Wichford Share Discussion Threads

[purplebox] 18/2/2011 09:51

Looks like yesterdays IMS was well received :-).

[purplebox] 17/2/2011 18:49

RNS - Interim Management Statement



Squeezed out very late in the day - fairly solid report.

As for - "The Board has continued making progress in relation to the strategic review of options previously announced, and a further announcement will be made shortly." - I do hope so.

[masurenguy] 17/2/2011 18:14

RNS Number : 4545B
Wichford plc
17 February 2011

Interim Management Statement

Overview

The Company has made a satisfactory start to the current year with trading for the first quarter ahead of that for the comparable period last year. The Board has continued making progress in relation to the strategic review of options previously announced, and a further announcement will be made shortly. 62.6% of the portfolio benefits from CPI / RPI indexation or fixed increases. Inflation in the UK has continued to remain well above the Bank of England's 2.0% target benefitting rent reviews subject to CPI or RPI.

As at the date of this announcement the Company has approximately £26.7m of available cash after accounting for the purchase of Equitable House and the payment of the final dividend. The final dividend of 0.33 pence per share totaling £3.50m is due to be paid on 1 March 2011 to all shareholders on the register on 4 February 2011.

VBG2 Facility: As previously announced the Company has agreed an LTV waiver and is in ongoing discussions to extend or restructure the facility. The EUR53.10 million outstanding on this facility is secured against two German properties in Cologne and Stuttgart. The facility matures in April 2011.

Outlook

The investment market has shown signs of increased liquidity with properties being priced on length of income and covenant strength as investors look for secure income yielding assets. Market expectations for 2011 are for widening yield spreads between prime and secondary assets with demand for prime assets remaining strong while higher equity requirements and more expensive debt financing for secondary property is likely to put upward pressure on yields.

Bank lending to property remains constrained as banks continue to reduce their exposure to the sector, however lending from the institutional market for long-dated maturities appears to be active for the right assets. The Company remains focused on the strategic priorities established for 2010/2011 including the completion of its Strategic Review, securing a sustainable financing structure and managing the portfolio to protect future occupancy and rental income, repositioning assets with better alternative uses and disposing of underperforming assets.

Philippe de Nicolay, Chairman of Wichford commented: "I am pleased to report trading for the first quarter ahead of that last year despite the ongoing challenges in the property investment and financing markets. The Board has been heavily engaged in progression of the strategic options available to Wichford, and we will update shareholders in relation to the strategic review shortly."

[masurenguy] 15/2/2011 09:25

Hmm......wonder what's rattled the cage here today !

[purplebox] 15/2/2011 09:06

Doing well today - people buying at 7.8p :-).

[smartypants] 07/2/2011 22:38

ex div, and because it can

[webshares] 07/2/2011 21:50

why the drop recently.... i know i should do my own research and all that but whats the situation here?? thanks in advance

[masurenguy] 02/2/2011 08:32

I assume that the mark down at the open is due to going XD today !

[purplebox] 28/1/2011 12:53

Goes Ex-Div next Wednesday (2nd Feb) - 0.33p/share payable on the 1st March.

[lord gnome] 12/1/2011 22:39

This share has been flat on its back for so long now that any rise at all seems interesting. Perhaps you'll get your 8p one day r bedding - but not one day soon.

[hybrasil] 12/1/2011 16:12

looking even perkier today

[lord gnome] 06/1/2011 16:00

Looking perky today.

[r_bedding] 06/1/2011 15:56

Going above 8???????

[masurenguy] 05/1/2011 17:21

Few Buys into the close.

[quazie12] 05/1/2011 09:27

The reasons are very clear Mas. It's just that the WICH BOD will not admit it.

[masurenguy] 04/1/2011 14:53

The FTSE was up 141 points or 2.4% at 2.45pm and WICH, currently in play, is um........flat !

[quazie12] 23/12/2010 12:31

mas

in such thin markets I dont really pay too much attention to price moves especially where thin volumes are the normal order of the day anyway.Best to look at week to week.

[quazie12] 23/12/2010 12:29

It is totally pathetic that this BOD dont get it.

I'm no mathematician but a 95% erosion in shareholder value since 2005 and all those clowns still there !!

The market doesnt like nor trust you guys. One of you (at least) needs to walk.

This prospective takeover may actually be a blessing.

[masurenguy] 22/12/2010 09:52

I bet you don't get a reply that says "You're right - I'll get my coat !" :o)

Bit of volatility here lately - up by 9% this morning after being down 7% yesterday and in both cases on a miniscule volume !

[quazie12] 21/12/2010 13:50

Dear Chairman

Clearly the market has not been that impressed with the company's recovery "progress," not does it seem to believe that the bid approach/discussions will result in anything positive for shareholder value. Is this not a clear sign that we simply need new leadership now ?

Regards

Quazie12

Shareholder

[masurenguy] 20/12/2010 16:15

Big drop on little volume !

[quazie12] 16/12/2010 23:44

What has and continues to worry me is how much over the going rate has this mob managed to extract from Wichford through its management company.

Put it this way our dear chairman and chums showed incredible naievity going into the recession so who is to say they managed to get anything like a decent rate from Redefine for the property management services ?
q

[quazie12] 16/12/2010 19:04

Mas

I wouldnt worry too much about shorters just now. The price action suggests that someone is buying. Have a read on Ciref/Redefine's website who the players are there and what that group is about. It makes interesting reading. The latest figures are almost 10 months old. I expect the finals should be out shortly as the year end was in August. Here is what was in the investment manager's report, you will note that they paid 10p a share for the big tranche they clearly bought off market.



Wichford
The Company acquired 204,272,000 shares or 19.2% of Wichford on 22 December 2009 for a consideration of £20.4m. This was subsequently increased by the purchase on the market of 10.3m shares. Subsequent to theinterim period an additional 8.7m shares were purchased to bring the holding to 21% of Wichford.

The Company exercises significant influence over Wichford through its investment manager, Corovest Fund Managers (UK)Limited's 99% owned subsidiary Wichford Property Managers Limited. Wichford is a strategic investment and
consideration will be given to increasing the stake over time. The low risk nature of Wichford's government backed income stream is an important factor in Ciref's decision to hold the investment.

Q