London & Associated Prop... Share Discussion Threads

[ny boy] 16/4/2009 16:28

yes a no brainer, obviously some a bit slow off the mark to recoginise how under-valued this one is! Not long before we surge above 50p+

[bisiboy] 16/4/2009 13:34

analytical (hbos jt venture)_debt is non recourse
no need whatsoever for a rights issue
but they may need to right off any value in these properties.

[ny boy] 14/4/2009 12:33

Another no brainer here, investors will soon start buying, all the commercial property sector will recover very well this year.

[skyracer] 09/4/2009 10:51

No idea, but they are late. Not my buy.

[ny boy] 09/4/2009 10:32

When are the results and was that your 50k buy Skyracer?

[skyracer] 09/4/2009 08:50

Indeed NY, it could be a more interesting title, although remember this is an old thread and "official thread" was quite common in those days. Perhaps we better wait until the results are out before deciding on a title!

[ny boy] 09/4/2009 08:42

Best for someone with technical knowledge to start a fresh thread with all the relevant info and give the new thread a better title than this one! I would if I could but I'm no good at that kind of stuff.

[skyracer] 09/4/2009 08:32

Hi CR, bisiboy. Be careful, I am expecting NAV to take a pounding because of LAS high gearing, down to about 37p/share. I suspect LAS will have breached banking covenants and Llyods will be playing harder than BoS (who were active partners). Might even be having difficulties with Auditors signing off accounts. A rights issue to bolster funds is a distinct possibility, perhaps at 10-15p/share. It might actually be better for shareholders if LAS just made a fire-sale of some of their properties.

Re monkeywrench, I dont know how to do charts and would be quite happy for someone else to start a more up-to-date thread with all the charts/news/links etc.

[monkeywrench] 08/4/2009 14:51

Skyracer,
Any chance of the 'daily' charts in the header please ?
I've been following these for a months now.
I'm getting positive vibes, which could mean the kiss of death
for those already invested !

[ny boy] 08/4/2009 13:08

Looks well under valued, locked in some at these prices, I expect the herd will pile in once they start motoring. Have been out shopping for some others in the sector too. With interest rates this low and an end to the recesssion early next year property companies will outperform over the next few years.

[bisiboy] 05/4/2009 12:36

these are very cheap imho.
family control is good as it focuses the mind the vested interest means they
are going to be risk adverse a well run company just wished they had taken
a bit more off the table at market peak. doubt however they realised the blood bath that was coming in commercial property.
bisichi should make them a packet this year as well with the fixed price contracts.
worried about analytical perhaps wise to write off value atributed to it hbos
i am sure will pull out.

[cockneyrebel] 04/4/2009 10:12

Yes Frauddy, but I'm not down on my investment unlike yourself in CAL. CAL are potential bust and a trade at best. A 95% yield sort of tells you the mess they've got themselves into.

Yes, Heller has 56% and as such he has a lot of skin in the game, unlike the directors of CAL. More important tho is the chart (which you constantly ignore to your cost when you buy shares)and LAS has made the move up and breake out of trend on high volume. If call went through 33p on high volume I'd be more convinced but as it stands there's a fund or two still prepared to dump CAL into any buying. A big volume day might suggest they are done but I haven't seen it yet - unlike I've seen here at LAS.

CR

[cockneyrebel] 02/4/2009 16:07

Property stocks picking up

this starting to turn up after the high vol.

CR

[cockneyrebel] 30/3/2009 17:30

Trading well under NAV and the chart looks like it has bottomed.

Cash and uncommitted facilities of £34m, Market Cap £23m

Increased the interim divi from 0.65p to 0.75p.

Net asset value of 116p a share.

Currently trading around 30p

They haven't RNS'd this either:



They have 2 other similar makets that look like they'll get planning too after this I guess.

All that NAV, a great yield and confident management.

The last Trading statement in November said this which was pretty solid imo:

12 November 2008

LONDON & ASSOCIATED PROPERTIES PLC

INTERIM MANAGEMENT STATEMENT - THIRD QUARTER 2008

The third quarter of 2008 has seen a significant deterioration in property
values driven by a near complete absence of bank finance. LAP cannot expect to
be unaffected when our portfolio of shopping centres and retail property is
revalued at the year end.

However, shareholders will recall that, in the two to three years prior to the
current market turmoil, we sold a significant number of secondary properties.
As a result we now have a high quality portfolio, over 90% of which is focused
on top quality recently refurbished shopping centres, shops in exclusive parts
of Central London and prime shops throughout the UK.

Our portfolio should also benefit, on a relative basis, through the rental
growth achieved at our major properties, our historically conservative
valuations, as well as the active asset management we have undertaken to
improve the tenant profile and rental income at a number of our centres.

Following our disposal programme, we have maintained substantial cash balances
which provide us with considerable financial flexibility. We have a weighted
average loan term of more than 5 years (not including overdrafts) and the
earliest repayment date for any loan is August 2011.

We collected over 99% of rents within two weeks of the September quarter day
and have only three tenants in administration trading from three units and
paying a total rent of GBP0.1m. No single tenant accounts for more than 5% of our
rental income, our top 56 tenants, all but one of whom are significant chains
of shops, comprise 75% of our rental income and some 70% of our tenants have
more than five years unexpired on their leases. As a result we feel cautiously
well positioned to avoid the worst of the tenant defaults generally predicted
for the coming months.

Our two main Shopping Centres at Sheffield and Windsor are both effectively
fully let. At Orchard Square, Sheffield, we have now completed the new 46,000
sq ft anchor store for TK Maxx and it opened for trade on 30th October. Early
reports suggest that it is trading particularly well. At the same time, the
extended units that we were building there for Starbucks, Evans and Blue Banana
are now completed and the tenants all expect to open their doors for trading by
the end of November. These new units alone have added GBP0.9 million to our
annual rent roll, an incremental GBP0.6 million compared to the units that have
been replaced. Total construction costs and fees on both these projects was GBP
6.2m.

We have no significant developments from a cost point of view on the horizon.
The largest project is at The Mall in Islington, London, where we are at the
final stages of preparing for a listed building appeal. The hearing is
scheduled for early December and we remain confident of a satisfactory outcome.
Any additional future developments will only be considered with a pre-let to an
undoubted covenant in place, as is the case with The Mall.

We are following closely the potential change of ownership of Halifax Bank of
Scotland (HBOS), our joint venture partner in Analytical Ventures Ltd, although
it has not to date affected us. We have not to date been affected by the
potential change of ownership of HBOS.

I believe that we are well positioned to ride out the forthcoming difficult
period: we have completed our development and disposal programmes, leaving us
to focus on intensively managing our quality and well-spread portfolio of
shopping centres and retail property and in a position to take advantage of any
opportunities that the current market presents.

Looks sort of interesting to me and this thread is dead - a very good sign imo.

CR

[sammu] 27/2/2009 20:06

london holdings discussed.

[topvest] 31/3/2008 20:33

Not a bad prediction. Nice solid results. Pity their major acquisitions weren't 6 m later though. Nevertheless, LAS should benefit long term by the current market malaise. Still happy to hold long term.

[bisiboy] 29/3/2008 11:12

well i predict a very strong rise in share price on monday

[bisiboy] 27/3/2008 09:13

very oversold

[topvest] 26/3/2008 21:21

Yes, good news today. Results soon. Confident on this and will be happy to hold for at least another 5 years.

[sammu] 26/3/2008 19:11

I'm looking forward to results following today's news. I didn't know they had any holdings in Bradford. Their small historic holdings are not given any collumn inches in the annual reports.
Also looking forward to Bisi results. Coal prices are soaring with contracts being signed upwards of 130% higher than last years prices, and Bisi has hardly budged.

Windsor has been on the local news a couple of times recently about them reducing the number of double yellow lines to try and make the town center a more attractive shopping proposition, but local retailers were moaning that they didn't think it would make a difference.

[skyracer] 26/3/2008 08:56

GBP16.5m Property Sales

Disposals at a profit to 2006 valuation. Interesting.

[bisiboy] 12/3/2008 17:42

my prediction is a sharp rise in share price following results