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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Green Reit Plc | GRN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.84 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.84 | 1.84 |
| Top Posts |
|---|
Posted at 29/12/2016 04:46 by wexboy 2016 – The Great Irish Share Valuation Project (Part IV):Company: Green REIT (GRN:ID) Last TGISVP Post: Here Market Cap: EUR 926 Million Price: EUR 1.341 Back in 2014, I pegged Green REIT’s fair value equal to its initial EUR 0.967 NAV. Looking at the share price today, that might seem like an awful call…but I’d disagree. Because GRN’s a good example of a mistake too many investors make: No matter how confident you might be about a company’s prospects, overpaying doesn’t just reduce or even eliminate your margin of safety, it may also rob you of expected future returns. Case in point: While I expected Green’s NAV (& in turn, my fair value estimate) to appreciate, I’m impressed to see a total NAV return (inc. dividends) of almost 60% (18.6% pa) here since early-2014! Unfortunately, investors were happy to pay up at the time, so they must look back & reference a EUR 1.20 market price (which inc. a significant NAV premium) for performance purposes. Almost inevitably, that premium’s now evaporated, leaving GRN trading at a discount…so instead, shareholders barely realised an 18% gain (6.1% pa, again inc. dividends), less than a third of the underlying NAV return! On average, you’d expect a better return from the market itself (in fact, the ISEQ was a far better bet)…so much for capitalising on a great stock/story!? Overall, my valuation perspective hasn’t changed. Prime office yields in Dublin have moved lower (4.65%, per latest CBRE updates), with Green REIT close behind on a 5.2% portfolio yield. Obviously, Brexit presents a potential economic threat (& has clearly knocked sentiment)…but then again, the harder the Brexit, the more attractive Dublin likely becomes as an EU relocation/investmen (EUR 1.52 Dil EPRA NAV – 0.046 Div) * 1.0 P/B = EUR 1.47 Green REIT looks marginally under-valued here. And I don’t consider the recent NAV discount swing cause for alarm – experienced investors should be used to a 10-20% premium/discount appearing on a regular basis, presuming underlying NAV looks realistic (which it does, based on current yield/other metrics). However, progress will be tougher from here on – not to denigrate the Irish REITs, but gains to date were primarily derived buying in bulk from the banks & NAMA at 7-8.0% yields & then progressively marking down portfolios towards a 5.0% yield. More active portfolio management, reversionary rent potential & development opportunities/gains will now become far more important. But despite this recent (& extraordinarily biased) Phoenix article, shareholders here can draw comfort from having Stephen Vernon as Chairman (of GRN’s Investment Manager) – his reputation in the Irish property market precedes him… Price Target: EUR 1.47 Upside/(Downside): 10% For related links/graphs/files & other TGISVP analyses/price targets: Google the Wexboy investment blog. |
Posted at 22/10/2006 10:28 by wassapper Mentioned in this related story Mwana Africa Spreads Its Wings By Rob Davies A junior mining company with £40million of net cash in the bank is going to be pretty popular these days as investors tighten their grip on their cheque books. Raising £42million in March was a well timed issue for Mwana Africa and puts the company in a strong position to pick up additional projects. However, that has not stopped the market pushing the shares down from the issue price of 63p to today's level of just over 30p. Even at that it is still capitalised at £78million so it is one of the bigger fish on AIM. ...more ... |
Posted at 13/4/2006 06:27 by rubstone Level 7 Exchange Tower530 Little Collins Street Melbourne Victoria 3000 GPO Box 4690 Melbourne Victoria 3001 Tel +61 3 9909 7655 Fax +61 3 9909 7585 grninfo@gravitydiamo www.gravitydiamonds. 060050GRN.doc ASX/AIM RELEASE ASX & AIM Code: GRN 13 April 2006 Gravity's MD to Present at Internet Mining Conference Gravity Diamonds Limited is pleased to advise that the company's managing director, Phil Harman, will be presenting along with Goldcorp and other companies at the Precious Metals and Mining On-line Forum being hosted in New York. This on-line forum is to commence at 2.00pm British Standard Time (BST), Thursday, 13 April 2006 with the equivalent Australian Eastern Standard Time (AEST) being 11.00pm. For Australian "night owls", Phil Harman's presentation is programmed for AEST 3.30am Friday, 14 April 2006. Free investor participation in this internet event can be obtained through signing on at Presentations will be stored in the site's archives immediately after the forum and retained for 12 months. For further details please contact: Phil Harman or Elisa Bartlett Tel: (03) 9909 7655 E-mail: phil.harman@gravityd or visit our Website at: www.gravitydiamonds. |
Posted at 25/2/2006 14:24 by ianwc I have decided to stop posting on bullentin boards. I think perhaps there could be some question about the morality of me running a site for investors, and at the same time posting on boards for investors. The last thing i want to do is give anyone the impression that I am ramping or deramping any stock simply by my appearence and/or comments on any one stock.I wish you all the best in the future. I have also asked ADVFN to convert all of my PBB's to read only. Apologies for the inconveinence. Regards, Ianwc www.proactiveinvesto |
Posted at 09/4/2005 12:45 by andy Ian,There is an excellent ADVFN thread regarding ISAble AIM stocks; I also have a list of possibles on a thread on the financebb. Intersting that 58% of Gravity was held by European investors BEFORE the AIM listing! |
Posted at 08/4/2005 23:28 by ianwc Feature StoryDate: April 08, 2005 Rambler Metals & Mining And Gravity Diamonds Kick Off Life On AIM With Panache. Two more proper mining companies made their debuts on AIM today, now that the spate of vacuums ahead of the change in listing rules has died down. Gravity Capital is an ASX listed company coming to the market by way of an introduction. Phil Harman gave an excellent presentation on the company at our 22nd Minesite Mining Forum on Tuesday and a webcast of his talk can be heard by those who could not be present by visiting our website. Our Canadian Correspondent wrote an excellent newspiece about Rambler on February 28th in order to introduce it to UK investors as both Harry Dobson, the chairman and Brian Dalton of Altius Minerals are well known over here. Altius Minerals sold the Rambler property, which lies on the Baie Verte Peninsular in Newfoundland and Labrador, to Rambler Metals & Mining and is thus a significant shareholder in the newly listed company which raised a net £7.36 million at 40p per share. The Rambler (formerly known as Ming) copper mine is a past producer with the Ming deposit reportedly treating 2.1 million tons of material grading 3.5% copper, 1.0% zinc, 2.4 g/t gold and 20.6 g/t silver from 1971 to 1982. Ore was accessed from a shaft that extends to more than 2000 feet and the deposit is reportedly open below the 2600 foot level. But the interesting facet to the story is that in its final year of operation, an exploration drift was completed at the 1807 level in order to test the productive horizon along strike to the northwest. This reportedly revealed spectacular native gold mineralization within fractures along the thinned, unmined margin. Continued drifting resulted in the discovery, 600 feet northwest from the Ming deposit and adjacent to the then neighboring property boundary, a new zone of massive sulphide that returned assays of up to 11.51% copper over 8.5 feet. This zone, referred to as the 1807, requires drilling down plunge across the former property boundary. The previous owners failed to successfully negotiate a deal over this crucial piece of real estate and operations halted. Back in 2001, Altius succeeded where the old company failed by consolidating the land package and subsequent drilling confirmed that there exists a considerable extension of the historic Ming deposit, comprising a massive sulphide zone underlain by a broader footwall zone of stringer mineralization.. Now it is up to the new Rambler to make a success of the mine and any other projects it acquires along the way. Gravity Diamonds went for a dual listing on AIM to attract a wider global focus and attention to its diversified diamond exploration activities. Approximately 58 per cent of the company is held by European investors and BHP Billiton has a 9.6 per cent interest. The company has A$9.9 million in cash and is exploring for diamonds in Australia and the Democratic Republic of Congo (DRC), two of the world's principal diamond-producing countries. These interests balance the low sovereign risk but higher geological risk of the mature exploration terrains of Australia against the high sovereign risk but lower geological risk and greater potential for early major discoveries in the DRC. Key to Gravity's business strategy is its strategic alliance agreements with BHP Billiton where Gravity's managing director Mr Phil Harman was the former chief geophysicist and exploration manager for South America. The Australian programme is based on deployment of the FALCON® airborne gravity technology for exploration whilst the DRC programme gives Gravity access to highly prospective diamond exploration ground previously unexplored by modern techniques to which the FALCON® system can also be applied. Both agreements give BHP Billiton the right to buy back control and management of any discovery at an early stage under terms favourable to Gravity. The payback cash consideration is 4-5 times the exploration costs plus a royalty and/or a retained equity interest. In Australia, Gravity has exploration agreements in prospective areas which have a considerable history of conventional exploration and in each case, the company may earn a minimum 50 per cent of new discoveries. It has three projects in Australia: the Northern Australia Diamonds Project with Rio Tinto Exploration in the Northern Territory; and two projects in Western Australia at Ellendale with Blina Diamonds and North King George with Striker Resources. Both these companies will be active in the field from Day One on AIM so there should be no dearth of news from either of them ... and it could be good. |
Posted at 08/4/2005 13:11 by ianwc Gravity Diamonds Limited is a company undertaking diamond exploration in Australia and the Democratic Republic of Congo ("DRC"). Key to Gravity's business strategy is alliance agreements with BHP Billiton, the world's largest diversified natural resources company. The Australian program has been based on the successful deployment of the FALCON® airborne technology. The DRC program gives Gravity access to highly prospective exploration ground previously unexplored with modern techniques.Gravity's diversified portfolio of exploration projects places the company in two of the world's principal diamond producing countries. It balances the low sovereign risk but higher geological risk of the mature exploration terrains of Australia against the higher sovereign risk but lower geological risk (therefore greater potential for early discovery success) in the emerging Kasai province of the DRC. Phillip Harman, Managing Director of Gravity Diamonds commented, "BHP Billiton is not only our largest shareholder, holding 11.4 million of the 119 million shares on issue, but is also a key alliance partner. In each of these capacities they have stood by us, both in our equity raising endeavours and in our access to world-class exploration projects. The AIM listing will be welcomed by a significant number of our existing European based shareholders and it will provide us with access to a wider shareholder base and a market which understands the resource sector." On admission to trading on AIM, the company will have a market capitalisation of approximately £30 million. European investors, mostly connected with the diamond industry, hold approximately 58 percent of the company. W.H. Ireland Limited is acting as broker and RFC Corporate Finance Ltd as nominated adviser to the company. |
Posted at 08/4/2005 11:44 by ianwc RNS Number:8081KGravity Diamonds Limited 08 April 2005 ASX & AIM (GRN) APRIL 8, 2005 GRAVITY DIAMONDS' DEBUT DAY ON AIM SEEKING KIMBERLITES IN AUSTRALIA AND DRC WITH LEADING-EDGE SKY SEARCH TECHNOLOGY DEVELOPED BY BHP BILLITON * First Drill Holes In Northern Territory Project Hit Diamondiferous Kimberlites * Big Exploration Programme Initiated To Generate Further Kimberlite Targets * Results From Congo Sampling Available Later This Month Gravity Diamonds Limited today listed on AIM by way of an Introduction in a move that the ASX-listed company anticipates will attract a wider global focus and attention to its diversified diamond exploration activities. Approximately 58p.c. of the company is held by European investors with an interest in the diamond industry. BHP Billiton holds a 9.6p.c. interest and management and family around 4p.c.. The company has A$9.9m cash. Gravity is exploring for diamonds in Australia and the Democratic Republic of Congo (DRC), two of the world's principal diamond-producing countries. These interests balance the low sovereign risk but higher geological risk of the mature exploration terrains of Australia against the high sovereign risk but lower geological risk and greater potential for early major discoveries in the DRC. Key to Gravity's business strategy is its strategic alliance agreements with BHP Billiton where Gravity's managing director Mr Phil Harman was the former chief geophysicist and exploration manager for South America. The Australian programme is based on deployment of the FALCON(R)* airborne gravity technology for exploration whilst the DRC programme gives Gravity access to highly prospective diamond exploration ground previously unexplored by modern techniques to which the FALCON(R) system can also be applied. Both agreements give BHP Billiton the right to buy back control and management of any discovery at an early stage under terms favourable to Gravity. The payback cash consideration is 4-5 times the exploration costs plus a royalty and/or a retained equity interest. In Australia, Gravity has exploration agreements in prospective areas which have a considerable history of conventional exploration and in each case, the company may earn a minimum 50p.c. of new discoveries. It has three projects in Australia: the Northern Australia Diamonds Project with Rio Tinto Exploration in the Northern Territory; and two projects in Western Australia at Ellendale with Blina Diamonds and North King George with Striker Resources. The Northern Australian project is the largest, covering some 40,000km2 of tenements in a number of different areas. In 2003 the FALCON(R) system was flown over seven prime areas of interest covering about 3,500km2 which were selected on the basis of the large volume of historic diamond sampling data available. Follow-up of priority FALCON(R) targets began in the 2004 field season using loam and drainage sampling and in several areas where surface access was possible, RC drilling was undertaken. /2 GRAVITY DIAMONDS 2 In January 2005, Gravity announced that two shallow holes drilled into FALCON(R) target ABN21 in the Abner Range, near McArthur River had intersected a new diamond-bearing kimberlite. A total of 147 microdiamonds and two small macrodiamonds have been recovered from these holes and almost all of the stones are whole, unresorbed and colourless of potential gem quality. Further work to determine the size and grade of the discovery will start this month. At least 20 other similar FALCON(R) gravity features in the vicinity of ABN21 will also be followed-up. A FALCON(R) survey in late 2003 located a number of new targets on Blina Diamonds' Ellendale project. That company has since completed first-pass drilling of the various targets and so far has identified three new small pipes and a new palaeo-channel. Bulk sampling in 2004 showed that, although the pipes are diamond-bearing, the average grade of the bulk samples was considered too low to be economic. Further testing of the palaeo-channels and other targets is planned, however. A FALCON(R) survey over a portion of the King George North area in the Kimberley region of WA in 2003 identified a large number of high priority targets. Surface samples were collected from 12 of these targets and eight have since reported positive for Kimberlitic indicator minerals or microdiamonds. KASAI CRATON INCLUDES SOME OF WORLD'S BEST DIAMOND GROUND The agreement with BHP Billiton to explore for diamonds in the Kasai region of the DRC was signed in August 2004. This area covers part of the Kasai Craton and lies immediately along trend from the rich diamond provinces in Angola and is considered to include some of the most prospective, effectively untested, diamond exploration ground in the world. The proposed exploration programme targets new kimberlite pipes and will employ broadly-spaced surface sampling for kimberlitic indicators to locate prospective areas, followed by airborne geophysics to identify specific kimberlite targets. Dependent upon results, and subject to government approvals, the FALCON(R) system may be deployed for specific target generation in the future. During the 2004 field season, Gravity completed a kimberlitic indicator mineral sampling programme using three helicopter-supported crews over more than 20,000km2 of the tenements of the JV ground in the Kasai Craton. Numerous artisanal workings were encountered, thus confirming the widespread presence of alluvial diamonds in the area. Sample results are expected later this month. An aeromagnetic survey over a 4,900km2 section of the sampled area will be flown shortly to objective of pinpoint magnetic kimberlite targets that could be potential sources of the alluvial diamonds. The company has an exploration budget of US$5-6m for 2005 for an intensive work programme which is already underway. This includes an aeromag survey in the Kasai area of the DRC and follow-up of the result, a ground gravity survey in the Abner Range, with drilling and bulk sampling to follow in mid-year. Gravity has 119m ordinary shares in issue and at the current share price of A$0.76 is capitalised at A$91m (#36m). The company has a strong board of directors, chaired by Bobby Danchin, an experienced diamond explorer and former director of global exploration for Anglo American. Phil Harman spent 34 years with BHP and executive director Nic Limb is a proven business innovator and former managing director of New Hampton Goldfields Ltd. * FALCON(R) was developed at a cost of US$250m. It is a pioneering exploration tool that has been refined by BHP Billiton from technology that was originally created by the US Navy. FALCON(R) enables airborne collection of gravity measurements previously limited to ground deployment and makes it possible to survey much larger areas in a significantly shorter time. Gravity measurement reveals features that have a contrasting density with the surrounding rocks and has particular application to diamond exploration and the search for kimberlite pipes. The FALCON(R) system is deployed in a single engined turbine Cessna aircraft which is also equipped to collect magnetic and other geophysical data. |
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