ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

SLI Standard Life Investments Property Income Trust Ld

79.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Standard Life Investments Property Income Trust Ld LSE:SLI London Ordinary Share GB0033875286 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 79.00 79.00 79.40 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Standard Life Investment... Share Discussion Threads

Showing 126 to 148 of 850 messages
Chat Pages: Latest  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
01/11/2014
23:32
Whilst it may be true that this could happen, the likelihood is that the raising of new capital will be properly matched with the ability to suitably invest the proceeds. The major shareholders will hardly be pleased if uninvested cash hangs around for long periods of time, and would not be supportive of further fund raising on that basis.
Additionally there is, in principle, no reason why the company could not consider maintaining the dividend for a period of time, even if that dividend were uncovered temporarily, if it still foresaw the prospect of suitably investing the cash in the near future. Personally I do not think the apparent forecast of a 3p annual dividend total for two consecutive years makes much sense.
The company has shown itself to be an extremely capable manager of property timing decisions and a 3p dividend would imply that it fails rather miserably in the future.

redsonning
01/11/2014
20:18
This will be it ... from the July circular on the share issue programme (pp 14, 15):

Dividend growth on the Ordinary Shares will depend principally on growth in rental income received from the underlying assets and the extent to which the Group is invested. The net proceeds of the Issues will be used to acquire UK commercial properties in accordance with the Company’s investment policy. The timing of the acquisition of any such properties will depend, inter alia, on the completion of the negotiations, in a manner acceptable to the Board and the Investment Manager, in relation to the properties that have been identified by the Investment Manager. In the event that an acquisition of a property identified by the Investment Manager as being a suitable investment for the Company did not complete, there may be a significant period of time between completion of an issue of New Shares and the proceeds of such issue being fully invested by the Company. Until the proceeds of the Issues are invested they are not expected to generate significant amounts of income (and the dividends payable in respect of the New Shares are not likely to exceed the income generated by the proceeds of the Issues until such proceeds are fully invested in UK commercial properties).
So yes, 3p for a year or so might be expected.

jonwig
01/11/2014
18:50
Thanks for that Jonwig. We have crossed paths before and I have found your insights invaluable.
daveofdevon
01/11/2014
18:46
Dave - good point!

To date this year they've paid two quarterly dividends of 1.16p and said (August):

We target a covered dividend, and for the first six months of 2014
the cover was 115%.

So a contradiction here!

Why won't they pay a total of 4.5p about?

Maybe because of the amount of equity raised: in Oct 2013 there were 154m shares in issue, a year later 218m shares. If the increased money hasn't been fully deployed, there will be a cash drag on income. I can't see how that would reduce the total dividend for this year to 3.0p, though. And by the end of 2015, funds should be in yielding property.
I don't think REIT conversion alters that.

Based on last year's calendar, they should announce a quarterly dividend next week. Perhaps that will reveal more.

jonwig
01/11/2014
18:14
Trawling around for a safe but high yielding purchase I have arrived here.

Before I take the plunge can some kind soul comment on one problem that I have spotted. Digital Look forecasts that in the next two years the dividend will fall to 3p which would knock the yield down to 3.9%

Either they have got some dud data or there must be something brewing which I have not noticed.

Useful comments would be welcomed.

daveofdevon
28/10/2014
07:16
Key Highlights

· Net asset value per ordinary share was 71.9p as at 30 September 2014 which includes an adjustment for the Q3 dividend payment due to be paid in November 2014. This is an increase of 3.6% from 30 June 2014.
· Successful subscription of 50m ordinary shares at 72.9p per share in relation to the prospectus published on 1 July 2014 and an additional 7m ordinary shares were also issued on 25 September 2014 at 76.0p per share, raising gross proceeds of approximately £41.8m.
· Dividend yield of 6.0% based on share price of 76.8p (24 October 2014).
· Four industrial properties purchased for £41.9m excluding costs.

skinny
01/10/2014
09:43
Thanks redsonning. (Voted up.)

I hadn't actually revisited the original announcement, as I should have done. Commercial property shares are the largest part of my portfolio, and I'm always wary of being caught overweight when I should be reducing.

jonwig
01/10/2014
08:52
Nothing particularly new is happening here....
This extract is from the announcement on 6th June. The preliminary authorities and the intention was all set up then. Subscribers have been interested because the commercial property cycle is perceived to be at a good point. The view that that we are past the peak is not by any means held by everyone as evidenced by the interest in the property companies generally.
"Standard Life Invs Property Inc Tst Initial Placing, Offer for Subscription and Placing............etc etc
The Placing Programme
The Company is also proposing the Placing Programme to enable the Company to raise additional capital in the period from July 2014 to June 2015 if it is able to identify further properties that are suitable for acquisition. This should enable the Investment Manager to make a series of accretive property acquisitions over the period to June 2015 whilst also mitigating the risk of cash drag on Shareholders' funds. Once the Company's existing Shareholder authority and the authority granted at the General Meeting has been exhausted the Company will convene a general meeting to seek Shareholder approval for the disapplication of pre-emption rights in relation to each issue of New Shares under the Placing Programme.
Under the Proposals New Shares will only be issued to new and existing Shareholders at a premium to the prevailing NAV at the time of issue.

The Prospectus
The Company intends to publish a prospectus in relation to the admission of up to 100 million New Shares pursuant to the Initial Placing, the Offer and the Placing Programme. The prospectus will contain full details of the proposed Offer, Initial Placing and Placing Programme.
The prospectus will be in force for a period of 12 months and therefore the number of New Shares referred to above in respect of the prospectus is intended to cover: (i) the shareholder authority being proposed at the General Meeting in relation to the Initial Placing and Offer; and (ii) any additional New Shares to be issued pursuant to the Placing Programme.....etc etc"

redsonning
01/10/2014
06:32
No not PRES related (they though have been busy of late another RNS this morning), I saw a chap at the game that was familiar and after racking by brains for the 1st half thought it may have been your goodself but obviously not. I was going to say hello but just as well I didn't :-) Anyway hope you are well.
cockerhoop
01/10/2014
06:25
I tripled my holding back in the July subscription. I suppose its best to wait until these release all the details. Back on the 19th September they bought Industrial in Rotheram for a 7% yield, 20 year lease, 15 break and indexed to RPI capped at 4% p.a.

You would of thought in November 2014 when they vote on the REIT they would also do the vote for the issue at the same time.

Maybe they knew something about Tesco when they sold the Depo in Bolton!

metier9
01/10/2014
06:03
Metier - I think companies have shareholder permission to issue up to a certain number of shares on a non-preemptive basis, usually 10%. It will be a motion at each AGM. If they get the go-ahead at the EGM it will be a placing with institutions, I imagine.

"They sure do like issuing shares recently." Quite so, and it's a worry. I think we have passed the peak of the current commercial property share price cycle, at a lower level than the last one which was over-heated. So if SLI are in the market to buy property, it will be from sellers who want to exit at the top.
A few years ago, sellers were distressed. That stage is gone now.

jonwig
01/10/2014
04:28
Jonwig, does it mean they want the ability in future at any point to issue another 50m shares but need prior approval from shareholders? Would it be a placing or subscription? They sure do like issuing shares recently.
metier9
30/9/2014
22:17
Jonwig,

OT - Were you by any chance at the SWFC v Ipswich match this evening?

cockerhoop
30/9/2014
16:45
They want to issue another 50m shares (non-preemptive, price not stated, hence negotiable?) so of course need an EGM to approve.

That's a 25% addition to the existing equity - a late cycle phenomenon? I sold a proportion before the referendum, so don't feel a need to sell more, yet. But the price they get away with will be interesting. (I'd guess the current NAV will be 71-72p. Circular may say.)

jonwig
10/9/2014
07:37
From a bit of reading:

• SNP has a Land Reform Policy which seeks to ensure all land is used "for the public good". It's particularly targeted at landlords of grouse moors who could find themselves under compulsory purchase. But the implications could be wider:



• Property prices are at potential risk from a 'yes' vote. In particular, the Edinburgh financial services sector:



Aberdeen property might be an exception, of course.

• Standard Life is prepared to move domicile:



Meantime the share price is at a 5-year high.

jonwig
06/9/2014
05:57
It seems Scotland is 11% of the portfolio (2013 AR, p14). Aberdeen seems prominent, as you say.
I can see a possible hit to valuations there ... 20% max, so 2% hit to gross AV, 3% to net AV.

Incidentally, the outcome as a risk isn't mentioned in the 2013 AR.

jonwig
05/9/2014
20:21
Thank- you johnwig. Actually I made on these. Maybe The Scottish investments need not be a problem - in the Aberdeen area if I remember rightly. Perhaps there is some UK risk -depending on the outcome of this crazy referendum !
4spiel
05/9/2014
17:45
4spiel - I don't think you have read this correctly.

The trust is incorporated in Guernsey and listed in London. The Directors of the company are independent of the Investment Managers.
Although these are based in Edinburgh, Standard Life itself has said it is making contingency plans to move some operations.
Of course, Jason Baggaley could insist on remaining in Scotland, but that's about the only problem which is worth considering.

EDIT: ... and it's quite possible the management contract could be terminated by the board in the event of independence being voted. I haven't checked the terms.

jonwig
01/9/2014
08:36
Thanks for the clarification, jonwig.
wirralowl
30/8/2014
06:20
"Property Income Distribution".

REITs must distribute at least 90% of their rental profits to shareholders. The tax of 20% falls on the shareholder, and this can be reclaimed within an ISA (or SIPP).
So if a PID of 10p is declared, you'll get 8p, then your ISA provider reclaims the 2p from HMRC.

REITs can pay a mixture of PID and ordinary dividend, so you need to be on the lookout.

jonwig
29/8/2014
15:58
Excuse my ignorance - what is a PID, please?
asmodeus
29/8/2014
14:18
I wish the premium would come down abit tho!
mozy123
29/8/2014
12:50
Well said jonwig
sleepy
Chat Pages: Latest  10  9  8  7  6  5  4  3  2  1

Your Recent History

Delayed Upgrade Clock