Public Services Properties Share Discussion Threads

[envirovision] 15/2/2015 15:17

Assuming cost savings and income return on this deal, it looks like a nav from 32-35p

[scburbs] 13/2/2015 15:27

I only saw the top bit! It does confirm the NAV falls from £51.8m to £32.2m so a massive loss on disposal (including the loss on the German sale announced previously). Another terrible disposal by PSPI with NAV now close to 30p. Was very lucky to get out of these with a good profit!

[adam] 13/2/2015 14:47

no position, but did it not say 31% discount to book value?

[skyship] 13/2/2015 14:11

"The net proceeds from the Disposal, after debt repayment and prepayment penalties, taxation and transaction costs, amounting to approximately GBP14.2 million, will not be used by PSPI to acquire new assets. Some of the proceeds may be used to repay some or all of the remaining debt secured against three of the German properties, with the balance (net of normal course expenditure and contingencies) to be returned to Shareholders in due course. The timing of any distribution to Shareholders may be subject to the timing of further asset disposals in Germany."

etcetcetc,,,ad infinitum...a possible shareholder return of an unknown amount at some unspecified date depending upon....

Enviro - Reckon I'll pass for the time-being...but thnx for flagging up.

[scburbs] 13/2/2015 13:43

Announcement is a bit opaque though. Loss on disposal could be c.£16m if the £9.5m receivable from finance lease is going to disappear. Difficult to calculate liquidation IRR as unclear exactly how much they are losing from this deal.

[envirovision] 13/2/2015 13:32

Looking like an interesting liquidation play now, could be good timing to boot.

[bisiboy] 11/1/2015 19:02

debating whether to cut my losses on these any views appreciated.

[envirovision] 03/11/2014 07:38

The consideration represents a discount of 7.5 per cent to the carrying value of the assets set in the Company's unaudited interim results for the six months ended 30 June 2014.

Those two German units would have been prime property so, hmmm how over valued is the rest of the estate ?

[fangorn2] 06/10/2014 12:29

Took my loss here a while back, bought some more Leni O&G at the time. So thankful for that good fortune.

[envirovision] 06/10/2014 12:28

Crikey quite here, is anyone still following PSPI after all whats happened. Results published interim September make interesting reading and dividend is under review.

[fangorn2] 19/6/2014 12:06

PSPI gives update on the European Care Group

[hosede] 17/4/2014 16:23

Glad I got out of this at around 28p

[hosede] 24/2/2014 18:05

A lot of 100k sells at around 28p: maybe a major holder is starting to bail

[envirovision] 30/1/2014 19:59

Its probably something the bank insists upon on condition of their agreements though, regardless of how credible they are

[horndean eagle] 30/1/2014 19:06

If the tenant goes to the wall the properties values will fall sharply again. These properties are heavily over rented due to RPI increases. Any new tenant will ask for a much lower rent.

[hosede] 30/1/2014 16:38

Are these revaluations really important if the rent is still coming in and increasing with RPI? Only if they are forced into a fire sale it seems to me and LTV is still well within covenants

[horndean eagle] 30/1/2014 11:49

surprised it is sat where it is to be honest

[envirovision] 30/1/2014 08:35

No improvement here then

[loverat] 03/1/2014 19:01

That's me. I have adjusted quite a bit and mellowed alot with age.

Both companies hold properties in Europe. Very risky but with very big discounts to NAV. IERE currently going through a similar process to PSPI although less certain of success. The preference shares (IERP) seem quite popular by some and perceived a less of a risk.

Good luck with this and all your investments in 2014 and beyond.

[a0148009] 03/1/2014 18:53

I was transferred across to ADVFN in 2002 from Finsight formerly Infotrade owned by Mitsubishi Electric.
I do remember you posting you were quite feisty on occasions and like many of us somewhat mellowed a decade or so later.

Thanks for the two shares above will take a look.

AO

[loverat] 03/1/2014 17:53

Agree AO148009. This has been a slow steady recovery and I can blame myself for not adding at the price you paid which I think may have been after the refinancing. Probably I was a bit impatient too and did not wish to tie up too much money. Although I don't know much or understand about these types of businesses I did research quite a bit at the time. My own opinion based on how the market valued this before (which was also a difficult period) is that this might reach 35p - 40p - possibly more if there is some good news.

I have been on this site for about 12 years now. Enjoyed every moment of it (well, almost all except the bit when someone tried to sue me for libel!!)

I have actually been researching other companies like ALPH and IERE. Not sure if you have taken a look. I tend to go for companies which are priced for bust and hope they recover.

[a0148009] 03/1/2014 17:30

I bought in at 15p and the share price has taken a long time to consolidate and start to recover, obviously the assets are considerably less since the sales of the other elements and restructuring,the business far more focused and manageable.

It really is small fry but we will be due annual results in about three months
and if reassuring there is possibly 30 - 40% uplift from here.

Liquidity is poor so it is not for everyone.

I recognize your handle you have been around a long time!

AO

[loverat] 03/1/2014 17:04

Hi A0148009

I hold a few from the time this fell back to a low of 10p. I do not have a great knowledge of these types of businesses but following the fall, my instinct told me that this was going to recover to the mid twenties medium term. I held some but was held back from buying alot more due to the refinancing uncertainty and some overly negative posts which I had to consider because the posters had better knowledge than I. From memory, when the share price was hovering around 60p the NAV discount was about 40% - 50%.

As it turns out I should have followed my instinct more and realised that too much knowledge can sometimes be a dangerous thing. My instinct tells me this might go up a little more but there is not enough scope to make sizeable further profits. Therefore I will hold on to what I have and probably exit later in the year.

[djderry] 20/9/2013 19:28

A positive report.