Sentences with word «areo»

In this case, for a number of reasons, their treatment's clearly preferable — $ 1.3 m of AREO revenue (which is contractually due) is recorded, but this amount's immediately written off as a bad debt provision in the P&L.

-- First, this loan's the latest milestone in a steadily increasing level of investment in AREO over the past couple of years — in terms of equity & loan investments, and the deferral / write - off of fees.

[NB: Argo Group itself only owns a 1.8 % AREO stake].

[One final point: I actually have to admit I'm bamboozled by the reported AREO receivable.

I understand it to mean AREO management fees will no longer be recorded in Argo's P&L unless payment's actually received.

This corresponds to $ 0.6 m of free cash flow (FCF)-- and that's been supplemented since by an actual $ 1.2 m (EUR 0.9 m) payment from AREO in July.

That kind of investor response & demand is certainly somewhat unexpected, but may ultimately signal some encouraging potential / alternatives for AREO...]

Of course, you'll note AREO revenue is still included for 2013 — let's revisit Note 12.

The deferral of AREO fees has been explicitly noted on a number of occasions, and it's clearly reflected in Argo's cashflow statement (s).

FCF was $ 450 K better than my estimate, which puts cash & cash equivalents at $ 4.3 m, while investments came in much as expected at $ 19.4 m. I'm also going to count the subsequent $ 1.2 m AREO payment.

Also, note I've marginally increased total AUM here to reflect impact of EUR / $ on AREO's AUM since end - June].

As the reported (net) receivable account in the balance sheet changed from 4.3 to 3, we have to assume that somebody else than AREO paid 1.3 back to ARGO?

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While AREO recorded the full EUR 2 m fee in its accounts, I can't definitively confirm the full amount was similarly recorded in Argo's 2012 revenues.

I'm thinking what kind of losses I can expect in Argo's cash + investments if AREO declares bankruptcy and nothing can be recovered.

The most likely proposal is to run AREO as a wind - down vehicle, over a number of years, to repay all loans & maximize return for shareholders.

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Not quite like a mint areo, but more like an Asda's own version.

However, 2017 introducing areo, weve rounded up 100 of your timeline!

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This Stingray's new carbon - fiber areo kit includes a new front grille with a large chin splitter.

I suspect this statement was specifically intended to address the question («why is AREO listed at all?»)

I'll assume the same for SSF, and ignore AREO (since I'm already valuing it at the current share price).

Argo has other receivables (than just AREO)-- yes, it looks like some of those were received.

But recent loan - related news hasn't been encouraging — considering AREO's 82 % + Net LTV, this is unsurprising (but still unwelcome).

Argo's price at teh time was GBP 10.125 p & mkt cap was $ 10.9 mio — allowing for cash of $ 5.0 mio, and Argo's $ 0.8 mio AREO holding, this implies a ($ 5.1 mio) 30 % of NAV valuation for TAF!

Logically, Argo's market cap shd then immediately jump to: $ 5.0 mio + $ 0.8 mio AREO + $ 7 mio Liquid HF + 30 % of $ 9.8 mio remaining TAF investment = $ 15.8 mio = GBP 14.7 p!

I would note 2012 free cashflow was only $ 0.2 m — but if we assume a stabilisation in working capital (& the current status quo re AREO), that would elevate underlying free cashflow to around $ 1.5 m. Also, as mentioned above, increased (non-AREO) management fees & continued expense restraint will hopefully make a contribution in 2013.

[Of course, we first have to question if this accounting change signals any drastic new development in the relationship between AREO & Argo?

Unless AREO's directors believe an equity fund - raising is viable, the first step here is to de-list — a public listing's an expensive waste of time & money for a distressed company.

And those fees are perhaps larger than you might expect — amounting to 2 % of AREO's original gross placing proceeds (see Note 8.

We also have another imponderable to consider — will subsequent payments received from AREO be recorded as revenue, or a reduction in prior receivables?

If I assume SSF's the only Argo fund invested in AREO — and I'm not at all sure that's a correct assumption — by my calculation, its loss could total up to $ 18.8 m.

The timing of the suspension's somewhat ironic in light of management's recent (& fresh) perspective on AREO's listing: «AREOF remains a major listed owner and operator of retail parks in the country thus making it more marketable to international investors over the long term.»

[Which appears to provide good support for my prior assumption that AREO paid a total of EUR 1.2 mio in 2012].

-- While AREO's price decline (from EUR 0.0522 to EUR 0.02) may seem fairly irrelevant at this point, the company's share count is high & Argo (Group & funds) own a 73.9 % stake.

If we presume some (incremental) level of incentive fees received at yr - end (as with 2012), this should confirm my previous assertion that Argo Group will continue to be profitable — even if zero AREO fees are received.

[And my Argo Real Estate Opportunities Fund (AREO: LN) estimate was derived directly from their published results].

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We then have the Argo Real Estate Opportunities Fund (AREO: LN)-- which last reported an adjusted NAV of EUR 68.5 mio.

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Management may possibly consider this to be some kind of (quite neat) re-investment into AREO of the fees received from AREO (subsequently).

Remember: a) for Argo's own valuation I only count a $ 200 - 300 K value for AREO equity (I ignore loans & receivables), and b) the exposure of the funds to AREO equity should now be written down to about $ 12 mio.

Sticking with AREO, there's a troubling issue to highlight: Argo's H1 reduction in receivables was redeployed into a $ 1.3 m loan to Bel Rom Trei, an AREO group company.

At this point, I need to highlight an important proviso — AREO's shares have just been suspended.

I've previously done a back of the envelope exercise to assess the impact of an AREO bankruptcy.

If you read back & forth between the ARGO & AREO annual / interim reports you can pretty much piece together the AREO exposure.