Axa Property Share Discussion Threads

[badtime] 12/11/2015 13:57

Quite a few sell trades today compared to most days

[redhill9] 23/10/2015 09:23

Yes, just been reading through and that point jumps out. Also that all the other remaining properties apart from Rothenberg have been actively marketed during the year, and that The Investment Managers believes good prices can be obtained for the remaining six properties, with no need for “forced sale”.

NAV at 30 June was 57.61p but the euro has strengthened a little since then plus there has been decent underlying operating profit, so there must be some scope for this NAV figure to rise.

A strong hold in my opinion.

[eeza] 23/10/2015 08:54

From the accounts

"The sale of Fuerth was notarised on the 29 September 2015."

34.8% of portfolio.

[badtime] 30/9/2015 17:14

Added a few more at 49.5

[stupidboypike] 14/9/2015 10:29

Thanks, I think I left when the management were less than transparent with something - I hate that. The chart certainly shows that patience can pay. Best regards SBP

[skyship] 12/9/2015 12:58

sbp - yes, stupidly ducked out ages ago; and only recently returned with a small allocation at 48.5p.

Don't know really why I didn't hold these past two years, especially as I spent quite a lot of time researching all the properties - using street shots from google in most cases...

[badtime] 11/9/2015 17:42

Sky only returned recently

[stupidboypike] 11/9/2015 08:19

SKYSHIP, you still in here? Looks like it has been a winner, unfortunately I abandoned ship quite a while ago. Best regards SBP

[scburbs] 28/8/2015 15:37

Great quarter, although not sure how they can book such a large revaluation gain in a single quarter with no narrative at all!

[badtime] 28/8/2015 14:12

Sp at last responding ..took a bite first thing

[deadly] 28/8/2015 10:34

Nice statement today:
57.73p looking good and on track for end of year.

* The Company's unaudited Consolidated Net Asset Value at 30 June 2015 was GBP
49.46 million (57.73 pence per share), an increase of GBP1.87 million (4.17
pence per share) since 31 March 2015 when the Consolidated Net Asset Value
was GBP47.60 million (53.56 pence per share);

* The Company and its subsidiaries made a profit after tax of GBP8.03 million
(9.37 pence per share) in the twelve month period to 30 June 2015;

MANAGED WIND-DOWN STATUS

* The Company continues to progress the managed wind-down of its portfolio
with a view to realising its investments by December 2015 in a manner that
achieves a balance between maximising the value from the Company's
investments and making timely returns of capital to shareholders.

* Year end 2015 remains the target for the completion of all sales, however
at present it is considered that the completion of the sale of certain
assets may not occur until early 2016.

[southwestman] 16/7/2015 19:57

hi so if ibuy tomorrow will my shares count for redemption ???

[nk104] 16/7/2015 14:52

Just spotted it today. Good news.

[redhill9] 13/7/2015 11:00

I’ve only just noticed this, another cracking redemption announcement from APT. Announcement of redemption effective 20 July of 11.36% of issued shares at NAV of 53.44p, making this the fifth (and largest) such redemption since March last year.

AXA PROPERTY TRUST LIMITED
(a closed-ended company incorporated with limited liability under the laws of
Guernsey with registered number 43007)
6 July 2015
REDEMPTION ANNOUNCEMENT
Further to the passing of the Special Resolution by the requisite majority at
the Extraordinary General Meeting held on 27 February 2014 and the powers
therein granted to the Board, the Company will return approximately GBP5.2
million to Shareholders, equivalent to approximately 6.06 pence per Share, on
20 July 2015 (the "Redemption Date") by way of a redemption of a proportion of
all Shareholders' holdings of Shares (the "Redemption").
Words and expressions that were defined in the Circular posted to shareholders
on 4 February 2014 (the "Circular") shall have the same meaning where they are
used in this announcement, except where the context requires otherwise.

The Redemption Price per Share shall be 53.44 pence (by reference to the NAV
per Share as at 31 March 2015 and after deducting the GBP1.8 million of
distributed proceeds following the partial redemption dated 14 May 2015 as well
as deferred tax as recognised under IFRS and the Group's accounting policies
and costs and expenses in relation to this partial redemption) and the
aggregate amount to be distributed to Shareholders pursuant to the Redemption
will be approximately GBP5.2 million. The Redemption will be effected pro rata to
holdings of Shares on the register at the close of business on the Redemption
Date. Around 11.36% of the Company's issued share capital will be redeemed on
the Redemption Date (that is approximately 11.36 Shares for every 100 Shares
held (the "Relevant Percentage")). Fractions of Shares will not be redeemed and
so the number of Shares to be redeemed for each Shareholder will be rounded
down to the nearest whole number of Shares.

As a result of the Company's disposal programme as described in the Circular,
the Company currently has approximately GBP5.2 million in unallocated cash. The
sales that have been recently achieved, and are in hand, position the Company
to deal with the remainder of the portfolio in an orderly fashion, making this
an appropriate time to distribute to Shareholders the unallocated cash. The
costs and expenses of this Redemption are estimated not to exceed GBP7,500,
equivalent to approximately 0.08 pence per Share being redeemed.

The Company currently has 85,684,658 Shares in issue of which none are held in
treasury. All of the Shares redeemed on the Redemption Date will be cancelled.
A further announcement will be released following the Redemption Date to
confirm the new number of Shares in issue.

The Shares will be disabled in CREST on the Redemption Date and the existing
ISIN, GG00BX8ZSL46 (the "Old ISIN"), will expire. A new ISIN, GG00BZ21Q295, in
respect of the remaining Shares which have not been redeemed (the "New ISIN")
will be enabled and available for transactions from and including the first
Business Day following the Redemption Date. Up to and including the Redemption
Date, Shares will be traded under the Old ISIN and as such, a purchaser of such
Shares will have a market claim for a proportion of the redemption proceeds.
CREST will automatically transfer any open transactions as at the Redemption
Date (which is the record date for the purposes of the Redemption) to the New
ISIN.

Payments of redemption proceeds are expected to be effected either through
CREST (in the case of Shares held in uncertificated form) or by cheque (in the
case of Shares held in certificated form) within 8 Business Days of the
Redemption Date. Shareholders will be paid their redemption proceeds in
Sterling.

EXPECTED TIMETABLE
Redemption Announcement date 3 July 2015
Redemption Date, Redemption Record Date, 20 July 2015 (close of business)
expiry of Old ISIN
New ISIN enabled, CREST Accounts credited 21 July 2015
Payment of proceeds date 30 July 2015
END

[nk104] 16/6/2015 16:12

Clicked up to 46p. General noise or anything going on?

[nk104] 28/5/2015 00:36

The distribution strategy is working well. Must admit I only skimmed through as I am not planning to do anything.

It will be interesting to see the price they get for the two German properties close to sale. My worries are more about the Italian property. I would rather wait a little than get fire sale prices.

[redhill9] 27/5/2015 18:49

NK104, the slide in the NAV will of course mainly have been due to euro exchange movement, in fact without the weakening euro the NAV would have increased.

Regarding: The IMS says the company is seeking to realise its investments by December 2015

Well if they realise full 31/03/15 NAV of 53.56p by 31/12/15 that's an uplift of almost 22% from the current bid price, which equates to an annualised return of 37% (though I'd expect exchange rate movement will have reduced the NAV further since 31/03, and no doubt there will be a timelag after 31/12/15 before cash distribution).

Even so, sounds too good to be true but APT have been on the ball so far with 4 distributions in 14 months.

Redhill

[nk104] 27/5/2015 17:44

Money received from partial redemption. Yay - I like this bit!

[nk104] 27/5/2015 11:06

New IMS is out.



QUARTERLY RESULTS

- The Company's unaudited Consolidated Net Asset Value at 31 March 2015 was £47.60 million (31 December 2014: £50.25 million)

- The unaudited Net Asset Value per share at 31 March 2015 was 53.56 pence (31 December 2014: 56.55 pence per share)

- The Company made a net profit after tax of £3.41 million in the nine month period to 31 March 2015.


The IMS says the company is seeking to realise its investments by December 2015, which I can't see at the current rate of progress. I hold but am worried about the slide in NAV.

[redhill9] 05/5/2015 14:14

Announcement last week of another redemption at NAV:



The RNS includes the following:

........the Company will return approximately GBP1.8 million to Shareholders, equivalent to approximately 2.02 pence per Share, on 14 May 2015 (the "Redemption Date") by way of a redemption of a proportion of all Shareholders' holdings of Shares (the "Redemption").

and

The Redemption Price per Share shall be 56.55 pence (by reference to the NAV per Share as at 31 December 2014 which is after deducting deferred tax as recognised under IFRS and the Group's accounting policies and costs and expenses in relation to the partial redemption).

APT continuing to deliver with this fourth redemption at NAV in 14 months. I'm still happy to hold.

Redhill

[redhill9] 02/3/2015 14:51

Progress on disposals going slower than previously indicated (always the case with liquidation situations, it seems) but encouraging noises about German values and anticipated imminent disposal.

Good to see Expenses, both investment and operational, down significantly and underlying activities (i.e. excluding property revaluation profits) seem to be profitable while disposals are progressing.

Further cash distribution anticipated by early summer.

Happy to continue holding

Redhill

[garbetklb] 02/3/2015 13:15

RNS this morning - NAV @ 31/12/14 56.55p. Simply allowing for the weakening of the Euro since year end gives a current NAV around 52.5p.
But I don't know enough to appreciate if this thrws up other calculation issues?
Garbetklb

[courant] 27/2/2015 10:23

I've sold out here, I don't think the risk/reward makes sense any more with the falls in the EUR and potential for more trouble ahead.