Share Name Share Symbol Market Type Share ISIN Share Description
Public Srv.Prop LSE:PSPI London Ordinary Share VGG729641511 ORD USD0.01 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 475.00p 460.00p 490.00p 475.00p 475.00p 475.00p 0.00 07:57:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 0.0 -1.9 -5.2 - 500.49

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Date Time Title Posts
17/8/201612:44Public Service Properties Investments1,575.00
05/4/201208:29Tigers view1.00
10/2/201217:46pspi-
28/6/201109:26Public Service Properties - a German Property Play ?572.00
26/4/201007:49PSPI is yielding 9.6%1.00

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DateSubject
07/12/2016
08:20
Public Srv.Prop Daily Update: Public Srv.Prop is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker PSPI. The last closing price for Public Srv.Prop was 475p.
Public Srv.Prop has a 4 week average price of 471.75p and a 12 week average price of 479.75p.
The 1 year high share price is 487.50p while the 1 year low share price is currently 41.50p.
There are currently 105,365,717 shares in issue and the average daily traded volume is 2 shares. The market capitalisation of Public Srv.Prop is £500,487,155.75.
23/12/2012
09:40
kenny: For strategic review; read emergency sale of properties ahead of debt expiry. I was really surprised how many shareholders believed that it would mean that any value would be released to them. A company, that has allowed its properties to be so grossly overvalued that it almost amounts to fraud, is not likely to have its shareholders as its first concern; rather it appears the management company were more concerned to maintain their fat fees. I still believe there is no value remaining for shareholders - as I have posted when the share price was at 60p, 50p, 40p, 30p, 20p - this company is likely to go the same way as Southern Cross because the tenant cannot afford the rent and is also a company now controlled by its bankers.
23/12/2012
09:14
stemis: Actually, scurbs, I was talking about the period after they did the deal with Esquire. We all know the strategic review was a disaster and the deal with Esquire destroyed any prospect of realising a share price at the level it was at the time. You only have to look at the share price to see that. However the US properties were hardly an attractive package and the Swiss property property was, as you describe it, a dog. There really was never much shareholder value in these. Getting rid of them allows them to focus on the areas where they can generate value for shareholders. The German refinancing is one problem sorted, now its all about the UK properties. That's going to be a much bigger task.
02/10/2012
15:04
loverat: Kimboy2 I know you have expressed opinions on the value for shareholders before but what do you currently think a relaistic share price would be taking into account how the market discounted this before and with the strategic review transaction having being completed? Not a share price prediction competition - just interested in the varying opinions. Kenny I would assume would say these are worth 0p so it will interesting to see what other opinions there are.
28/9/2012
08:57
loverat: Well, I suppose we can all analyse and debate these points all day. I still go back to the strategic review where they said they wished to maximise shareholder value and close the gap between NAV and share price This was around 65p at the time when the NAV was £1.30. Now, the NAV is 50% of what is was but we have a share price at 18% of its previous. Some uncertainty removed and the proceeds of any sales going to shareholders. Although I acknowledge there is some uncertainty and doubt at the ability of these directors, I struggle to accept that there is no value here at 12.5p. When the strategic review was announced I regarded this as a 'special situation' share. Now I feel it is simply one of those anomolies on the market you see from time to time. I guess the share price will go down a little more before this finally dawns on investors.
28/9/2012
07:01
loverat: Difficult reading these but do not seem too bad considering and particularly in the context of the current share price. Unless there are any nasties I have missed the share price trading at around 24% of the value of the company. Assets look like they might be sold and proceeds to investors.
22/8/2012
11:37
c1d: For me there are 2 considerations: (1) are the assets worth more than the value being implied by the share price? They are 'independently' valued using established methodologies and there is a lot of headroom between this value and the value implied by the current share price I'm never sure how independent someone can be from the person who pays their wages but the share price is way below the aggregate valuation attributed to the properties so I am not too concerned about this. (2) will the directors (or someone else if they takeover the company) be able to realise sufficient value from the properties by selling them and/or the rental income to pay the bills, refinance bank debt as and when required, and return more value to shareholders than the current share price? Because I think the answer to both these questions is yes I hold the shares. I think that a discount to net assets of 50% plus a bit for the option value of the EC venture would be more appropriate than the current share price Regards
07/5/2012
14:24
lkfjmdku: http://www.edisoninvestmentresearch.co.uk/research/company/public-service-properties-investments Public-Service-Properties 2 May 2012 Update Price 17.5p Market Cap £19m The recent sharp fall in the share price reflects concerns over the lack of firm news on the refinancing of an £83m debt facility due to mature this September and c £5m of mark-to-market provisions for interest rate swaps linked to this financing. The FY11 statement confirmed negotiations are proceeding, with PSPI likely to seek to combine most of its UK assets with the businesses and assets of its tenant, European Care Group (ECG). That structure appears to improve the appeal for lending banks, as security would include property and operating assets. PSPI said it would seek shareholder approval if the combination was seen as an appropriate transaction to be recommended by the board and that it would have an impact on future strategy, valuation and prospects. We will resume forecasts when the details of any potential transaction and new debt are confirmed. Finances: Improvement awaits refinance and asset sales PSPI is fully compliant with all debt service and LTV covenants. FY11 interest cover (EBITDA/finance cost) was 2.3x and year-end debt £142.2m (FY10: £148.5m), ie 54% LTV (FY10: 52%), having committed a further £8.4m capex to the investment programme, which is approaching completion. Underlying FY11 earnings, adjusted for non-cash/one-off items were ahead y-o-y, on the back of a 3.3% rental uplift for the portfolio overall and lower interest costs after redemption of more expensive debt since 2010; it repaid £30.7m of debt in FY11 and secured £27.7m of new facilities. Ironically, RPI at 5% drove rental growth but actually put further pressure on ECG's margins, already affected by lower occupancy. Indeed, reduced operator margins and rent cover contributed to the fall in year-end asset valuations. Valuation: Deal to provide certainty and possible re-rating PSPI passed its final dividend, putting the priority on stabilising group finances in the face of pressure on care-home occupancy and margins, both in the UK and abroad. At this point, however, the share price attributes zero value to PSPI's UK portfolio, a highly pessimistic assessment of the prospects. End FY11 NAV/share was 108.3p (FY10: 130.6p), but that figure may well be affected by the proposed combination, depending on the structure of the deal.
21/12/2011
09:54
scburbs: Woodcot, Does the Arbuthnot note say anything about EC? It is impossible to value PSPI based on its fundamentals as its fundamentals are too dependent on EC. PSPI describe their gearing as moderate yet they are clearly struggling to refinance. This is because the banks will also be as interested (if not more so) in the performance of EC. Unfortunately PSPI may not be able to force EC to provide the required information (although they do have common shareholders). Publish positive cashflow news from EC and the share price will re-rate there is no need for a strategic review to investigate why the share price is where it is and what can be done, when everyone knows the answer. EC's financial performance in particular EBITDAR ratio on the let properties and what additional security if any does PSPI have on the let properties (e.g. are there ungeared freeholds in the same companies or any rental guarantees). Another step PSPI could take (to re-rate the share price) would be to give up some of the future rent rises (come on we know EC can't sustain them anyway) in exchange for a rental guarantee from the EC ultimate parent (only if this company is genuinely valuable though).
30/6/2011
17:13
joe say: Here is the verbatim response to my query (ies) There has been considerable negative publicity in the press surrounding Southern Cross, the largest operator in the UK care home sector and well as the provision for social care in general. We believe that this has had a knock on effect on the PSPI share price. PSPI quoted European Care, its sole UK tenant, in the last Annual Report trying to highlight a number of key strengths which would differentiate EC from several of its peer group. PSPI continues to execute on its business plan and remains confident that it has a leading operator as the tenant of its UK portfolio, with which it has a 10 year track record. The share price is of concern to the Company and the issue has been discussed by the Board and its advisers; however, absent repeating the comments made earlier this year, it is felt that there is little that the Company can add at this time. The Company is likely to issue a trading statement over the coming weeks as it is approaching the end of the half year which we expect to reflect the above.
29/6/2011
14:28
hosede: I E-mailed the Co. asking about the share price Here is their reply There has been considerable negative publicity in the press surrounding Southern Cross, the largest operator in the UK care home sector. We believe that this has had a knock on effect on the PSPI share price. PSPI quoted European Care, its sole UK tenant, in the last Annual Report trying to highlight a number of key strengths which would differentiate EC from several of its peer group. PSPI continues to execute on its business plan and remains confident that it has a leading operator as the tenant of its UK portfolio, with which it has a 10 year track record. The share price is of concern to the Company and the issue has been discussed by the Board and its advisers; however, absent repeating the comments made earlier this year, it is felt that there is little that the Company can add at this time. I hope that this addresses your enquiry. Could be a buying opportunity
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