Ucp Share Discussion Threads

[horndean eagle] 09/9/2011 08:34

Ive been told it is Summit, Soundpost and Peak XV who have called for the EGM

[kenny] 09/9/2011 08:21

From Morningstar. Who else might it be as I assume from the above that HSBC are the only people with a near 12% stake?

[horndean eagle] 09/9/2011 07:41

Where was that story from Kenny? I have been told that the parties requesting the EGM were different

[kenny] 09/9/2011 02:10

Unitech Corporate Parks (UCP): HSBC Investment Management, the biggest shareholder in the fund with a stake of nearly 12%, has requested an EGM of the company, in which it proposes the removal of Dr. Mohammad Khan from the board;,he has served as a non-executive director since December 2006. HSBC proposes he be replaced by Sanjay Pandit. The shareholder has also requested the removal of the requirement that at least one director of the company has to be resident in the Isle of Man. The date of the EGM will be confirmed by the board of directors.

[kenny] 07/9/2011 15:06

Up again today. The market makers are marknig up on every buy, which may suggest they know what is going on. We private investors are the people who only learn about what is going on after all the insiders have bought.

[scburbs] 06/9/2011 17:05

Nice rise today. What this one needs is the Indian central bank to indicate they have finished raising interest rates and move towards reducing interest rates. If not the debt taken on for the build out is going to be pretty expensive.

Inflation takes time to response to monetary tightening. You can't just continually tighten without pausing to see the impact and my impression is that it is hurting (as can be seen in falling Indian share prices, particularly of indebted real estate). Whilst a further increase is expected this month, IMV they should be pausing and even possibly looking to cut due to the global economic client.

[peterboroughmatt] 06/9/2011 13:31

What does everyone make of last weeks rns then?

[hugepants] 06/9/2011 13:21

Nice 8% rise here today.

[horndean eagle] 06/9/2011 13:17

Don't think Unitech will be back with a bid for UCP. They are desperate for cash and are looking to sell their 40% share. They have said they are looking for disposal in the next year or so. There has been a firm buyer mopping up stock recently which could possibly have mopped up for overhang for now. Nectrus will be back in the market soon enough for stock. I believe that no more management fees will be paid until Nectrus are up to date with their share buying obligations. That and a shortage of loose stock will hopefully move us back up to nearer 30p by the end of the year.

[kenny] 06/9/2011 12:59

Hopefully any second bid will be at a lot more than the paultry 31p offered last time. The last announced NAV was a modest 49p and that might just be the starting point.

[peterboroughmatt] 31/8/2011 21:41

What was the late rns all about then, someone seems to be trying to force the matter.

I wonder if we are about to see some hedge funds team up to force value to be returned quicker than the board would like.

[flying pig] 25/8/2011 20:53

Available now



Conclusion

Valuation – UCP is undervalued without giving any benefit for
being cash positive and the strong lettings pipeline, both of which
presage strong growth. Just on the current position, the rent roll is
5.5p per share. That is with only 25% of the full assets being under
lease. With the rent roll having grown over 50% in the past year,
we consider expansion has strong momentum. Disposals would
enhance returns to shareholders. Our 49p target is only 8.9x this
rent roll on the quarter of the portfolio under lease or committed
pre-lease. On different discount rates, the target rises to 61p/
share.

[peterboroughmatt] 25/8/2011 20:35

Hardman report is due to be published tomorrow.

[horndean eagle] 24/8/2011 16:11

Its easy to explain. They put up a buy order on Monday for 800k shares. They got filled in all but those 28 shares. Those remained on the book and got tagged yesterday. Still waiting for Hardman to publish their research. Their seems to be a delay in proceedings. Not sure why.

[peterboroughmatt] 24/8/2011 15:03

28 shares your having a laugh............

[scburbs] 24/8/2011 15:00

Nectrus really cranking up the buys with another 28 shares added! It seems there was sufficient liquidity in the market as the price hasn't moved up!

"Unitech Corporate Parks Plc (AIM: UCP), a company focusing on commercial real estate in India, announces that it received notification today that on 23 August 2011, Nectrus Limited, the Company's Investment Manager, acquired 28 ordinary shares of 0.01p each in the capital of the Company ('Ordinary Shares') representing 0.000007% of the issued share capital of the Company at a price of 21.0p per share. Following this transaction, Nectrus holds 17,056,517 Ordinary Shares, representing 4.74% of the issued share capital of UCP."

[horndean eagle] 23/8/2011 15:02

Excellent news. £1.125m a quarter should be spent on buying back shares. At current prices that would equate to 5.6m shares a quarter. That should help put a firm dent in the overhang. I know that Nectrus were trying to get out of this agreement so the non execs should be congratulated for making sure they met their commitments. What would be an added bonus is if they can force Nectrus to increase the size of the buyback pot to include the amounts that cover the losses we made on the financial products. Even without that Nectrus buying back regularly will clear the overhang and give firm protection to the downside.

[scburbs] 23/8/2011 14:42

Good to see Nectrus back in the market, long overdue.

"Unitech Corporate Parks Plc (AIM: UCP), a company focusing on commercial real estate in India, announces that it received notification today that on 22 August 2011, Nectrus Limited, the Company's Investment Manager, acquired 799,972 ordinary shares of 0.01p each in the capital of the Company ('Ordinary Shares') representing 0.22% of the issued share capital of the Company at a price of 21.0p per share. Following this transaction, Nectrus holds 17,056,489 Ordinary Shares, representing 4.74% of the issued share capital of UCP."

[horndean eagle] 17/8/2011 13:36

Was hoping for an increase in NAV given all the leasing progress. Not sure why we didn't get one but possible explanations could be rising construction costs. CBRE and C&W in their latest quarterly review of Indian SEZ space said rentals had risen quite sharply from Q1. Even at current levels the rentals are quite depressed due to oversupply. Once a bit more of that is worked through we should start seeing much bigger rises. Inflation is currently quite a big problem in India (Circa 10%) and that should start to be reflected in rentals soon enough. That should help NAV going forward.

[cgequityinvest] 17/8/2011 13:36

Scburbs/Horndean - agree with your "steady as she goes" views. No real surprises in terms of valuations. NAV is marginally below where I thought it would be but largely due to increase in deferred tax and reduction in translation reserve (which to be honest I don't fully understand yet).

Timing obligations on Nectrus still unclear - I will try to get feedback from mgment on this.

I guess we will know very shortly via RNS tomorrow if Nectrus are back in the market.

[horndean eagle] 17/8/2011 13:06

It is steady as she goes. Rapid build out of developments means we incur build out costs which have hit the bottom line. Nectrus are back in the market today imho. They have a fair amount of catching up to do with regards the buyback. The Singapore REIT is still a live issue and if we make progress on that front we should be able to raise enough cash to push forward the rest of the developments at a quicker pace. Obviously on the proviso leasing demand stays as strong as it has of late. Looking forward to the Hardman research for a better understanding of what to expect over the coming years.

[scburbs] 17/8/2011 12:43

Steady as she goes after the interim bloodbath. Also includes confirmation that they are looking at a REIT in Singapore.

Unitech/Nectrus set to re-enter the market to buy shares imminently as the investment management fee offset should now be complete. The sheer buying volume due to the hugely excessive fees should push this higher. The company still needs to explain the timing obligations on Nectrus and the interaction with the loss compensation.

"Nectrus Limited, the Investment Manager to the Company, is an affiliate of the Unitech Group, the Company's co-investor in the investment property under construction. It receives a management fee and performance fee from the Group as detailed in Note 4. In May 2009, Nectrus Limited agreed to compensate the Company for a loss of £4,919,424 incurred on a structured note investment. This amount is being repaid by way of offsetting the investment management fee due. At 31 March 2011 the balance owed by Nectrus Limited to the Company amounted to £197,798 (2010: £4,919,424). At 31 March 2011 Nectrus Limited was beneficially interested in 16,256,517 Ordinary Shares in the Company (2010: Nil)."

[cgequityinvest] 15/8/2011 18:18

I know that a few PI's have mentioned it (nectrus fee and requirement to purchase shares) to management so I would be surprised if there was not some comment about it.