|Phoenix Spree D
||EPS - Basic
||Market Cap (m)
|Equity Investment Instruments
|Phoenix Spree D Daily Update: Phoenix Spree D is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker PSDL. The last closing price for Phoenix Spree D was 236.50p.|
Phoenix Spree D has a 4 week average price of 226.49p and a 12 week average price of 214.04p.
The 1 year high share price is 244p while the 1 year low share price is currently 148.88p.
There are currently 69,872,298 shares in issue and the average daily traded volume is 56,534 shares. The market capitalisation of Phoenix Spree D is £168,741,599.67.
|jonwig: IC comment on the placing programme:
Germany-focused landlord Phoenix Spree Deutschland (PSDL) has announced plans to raise up to £38m by way of a firm placing of new shares and an offer for subscription. The proposal, which is subject to shareholder approval, also includes plans to implement a placing programme for up to 120m new shares from 7 March 2016 to 8 February 2017.
The offer is likely to attract significant institutional demand, and Phoenix is confident enough to set the offer price at a small premium to the current share price. And expenses from further placings will be met by setting a similar premium.
The advantage of the placing programme is that it cuts down the time needed to go through a fresh placing programme, and will allow the property adviser to act in a more opportunistic way. Five acquisitions costing £39m are due for completion by the end of March and, crucially, at £5.50 per square metre, rents are around 27 per cent below current market rates.
Phoenix Spree Deutschland has shown itself to be adept at acquiring property with significant rental income. Rent restrictions that make new build uncompetitive, together with a growing demand for residential properties, leaves the group well placed to develop its income stream. At 167p, the shares are up from our buy tip (144p, 10 Jul 2015), and we remain buyers.
Incidentally, the Circular is now on the website - I couldn't find it earlier.|
Phoenix Spree D share price data is direct from the London Stock Exchange