Alpha Real Share Discussion Threads

[bscuit] 11/2/2024 20:08

I am puzzled. ST tipped ARTL in Friday’s IC, but when I read his article and note no comment here, I wonder why no comment here. Are we talking about the same ompany?

[davebowler] 20/3/2023 09:45

Sorry Andy -I sold out before this question.

[m_kerr] 21/12/2022 17:13

must surely be time to wind up this trust - around 86% of shares held by alpha real capital and concert parties. not much use charging hefty fees on a tiny sliver of shares owned by outsiders.

[andy246] 12/8/2022 12:19

Davebowler,
The dividend re-investment plan is a pretty good deal. Do you participate or do you take dividend in cash?

[davebowler] 20/7/2022 09:07

RNS .....This will result in the issue of 371,175 new ordinary shares (approximately 0.6% of the current issued share capital). These shares will be issued at a price of 133.5 pence each

[cerrito] 17/7/2022 22:46

Just checked that the cash proceeds of all my holding have come in. As I bought in 2016 I cannot complain too much at the exit price. PA is right to say that they were on the bsll say 4 years ago.
I would be interested to hear from anyone who decided to stay the course and their rationale for that.
In theory I will follow them but doubt if I will organize myself to do that.

[pavey ark] 14/7/2022 15:23

The 2014-15 to 2020 was the time I was invested...certainly not before 2014.

During this tine they moved in a very agile way from things like house ground rent to student accommodation and data centres....the deals were big and the cash flowed in.....then they stopped.

Bought a few in the 2020 downturn at c.150p and when I set up my new spreadsheet (5/11/2019) they were 185p

As I said , very good (actively managed) return 2015-2020 then nothing so very glad to be out.

[andy246] 14/7/2022 14:52

ARTL listed in Dec-2006 at 100p per share, vs 175p of the recent buyback.
So that's a 3.6% annualized return.
But the share price did bottom out at around 20p in 2009, so investor returns could be much higher.

[pavey ark] 14/7/2022 14:20

So very happy to be shot of this lot.

If I had got 60-70% away I would have sold the remainder at almost any price.

I really don't know the legal position but It is time for them to just buy the rest and have done with it.

I was looking at the long term chart and my first purchase a number of years ago...they were very good at what they did... for a number of years... but not now !!

[andy246] 14/7/2022 12:12

I'm happy to see 100% of my tendered shares were accepted.
I'm surprised so few independent shareholders tendered their shares.
I'm confident you can buy back the shares below 175p over the next few weeks. Over the next few days people will remember that ARTL has low income, high fees, & unfriendly managers. The share price should drop back down to the 130-160 range (first trade today was at 155p)

[poacher45] 14/7/2022 10:35

Success all shares tendered will be paid out in full. Only disappointment is that the managers will earn more fees.

[poacher45] 29/6/2022 21:36

Well done everybody who moaned about the lack of investment by artl over the last couple of years and the poor choice of loans. I think they should have offered 185p in view of the Indian money repatriation and obviously property values have started to go back up over the last year. It would be nice if they accepted all shares that are tendered perhaps with the major shareholders buying the balance of any shares over tendered. However one never knows perhaps a lot of holders are happy with the situation and all tendered shares will still be paid out.

[cerrito] 29/6/2022 19:27

To be honest today was the type of day when I wanted any good news going and as a holder this is good news.
My reading is the following
The 80% of shares held by the concert party will not be tendered.
80% of the remaining shares will be tendered ie 16% of the total shares. There will be some who want to stick around, are asleep at the wheel or where mistakes are made.
Given the leisurely way they have done buy backs over the last year they had ample power to increase the tender offer but chose not to do so.
I will be tendering all my shares and so should expect to get under the above scenario 62.5% of my shares accepted at 175p.
Post tender the share price will drop back to 140/150p and one does not want to think about the bid/offered spread. The company would continue to buy back shares in the market place but given past form purchases would not be significant.
Is that how you folk see it???

[hugepants] 29/6/2022 17:23

ok go ahead

[skyship] 29/6/2022 16:36

HugePants

BMO REIT (BREI) is changing its name to CT Property - possibly tomorrow.

Do you want to start a new thread? I'll do so if not.

[hugepants] 29/6/2022 15:37

OK relatively speaking. It's still at a 19% discount and is obviously a great deal for the big shareholders who no doubt won't tender.

[hugepants] 29/6/2022 11:14

Tremendous

[jt35] 29/6/2022 10:58

Not the most generous tender offer but certainly appreciated I suspect by most. Given the small free float I'll take 175p and run

[skyship] 20/6/2022 06:57

Simon Thompson seems to have a blind-spot about corporate governance. He was constantly tipping CIP where the investment managers had the old fashioned hedge fund remuneration of 2%/20%. CIP held plenty of cash, but was recently bought out in a general offer at a 29% discount!

ARIX too a Simon Thompson favourite in spite of appallingly inept management.

[hugepants] 19/6/2022 17:36

Well its basically real estate assets and a pile of cash so it should outperform in this environment. The discount is 35% but excluding the large cash pile it's actually a lot more. They should do a tender offer like they have before. It's a bit of no brainer to do anything else when the shares are this low. The last one was at 15% discount so that would be about 185p

[pavey ark] 15/6/2022 10:04

Simon Thompson is , like ARTL, simply reflecting on previous good (very good) performance here.

If all they are doing is buying shares in other property companies (compounding charges to us) and now buying hotels ??..... we as shareholders would be better off buying property REITs.

There are any number of REITs trading at substantial discount with double the yield and less than HALF the management charges.(almost a third in many cases)

When they cashed in their big projects and said they would invest in short term, high interest (secure??) real estate loans I though this would be an interesting addition to my income portfolio......little has happened on this front and all they have done is collect a massive 2% on shareholder's cash......almost theft !!

I have reduced my holding but hold some for the promised changes.... but not for much longer.

[stagvalley] 14/6/2022 09:22

I do quite like shares at a good discount where more than half the share price is covered by cash on the balance sheet. I have three: Alpha Real Trust, Aquilla Energy Efficiency Trust and Arix Bioscience. Arix was a Simon Thompson buy last month.

[stagvalley] 14/6/2022 09:20

Simon Thompson of the IC still likes the share due to its deep value. He writes "Strip out Alpha’s £11mn (18p a share) listed equity portfolio and proforma net cash of £49.7mn (80.5p a share) from its 143p share price and effectively the property loan portfolio, Madrid, Hamburg and Lowestoft properties are in the price for 44.5p, or 61 per cent below their combined valuation of 116p.

For a company that has increased NAV per share by 75 per cent since I initiated coverage ('High-yield property play', 10 February 2016), returned surplus gains from disposals through attractively priced tender offers, and has a progressive dividend policy, the 34 per cent share price discount to book value is unwarranted. Alpha also offers inflation protection through index-linked income and scope for capital gains, too. Buy."

This was from IC dated yesterday but received this morning.

[jt35] 13/6/2022 17:43

Since the majority of the company is insider owned and the board is effectively all insiders as well there is very little that can be done , I wonder with investment companies if there is any way to get a board ousted when there is a clear dereliction of duty as is the case here where the manager is proving to be unfit for purpose and yet gets the mandate renewed on very generous terms.