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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Regional Reit Limited | LSE:RGL | London | Ordinary Share | GG00BYV2ZQ34 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.35 | 1.64% | 21.75 | 799,284 | 16:35:10 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 21.65 | 21.85 | 21.80 | 20.05 | 21.55 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Investment Trust | 93.32M | -65.16M | -0.1263 | -1.73 | 112.43M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 18:07:16 | O | 17,094 | 21.75 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 16/4/2024 | 20:19 | ALNC |  TRADING UPDATES: System1 revenue jumps; Pathfinder amends deal |
| 16/4/2024 | 07:00 | UK RNS | Regional REIT Limited Positive Letting Update |
| 26/3/2024 | 19:47 | ALNC | IN BRIEF: Regional REIT reduces dividend in challenging markets |
| 26/3/2024 | 07:00 | UK RNS | Regional REIT Limited 2023 Full Year Results |
| 12/3/2024 | 11:00 | ALNC | Regional REIT shares slump as considers discounted share issue |
| 12/3/2024 | 07:00 | UK RNS | Regional REIT Limited Response to Press Speculation |
| 22/2/2024 | 12:24 | ALNC | IN BRIEF: Regional REIT declares dividend; occupation levels pick up |
| 22/2/2024 | 07:00 | UK RNS | Regional REIT Limited Dividend Declaration |
| 02/2/2024 | 10:35 | ALNC | IN BRIEF: Regional REIT portfolio valuation drops in challenging year |
| 02/2/2024 | 07:00 | UK RNS | Regional REIT Limited Q4 23 Valuation and Portfolio Update |
Regional Reit (RGL) Share Charts1 Year Regional Reit Chart |
|
1 Month Regional Reit Chart |
Intraday Regional Reit Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/4/2024 | 13:50 | Regional REIT - Targeting High Yields from Regional Property | 4,235 |
| 18/4/2023 | 22:45 | Regional ReiT | - |
| 29/9/2022 | 13:47 | August 2024 | 1 |
| 29/9/2022 | 12:02 | Inglis Interview with Edison | 3 |
| 13/3/2020 | 10:24 | *** Regional Reit *** | 1 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 17:07:26 | 21.75 | 17,094 | 3,717.95 | O |
| 16:45:01 | 21.46 | 15,966 | 3,426.14 | O |
| 15:56:18 | 21.75 | 126 | 27.41 | O |
| 15:35:10 | 21.75 | 76 | 16.53 | AT |
| 15:35:10 | 21.75 | 52,413 | 11,399.83 | UT |
| Top Posts |
|---|
Posted at 19/4/2024 09:20 by Regional Reit Daily Update Regional Reit Limited is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker RGL. The last closing price for Regional Reit was 21.40p.Regional Reit currently has 515,736,583 shares in issue. The market capitalisation of Regional Reit is £112,430,575. Regional Reit has a price to earnings ratio (PE ratio) of -1.73. This morning RGL shares opened at 21.55p |
Posted at 12/3/2024 21:58 by grahamg8 The bonds are RGL1 quoted at close of play 87.25/91. So £50m nominal would cost £43.62m to buy in, and of course the price would rise as soon as RGL started to hoover them up. Where's the money supposed to come from? If you hadn't noticed RGL are skint. |
Posted at 12/3/2024 17:16 by grahamg8 I would be interested to know if Edison still stick to their assertion that if there was an equity raise the share price would rise. Fat chance. This does smack of deliberately trashing the share price in order to allow a known investor to takeover on the cheap. A new 5 year bond at 15% coupon would be a lot simpler, but doesn't solve the debt/equity limit. So convertible shares/bond hybrid deal? The coupon should be lower and the equity base would be higher. Combine this with a decent level of asset sales and we might stay in business. |
Posted at 12/3/2024 11:45 by williamcooper104 Usually after a distressed rights issue a REITs share price pops But there's still some doubt that they'll get it away (you'd think they would given management must have guided Edison; but then that's the same management that got them into this mess) Post any share price pop on a rights issue being completed in not so sure it's going to be a great investment; with the much higher share count and capex needs they'll struggle to pay much of a divi for quite some time and that'll likely limit any major recovery See HMSO post rights issue |
Posted at 12/3/2024 09:36 by spectoacc You'd hope they had things pretty much sewn up before they allowed the (paid for) Edison note to come out. But it's RGL, so possibly not.I still say the Singaporean owners of LSPIM may be doing a CAL on RGL. That's the only explanation I can see. "Last year ARA Asset Management bought Regional REIT’s asset manager London & Scottish Property Investment Management. The Singaporean giant has been supporting the business and its access to capital." If no underwriter, RGL are toast. Even with an underwriter, the LTV post-RI, if taken up in full, is c.45%, ie too high in a structurally challenged sector. £60m of disposals and it's still 40%. CAL redux. And I'd almost feel sorry for RGL shareholders if this is the game. |
Posted at 12/3/2024 07:02 by skinny Further to the Q4 trading update published on 2 February 2024 and the dividend declaration announcement on 22 February 2024 (together, the "Previous Announcements"), Regional REIT (LSE: RGL) notes the recent press speculation regarding the possibility of the Company undertaking an equity capital raise of around £75 million.As indicated in the Previous Announcements, the Company is actively exploring a range of refinancing options, including debt and/or equity, in respect of the existing £50 million retail bond (the "Retail Bond") given its maturity date in August 2024. The Company confirms that significant preparatory work has been undertaken to date in respect of both the debt and equity options, which remain under active consideration. In the event that the Company proceeds with an equity issue, the Company expects that it would be at a material discount to the Company's current share price and would be subject to, amongst other things, shareholder approval. The Company continues to consider its options and a further announcement will be made when appropriate. - ENDS - |
Posted at 11/3/2024 19:31 by williamcooper104 From React News Won't be a surprise given the paid for research trailer it so heavily 10p offer price Surprised the share price hasn't moved much - but it will Regional REIT is laying the ground for a distressed rights issue to help recapitalise the business, React News can reveal.The company is understood to be planning to raise around £75m from the market to pay down debt that is due to mature in the coming months, reduce its loan-to-value (LTV) position, and fund necessary capex projects across its portfolio.In order to secure the funds from the market it will have to offer shares at a major discount, with the company currently trading at around 75% below its net asset value. It is expected that new shares could be issued at around a 50% discount to the current trading price, which is in the region of 20p after collapsing by around two-thirds over the past year.300 Bath Street in Glasgow is among Regional REIT's most valuable assetsPeel Hunt, the company's financial adviser and joint broker, alongside joint broker Panmure Gordon are working on the process. The offering is expected to be put to prospective investors around the same time as the company's full year preliminary results on 26 March.The most pressing issue for management that is driving the equity raise is the maturity of a £50m unsecured retail bond, which comes due in August. That instrument, which is currently trading at a discount of around 15%, carries a coupon of 4.5% but given the considerable increase in the cost of debt since it was issued in 2018, taking out similar subordinated debt would likely cost between 13% and 16%.Management is understood to have determined that taking pain now, and undertaking a discounted rights issue to put the company on a more stable footing, is a more prudent and lower risk option to refinancing with expensive debt which may not become materially cheaper in the medium-term and may still result in a rights issue further down the line. The remainder of company's debt does not hit maturity for several years.LTV in the spotlightLast year ARA Asset Management bought Regional REIT's asset manager London & Scottish Property Investment Management. The Singaporean giant has been supporting the business and its access to capital.Raising equity would also mean the company will need to sell fewer assets towards the bottom of the market cycle, albeit asset sales will be part of a broader recapitalisation process to reduce the company's LTV.Currently standing in the region of 55.1%, a £75m rights issue would bring Regional REIT's LTV down to 45%, having already begun selling lower-yielding and more mature assets.It is expected to sell £60m this year, with the view of reducing its LTV to 40% and close to current market expectations for a listed property firm. The company said last month that £22.2m of sales were in solicitors' hands, with £5m completed in line with valuations since the start of the year.Accessories, Accessory, TieRegional REIT's management is overseen by London & Scottish chief executive Stephen InglisFurther sales of £60m in 2025 and £30m in 2026 could be undertaken, subject to market conditions, the broader valuation of its portfolio and opportunities to recycle capital.Last September Regional REIT cut its dividend due to the economic backdrop and a fall in net rental income. Around £25m has been set aside for dividend payments, although this is expected to be reduced on a proportional basis as it will be spread across a vastly greater number of shares in issuance. In a trading update last month, the company revealed that its portfolio had experienced a 5.9% like-for-like fall during the second half of the year, with its then 144-asset collection valued at £700.7m a 9.9% yield. With 92.1% made up by regional offices, the asset class has come under pressure due to shifts towards working from home and corporate occupier trends.At the time Stephen Inglis, chief executive of London and Scottish Property Investment Management, said: "2023 was one of the most challenging years for REITs in recent memory and Regional REIT was not immune from the macro-economic difficulties faced by the sector. While valuations have been impacted, the asset manager's active asset management initiatives continued to mitigate some of the impact on the portfolio."The leasing market was slower than anticipated, largely due to the uncertainty around working patterns and the geopolitical situation impacting inflation and interest rates, but with some stability we are witnessing increasing numbers of enquiries for our assets." |
Posted at 29/2/2024 14:38 by master rsi Surprise, surprise we are UP for the day, yes thee share price is -0.85p but today the share price has gone X-divi by 1.20p and so far we have recouped 0.35p.And about time the last couple days of the mark-down. I wonder if some Institutions did not want to get the Dividend note: Ex-dividend date 29 February 2024 -- Pay date 05 April 2024 |
Posted at 23/2/2024 10:19 by arbus5000 agreed with RCT and thank you for turning the conversation around. There are plenty of nay-sayers on here, and even broken clocks can be right twice a day!To me, issue with RGL was short term illiquidity versus insolvency, and they have made very good progress towards that w.r.t funding the retail bond maturity. The geographical diversification makes generalisations difficult. Economic growth and trends are less likely to be uniform across the country. Although less employees work at offices, this concept is not dead yet, with most offering hybrid working patterms, and this varies by sector. As I understand it, most of RGL's offices are out of town, which is not necessarily a bad thing. For the vacant lots, there is potentional for conversion into industrial, student housing or flats and 'last mile' warehouses. As stated, the decision to retain the dividend suggests that the bond maturity is almost covered. RGL is not averse to cutting the dividend either. RGL is cutting it fine, and it is a very difficult market, however, their strategy here does make sense. If overall cost of debt is 3.5%, and initial yields are at 9%, why have a fire sale of properties at the bottom of the market to reduce LTV to 0%? Bringing LTV down to 40-45% over the next 18 months would be ideal. |
Posted at 06/2/2024 11:00 by cc2014 A copy of my post from the weekendWith regard to RGL as I and others have written before, the balance sheet is in a bad place but worse the actions of the directors and Board are not helping it. At 55% LTV the dividend should have been binned last time, yet it's not even clear they will bin it this time. This creates a feeling of lack of credibility over balance sheet management and inevitably will lend to all debt being renewed at a higher coupon that would have been necessary had appropriate action taken place. To be blunt the lack of credibility around the directors has been apparent for years as evidenced over the persistently wide discount to NAV when compared with peers. In the end what price to roll the retail bond? The ENQ and IPF bonds are trading around 10-11% yield and they are far safer bets that RGL. That puts this in the range of around 15%, but I'm not even sure that's enough for an unsecured bond at the bottom of the stack in both time and subordination. There's another problem too in that at 15% retail investors walk away as the risk becomes crystallised in the coupon. If the retail bond is reset at 15% and the dividend is reset to zero what price the equity? Something beginning with a 1 rather than a 2? (and finally as I know someone is going to assert that they don't need to roll all of the £50m retail bond, if they were going to do that they'd be buying them back in the market now at well below par rather than waiting to redeem them later in the year) The situation is becoming binary now. Either sell some assets quick and get the LTV down and the share price may rally or it's continual pain for shareholders as the balance sheet becomes more and more stretched as every day goes by. Good luck to all holders. I don't think it's going bust but there could be very many years with no dividend. |
Posted at 02/2/2024 18:45 by grahamg8 RGL seems to be trying to defy gravity.From the Q3 update "In the near term, the Board remains focused upon a controlled disposal programme, to reduce the LTV back to the Company's long-term target of 40%, whilst maintaining the quarterly dividend.". The 40% target is repeated for the YE RNS today. Take the figures as gospel:Portfolio £700.7m, LTV 55.1% , so borrowing is £386.09m. To achieve a 40% target by asset sales would mean (700.7-X)x0.40=386.0 The latest dividend of 1.20p would cost £24.76mpa with 515.74m shares in issue. So to maintain the dividend over 2024 would mean 'finding' £6.18m. This assumes operating and admin costs fall in direct proportion to the value of each disposal, highly unlikely. The only way to at least partly square the circle is for only the vacant properties to be sold, so no income would be lost. But there just aren't enough of these, and the chances of vacant properties being sold at book seems pretty remote to me. There is one more sleight of hand that can be thrust on shareholders, and that is if 'maintaining the quarterly dividend' actually means maintaining a quarterly dividend no matter how miserly. Technically correct a dividend of 4 x 0.001pps is maintaining a quarterly dividend. This would save the requisite amount from the lower rental income surplus available to distribute. I'm also pretty edgy about the debt itself remaining duration of 3.5y interest rate of 3.5%. Have the board actually noticed that interest rates have gone up and they are only dropping very slowly? Our ultra low interest environment is over; refinancing is going to cost a lot more and 3.5 years is scarily close, starting in August 2024 in just 6 months time. The coupon on RGL1 is 4.5% and that is nowhere high enough to tempt new investors, or encourage a roll-over by existing bond holders. 8% sounds more realistic, and if all coming in the form of a bond would cost an extra £1.75mpa in interest, all to be taken out of the pool of funds available for RGL shareholder dividends. The fall in the share price today says the market doesn't believe the narrative, and neither do I. |
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