Assura Share Discussion Threads

[badtime] 27/9/2015 22:12

Topvest..still looking to sell tomorrow?

[bscuit] 27/9/2015 11:03

David is right that those interested in the benefits of a VCP should be disqualified from voting shares in which they have a beneficial interest or over which they have proxy.

[topvest] 27/9/2015 08:47

Value Creation Plans need a new name..."Value Destruction Plans" would be my suggested name for these new plans that are excessively greedy!

[davidosh] 26/9/2015 13:42

They held an EGM in 2013 to approve the VCP



There was a very large and significant vote against the VCP but the chairman had discretion over enough of the shareholdings in nominee accounts etc to push it through. There were 23m shares abstained so if this had been looked at more closely then it would not have passed through as 75% would have been needed. One could argue that directors and related parties cannot possibly be entitled to vote on their own remuneration



I also find this rather disturbing that such a plan was created so soooooon after an emergency rights issue that was required to keep the company on course having been derailed due to the SWAPS debacle. Investors who were involved before then potentially lost money on their investment and then directors create a scheme to take a big percentage of the recovery situation !!

[zeppo] 26/9/2015 10:45

Ate there share price performance targets?

z

[bscuit] 26/9/2015 10:05

Thanks. Source document?

[hyperboreus] 26/9/2015 07:15

Information is out there Bscuit:

5.5 VCP DILUTION

 Five year scheme to align incentives for staff and management with long‐term
shareholder performance
 Participants receive 10% of total shareholder return over 8% compound hurdle rate
subject to overall cap of 25 million shares (which represents 2.5% of total issued share
capital)
 Scheme runs from 2012 – 2017
 First measurement point in 2015 estimates 24.4 million shares would vest over the 5
year period of which 20.7 million would be new dilutive shares and 3.7 million would be
released by the Employee Benefit Trust
 50% of awarded shares held over to future periods subject to future performance

[bscuit] 26/9/2015 00:39

Definitely a poor move from a serious company. I have looked back at the Company Information Memorandum of disclosable documentation and can find no trace of the VCP. My understanding is that a main market company MUST put such through a General Meeting. This type of problem recently occurred with Vislink. I am initiating further enquiries about this and the 20% mysterious rise in the price from 53 to 63 immediately prior to the Open Offer. Very puzzled!

[topvest] 25/9/2015 19:18

A rather dodgy RNS at 5.50pm on a Friday. Hadn't realised this company had a Value Creation Plan - these plans have to be the most greedy of share plans around. What an enormous award of shares. Surely they are paid enough as it is? Obviously management think another £10m or so is acceptable. I don't. Might look a bit closer at this now and reassess my position. They know this is self serving so I think it's very poor of them to put this out to try and bury it on a Friday night!

[old crow] 25/9/2015 11:03

Forget what Goldman Sachs reckon 200p for SAGA
the Crows think could be a small profit to be made from current price this coming Wednesday
Cheers all on AGR

[shauney2] 24/9/2015 16:41

No you didn't do right old crow.You could have got them at 53p;-)

It would have been nice to have sold yesterday but hindsight is a wonderful thing.
Not too fussed though as i have had these for a while in my income pot.

Looking forward to see who or what they acquire with the proceeds after lowering the debt levels.

[bench2] 24/9/2015 13:08

Groundhog Day... AGR tapped shareholders on the same day last year ... 1 for 4 @ 43.5p . Which partially explains the big fall . Is there too much share issuance from from this sub group of REITS ? The rocket like rise in the shares to reach 63p in 3 weeks looks suspicious . Was it ramped to help the rights pricing ???

[stupidboypike] 24/9/2015 10:50

old crow, nice one. Every instinct told me to sell some yesterday, I really don't know why I didn't. Well done you. Best regards SBP

[old crow] 24/9/2015 10:33

Bscuit

What you reckon, yesterday the Crows sold entire holding over 200k AGR
just under 63p and today bought them all back at around 54.5 p
Did I do right.

[topvest] 24/9/2015 10:31

Yes, good news medium term. I will take up the open offer.

[aa29] 24/9/2015 09:54

SBP, I don't disagree with your overall view (another one here who almost sold some yesterday!!).

[stupidboypike] 24/9/2015 09:35

"As long as you don't realise how much of your previous investment value has been switched to institutions by the deep discount on the offer."

They have paid well above NAV. Share prices go up and go down. Yesterday we were artificially high in my opinion, in fact I very nearly sold a few! However, long term this is great. AGR are a core hold for me, paying a covered, secure and effectively index linked income. Wish I had another 5 like this.

Best regards SBP

[wirralowl] 24/9/2015 09:33

Agreed goliard, think its a smart move too. A little short-term pain, but you only have to look what happened to the share price after the last fundraising to realise its no bad thing longer term.

The increased dividend is most welcome and the increased rent roll resulting from their new developments will support their intention for a progressive dividend going forward. As you say, lowering the debt and LTV ratios leaves the company better prepared for the likely interest rate rises to come too.

[aa29] 24/9/2015 09:27

That is a real boost zeppo. As long as you don't realise how much of your previous investment value has been switched to institutions by the deep discount on the offer.

[zeppo] 24/9/2015 09:20

Immediate participation in the divi.

Looks good to me!!!

z

[goliard] 24/9/2015 08:32

Very clever long term move.

Investors are chasing safe yield. Why pay the bank interest when shareholders can take it as yield instead? Also protects against any increased borrowing costs as interest rates rise.

Only bad for short term holders and the board cares much less about them.

[muffster] 24/9/2015 08:13

Massive open offer, very long term hold I think now.

[muffster] 24/9/2015 08:12

Don't like it.