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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Invista Fnd Tst | IFD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 35.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 35.50 | 35.50 |
| Top Posts |
|---|
Posted at 05/2/2012 16:04 by marab Apologies for o/t but I have started a new thread to help investors decide which online broker to use and I would be grateful for any advice posters might have in that respect. Some of you have been trading shares for years and have probably tried most of the available sites, so I hope you will share your opinions and help other investors find the best online broker. I will be posting this on a few threads, because if no-one knows about it it ain't going to achieve much, so if it annoys you please say so on the HAM thread.BOB Best Online Brokers - |
Posted at 11/1/2012 16:18 by yieldsearch Found this below, dividend is not covered??"Invista and Picton are at big discounts, but largely because they are due for refinancing soon," James Brown of Winterflood Securities said. "Investors need to be aware that Invista's dividend isn't covered." Invista is trading at a discount to net asset value (NAV) of 30 per cent, compared with its average discount of 24 per cent over one year, while Picton is trading at a 38.3 per cent discount, compared with an average of 21.1 per cent over the same period. |
Posted at 21/11/2011 08:44 by hieronymous1 There is a big piece on the front of today's FT Fund Management on the coming melt down of European real estate and the demise of a great many management groups. Ours seems likely to survive. IMHO. From what I gather the hold up in OPPUT is due to an unwillingness by some investors to crystallise losses. Crystallisation would put their businesses and the directors of those businesses out of business. So we are waiting for the banks to call in the receivers and write down their losses. Which will presumably make Invista's share of OPPUT worth £8m and not £0. Am I right? Any thoughts on a timetable? |
Posted at 26/8/2011 14:34 by skyship Just gives late entrants the opportunity to benefit. The PCTN approach has to be dead in the water IMO.This is what I wrote to the Chairman two weeks ago: ==================== Andrew Sykes Esq. INVISTA Foundation Property Trust Trafalgar Court Les Banques St. Peter Port Guernesey GY1 3QL 10th August 2011 Dear Mr Sykes RE: INVISTA Foundation Property Trust ("IFD") I am a private investor holding xxx IFD shares in my SIPP and in my personal portfolio. I am writing to express my considerable disappointment in a critical element from your Chairman's Statement in the 11th July Annual Financial Report. Under the heading of Strategy you state: "Over the past year the most important objectives for the Board and Investment Manager have been to grow income and dividend cover over the medium term, whilst also ensuring that the Company can withstand further short term market volatility." This is of course all very well for the Investment Manager, Duncan Owen, as he reiterates further down in the Report. However, for the Board the principal objective must be, as ever, to maximise shareholder value. One of the prime targets for the Board has to be to reduce the historically high NAV discount. Indeed, this somewhat strangely appeared in Duncan Owen's Report. This discount has grown yet further in recent months, regardless of the improved stockmarket conditions of 2009/10 and the improved property conditions at the same time. One reason for the lacklustre share performance must surely be the prolonged uncertainty regarding the Investment Manager status. It may be a debatable issue, but there did appear to be a rather unseemly period when Duncan Owen & his team arguably put their own interests ahead of the interests of the shareholders of Invista Real Estate Investment Management Holdings ("INRE"). It is not an accusation, it is an observation. Until you are able to report a satisfactory replacement for the old regime, the uncertainty will surely continue, further damaging shareholder value. That said, delivering shareholder value is increasingly difficult without some more profound action; indeed it may not be possible under any circumstances other than through the voluntary winding-up of the Company. This is an action recently and bravely decided upon by a number of companies, as you will no doubt be aware. I am personally aware of the following examples: # Gresham House # Henderson Private Equity Trust # Invista Real Estate Investment Management Holdings # Invista European Real Estate # Matrix European Real Estate A quote from the Gresham Annual Report effectively summarises the conditions for all five of those companies; and I contend also applies to IFD: "After careful deliberation, your Board will be recommending to shareholders at the AGM that the Company should amend its investment objective to enable the orderly realisation of the Group's assets over a period of approximately two years with a view to returning capital to shareholders thereafter. The present downturn in the commercial property market, coupled with the restricted availability of bank funding, will create a very flat market over the next few years thereby presenting fewer opportunities to generate returns for shareholders. This amendment to the investment objective should also address shareholders' concerns over the discount at which the shares are currently trading." I would welcome your comments upon the all of the above; and I hope that at the AGM on 6th September you may be in a position to put to shareholders a resolution similar to that proposed by Gresham House and others. Yours sincerely ==================== Needless to say his reply received today is brief and anodyne: "I can assure you that the Board shares your concerns about the discount at which our shares trade, and we have been working hard to address the uncertainty around the future which you correctly identify." "Attached is a copy of an announcement we released on 19th August, which sets out some significant steps which are now under way. Yours sincerely Mr Andrew Sykes, Chairman ==================== I shall be replying... |
Posted at 19/8/2011 12:39 by alanji Still not sure what to make of the announcements. Obviously Schroders is good news but I think the proposed merger has muddied the waters a bit as it appears Schroders will be out if the merger goes ahead. Cannot see the benefit of appointing (and paying) them now if the board think a merger is likely.Looks like the proposals have the backing of the large shareholders. I see Laxey have disclosed a 1.2% holding. The only advantage I see from the merger is "increased attraction to a wider investor base as a result of improved index inclusion prospects." Does anyone know at what capitalisation value institutions will include as part of a tracker fund or similar? |
Posted at 22/7/2011 14:37 by skyship Below is the potential windfall Horndean is referring to. It represents another piece of hidden value for IFD. ==================== One Plantation Place Unit Trust ('OPPUT') - 29% share The valuation of OPPUT's underlying property, Plantation Place, London, EC3 increased to GBP494.1m over the quarter, an uplift of GBP16.1m or 3.4%, reflecting a net initial yield of 5.54%. The uplift follows continued positive sentiment in the Central London office market, particularly for prime, well let property. As at 30 June 2011, the securitised net debt is GBP430.5m and there has been a further increase in the negative marked to market value of the interest rate swap to -GBP35m, which will amortise to nil by loan maturity in July 2013. Adjusting for current net assets within OPPUT, these headline numbers result in a NAV for the Company's share in OPPUT of approximately GBP7 million. Despite this further improvement in the NAV the Company's investment is held at nil due to the loan to value ratio of 87% exceeding the loan to value ratio covenant of 82.14%. The property is well let and continues to cover interest payments. The investors in OPPUT continue to seek a solution to maximising value through a disposal prior to loan maturity. ==================== Personally I'm also more than interested in this aspect: Management Arrangements Following the Company's announcement on 22 March 2011 that it had given notice of termination to Invista Real Estate Investment Management ('Invista'), the Board has conducted a process to select a new Investment Manager. The Board is currently seeking to finalise the terms of new management arrangements, and hopes to make an announcement in the near future. |
Posted at 13/6/2011 17:36 by hosede SkyshipIt seems to me that Co.s like this and MCKS stand at a big discount to NAV because investors don't think the asset values are sustainable - particularly around London and the South East. House prices in this area are defying gravity compared with the rest of the country. Commercial values are probably doing the same. I think the next bank crash (probably due to Greece and/or other PIIGS defaulting and perhaps imminent) could see a big fall in London values. I hold a few of these, but I'm wary |
Posted at 04/12/2010 22:12 by tullynessle Interesting background information about the Ownership of Plantation Place and future proposals.Note - "......and represents a valuable and potentially unique opportunity to achieve a consensual, mutually beneficial solution....." Brookland Partners explores sale of Plantation Place in London Fri, 03/12/2010 - 06:10 The group that owns Plantation Place in the City of London has filed a proposal to noteholders with the Irish Stock Exchange seeking a sale of the property. The proposal would allow for either the early repayment of the existing debt in full through the disposal of the property or substantial deleveraging of the existing debt to a whole loan LTV of 70 per cent (from 95 per cent currently) via a prepayment to be made on the sale of the equity interest in the One Plantation Place Unit Trust. The group, which includes Invista Foundation Property Trust, Tishman International, haulage firm Stobart group and a private investor, appointed Brookland Partners earlier this year to come up with a solution with bondholders that invested in the loans secured against the property. Nassar Hussain, managing partner of Brookland Partners, says: "The transaction has been in deadlock for some time. Whilst there have been attempts to resolve the status quo, they have typically been unsuccessful due to the conflicting interests and rights of the various parties involved, the decline in value of the property and the significant swap breakage costs. This proposal attempts to address these issues and represents a valuable and potentially unique opportunity to achieve a consensual, mutually beneficial solution that is relatively simple and should provide a positive outcome for all participants in the transaction." The loan has breached loan to value covenants because of a drop in value of the property, which was last revalued at just more than the level of the debt. The consortium bought the property, which was developed by British land, for GBP525m in 2006. |
Posted at 06/9/2010 11:55 by envirovision Interesting mention in the FT via Charles Stanley liking Invista Foundation Property:Value in commercial property By Alice Ross Published: August 6 2010 19:01 Last updated: August 6 2010 19:01 Commercial property prices in the UK are continuing to rise, but analysts believe long-term investors can still find undervalued assets by buying into the sector through investment trusts |
Posted at 19/6/2010 16:48 by lord gnome envirovision - the 0.88p per qtr dividend is not fully covered at all - in fact it is only 50% covered by earnings. I sent an email to the company seeking confirmation of this very issue. If you take a look at the last IMS you will see a section entitled income profile which, outlines income enhancing developments in the pipeline over the next two years and which will close the gap between dividends and income. In the short term I have some doubt that the current level of dividend can be maintained and I will not invest until the next results are out on 12 July and we have some clarity on this point. NAV is currently around 60p and the level of gearing is very low, so the company is good value, although the recent recovery in property prices has come to a shuddering halt and could be turning down again. As I am mainly an income investor, I need confidence that income levels are sustainable and I have some doubts at present. |
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