|Ing Global Real Estate Secs
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
Real-Time news about Invest IN Glbl (London Stock Exchange): 0 recent articles
|notanewmember2: I see the same familiar posters. We must be using the same filters/scans. This one popped up on my radar, but has this got any more legs on it? I say this because the share price is nearing the 2007 highs, the peak of the real estate boom. Thanks in advance.|
|skyship: 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.
Ing Global Real Estate Secs share price data is direct from the London Stock Exchange