Share Name Share Symbol Market Type Share ISIN Share Description
Axa Property LSE:APT London Ordinary Share GG00BD5J7902 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 63.375p 63.00p 64.25p - - - 54,821.00 13:53:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 0.0 1.6 2.1 30.5 36.49

Axa Property Share Discussion Threads

Showing 601 to 623 of 625 messages
Chat Pages: 25  24  23  22  21  20  19  18  17  16  15  14  Older
DateSubjectAuthorDiscuss
07/12/2016
11:27
Yes, and note this part: Completion is expected at the end of January 2017. Following the receipt of funds net sales proceeds, together with surplus cash reserves, will be returned to shareholders as soon as practicable. Edited: Rothenburg represents a lower proportion of the property element of the NAV than the property at Curno in Italy (I reckon ratio of c.46% to 54%) so adding in surplus cash that should mean something in excess of 50% of the NAV returned sometime from mid-February onwards. Apologies, first version had ratios reversed.
redhill9
07/12/2016
10:06
Rothenburg is sold at 1.7 per cent below NAV. 22.02 million Euros.
nk104
30/11/2016
13:16
Quarterly results are out: QUARTERLY RESULTS Net Asset Value (“NAV”) as at 30 September 2016 was 71.40 pence per share, an increase of 6.3% compared to the prior quarter (30 June 2016: 67.20 pence per share). In the three months to 30 September 2016, the Group made a net profit after tax of £0.43m. The closing share price was 56.63 pence per share at 30 September 2016. Compared to the Net Asset Value per share at 30 September 2016, this represents a discount of 14.77 pence (-20.7%). MANAGED WIND-DOWN STATUS The disposal strategy continues with the marketing of the Trust’s remaining assets. Post-quarter the Company, together with its joint venture partner, completed the sale of the property at Agnadello, Italy. The sales price of €23.2 million (at joint-venture level) reflects a discount of 1.3% below the asset’s independent valuation as at 30 September 2016. At Rothenburg, marketing continued and second-round bids were received during the quarter. A preferred bidder was selected and exclusivity was granted for the bidder to complete detailed due diligence. Post-quarter negotiations are being finalised with the aim of contracting for a sale by the end of December 2016, in which case completion is expected in early 2017. The remaining asset at Curno remains available for sale but interest has been limited despite the asset’s resilient cashflow.
nk104
28/11/2016
10:49
Any chance of the Italian referendum being a fly in the ointment. I'm working on the assumption that the referendum will be lost and that Renzi will resign.
nk104
07/11/2016
16:40
7 November 2016 AXA Property Trust Limited Update on Asset Disposals The Board of AXA Property Trust Limited is pleased to announce that the Company, together with its joint venture partner, has entered into a binding contract for the sale of the property at Agnadello, Italy. The sales price reflects a discount of 1.3% below the asset's independent valuation as at 30 September 2016. Completion is due by 30 November 2016 and net sales proceeds will be used to pay down the Company's outstanding debt Facility with Crédit Agricole CIB. Following the sale of Agnadello, the Company will own two remaining assets, located in Germany and Italy respectively. Further updates on the sales programme will be provided in due course.
davebowler
07/11/2016
16:40
Yes. good news on progress. They say price was 1.3% below the 30/9 valuation but we don't know what that was as last published figure was for 30/6. However assuming there wasn't much difference I reckon proceeds should have been c.£10.9m with c.£10.0m of that used to fully repay outstanding debt leaving c. £0.9m increase in Cash with no debt remaining. Rothenburg the next step with comments in the Annual Report seeming to suggest a sale at a higher value than the last published NAV. That sale should also trigger a further share redemption.
redhill9
07/11/2016
16:38
Discount of 1.3 per cent, I'll take that.
nk104
07/11/2016
16:22
Good news, probably was leaked earlier to explain the recent moves: .....has entered into a binding contract for the sale of the property at Agnadello, Italy. The sales price reflects a discount of 1.3% below the asset's independent valuation as at 30 September 2016. Completion is due by 30 November 2016. The Company will own two remaining assets, located in Germany and Italy respectively.
deadly
01/11/2016
18:04
Hi onwego, For my quick calculation I approached it from the perspective of what the NAV should have become now after allowing for the 8.3% exchange movement, I then applied that to the respective remaining assets and liabilities after the Dasing sale. I've now had time to do it in more detail and realise I hadn't allowed for the amount of loans repaid after cash from the Dasing sale so although my net position is unchanged the proportion of cash available after the two current sales is higher than I suggested. My workings as follows: As a control figure, the NAV of £38.694m at 30 June becomes £41.906m on 31 October after exchange revaluation by 8.3%. Shares in Issue are 57,577,470 which give NAV per share of 67.2p at 30 June and 72.8p at 31 October (as per my previous post). My Summarised Balance sheet at 31 October: Properties Under Offer (Rothenburg & Agnello) £31.2m Cash £10.1m Less: Loans (estimate after Dasing reduction) £10.0m = Cash Available £31.3m Add: Property unsold (Curno) £13.3m Less: Net Debtors/Creditors/Provisions £ 2.7m = Net Assets £41.9m Cash available of £31.3m, assuming sales of Rothenburg and Agnello complete and loans fully repaid , represents almost 75% of NAV. Retaining £6m cash would still enable a distribution of 60% of NAV on completion of Rothenburg & Agnello sales, say within several months. Note my figures ignore any variation in property values since 30 June, e.g. APT seem to be suggesting that Rothenburg value has significantly increased after the year end of 30 June. As davebowler says, there is a currency risk but personally I'm not betting on Sterling strengthening significantly against the Euro in the short term.
redhill9
01/11/2016
15:23
Hi Redhill, I pretty much agree with your figures, but are you including Dasing in your calculation? Here’s my thumbnail GBP balance sheet for end of June (pre 8% fx move): Roth 18.5 mio Curno Cinema 12.3 mio Bergamina JV 9.8 mio Dasing (sold) 6.2 mio Other items -2.0 mio Cash 9.0 mio Debt -15.0 mio TOTAL 38.8 mio
onwego
01/11/2016
14:25
Foreign currency risk sensitivity The following table demonstrates the sensitivity to potential fluctuations in the Euro exchange rate (ceteris paribus) of the Group’s equity. Increase/decrease Effect on equity in Euro and income exchange rate £000s At 30 June 2016 +5% 333 -5% (333)
davebowler
31/10/2016
18:05
Some quick thoughts: Reported NAV at 30 June was 67.2p. Adjusting that for exchange movement to 31 October the NAV becomes c. 72.75p, a discount of c.11.5%. There are two of the three remaining properties currently under offer representing (I calculate) c.70% of the property values, so c.£32.6m. Deducting Borrowings of £15.0m leaves £17.2m net cash expected to be generated by current sales and loan repayments. There is also £8.8m of cash held at 30 June (with current debtors and creditors more or less equal) so that suggests cash of c£26.0m could be available for distribution within a few months. The directors will want to hold some back, but if they distributed, say, £20m that would represent a redemption of c.49% of shares in issue at, presumably, a NAV of c72.75p (all other things, principally exchange rate, being equal). That would leave a residue of assets of c£20.5m of which about 30% would be cash and debtors/creditors and the remainder the value of Curno which may not be sold until we are well into 2017. Also, the results included this comment about Rothenburg: ......after the year end, a new under lease agreement was concluded at the shopping centre at Rothenburg Bavaria, which has significantly increased the asset’s value and saleability which suggests it is being sold at more than the value used for the 30 June NAV calculations. Overall APT still looks good to me with potential for half the shares being redeemed within 3-4 months at potentially c.11% above current Bid price and the remainder similarly redeemed in (say) 9 months.
redhill9
31/10/2016
15:37
At least it's useful to know there's progress on two of the three assets.
nk104
31/10/2016
15:08
Annual Report published. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/APT/13018633.html "Terms have been agreed for the sales of two of the Company’s three remaining assets, Rothenburg and the 50% stake in the distribution warehouse in Agnadello Italy"
onwego
25/10/2016
18:39
hard cheese !
par555
19/10/2016
14:47
Price above 60p - partly an artefact of the rise in the Euro, but is there some hope brewing that the endgame may be nigh.
nk104
13/10/2016
11:29
@davebowler - Further updates in RNS' of 05/07/16 and 26/08/16 5 July 2016 Extension of the Company's Debt Facility [to 31 December 2016] 26 August 2016 Completion of Sale at Dasing, Germany [sales proceeds used to pay down the Company's outstanding debt. Further updates in respect of the sales of the Company's remaining three assets will be provided in due course.] Would expect sales update with 30 Sept NAV announcement before end-Nov
culver
13/10/2016
11:22
The extension of the loan facility to only December 2016 seemed perhaps to suggest that APT were confident of selling the remaining properties within that timescale. If the Italian properties were being marketed in June and the German property being prepared for sale at that same time then we might have hoped to have heard something by now, four months later. Personally I'd be happy for them to take a quick sale at below NAV and get the proceeds distributed a.s.a.p.
redhill9
13/10/2016
10:26
I wonder how they are getting on since this- 16 June 2016 AXA Property Trust Limited Update on Asset Disposals and the Company’s Debt Facility The Board of AXA Property Trust Limited is pleased to announce that the Company has contracted for the sale of the property at Dasing, Germany at a sales price in line with valuation. Completion is due in August 2016. Sales proceeds after disposal costs will be used to continue to pay down the Company’s outstanding debt facility. Following the sale of Dasing the Company’s remaining assets will comprise a retail investment in Germany, a logistics property close to Milan and a cinema close to Bergamo. Both Italian assets are being marketed, whilst asset management initiatives to prepare the German asset for sale are being finalised. The Manager remains focussed on delivering disposals of the remaining assets in a timely manner and updates on further sales will be provided as they are agreed under contract. The Company is in advanced discussions with its lender, CACIB, to provide a short term extension to its debt facility with effect from 1st July 2016 and will issue a further announcement once this has concluded
davebowler
07/10/2016
09:31
langland, I'm in the same position - I have my maximum 10% allocation so won't add but equally I have no intention of selling. I can't see APT existing in, say, 12 months time (quite possibly less) and even if the return is somewhat less than the current NAV it's still potentially very attractive. For example, reducing the NAV by 10% for distribution would still suggest an uplift of Bid share price of almost 17% on a 12 month view. Worth remembering too that the Sterling/Euro exchange rate is being forecast to get worse, which would further benefit the NAV.
redhill9
07/10/2016
08:47
redhill, I tend to agree but am prepared to sit this out to the end. I already have enough so won't add here.
langland
07/10/2016
08:43
langland, agreed, I have it at 73p (as you say, all other things being equal). Market seems to be pessimistic about prospects for residual sales. Current Bid share price of 56p suggests a discount of c.25% which surely is way too high considering how few properties remain and APT's track record.
redhill9
07/10/2016
07:14
Based on current fx (and all other things being equal) NAV should be around 72/3.
langland
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