Great Portland Estates Share Discussion Threads

[nil pd] 21/6/2006 14:00

I've come to the conclusion that share buy-backs are cosmetic. They cannot by definition have much of an impact on the sp, due to the small percentage that's allowed to be bought back and the shares must be cancelled, rather than held in "treasury", otherwise they can potentially be re-issued later.

BP has been buying back shares in a massive buy-back program every day for over a year and it has had no impact on the share price, which has dropped.

It would be far better to raise dividends or invest the money in the company's core activities. What makes a share price rise is good performance in the company's business.

[cimbom] 20/6/2006 14:18

Good article just out.The site is free to register and read.

www.proactiveinvestors.co.uk

GPE: Share buy back programme ongoing.
By William Foss

Yes, an investment trust. Why not?

Investors spend a monumental amount of time blabbing on about 10 baggers in the oil sector, but have you looked at the charts of some investment trusts lately? You should. There is nothing disgraceful about the performance some of these trusts put in over the medium-long term. Value investors have the advantage of a regular dividend, and in the case of Graphite Enterprise (GPE), an ongoing share buy back programme.

When I say ongoing, I really mean it to. GPE started buying back shares over 2 years ago, and still is!

[nil pd] 22/5/2006 12:30

Well, the directors clearly think the shares are priced low at present:

RNS Number:3095D
Graphite Enterprise Trust PLC
22 May 2006





The Board of Graphite Enterprise Trust PLC announces that it has bought back
some of its own shares. The details are set out below:





Date of purchase: 19 May 2006



Number of shares purchased: 500,000



Highest and lowest price paid per share (excluding expenses): 355.9425p



Shares in issue following this buy-back will be: 84,375,000



Name and telephone number of contact for queries:



Martin Crayton - 020 7825 5300



Name of authorised company official responsible for making this announcement:



Martin Crayton, for and behalf of Graphite Capital Management LLP, Secretary



Date of notification: 22 May 2006








This information is provided by RNS
The company news service from the London Stock Exchange
END

[nil pd] 13/4/2006 09:22

Agreed golthorpe - thedaidai please keep in touch if you have the time.

I sold a small fraction the other day too. Only because I needed it elsewhere and the share price looks to be flattening for a while. We still maintain a good holding.

[goldthorpe] 12/4/2006 07:36

thedaidai,
I have 2/3 of my holding in F&C Pension and the rest is in self-select PEPs and ISAs. Agreed, the lack of flexibiliy with F&C is annoying.
Sounds like all your GPE is gone. I hope you keep in touch here. I, and I think the others, have appreciated your input.

[thedaidai] 11/4/2006 16:55

I have sold all my stake now which was held in a PEP account and transferred cash value to another provider.

F&C were the PEP plan manager but wouldn't allow me to transfer my shares across - they insisted I had to cash them in. I now intend to buy a third of them back, hopefully for about the same as I got from the sale (369.5p)

I got a bit peed off with F&C. I repeatedly tried to sign up to manage my holding electronically so I could sell a bit off after any surges in price but they kept telling me they had sent me out a username and password when they hadn't - so I'm gonna save myself the annual fee by transferring to my ISA manager who don't charge any extra for managing the PEP and allow me access to a much wider range of stocks

I still think GPE will be a steady performer - but I'm looking to diversify the two thirds of an overweight holding into a few hopefully higher risk high reward opportunities

[nil pd] 11/4/2006 11:48

goldthorpe:

are you on-line now? If so I will post my email and we can discuss meeting.

Look forward to your reply.

[goldthorpe] 11/4/2006 10:24

Nil Pd: Will open a GPE+Macclesfield Pubs thread so we don't annoy others :-)

abeetle2,thedaidai: Back of envelope calcs give roughly:

Funds: 25% of NAV,
Direct investments: 26%,
FTSE Option: 6%,
Cash or near cash: 43%.

This ignores commitments to funds which is most of cash. So, it's true that there's a lot either in funds or committed to funds. You must note, however, that they do have a major role in some of the larger funds (Graphite Capital Partners for example, and Lion Capital that bought Wagamama). I suppose it's just that GPE is too small in itself to buy larger companies; so they must join with others.

I'm staying there for the moment. I think they are a canny and cautious team: read the Outlook section in the 2005 interim report. As I posted last year, I have an acquaintance (connection with Crag Inn, Nil Pd!) who did due diligence for a Graphite purchase a few years ago. He is a sharp cookie and was very impressed with the Graphite Capital team.

[thedaidai] 04/4/2006 21:16

abeetle2
Agreed. I'm selling two thirds of my holding as I feel they are now pretty much a "fund of funds". Less risk but probably less return and more charges too.

[abeetle2] 04/4/2006 12:19

A lovely discussion but are you not concerned that Graphite Enterprise's main investments now are in other investment funds? It's main historic strength has been in selection of and direct investment in medium-size unqoted companies doing real business. Is offloading this responsibility to others such a great idea? It presumably incurs two sets of charges for a start .....

[nil pd] 04/4/2006 10:03

The Hanging Gate usually, but I'd be happy to go over to the Ship Inn. I will check a suitable time to bring the wife with me (she has a lot of GPE on my say so!). Would some time over Easter work out?

[goldthorpe] 03/4/2006 14:17

Nil Pd,
It would be nice to meet a fellow GPE enthusiast. I'm tied up for the next few days running a course in the wilds of Buxton. What's your favourite/nearest watering hole?

[nil pd] 03/4/2006 09:52

RNS Number:7518A
Graphite Enterprise Trust PLC
03 April 2006


ANNOUNCEMENT TO STOCK EXCHANGE

GRAPHITE ENTERPRISE TRUST PLC

3 April 2006


Graphite Enterprise Trust PLC ("Graphite Enterprise") announces that the ten
largest investments at 31 December 2005, the most recent date at which the
portfolio valuations have been reviewed by the Directors, were as set out below.
All investments representing more than 5% of the gross assets of Graphite
Enterprise are included.


Investment


FTSE 100 Call Option

U-POL

Graphite Capital Partners VI

Hicks, Muse, Tate & Furst Europe Fund

Corpfin Capital II

ICG Mezzanine Fund 2000

PAI Europe IV

Deutsche Beteiligungs AG Fund IV

Wagamama

Standard Brands


The investment in U-POL has been sold since 31 December 2005.


Graphite Enterprise announces its net asset value quarterly, with any movements
in the valuation of individual unquoted holdings that are material to the
Company announced as they occur.


This information is provided by RNS
The company news service from the London Stock Exchange
END

[nil pd] 31/3/2006 13:21

I know it. I'd be happy to meet for a drink unless you would prefer to stay anonymous.

[goldthorpe] 30/3/2006 07:44

Hi Nil Pd, No I don't. I lost a few grand on Clubhaus shares, so I would probably get palpitations if I went in there! A few friends frequent it.
I play golf infrequently with friends who have a deal at Mottram Hall Hotel. There's posh!
I'm a keen walker. My favourite haunt is The Ship Inn over at Wincle.

[nil pd] 30/3/2006 06:51

goldthorpe, I just read your profile on your thread about GPE trades. I drive through Macclesfield every day and live very close by indeed. You wouldn't happen to frequent the Tytherington Club would you?

[nil pd] 20/3/2006 09:17

Yes, I had 400p NAV in mind, so 398.4p will do nicely.

I did buy more at 371p the day before the strange mark-down to mid 350s! Not so bothered about the purchase now but do wish I'd waited. It will come to the attention of fund managers in the coming days.

I welcome your insight goldthorpe. Keep us posted if you hear of anything.

[goldthorpe] 20/3/2006 08:40

Year end NAV 398p. Nil Pd was right. But market is under-whelmed: probably more interested in the M&A activity of the big boys. Discount is now about 10%. I'm tempted to buy more.

[goldthorpe] 16/3/2006 13:26

Nilpd,
It's just that in November they announnced:
"net asset value per share as at 30 September 2005 was 376.7p before making provision for the special dividend."
and I don't think there have been any disposals between then and end of year. However, as you probably imply, there may be uplift in the NAV due to holdings such as Huntress, U-Pol (now gone?), Wagamama and all the funds. Let's hope you are right. The market in GPE is a bit subdued though.

[nil pd] 16/3/2006 11:55

Oh well, looks like tomorrow then! I hate it when companies issue results on Fridays.