants Spar, Dischem, ABSA and Ackermans representing 65% of the income , the rest of the space is made up of restaurants, hardware, bottle store and other small entrepreneur driven tenants. 10% of the space is first floor offices with lawyers, doctors, estate agents and financial planners as tenants. It is based in Pretoria and it services a market with a similar socioeconomic base to that of the Bikehub. The monthly rental income equates to R1.2 mil and the loan repayment is R920k per month. Running costs such as management, security, cleaning, insurance etc is R80k per month. The property was recently valued at R130mil and the outstanding loan amount is R48 mil to be repaid over the next 5 years. The property is due for an upgrade/ refurbishment in 2023 and this is vital because there is a large regional shopping mall being developed within 5 km of the property scheduled for completion in October 2023. We have R3.5 million in cash available and we were expecting to pay a dividend of R2 million to shareholders upon approval of February 2020 year end accounts, this was scheduled for the board meeting of 23rd April 2020.Since lockdown the legal firm, doctors, Spar, Dischem and ABSA have all indicated that the want a reduced rental, while virtually all the other tenants have indicated that they won’t pay any rental during lockdown and have asked for a rent reduction post lockdown. The impact during lockdown is that total income will reduce to 45% or roughly R540k per month which after running costs leaves only R4260k to service debt. We have approached the bank which coincidentally happens to be ABSA to discuss loan repayments and they have asked us to make presentations of our plan going forward. how dependent are your sharedolders on the dividend? I'd hold off on paying (at least a portion) and use the cash to make up for the loss in cashflow in the coming months or settlement of creditors. You be better off with having tenants paying reduced rental than an empty building (which won't attract any new tenants either) gogo@, Paul Ruinaard, Captain Fastbastard Mayhem and 2 others 5 Link to comment Share on other sites More sharing options...
RocknRolla Posted April 7, 2020 Share What is the budget for the refurbishment? What is the scope of the refurb? Edited April 7, 2020 by RocknRolla Link to comment Share on other sites More sharing options...
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