AIRE KGaA – annual report published
AIRE KGaA published their annual report 2011 yesterday.
The NAV slightly increased from Q3 2011 to EUR 21.30 per share.
The most interesting news however is to be found on page 5: From the initial 65.6 mn EUR potential investment commitments, only 2.4 mn EUR seem to be now relevant, as most of the other commitments did expire or will expire soon.
At year end 2011, AIRE had almost 22 mn EUR in cash on hand, representing around 5,20 EUR per share. The buyback announced this week, will use only up to 5 mn EUR, so we can expect some further buy backs soon.
So for the time being, despite the insider issues discussed, I think the value of the shares should be strongly protected to the downside.
For the portfolio, I will continue to sell down until a 5% weight is achieved (from ~7%). However, due to the low volume this might take a while.