Romanian entrepreneur launches £12.6m bid for Rutley European

first_imgPatriciu’s Black Sea Global Properties, which in April kickstarted its European property expansion by completing the €50.8m takeover of AIM-listed Fabian Romania, has made a £12.56m cash bid for Rutley European and subscribed for 94.9m shares in Deutsche Land as part of a wider placing of shares by the AIM-listed German investor.Black Sea, whose interest in Rutley European was revealed in Property Week (24.04.09), is offering 6p a share in cash for Rutley European, the listed fund, which is managed by Knight Frank’s private equity arm, Rutley Capital Partners. This attributes an enterprise value to Rutley European of £446.6m, which includes its net debt of £434m.’We are launching this offer at a time of ongoing uncertainty in European real estate markets,’ said Patriciu. ‘Our offer is designed to accommodate those shareholders who are seeking a cash exit as well as those who wish to remain invested. Assuming we achieve control of Rutley via the offer, we intend to stabilise the company’s financial position and take other measures to improve the company’s performance.’ Offer below current price The offer is more than double the 2.9p price at which Rutley European’s shares were trading before it said it had received approaches on 27 March. However, it is below the current 6.88p share price of Rutley European and reflects a discount of 87% to 45p a share net asset value at 31 March.Black Sea only owns 0.1% of Rutley European’s shares and has not revealed any acceptances for its offer from the company’s shareholders. It could face a bid from a rival party. Last November Rutley European’s board, chaired by David Pinckney, effectively put the company on the market, when it said it had asked Cenkos ‘to provide strategic advice on the options available to the company and is considering the alternative uses of present and future cash reserves’.The reason for the sale was the wide discount to net asset value at which the shares were trading and the lack of liquidity in the shares.Six parties interestedIt is thought the process has so far attracted around six interested parties. Rutley European’s portfolio comprises 56 properties across continental Europe with a value of €585 million as at 31 December 2008. Black Sea has also bought 94.9m shares in Deutsche Land at 12p each for a total of £11.4m. It has become the company’s largest shareholder and plans to invest a further £20m in the company in order to strengthen its balance sheet.Black Sea is wholly owned by Patriciu’s RPH, which has more than $1bn (£664m) of assets, which it either owns or manages, across Europe.Together with his brother, Patriciu developed the first sites in Romania for large retail chains, among them Billa and Minimax.Patriciu is developing, together with Immorent, a 1.6m sq ft office and residential project in the north of Bucharest, known as Smart City.last_img read more

Details

Personal injury interest calculation tables

first_img 1 June 2009 1.5% clear=”all”> 1 July 2009 0.5% 1 March 1982 14% February 81.28 73.28 68.28 57.79 50.77 43.77 37.77 March 148.51 134.26 122.77 112.69 104.69 96.69 88.67 31 December 2010 92 1 April 1983 12.5% September 141.33 128.02 117.60 108.66 100.66 92.66 84.64 1 April 1971 7.5% November 138.95 126.17 115.89 107.32 99.32 91.32 83.30 1 December 1981 15% 1 October 1965 5% 1 July 1982 13% 28 February 2011 151 November 75.30 67.30 59.55 52.53 45.53 39.28 33.28 1 April 1987 11.75% May 79.33 71.33 63.33 56.06 49.06 42.31 36.31 March 80.67 72.67 64.67 57.23 50.23 43.31 37.31 1 September 1966 5.5% April 147.30 133.05 121.90 112.01 104.01 96.01 87.99 June 78.65 70.65 62.65 55.47 48.47 41.80 35.80 July 78.00 70.00 62.00 54.89 47.89 41.30 35.30 September 28.27 22.27 16.27 10.27 4.25 0.54 0.04 July 143.75 130.06 119.34 110.02 102.02 94.02 86.00 31 January 2011 123 1 January 1981 12.5% December 74.64 66.64 58.98 51.96 44.96 38.79 32.79 Rodney Nelson-Jones is a partner at Field Fisher Waterhouse January 81.96 73.96 65.96 58.38 51.36 44.36 38.28 January 150.82 136.57 124.45 114.18 105.98 97.98 89.98 From 1 August 1988 11% 1 February 2009 3% October 140.16 127.04 116.76 108.00 100.00 92.00 83.98 July 34.80 28.79 22.79 16.79 10.79 4.77 0.13 August 28.78 22.78 16.78 10.78 4.76 0.58 0.08 2004 2005 2006 2007 2008 2009 2010 December 137.78 125.32 115.05 106.66 98.66 90.66 82.64 November 27.26 21.26 15.26 9.26 3.25 0.46 1990 1991 1992 1993 1994 1995 1996 1 August 1999 7% 1 March 1970 7% Table two – accumulated total of dayscenter_img August 77.32 69.32 61.32 54.30 47.30 40.79 34.79 31 March 2011 182 30 November 2010 61 1 May 1988 9.5% 1 November 1987 11.25% 1997 1998 1999 2000 2001 2002 2003 February 149.61 135.36 123.58 113.31 105.31 97.31 89.31 April 79.99 71.99 63.99 56.64 49.64 42.80 36.80 October 75.98 67.30 59.55 52.35 45.53 39.28 33.28 1 August 1986 11.5% 1 March 1973 8% 1 January 1989 13% 1 April 1984 12% 1 March 1974 9% April 30.78 24.78 18.78 12.78 6.77 1.25 0.25 1 March 1979 12.5% 1 January 1980 15% 1 March 1968 6% August 142.54 129.04 118.47 109.34 101.34 93.34 85.32 October 27.77 21.77 15.77 9.77 3.76 0.50 February 31.77 25.75 19.75 13.75 7.75 1.74 0.33 June 29.78 23.78 17.78 11.78 5.76 0.75 0.17 Table three – rates of interest on special account since 1965 May 30.29 24.29 18.29 12.29 6.27 1.00 0.21 1 January 1987 12.25% June 144.92 131.05 120.19 110.02 102.68 94.68 86.65 1 October 1991 10.25% 1 November 1988 12.25% 1 April 1991 12% 1 February 1977 10% May 146.13 132.07 121.06 111.35 103.35 95.35 87.33 December 26.77 20.77 14.77 8.77 2.75 0.42 1 November 1989 14.25% 1 February 2002 6% March 31.29 25.29 19.29 13.29 7.28 1.51 0.29 1 February 1993 8% January 32.28 26.26 20.26 14.26 8.26 2.25 0.37 1 December 1987 11% The standard rate of interest on general damages for pain and suffering and loss of amenities in personal injury cases was fixed at 2% a year by the House of Lords in Birkett v Hayes [1982] 1 WLR 816; [1982] 2 All ER 70). This was confirmed as appropriate by the Court of Appeal in Lawrence v Chief Constable of Staffordshire [2000], The Times, 25 July. The appropriate rate of interest for special damages is the rate, over the period for which the interest is awarded, which is payable on the court special account. After seven years at 6%, this rate was reduced to 3% a year on 1 February 2009, to 1.5% on 1 June 2009, and to 0.5% on 1 July 2009. Interest since June 1987 has been paid daily on a 1/365th basis, even in a leap year such as 1992. In cases of continuing special damages, half the appropriate rate from the date of injury to the date of trial is awarded. In cases where the special damages have ceased and are thus limited to a finite period, there are conflicting Court of Appeal decisions as to whether the award should be half the appropriate rate from injury to trial (Dexter v Courtaulds [1984] 1 All ER 70) or the full special account rate from a date within the period to which the special damages are limited (Prokop v DHSS [1985] CLY 1037). The House of Lords has confirmed that Department of Work and Pensions benefit should be disregarded when calculating interest on special damages (Wadey v Surrey County Council [2000] 1 WLR 820 (HL)). The relevant rates since 1965, which are conveniently set out in the White Book at note 7.0.9, are reproduced in table three. Table 1 records the percentage total of these rates from January 1990. In the left-hand column is shown the month from the first day of which interest is assumed to run. The right-hand column shows the percentage interest accumulated from the first day of each month to 1 October 2010. Continued use can be made of this table by adding to the figures therein 1/365th of the special account rate from 1 October 2010 onwards. Precision may easily be attained through table 2, which records the accumulated total of days at the end of each of the next six months. Suppose that interest runs from 1 June 2003 to 13 December 2010. The total to the end of September 2010 is 35.80%. If the rate remains at 0.5% a year, the addition from 1 October 2010 to 13 December 2010 will be 0.5% x 73/365 = 0.10%. Thus the grand total from 1 June 2003 to 13 December 2010 will be 35.80 + 0.10 = 35.90%. These tables should assist all those concerned with interest since 1985 to make calculations fluently. The listed rates provide the base for a calculation from 1965. Although the tables’ primary application is to interest on special damages in personal injury cases, they are equally applicable to any other case in which the special account is used in calculating interest. 31 October 2010 31 September 76.64 68.64 60.72 53.70 46.70 40.28 34.28 1 March 1969 6.5%last_img read more

Details