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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Alpha UK Multi | AUMP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 70.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 70.00 | 70.00 |
| Top Posts |
|---|
Posted at 07/12/2013 10:48 by ydderf Most attention here has been on the NAV picture, but the income side of things is also worth some thought.From six months to June 2013 statement: "Based on the current total portfolio ERV, there is also a potential additional rent of £2.4 million per annum assuming the portfolio becomes fully let and income producing." With current last reported rent being absorbed by projected interest and administrative costs, the effect of this additional rent, if achieved, on a market cap of £6.3m would be quite significant. ...and this from the statement last week: " The Company believes this refinancing will establish the Group on a stable footing to enable the implementation of asset management initiatives. It is hoped this will lead to the commencement of the recovery of shareholder value in the Company." .....suggests that there may be (at least) two ways to skin this cat.... Finally this from Savills World Research on prospects for 2014: ■ Secondary yields, at least on the valuation-based indices, have shown less inward shift over the last three months - only moving in from 10.09% to 10.07%. However, market evidence indicates that the movement has been more substantial, and thus we would suggest that the point has now been reached when the spread between prime and secondary yields is starting to close. ■ 2014 will see an acceleration of this trend with the investment markets moving ahead of the leasing markets. The faster than expected economic recovery will stimulate a recovery in the leasing markets, and this will in turn lead to a decline in investor risk-aversion and an acceptance of the merits of good quality Grade B property across the UK. We also expect to see a rise in interest in development funding, with lower hurdles for pre-letting as confidence in the leasing markets rises. |
Posted at 05/12/2013 17:08 by the troll with Libor @ c 1%, I make the AVERAGE interest rate on the £65m of newly agreed loans ( ie, RBS loan @ c 4% variable, others fixed @ 11 & 15% ) around 8.1% or c. £5.3m pa. they can just about afford it, I think ( & they'll be hedging c 25m ) but you can forget about dividends. PE = Nil, its a pure asset play. I'm astonished they managed to re-finance without an equity participation; discount from NAV still looks particularly steep @ c 64% & I agree, there's upside for patient investors. not sorry I sold into the uncertainty, but a little disappointed at missing the chance to get back in @ 71p. a watching brief from now on. |
Posted at 02/9/2013 17:54 by the troll it also makes you wonder if any investors with the 'clout' to re-finance the debt might be running their slide rules over this; they'd get an attractive discount & forward yield ( even @ say 80 pps, a price the board would have to recommend IMHO ) & could, I'm sure, materially increase eps by eliminating or reducing those investment management fees ( currently running @ c £1.2m or 0.14 pps per annum ); they'd have to come forward before the re-financing terms are announced though ? |
Posted at 11/2/2013 14:35 by toback Just musing here, a thought occurred to me following my posts above.If the BoS has already provided for a some / lot of the debt - an aspiring investor - who might see the upside and want to work with AUMP - may be able to buy the debt off the BoS. Am sure BoS are in the market for such shenanigans. Result BoS get some of their money back straight away and able to write back some of the provisions (more likely offset). AUMP either get a new long term investor or some of the debt written off. A win win all round. Fingers crossed. |
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