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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Rugby Est It | RUGB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 63.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 63.00 | 63.00 |
| Top Posts |
|---|
Posted at 22/4/2010 14:11 by purplebox Well the formal offer has been published:That does not make it any better - it's a poor offer! |
Posted at 15/4/2010 21:50 by purplebox Yes, IRET's results were at best 'average' - also, those taking the 1.206 IRET share option will miss the dividend declared today (Ex Div 5th May).This offer is not very generous - in fact it's quite mean. |
Posted at 15/4/2010 21:38 by topvest I was a bit disappointed with the ING results today; their valuation movements to 55p this year have been very sluggish, even with the 3p dividend. Will need to look at more closely to decide which option I go for; tempted to go for eith the shares or ZDP offer though rather than the cash. |
Posted at 15/2/2010 17:05 by purplebox There is nothing to reject at the moment.Could take some time to shake out a deal as both sides will be playing hardball here, thats if they can agree a deal at all. As time moves on and valauations improve, RUGB becomes stronger. |
Posted at 15/2/2010 07:29 by purplebox Confirmation of talks from both IRET and RUGB.Also, RUBG say property valuation up 7.5% in quarter to 31st December. "Separately, and further to the announcement on 1 February 2010 regarding the ongoing strategic review being undertaken by the Company, the Board of Rugby REIT announces that CB Richard Ellis Limited has completed its external valuation of the Group's property portfolio as at 31 December 2009, valuing the portfolio at £68.3 million on a market value basis. This represents a like-for-like increase of 7.5 per cent. compared to the valuation as at 31 October 2009 (£63.5 million)." My rough calculations now puts the NAV in the region of 80.0p - an increase of around 8.0p due to this new valuation. |
Posted at 14/2/2010 16:39 by purplebox What makes this interesting is that the original investors at 100.0p have seen a steady decline since they bought in - hence some (about 30%) of the shares are now owned by Terra (Laxey et al) who bought most of them at fire sale prices in March last year.We have a stark difference between Terra who bought cheaply and are now looking to take a good profit, and the original investors who are looking to get their money back. If ING are going to bid at 62.0p I would expect Terra to be more than happy, but it would still be an opportunistic bid IMO. As you point out a REIT with no dividend is a bit like a pub with no beer - except that RUGB paid 2% to HMRC on it's purchases to gain access to REIT status! The RUGB business model sounded good but they started at entirely the wrong time in the cycle. If they were starting today it would be very attractive but unfortunately their not. Interesting times ahead here. |
Posted at 14/2/2010 14:40 by purplebox topvest - 14 Feb'10 - 13:15 - 59 of 62I disagree, if you are exchanging your shares (@65p) into a similar vehicle that pays a robust dividend. But is it best value for the shareholders - I mean apart from Terra? The NAV was 72.0p based on a September 31st property valuation and the BOD have promised a revised valuation to 31st December soon. I'd guess that the NAV will increase. The final results are due next month. Reading the 'defence document' produced at the time of the Terra bid last year the BOD included the following statement: "Further to its previously stated intention, the Board is seeking to carry out a capital reduction which, if successful, would enable the Board to pay a dividend to REIT Shareholders by the end of the first half of 2010." Why can't RUGB continue as a going concern? I'm I missing something here? |
Posted at 14/2/2010 13:51 by topvest Absolutely, an ideal merger from both companies point of view. IRET don't overpay. RUGB get an exit or shares in a better company, with a dividend yield. At the end of the day though, it's the big shareholders that decide on this. Terra are critical. For them it's a reasonable turn on their investment. Also, I'd be surprised for IRET to make a move unless they have Terra in their pocket. |
Posted at 14/2/2010 13:15 by topvest I disagree, if you are exchanging your shares (@65p) into a similar vehicle that pays a robust dividend. |
Posted at 16/11/2009 10:45 by qwazi It would be "barking mad" to accept bid for RUGB, says chairmanNow that's a defence I like to hear! |
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