FRC commences investigation of 2017 and 2018 audits of Intu Properties by PricewaterhouseCoopers

Updated: Intu: At 7 AM Oi Fat Lady no more gargling you are almost on! No at 1.43 PM, she is on!

Almost 100 times since the comical and failed Hammerson (HMSO) bid for Intu (INTU) in December 2017 which Steve Moore described as “shopping centre madness” we have urged you to sell or short Intu. Today, if we are not at midnight on the death clock, we are at 1 second to midnight. Update. at 1.43 PM we are at midnight. It is game over.

Intu (#INTU) administrator appointed, shares suspended, game over

#INTU Properties – unable to reach standstill-based agreement, “likely to involve the appointment of administrators”

The Intu parrot must be a late parrot, it will be bereft of life, it will be an ex parrot – when will investors realise this?

Another day and another RNS from Intu (INTU) and yet again the shares move little although the release makes it abundantly clear that investors are going to lose everything. Just how many warnings do you need. And if I was a shareholder or a creditor one thing that would utterly infuriate me is that….

#INTU Properties – updates on creditor standstill discussions & “appointed KPMG to contingency plan for administration”

Intu: Letter to FCA, share price wrong please protect mug punters

A concerned investor, keen to protect retail mug punters from themselves has today written to those sharp as nails guys round at the FCA on the matter of Intu (INTU) urging it to act to stop a false market in the shares. A copy of that letter has found its way to Winnileaks and I reproduce it below.

Intu plays the zombie card...

Is there much more to say about Intu Properties (INTU)? I last directly wrote about the stock a couple of months ago, and for over a couple of years I have been pushing the bear tune. My essential thought is that even at today's share price - which I see on a decent up day on the markets has advanced 5% - I am still aggressively avoiding the stock and regard the likelihood that it remains overvalued as very high. Today's announcement concerning the impact of the coronavirus we all see on commercial property realities - 'breaches of covenants' and 'material uncertainty for any asset disposal or additional funding process which intu might pursue to address these covenant issues' - is the hard and harsh truth...

#INTU Properties – possible financing breaches “over the coming weeks”, seeking ‘standstill’ agreements

#INTU Properties – now received 40% of prior quarter rent & service charges, short-term financing waivers & appoints Chief Restructuring Officer

#INTU Properties – only received 29% of quarter’s rent in the UK due yesterday, is “expected to require us to seek covenant waivers”

#INTU Properties – bailout equity raise failure, “to explore alternative capital structures and asset disposals”. Good luck!

#INTU Properties – confirms discussions for (attempted bailout) equity raise alongside FY results at end of month

WH Smith highlights Intu's realistic lack of options

Another Sunday, another set of Intu Properties (INTU) stories.  I last wrote about the stock just under a month ago  concluding then that 'suffice to say the stock remains a massive avoid. 

ShareProphets readers tips for 2020 competition – end January update

Having asked for readers tips for 2020 for the prize of 1/2 litre of Tom Winnifrith's Greek Hovel olive oil (2020 harvest) HERE, the following is the first monthly update on performance (to be eligible needed to have selected, on a per username basis, a buy & sell pick from the LSE or AIM casino and the stocks not to have been suspended at the commencement of 2020)...

#INTU – exchanged contracts to sell intu Asturias shopping centre, net proceeds to company c. €85m

#INTU – “targeting an equity raise alongside its full year results at the end of February”

Intu Properties mooted to ask shareholders for the odd billion quid to keep the shopping centre lights on

Only one story really grabs me in today's slightly boring Sunday press and that is about perma dog Intu Properties (INTU), which I described in September as a company that 'remains a shocker...I am continuing to avoid like the plague'. 

Intu Properties: when even a takeover cannot help

Intu Properties – continue to avoid after another shocker

I have been a long-term bear on Intu Properties (INTU) and have not been surprised to see over the last few months a variety of corporate challenges which have justified the continued fall of the share price. Let's face it: being the owner of shopping centres is kind of obviously not an easy business to be involved with currently…