Axa Property Share Discussion Threads

[nil desperandum] 25/3/2014 10:48

Yes, but they don't seem to have the calculation correct (for me at least) and the are a bit early according to the timetable!

Redemption Announcement date
21 March 2014
Redemption Date, Redemption Record Date, expiry of OLD ISIN numbers
9 April 2014 (close of business)
New ISINs enabled, CREST Accounts credited
10 April 2014
Payment of proceeds date
11 April 2014

[redhill9] 25/3/2014 09:06

Just noticed that Hargreaves Lansdown processed the 2p per share distribution to my account with effective date of 21 March and all figures appear correct. Efficient as always. On the other hand, Barclays, where I hold most of my APT, have not only not yet processed the cash distribution but they have frozen my entire holding in APT, presumably because their feeble systems can't cope with segregating the shares to be cancelled in the way that HL did so efficiently.

OT, I had a similar (but worse) problem recently with Barclays where I wanted to donate some de minimis value shares using Sharegift and found that not only would it take them "at least 2 weeks" to process the transaction but every stock in my account would be frozen during that period as they couldn't freeze just the stock I wanted to donate. Incredible!

The share price seems to have recovered from it's dip a couple of days ago - I couldn't understand the movement as the Bid seemed to reduce significantly but Offer price has held steady.

[deadly] 20/3/2014 21:41

And still forecasting 54p redemption in one year's time; looking good.

[scburbs] 20/3/2014 15:25

Odd that APT has dropped 2p given the 2p distribution (by way of share redemption) was NAV neutral. I have added a few more.

[redhill9] 02/3/2014 17:07

Doesn't look too bad to me, or at least no worse than we might have guessed. "Prospects" section below copied from the Chairman's Statement, and final sentence seems an attempt to talk-up the share price

The Investment Manager's review of the markets in which the Company operates has identified little sign of discernible improvement, and the implementation of the disposal strategy should be viewed within this context. Nevertheless, having disposed of some of the more challenging properties, those that remain largely have quality income streams, and there is evidence of investment interest. While the two holdings in Northern Italy, a distribution warehouse and a cinema complex, are quality assets, sales prospects are unavoidably affected by the macro environment of that country.

The portfolio is steadily producing income, it is relatively lowly geared, market valuation levels seem to have stabilised and the Manager continues to manage holdings in a way that is enhancing value. In addition with the prospect of the expected share redemption the investment Manager is of the opinion that the share price discount of 31% is unduly significant.

[nk104] 02/3/2014 16:16

The Half Year results have turned up



There's also a redemption worth 2p per share on 19 March



Must admit I was underwhelmed by the results - but at least it hasn't shipped any more NAV over the past 3 months. There's also a rather downbeat tone to the results. I thought Germany was showing signs of a recovery.

[flying pig] 27/2/2014 09:19

Announcement today after EGM - let us hope for a positive update....

[jlo10] 05/2/2014 23:53

After hours RNS
As far as I am aware we never saw the details of the last valuation, just were told that it had decreased

The Board of AXA Property Trust Limited announces that the sale of the asset at Montabaur, Germany has been successfully completed for a price of £ 5.0m (€ 6.0m) which is in line with the latest independent valuation. The £ 1.2m (€ 1.4m) net proceeds after the pay down of related debt and disposal costs will be returned to Shareholders together with other cash reserves in accordance with the proposed redemption mechanism which is subject to Shareholder approval at the forthcoming EGM on 27 February 2014. A further announcement will be made in this respect after that EGM.

[skyship] 18/1/2014 09:23

# CJ - Well done you - I too sold my JPEL on that useful rise.

# Positive market news for APT:

[cousin jack] 16/1/2014 09:32

Skyship

Ref. yr post 412 one of the "useful things" I found was JPEL which came to my notice as a result of your postings. I sold yesterday at a healthy profit and just want to say thanks for flagging it up. As a recently retiree I'm gradually moving a much higher proprtion of investments I make into safer asset based income producing shares and so find your posts very useful in highlighting ideas for further research.

[skyship] 06/1/2014 13:26

CJ - Glad you've found something useful somewhere. I can usually be found on any of the following "general" (rather than stock-specific) threads: CP+, JDT, PE & SL.

Commercial Property thread: CP+

General stock-related discussion thread: JDT

Private Equity thread: PE

Self-liquidating companies thread: SL

[cousin jack] 06/1/2014 09:43

Thanks Skyship. I'd not taken Euro situation into account so will give it some thought.

As a recent retiree seeking more protection in my investments I've found your postings over the last 12 months have thrown up some interesting ideas so many thanks for sharing them.

[skyship] 05/1/2014 08:50

(continuing discussion from the AVR thread)

CJ - observant of you. Actually I decided to sell APT at 39p on a day last month when I was suddenly uber-bearish on the Euro; the Euro promptly rose to new heights! However it is widely forecast to drop back again over coming months as it is only being held up due to Japanese intervention as a side-play to their own QE measures.

So I believe the Euro will provide headwinds for APT in H1'14. I will watch and wait and likely get back in should they drift to 36p.

As for ACD - well, they hedge their currency exposure - yet another good reason to hold as a solid 10%+ earner through 2014.

[skyship] 12/12/2013 10:17

A sudden show of confidence from someone at least!

400k hoovered up at an average of 39.3p

[deadly] 04/12/2013 10:55

ADVFN price chart above seems too low at 39p; quoted prices are 39.25-41p.
I managed to pick up 10k at the close yesterday at 39p.

[garbetklb] 04/12/2013 10:06

The RNS of 29th doesn't appear on APT's website - but nor does the one of 2nd, so maybe they are just hopeless at maintaining their site? But it also is absent from Investegate, although it does appear on the London Stock Exchange website.

Have just spoken to someone in APT (after a long telephone chase to track them down) :
- doesn't know why no longer on Investegate
- should be on APT website, doesn't know why not
- apologised for lack of information in RNS - there should have been more
- intend to provide more info when updating market re disposals - 1 in Germany notarised, 2 should be soon(ish)

But main reduction in NAV down to properties in Netherlands & Italy.

So not a good performance all around from our company.

[zastas] 03/12/2013 12:13

A lot now hinges on EUR/GBP. NAV will considerably be affected by whether 1.10 or 1.30 Euro in say 1 or 2 years. I think both are very plausible.

With 1.10 it would be a NAV of roughly 63 pence, with 1.30 about 40 pence. And that's assuming we will not get further down valuations. Some of this could be masked by early disposals and conversions of Euro proceeds into GBP.

The outcome is as much about currency as property now.

[skyship] 02/12/2013 17:37

Well, that's a very welcome show of confidence:

KG INVESTMENTS FUND LLC increase their holding from 7.107m to 8.019m (8.02%)

Interesting to note that the transaction took place on the 26th - 3 days ahead of that surprise NAV mark-down!

[jlo10] 29/11/2013 20:02

Not the worst RNS I have ever read but up there in my top ten
Hope some further detail comes soon
If it makes 50p by next year then it's still a good deal

[zastas] 29/11/2013 12:52

It seems largely that they have written down the value of property by about 5%. Again, I should add, as the same happened in the 3-months to 30th June. Not good. It seems that the previous value down-valuation was masked by currency movements.

Adding more pessimism to my previous comment.

[stupidboypike] 29/11/2013 11:06

I've read the RNS' a few times and still don't understand. Using their euro/pound values, currency accounted for a 2.4% reduction. However, they are saying that the sterling decrease is 15.4% and the Euro decrease is 4.19%. Even if the real reduction were 4.19% in a quarter (and I'm not at all sure it is), for me the discount to NAV is not wide enough to warrant buying back. I will keep on watch list. If anyone has a better handle on what has happened here I would welcome the input.

edit: Clearly the euro drop is like for like so in other words currency is 2.4%, valuation movements is 4.19% so capital expenditure and disposals must make up 8.81% in a quarter. Glad not to be holding, good luck to all who are.

edit2: Clearly some of the disposals figure went to pay down debt, we can guess maybe half of it leaving the net reduction in sterling NAV around 10%.

Best regards SBP

"In Sterling terms the property valuation decreased by GBP17.37m (15.4%) to GBP95.74m (including the effects of valuation movements, capital expenditure, disposals and foreign exchange movements). On a like-for-like basis the Euro valuation of the property portfolio decreased by EUR5.0m (4.19%) to EUR114.54 million for the quarter. The GBP/EUR foreign exchange rate applied to the Company's Euro investments in its subsidiary companies at 30 September 2013 was 1.196 (30 June 2013: 1.167)."

[nk104] 29/11/2013 10:44

So what's the NAV fall down to? Exchange rate movements?

If it's anything else, then what confidence is there that it won't keep happening quarter after quarter?

[badtime] 29/11/2013 10:42

Can you be confident with the new NAV?

[garbetklb] 29/11/2013 10:42

Hi Skyship
Presume your conversation didn't turn up suggestion that figs in announcement were wrong? Simply that proper explanation was missing?
Interestingly, a search using APT ticker on Investegate, doesn't show up this morning's announcement..... And can't see it on a quick scan through of this morning's announcements although it was definitely there before!
Garbetklb

[skyship] 29/11/2013 10:12

Strewth - just sent an email to the Company; now I see that true enough there is further info arriving - perhaps more to follow - PR Company screw-up!