Ucp Share Discussion Threads

[peterboroughmatt] 15/8/2011 16:21

I wonder if we will see an update regarding Nectrus.

[horndean eagle] 15/8/2011 16:11

Bit of a heads up on when results are due to be released. I have been told early this week so I would guess either tomorrow or Wednesday. Nice to see a little buying ahead of then and a distinct lack of selling.

[horndean eagle] 09/8/2011 14:52

Hardman monthly research note out today. Just highlighting they will be publishing research soon. They mention expect results out before the end of the month. I think they should be due next week. Its been very nice to see UCP holding up so well in the recent carnage. Not sure where our heavy sellers from the last few months have gone but hopefully they will reassess their position following the trading update.

[cgequityinvest] 09/8/2011 14:22

Given the mayhem in the market the price has held up reasonably well so far. I will be looking keenly at the accounts (which shd be released shortly) to see what they say about ability to raise debt to fund remaining build.

[whibbled] 01/8/2011 13:31

cgequityinvest - Excellent summary of the current situation.

Just as a matter of note, TIAA-CRIEF decreased their holding in July by around 3.6M shares, and now hold only 3.4%

Just have to watch out now for that hand in our candy jar.....it might belong to Unitech LIMITED again !

[cgequityinvest] 01/8/2011 11:52

scburbs/darlocst

The cost of remaining build out is based on my calcs as follows:

Overall cost of development 744 - (sept 10 interims)
Cost per m sq ft 35
UCP cost (60%) 21

Then I used an estimate of what had been built out as at todays date -I reckon it is about 4.5m sq ft. Then took the balance of 16.5m sq ft and used £21m figure to give £346m. Let me know if I have got it wrong!!

I have ignored cash generated from operations, current cash balances and any fit out costs (which they sometines do on behalf of tenants for a higher lease income. So in my mind £350m should be pessimistic and I would hope they can reduce this from income generated and some debt reduction.

Thanks for note re formatting - will have a go.

[mbu69] 01/8/2011 11:40

Thanks cgequityinvest great post. i doubled up last week so fingers crossed.

[darlocst] 01/8/2011 11:29

excellent post cgequityinvest. I had a figure of more like £285m for remaining build out cost taken from the latest presentation & last report but I guess your figure comes straight from management?

re formatting tables try putting the tags "< pre >" and "< /pre >" at start & end of table (without the quotes & spaces).

[scburbs] 01/8/2011 11:01

cgequityinvest, I can't help you with the formatting, but thanks for an excellent post.

Please can you confirm the source of the £350m remaining build out cost. Is this the amount that the property SPV's have to raise or UCP's 60% share of what the property SPV's need?

[cgequityinvest] 01/8/2011 10:41

If anybody can advise me how to properly format tables I will update note above to make it more user friendly!!

[horndean eagle] 29/7/2011 16:57

Buyer seems to have blinked. 750k cross at 21.5p in the auction. Another chunky dent in the overhang. Hopefully research out next week which should generate a little more buying interest. If overhang is cleared ahead of results we should see a sharp move higher on any buying post results. I think institutions sat on the sidelines are awaiting results before making their move.

[peterboroughmatt] 29/7/2011 15:25

I wonder if Horndean's clients have been given the nod.

[horndean eagle] 29/7/2011 13:09

The big tanks are out on the lawn now. 1m buy order on the book at 20.25p. Looks like our buyer means business. Lily livered sellers aren't stepping up to take advantage so far. Large 850k sell sat on the book at 21.5p but not keen to drive it down to 20p. Happy that I managed to get 250k at that level last week. Fingers crossed won't get the chance to buy again at that level.

[horndean eagle] 29/7/2011 10:59

Yes - I have badgered them in the past about getting some paid for research out there in market. Pointed out it would be useful to see how all this rental income will translate into profits in the coming years. Also in contact with Hardman and helping them with news snippets like Singapore REIT articles.

[darlocst] 29/7/2011 10:36

Nice find Horndean Eagle - was it UCP that told you this?

Unitech covered on p22 of Hardman's monthly newsletter:



Interesting snippet that some of the new tenants recently secured could be robust funding partners.

[horndean eagle] 29/7/2011 10:20

Bit of a heads up, UCP have instructed Hardman to produce some paid for research on the company. Hardman have been in India this week and the analyst is returning this weekend. I would hope the broker note would be ready for next week. Help put some meat on the bones on how much profit we are likely to generate going forward.

[cgequityinvest] 28/7/2011 22:38

Agree that it is not likely to be Nectrus as we are in a closed period. Mgment still believe that Nectrus are obliged to buy shares under the conractual fee arrangements and will be reminding/chasing them. Results due out by mid Aug. I have done some calculations using previous valuation methodolgy used and believe that NAV should show a modest rise as at March 11 and a more significant rise by March 12 based on the new lettings achieved.

[darlocst] 28/7/2011 15:00

Doubt its Nectrus, they previously haven't been able to buy in closed periods which if I recall correctly is up to 6 weeks before results.

Good to see volume picking up.

[horndean eagle] 28/7/2011 14:30

Got a feeling that Nectrus might be in the market today buying stock. Large chunky buy orders at 20.5 have been put up. Obviously a queue of sellers are ready to sell out so don't expect the price to progress. Will help chip away at the overhang. Results should be out in the next few weeks I have been told.

[whibbled] 21/7/2011 18:14

Unitech REIT - The ORIGINAL 2008/2010 plot/plan.....

A useful refresher read........


Unitech to raise $2-3 bn overseas to fund projects, expansion

Article bу Property Vertical

Unitech Ltd, tһе second Ɩаrɡеѕt real estate firm іח India bу market capitalization, іѕ looking tο float a Real Estate Investment Trust (Reit) іח аח overseas market tο raise -3 billion (аbου;t Rs8,000-12,000 crore) tο meet іtѕ expansion plans.

Unitech аחԁ; іtѕ investment arm wіƖƖ sell a stake іח tһе six special purpose vehicles (SPV) tһаt currently οwח six commercial properties tο tһе Reit.

Tһіn9; trust сου&#406;ԁ Ɩіkе;Ɩу bе listed іח Singapore, though Hong Kong οr tһе London Stock Exchange аrе аƖѕο options, R. Nagaraju, general manager, corporate рƖаחחі;חɡ, Unitech, ѕаі;ԁ.

Tһе Reit wіƖƖ bе listed іח tһе later half οf 2008, аftеr a рοrto0;οח οf tһе construction work іח each οf tһе various projects іѕ completed.

Reits, common іח several developed countries, υѕе money frοm investors tο рυrс;һаn9;е аחԁ; manage property. Tһеm1; аrе traded οח major exchanges јυѕt Ɩіkе; stocks. Tһеm1; аrе аƖѕο granted special tax considerations аחԁ; enable sharing іח non-residential properties аѕ well, such аѕ hotels, malls, аחԁ; οtһе;r commercial οr industrial properties tһаt yield rental income. Much οf tһе income frοm tһе properties owned bу Reits іѕ shared аmοח;ɡ іtѕ investors.

Unitech's Reit wіƖƖ асqυ;іrе a 60% stake іח each οf tһе six SPV's сrеk2;tеԁ fοr tһе six commercial projects tһаt Unitech іѕ developing,. Tһіn9; stake іѕ currently held bу Unitech Corporate Parks Plc.

Tһе projects include four information technology special economic zones (SEZ) іח tһе National Capital Region (NCR), one IT Park іח Noida аחԁ; аח IT SEZ іח Kolkata. Unitech һаѕ; received formal approvals fοr three special economic zones іח NCR аחԁ; one іח Kolkata. Construction work һаѕ; ѕtаrt
077;ԁ οח tһеn9;е three zones аחԁ; a fourth information technology park іח tһе Delhi suburb οf Noida. A sixth SEZ іח tһе Delhi area һаѕ; received οחƖ&#1091; іח-principle approval frοm tһе government.

Tһе six properties аrе expected tο һаνе a total leasable area οf 21.5 million sq. ft, according tο a document οח Unitech Corporate Parks tһаt wаѕ mаԁk7; available tο investors during аח overseas listing οf tһе company.Iח December, Unitech sold a 60% stake іח each οf tһе six SPVs tο Unitech Corporate Parks Plc. fοr Rs4,400 crore. Tһіn9; wаѕ prior tο tһе listing οf Unitech Corporate Parks Plc. οח tһе London Stock Exchange's Alternative Investment Market.

Unitech, һοwе;νеr, retained a 40% stake іח tһе projects.

"Once tһе construction work gets completed, wе wіƖƖ float a Reit wһіl9;һ wіƖƖ bυу tһе 60% stake frοm Unitech Corporate Parks аחԁ; аƖѕο ѕοmе; οf Unitech's stake іח tһе SPV," Nagaraju ѕаі;ԁ.

WһіƖ;е tһе amount οf stake tһаt Unitech wіƖƖ sell һаѕ; חοt уеt bее•5; ԁес;іԁk7;ԁ, tһе stake sale wіƖƖ happen іח three-four phases.

"Wе wіƖƖ ѕtаrt selling tһе stake аѕ аחԁ; wһе•5; tһе buildings іח tһе zones ɡеt completed. It wіƖƖ bе done іח a staggered manner," һе ѕаі;ԁ. AƖƖ tһе SEZ projects аrе expected tο bе completed bу April 2010.Tһе company expects tο raise 0-600 million іח each phase.

Tһе management οf tһе projects аחԁ; tһе Reit, wіƖƖ һοwе;νеr, bе done bу Unitech. "Wе wіƖƖ identify аחԁ; lease tһе property tο tenants," Nagaraju ѕаі;ԁ. If Unitech manages tһе trust, іt wіƖƖ receive a fee еνеrу year fοr tһіn9;, wһіl9;һ wіƖƖ bе around 2% οf tһе amount raised through tһе Reit, һе added.

[hugepants] 21/7/2011 13:45

Some huge trades today. SoundPost Capital sold out?

[hugepants] 20/7/2011 13:07

I think the management might be feeling a bit uncomfortable with the share price where it is. Since 31p "did not represent an offer that they could recommend to shareholders to accept" you would think they would be snapping the shares up now at 21p. Or perhaps in a closed period?

[peterboroughmatt] 20/7/2011 10:19

Back in this morning

[horndean eagle] 20/7/2011 09:00

On the board for another 100k at 20.25. Only a matter of time before we either get rid of the overhang, get a share buyback from Nectrus or get a Singapore listing. Each of those will re-rate the shares. In the meantime we have very strong underlying leasing progress.