Town Centre Share Discussion Threads

[inki] 27/8/2009 15:52

Someone has seen the results due probably at the end of next week - OR -
Someone has hopes for the results next week - OR -
No supply - and pathetic but some demand

[jayson26jay] 27/8/2009 15:43

Good to see this ticking up, any reason?

[chairman2] 01/8/2009 23:45

There will be 4 or 5 big holders of the mortgage debt on the register

madness if tender offer has been launched without pre-offer stich up
on price that would be acceptable to all parties. RBS wins because it is reducing risk in its corporate loan book. Maybe RBS is the biggest holder - ie its tendering to itself. Stranger things happen every day

[inki] 31/7/2009 14:54

It is true RBS are tendering to buy the Stock at a discount. The price that Town Centre will pay RBS, is another matter. There was a time when the loan stock was issued and considered to be at a favourable interest rate. It will be interesting to see how much is tendered for sale.

[chairman2] 30/7/2009 13:41

Its pure accounting for a debt shuffle

co (using RBS as a front) is trying to buy back this mortgage debt on the cheap at 70 - 80per cent of face value (ie big discount.)

It depends on who is holding the debentures whether this will work - I suspect they know the answers already.

[mathisvale] 27/7/2009 10:35

Where did TCSC get £45m from. The last I heard was that it was trying to preserve cash. Is RBS doing a bit of arm twisting

[chairman2] 03/7/2009 19:31

oops apologies - wrong thread

[chairman2] 03/7/2009 19:30

so how was the PI presentation then??
anyone on here who went??

[martincc] 22/6/2009 15:16

22 June 2009 Broker recommendations
Arbuthnot
Brixton Raises price target to 39p from 21
Town Centre Securities Raises price target to 160p from 115 Buy

[linhur] 19/5/2009 14:35

I agree it was a positive statement but they have been selling parts of the better side of their portfolio which may affect their LTV on the year end valuation. The final results in September will be critical as hopefully real estate will bottom in the second half of 2009.I would have liked to have seen a clearer statement on cost reduction and not much progress has been made this year on the Ilva building in Manchester.I suspect a rights issue is not on the cards (unlike most other property cos) as the Ziffs will not want to relinquish their hold on the Company. They may be forced to reduce the dividend to conserve cash if voids increase.

[hectorp] 19/5/2009 07:58

Positive trading update, quite bullish in fact. OVERSOLD IMO.

[martincc] 07/4/2009 13:55

Have been buying in over the last couple of days, commercial property seeming to be on a bit of a bounce back, and looking for good dividend yields.

From the Ints 25/02
NAV 271p, share price now 88p
Int div 2.75p is xd 27 May, final proposed at 5.4p so 9.2% p/a
Equal to 10.9p in 14 months, 12.3%

From the ints, 'The net initial yield on the investment portfolio was 7.4% (30 June 2008: 6.1%)after adjustment for certain voids'

[inki] 09/3/2009 11:46

This company has very little trading in its shares, hence a rally being sold into is not the norm. Most shares are either director held or institutional.
Surprisingly enough however there is a pattern of some small trades which move the share price occasionally. Has anyone else noticed that there are frequent transactions of 1400 shares. Today again.

[hectorp] 09/3/2009 10:32

I'd expect a rally today to be sold into myself ( well, not BY myself, I don't own any, lol)
Close watch for April. I note a lot of their debt is very long term ( ie 2031).
Rents and car parking income doing well.

[pip_uk] 09/3/2009 08:50

I would have bet a months pension that would happen after John lee`s article.

[hectorp] 07/3/2009 19:33

Mr John Lee the FT correspondent in the weekend Money section , has been buying these.
Close watch.
I suggest they could fall property cos 20-30% more, as the bottom is by no means in yet. but there will be value .
Have a good look in June-July.

[inki] 25/2/2009 21:04

The directors are buying in, at a time when they are also buying into the 'sister' company which went into administration.

While retail suffers, it still lives to another day. We have to buy shoes and we have to find them in the shops somewhere. The internet still only provides part of the shopping concept. If Town Centre replaced space given up by Woolworth's, then that is a good sign - so far. No one has rung the bell to say the recession is over yet.

[contrarian2investor] 25/2/2009 20:01

Ducatiman,

Just loked in to see the reasoning behind todays rise.

I held these many years ago when retail was the space to be in. Hence the reasoning for companies to become REIT's etc. Furthermore lots of monies poured into Bluewater, Bullring, Trafford Centre and more recently Leicester Highcross to name a few examples. However in a recession retail is not the space to be in and therefore in answer to your question it is going to get much worse. You'll know it getting worse if/when a major chain e.g TK MAXX, Next or M&S shuts down some branches. Just my humble opinion.

Yours with integrity
c2i

[ducatiman] 25/2/2009 07:57

looks ok and they intend to hold final divi, question is how much worse is retail going to get?

[inki] 25/2/2009 07:51

The share price divergence with net assets has become a nonsense.
Profit
o Underlying profit before tax excluding disposal profits and losses and other
exceptional items, GBP4.4m (2007: GBP4.0m)
o Statutory loss GBP72.9m (2007: profit GBP62.5m)

• Earnings per share
o Underlying earnings per share 8.2p (2007: 7.1p)
o Basic loss per share 137.4p (2007: profit 116.2p)

• Net assets*
o Net asset value per share 271p (30 June 2008: 420p)

• Dividends
o Proposed interim ordinary dividend of 2.75p (2007: 2.75p)

• Funding
o Total borrowings at 31 December 2008 were GBP202.6m (30 June 2008: GBP212.4m)
o Sale of properties due to complete on 27 February 2009 for a consideration of
GBP10.7m will further reduce borrowings
o Borrowings are long and medium term, comprising GBP150m, 5.375% debenture
stock expiring in 2031; balance represents drawings against bank facilities due
for renewal in 2012 and 2013

[inki] 09/2/2009 08:30

The company has a June year end. In the past it has only reported on trading at the half year. Revaluation of properties has not been their accounting policy. Most important is likely to be a possible report of future funding, and possible vacancies. However the results therefore are likely to miss the usual annual revaluation. (A theoretical figure anyway unless there is a need to sell assets)

[ducatiman] 06/2/2009 16:34

oxman, retail, property, debt, need I say more. Results will be very interesting.

[its the oxman] 06/2/2009 16:31

is there any value here? share price nosediving

[chairman2] 12/11/2008 13:53

wish I had access to better data on TCSC