hammered for 5 years!!Been hammered for more than a year now, first it was slightly dodgy management and now the COVID crisis, All URF's assets are in the greater New York area thus have been under a little pressure lately.
NAV on paper is at least 420% above the traded price, but realistically should be a little lower, still a bargain at the price.
I looked at this when the market tanked earlier this year and none of this is a surprise.The corporate regulator has started civil court proceedings in the Federal Court against Dixon Advisory, alleging it failed to act in its clients' best interests and provide appropriate advice.
ASIC said the actions related to financial advice given to eight sample clients who were advised to invest in the US Masters Residential Property Fund, or URF, and URF related products.
ASIC alleges there were a total of 51 separate instances of financial advice provided to the eight clients, which resulted in two or more contraventions of best interest duties under the Corporations Act.
The maximum civil penalty against Dixon is $1 million for contraventions prior to March 2019 and $10.5 million after that date.
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(Alan Dixon trousered a few mill < $17.6mill> when he sold his EAF holding and left the register in Aug)
And the above has pretty much nothing to do with URF, it's still a Dixon fund but managed by a new team with aThe corporate regulator has started civil court proceedings in the Federal Court against Dixon Advisory
Was interested a while back, but i think their target is actually wrong.URF my top pick for the 2021 tipping comp, mostly because the share price (22c) is still very subdued and back to the old trend after the recent bounce thanks to the debt refinance, share price still way way under the NTA of 71c ~ New York will bounce back.
I've always been interested in this, since it is (AFAIK) the only residential property fund on the ASX (correct me if I'm wrong and there are others please!).URF my top pick for the 2021 tipping comp, mostly because the share price (22c) is still very subdued and back to the old trend after the recent bounce thanks to the debt refinance, share price still way way under the NTA of 71c ~ New York will bounce back.
Some time in 21 would be good time to start distributions again - the fund has been very busy over the last 12 months paying out 2 of the 3 hybrid (bond) holders, the hybrids were/are AUD denominated and somewhat high interest 7.75% ~ they refinanced with USD at 4 and 5% so using the cheap money to buy out the expensive bond holders seems the smart thing to do.Do you have any thoughts when distributions (the lifeblood of a REIT!) might return?