Town Centre Share Discussion Threads

[jonwig] 15/9/2014 06:39

Chairman - it would be, yes.

I haven't taken any real steps (other than sell part of my SLI holding) to hedge against a 'Yes' result. A rather large bet at 3/1 or 7/2 would be a possibility (I haven't a sb account) but I don't think these odds are good value - just my view.

[chairman20] 14/9/2014 18:09

Jonwig

re Scotland property

It may be another reason to hammer the shares??

[jonwig] 14/9/2014 06:39

You're right, they haven't given advance notice, but they don't have to. The equivalent to last year's date would be next Wednesday. (Nothing on the website.)

Car parks have always been a small part of the business, but it's now being expanded.

24% of their property portfolio is in Scotland, which may or may not become significant!

[ganthorpe] 13/9/2014 09:36

Bought a few some months ago.
I see that last year they issued a notice of the results announcement on 18 August but nothing so far . Last year's results came out on 18 September I think , so if we are getting any prior notice our returning FD/Co Sec will have to get his finger out. Assuming we will see the figures next week?
I believe his speciality is car parks
GAN

[jonwig] 23/5/2014 15:00

LEEDS offers the best opportunities for commercial property investors with key markets all underpriced, new research has suggested.

More;

[its the oxman] 04/4/2014 21:10

Getting tempted if this falls a little further.

[jswjsw] 04/4/2014 08:42

O/T - LSR no brainer, now it's selling properties to reduce debt, distribute proceeds & increase NAV!!

[jonwig] 27/3/2014 14:25

It's for the kids and grandkids, isn't it?

I hope I would do the same for mine.

[inki] 27/3/2014 13:36

Chairman & CEO just bought £100k of shares ! Why? His family controls the whole company.

[peter27] 21/3/2014 13:17

sounds as if he got a better offer. No suspension or event which they would have been obliged to disclose so I suspect his name will appear elsewhere as a new FD.

[retsius] 21/3/2014 13:12

Thanks jonwig.much appreciated.

[jonwig] 21/3/2014 12:51

The encomium in the RNS suggests no great issues.
Maybe something will crop up in the local press.

However, two negative signals following this would be:

1) appointment of 'family' to the post - it really should go to a respected outsider;

2) signs of gearing up (increased bank facilities, etc.) which would signal a bit of undue exuberance and may have been resisted by the outgoing man.

Either of these would prompt me to sell.

[retsius] 21/3/2014 12:02

SP down. Finance director leaving on what appears to be very short notice.
Any views guys?

[jonwig] 07/3/2014 08:54

Interesting in that the client appears to be "Jayco88 Ltd" which is a company incorporated on 20 Feb.

So this is a SPV, and it should be easy to find the directors by paying at Companies' House. (I'm thinking it might actually be TCSC!)

In any case, it's not far from the Merrion Centre.

[castleford tiger] 07/3/2014 08:21

hxxp://www.insidermedia.com/insider/yorkshire/109893-?utm_source=yorkshire_newsletter&utm_medium=property_article&utm_campaign=yorkshire_news_tracker

More good news on our patch

[ladywormer] 25/2/2014 17:04

Thanks everyone for the insightful comments. I just wondered.

[jonwig] 25/2/2014 14:43

Chairman - I attended the 2012 AGM.

Ziff himself (CEO & Chair) was a bit stand-offish - after all, he had some big beasts to entertain - but two directors (Richard Lewis Prop D and John Nettleton NED) actually approached me and introduced themselves, whilst I had a good discussion with Chris Kelly FD.

I didn't go to the 2013 as it clashed. Maybe the 2014.

There are a couple more (at least) dinosaur propcos where going private is a theoretical proposition: DJAN and MTVW. An interesting recent post on my MTVW thread suggests why they don't bother with buybacks, etc.

On your general point re buybacks, I really don't think propcos tend to get involved, as they can usually borrow at a decent secured rate. And it's all about cost-of-equity.

[chairman20] 25/2/2014 12:57

buybacks

do I remember that the Ziffs famously decided
a couple of years ago to stop bothering with
Investor Relations and communication with top
shareholders as it took too much management
time for zero benefit?

I wonder if they are still maintaining that self-
defeating decision???

If they are then there is no way buybacks will
appear since it is only instis that benefit and
like them.

[chairman20] 25/2/2014 12:53

Buybacks -

conversion to REIT status means there should be no
incentive either way for buybacks (full PID
distribution). For the cash flow businesses (Car
Parks) there is clearly a need for capital especially
if new sites are to be acquired to expand the business.

There is, of course a steady dilution of new shares
issued for annual executive share options - which the
company might offset by a buyback programme. But there
is no ROCE argument that this would be a good use of
money at current valuations.

[jonwig] 25/2/2014 06:29

inki - when did TCSC last buy back some of its own shares?

(Answer: November 2007.)

[inki] 24/2/2014 22:48

Ladywormer - de-list and go private?
Everytime there is a buy back of shares, it becomes more private. It is an inexpensive but slow method of achieving same.

[castleford tiger] 24/2/2014 16:45

350 p in 12 months.

lots of good news to come here.

sit very tight if you hold is my advice

tiger

[jonwig] 24/2/2014 14:45

@ ladywormer - it's possible, of course, and lots of fly-by-night AIM companies have done the deed.

But TCSC have been quoted long enough, and could have done it in 2009/10 quite cheaply. Some other propcos (MTVW, DJAN for example) have similar control situations and are happily motoring as quoted companies.

In the case of TCSC there is the big debenture which accounts for most of the debt. I think this has a clause about mandatory repayment in case of change of control.
I can't give more detail, it's just what I've been told.

[ladywormer] 24/2/2014 13:25

Does anyone else think this company could de-list and go private?

[retsius] 24/2/2014 12:57

Dashton42
Many thanks.
R.