Ing Global Real Estate Secs Share Discussion Threads

[davebowler] 04/3/2010 16:27

IGRE NAV very resilient but the Trust is on a big discount to asset value-as no doubt its underlying holdings are too-so a double discount is on offer.

[davebowler] 25/1/2010 12:18

Recent Investor presentation

[davebowler] 25/1/2010 11:58

Dec update

[skyship] 18/5/2009 14:06

Been another very nice ride; but now out again - top price being 51.77p. Discount down to just (sic!) 22% & yield down to c.6%.

May add to TAP - one of the best bargains still around, especially after the share price has retraced 16% on profit-taking from 25p to 21p.

[skyship] 27/4/2009 13:33

Today's RNS: NAV @ 24th April up to 70.04p

[skyship] 27/4/2009 09:40

Short-term target 50p - where the NAV discount would be 26% and the yield 6.3%:

[skyship] 26/4/2009 12:47

Bt back in on Friday @ average 42.8p - 37% NAV discount & 7.3% yield makes this just incredible value now that so many other plays have moved perhaps a tad too far ahead. Also continue to like TAP where I believe there is another 25% upside in the short-term.

[typo56] 14/4/2009 14:14

Annual results expected today. Last year they were released after hours at 17:35.

Pursuant to Listing Rule 15.5.1 R (Compliance with the Model Code) the Company hereby wishes to notify the market that the upcoming closed period of the Company will commence on 13 February 2009 and is anticipated to end following the release of the annual results on or before 14 April 2009.

[cockneyrebel] 09/4/2009 18:58

:-)

Yes, it's astonishing. Like giving fivers away as pound notes for these funds - trouble is it's drunk that do that, these fund managers were sober! (we I guess they were).

PIC bounce is an illustration of how cheap some stocks are. HYC's another - on a PE of 2, directors buying shedloads recently at a much higher price, postive trading statement, nice yield and low debt falling faster than expected and when it rises to a PE of 3 Panmure come out and say sell with an 85p target ( that's a target PE of 2.5!). These guys must be stuck in their office, jos on the line and severely depressed. BDEV - G.Sach have a sell on it at 50p, neutral at 80p then when it gets to 120p they put a buy on it with a 150p target - sorry but shouldn't that have been a screaming buy at 50p when lots of us private investors were ignoring them and buying?

The incompetence out there is gobsmacking imo.

CR

[skyship] 09/4/2009 18:33

Really does make you wonder at the sanity of the fund managers who dumped that stock at that valuation - not just hindsight, we all knew that these were dirt cheap - except your friend Yderrf of course!

[cockneyrebel] 09/4/2009 18:05

Cheerio - I'm going to hold.

Looking at the chart now it's pretty clear that that massive 4m volume at the beginning of the month was an overhang clearing. Highest volume in the history of the stock.

I guess the directors knew this was an overhang going so took advantage to pick up 100K knowing they had bottomed.

Reckon there's lots more in these, chart heading steeply up since the overhang's gone.

[skyship] 09/4/2009 12:29

Sorry lads, but just couldn't resist, so 50k dropped @ a smidgeon over 45p. A 25% turn in a less than a fortnight. Will be back in should the Market drop these back to the 40p/41p level.

[cockneyrebel] 09/4/2009 10:35

Whoosh!!!!!!!!!!!

Have any of you looked at ALPH? Monster divi and directors buying there.

CR

[cockneyrebel] 08/4/2009 19:21

Frauddy - you're still running a loss on CAL having bought at way over 50p. I on the otherhand only bought last week at 22p - your comment makes no sense!

I need no lessons from you Frauddy - DLAR v CTT remember?

-------------------------

hovite - yes re £ but as foreign assets get revalued the GB £ value must be a bit higher than had there been no drop in the £ surely?

Anyway, these are cheap and on a fantastic yield imo - and looking at the NAV announcements anty decline seems to have ended.

April 13th results - should be reavealing imo.

CR

[skyship] 08/4/2009 10:54

Hi ALAN - sent to the Company - to the Investment Managers:

Cormac.O'[e-mail]

Rec'd this reply already:

Dear Mr

As per my email below we will highlight your specific comments to the Board.

I can assure you that the Board is appraised of investor comments via the Company broker but also contact we would have as Manager with shareholders.

Kind regards, Cormac O'Keeffe

[hoveite] 08/4/2009 10:42

Skyship - good on you for sending them that. I hope they take notice of it.

[alanji] 08/4/2009 10:15

Well done Skyship. There can be no argument that option 1 would be in shareholders interests (though not necessarily those of the directors!) and I can see little argument for not implementing it. I would like to add to your email - did you send to ING or where?

[skyship] 08/4/2009 09:10

Have today emailed the Company regarding the absurdly high NAV discount:

========================================================
RE: Board Meeting next week - AGENDA ITEM - NAV DISCOUNT LEVEL

In the last Annual Report & again in the Interims of Aug'08, the high NAV discount has been a concern to the Board, but nothing has really been done to address the problem.

In his Interim statement, the Chairman, Crispian Collins, stated:

"I stated in the Annual Report that the Board had been very conscious of the widening share price discount to NAV and indeed, at the end of 2007, 50,000 shares had been bought back to Treasury. Whilst no further shares were bought in during the 6 month period to end 30 June 2008, a further 50,000 shares were acquired on 11 July 2008 at 71p after the period end.

The second half of 2008 is likely to be as volatile as the first half and the Board and Manager will remain focussed through this period on preserving and, where possible, enhancing shareholder value."

The Board obviously agree that the share price is a very important aspect of shareholder value, not just the underlying asset value; so could the Board please make serious endeavours to do something about that absurdly high discount.

Discussions with the Brokers may realise other mechanics, but precedent suggests the following two methods as the most likely:

1. To provide a future wind-up date, usually accompanied by a roll-over option at the time. A date in c.3-5 years would provide the Market with a Gross Redemption Yield target which would have the effect of substantially reducing the discount

2. Less effective, but more popular, is a share buyback scheme. To be effective however this does have to be implemented with rigour - not by the two token buybacks seen over the past 6months

I hope that this item can be seriously discussed and actioned; and I look forward to hearing from you after the Board Meeting.

Regards
=====================================================

[ydderf] 07/4/2009 19:09

But crookney your record on property stocks is dreadful, why not come clean about how you missed the doubling of CAL even though I pateiently explained to you how to make serious dosh in it......admitedly you wouldn't have the bottle let alone funds, to be long of 1,4m like the MASTER, but really, even i was surprised that you preferred to buy the also rans.........like this one!

You won't be able to catch up with this one either!!

The current market play is on over-provided for risk - you will not do any good unless you are prepared to buy risky stocks that are now returning to more rational valuations.....the ordinary uk market is cfkedu - no point in buying trading companies and anything 'safe' is massivley overvalued.....

[hoveite] 07/4/2009 09:30

CR - Won't the NAV be calculated at current exchange rates? i.e. Won't any decline of GBP that's already happened be already in the NAV?