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WICH Wichford

6.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Wichford LSE:WICH London Ordinary Share GB00B01V9H13 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 6.30 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 6.30 GBX

Wichford (WICH) Latest News

Real-Time news about Wichford (London Stock Exchange): 0 recent articles

Wichford (WICH) Discussions and Chat

Wichford Forums and Chat

Date Time Title Posts
01/11/201121:08We've found a WICH, may we burn her?750

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Wichford (WICH) Most Recent Trades

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Wichford (WICH) Top Chat Posts

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Posted at 01/11/2011 21:08 by cerrito
I see no one has set up a RDI page and it appears I am not the only share holder who has rather forgotten about these.
Interested to read the following and it was this that made me aware of the results today, which I will need to analyse.:
Redefine International (RDI) retained its "buy" recommendation from Evolution Securities, with a 50p target price. The property investment company achieved strong full year earnings of 4.13p per share, which the broker notes will fully cover the impressive 10% dividend yield. Evolution adds that occupancy remains high at 97%, even in its government tenant portfolio, which suffered spending cuts. The shares inched up 0.25p to 41.375p.
Posted at 17/9/2011 20:19 by grollfam
RDI.....multiply WICH times 7.2....
Posted at 27/5/2011 18:21 by lord gnome
You will have the same number of shares and they should be the same price. Redefine will however, be issued with over 2.7 billion new shares in Wichford and they will hold 58% of the shares in the newly enlarged company, so you will be diluted in terms of your percentage holding in WICH. Having siad that, the assets of the joint company will also be enlarged, so the NAV per share should be about the same or possibly slightly better.
Posted at 27/5/2011 16:02 by asher
Excuse me for my ignorance, but will you have the same amount of shares when the merger goes through as before or will your holding be diluted and will the shares be the same price.
Posted at 18/2/2011 10:11 by masurenguy
Yes it does, although trading volumes are miniscule. We need to see some positive corporate action as a result of their 'strategic review' to really kick start the share price here !
Posted at 17/2/2011 18:14 by masurenguy
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."
Posted at 16/12/2010 19:04 by quazie12
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
Posted at 15/11/2010 07:23 by masurenguy
Looks like some M&A activity is now developing here !

Also interesting to note that the share price has risen by 18% over the past 2 weeks on no newsflow !

RNS Number : 1445W
Wichford plc
15 November 2010

Strategic review of options

As recently announced, the Company has made good progress in the past year on the immediate objectives set out at the time of last year's Rights Issue. Most recently, Wichford has secured maturity extensions in relation to all three of its UK debt facilities. In addition, the Company has extended its VBG1 facility and has secured covenant waivers in relation to both the VBG1 and VBG2 facilities. Having secured its immediate funding position, the Board has commenced a process to review Wichford's strategic options including addressing the longer term financing position of the Company, in particular the October 2012 maturities of the Delta and Gamma facilities.

The Board has appointed Rothschild to assist in this review of options, which include assessing interest expressed by Redefine International plc ("RI") in relation to a potential combination of RI and Wichford.
Conversations with RI are at an early stage and there can be no certainty that any transaction between Wichford and RI will be forthcoming or that the required regulatory approvals for a transaction would be obtained (including but not limited to agreement of the UKLA in relation to listing eligibility). RI, a hybrid property investment company quoted on AIM with a market capitalisation of approximately £230 million, currently owns a 21.7% shareholding in Wichford. RI's ultimate parent company, Redefine Properties Limited, which is listed on the Johannesburg Stock Exchange in South Africa, indirectly owns a shareholding in Wichford Property Management Limited, Wichford's property manager. Further information about RI, including public announcements and financial results, is available on RI's website at www.redefineinternational.je.

In accordance with Rule 2.10 of the Code, Wichford confirms that it has in issue and admitted to trading on the London Stock Exchange 1,062,095,584 ordinary shares of 1 pence each under International Securities Identification Number GB00B01V9H13. Wichford will make a further announcement in due course, as appropriate.

_________________________________________________________________________


RNS Number : 1609W
Redefine International PLC
15 November 2010

Announcement by Wichford P.L.C.

The Company notes the announcement released by Wichford P.L.C. ("Wichford") this morning relating to a strategic review of Wichford's options and confirms that the announcement has been made with the agreement of the Company. The Company therefore confirms that it is in conversation with Wichford's board of directors and its advisers Rothschild regarding a potential combination of RI and Wichford, that these conversations are at an early stage and that there can be no certainty that any transaction between RI and Wichford will be forthcoming nor that the required regulatory approvals for any transaction would be obtained (including, but not limited to, agreement of the UKLA in relation to any relevant listing eligibility).

The Company currently holds 230,772,000 ordinary shares of 1 pence each of Wichford representing 21.7% of Wichford's share capital. In accordance with Rule 2.10 of the Code, RI confirms that it has in issue and admitted to trading on the AIM market of the London Stock Exchange 410,775,743 ordinary shares of 1 pence each under International Securities Identification Number BBG000PMB796. RI will make a further announcement in due course, as appropriate.
Posted at 20/1/2010 12:19 by ted1806
Can only be good news

RNS Number : 8457F
Wichford plc
20 January 2010



Wichford P.L.C.

("Wichford" or the "Company")




Acquisitions




20 January 2010




Wichford P.L.C., the property investment company, announces three acquisitions in the UK, located in Bristol, Gillingham and Uxbridge, for a total of £23,337,000.




Crescent Centre, Bristol




Wichford P.L.C. has acquired the Crescent Centre, Temple Back, Bristol from Henderson Global Investors for £14,000,000.




The multi-let 1970s office building totals 88,053 sq ft. with 48 car parking spaces. The largest tenant is Her Majesty's Revenue & Customs and the Employment Tribunals. Government occupiers make up 86.5% of the passing rent.




The current income is £1,167,959 with two small suites empty and available to rent. The purchase price reflects a net initial yield of 7.89%.




This property, which has a weighted average unexpired lease term ("WAULT") of 8.8 years, is expected to be pledged to the Zeta portfolio and will not directly impact the WAULT calculations of the Gamma or Delta facilities.



Once this acquisition is pledged to the Zeta facility it will release funds held as collateral from properties that were sold or released from this facility to assist with the WAULT on the Delta and Gamma facilities. This acquisition therefore forms part of the overall strategy for the improvement of the Delta and Gamma WAULT.




DSA Driving Centres, Uxbridge and Gillingham




Wichford has also exchanged contracts on two pre-let DSA Driving Centres in Gillingham and Uxbridge for a total acquisition price of £9,337,000. In both cases, practical completion is scheduled to take place before the end of May 2010.




The two properties are both let on forty year leases to the Driving Standards Agency. Gillingham and Uxbridge have tenant break options in year fifteen and twenty respectively.




The total initial income is £585,000 giving a blended net initial yield of 5.92% based on the purchase price.




These two acquisitions both assist in raising the WAULT of Wichford's UK portfolio and it is intended that both properties will be pledged to the Delta Facility subject to practical completion and the Security Trustee accepting the properties as substitute properties.




For further details, please contact,




Wichford P.L.C.



Philippe de Nicolay
00 33 1 40 74 42 79






Wichford Property Management Ltd



Philip Cooper
020 7495 7111

Stephen Oakenfull
020 7811 0100





Citigate Dewe Rogerson
020 7638 9571

George Cazenove


Kate Lehane







Notes to editors




Wichford P.L.C. (UK Listed: WICH) is a property investment company, with a portfolio focused on investment property occupied exclusively by Central and State Government bodies. Approximately a quarter of the portfolio comprises public sector rented properties in France, Germany and the Netherlands.





This information is provided by RNS
The company news service from the London Stock Exchange

END
Posted at 16/10/2009 21:37 by sandlab
Wichford building on recovery hopes
Created: 15 October 2009 Written by: Claer Barrett
BULL POINTS:
Rights issue underpins finances
Property markets perking up
Safe tenants
Highly geared to reviving property market

BEAR POINTS:
Share price far above net asset value
Threat of government cutbacks

Shares in property company Wichford have suffered an almighty de-rating since their 2007 peak of 64p, but the factors that pummelled them down could help build them back up now that the property market seems to be turning.

And by far the biggest plus? A stable occupancy rate of 99 per cent across its portfolio, because most of it is leased to government tenants in the UK and Europe. Furthermore, 80 per cent of the portfolio has about 10 years until lease expiry, and governments are hardly likely to default. "Rental risk is ultra low and, in the current environment, this marks Wichford out," says analyst Mike Foster at stockbroker Fairfax, who has just issued a buy note on the company.

Financial risk is also much reduced. Wichford has raised £52m in a heavily discounted but fully underwritten seven-for-one rights issue at 6p per new share. The proceeds will largely be used to repair and strengthen covenant breaches, and the debt maturity of its loans are set to be favourably extended as a result. However, £30m has been earmarked to purchase new properties on long leases. In addition, existing cash balances of £35m and an expected £20m from property disposals will be put towards further acquisitions as the market bottoms.

WICHFORD (WICH)
ORD PRICE: 11p MARKET VALUE: £117m
TOUCH: 10.5-11p 12M HIGH 19p LOW: 4.5p
DIVIDEND YIELD: 5.5% TRADING STOCK: nil
PREMIUM TO NAV: 162%
INVEST PROPERTIES: £541m NET DEBT: See text


Year to 30 Sep Net asset value (p) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)
2006 87 53.0 21.7 3.8
2007 84 -9.6 -3.4 4.1
2008 36 -130.0 -39.3 2.9
2009* 3 -44.4 -13.6 1.5
2010* 4 15.5 2.5 0.6
% change +24 - - -60
NMS: 20,000

Matched bargain trading

BETA: 0.5

The portfolio's European exposure is also attractive (a quarter of rents are received in Euros), and nearly two-thirds of Wichford's leases are index-linked and are thus protected against any jump in inflation.

The key risk is cutbacks in public-sector spending leading to options to break leases being exercised. That said, Wichford's portfolio isn't exactly at the expensive end - the average rent is just £12 per sq ft. Investors should also consider the risk that Wichford overpays for new investments because there is already lively competition for long-rented properties.

SHARE TIP SUMMARY:
BuyHigh occupancy rates and low risk of tenants defaulting explains the big premium to net assets at which Wichford's shares trade. Even so, Wichford is hugely geared to a reviving property market. Broker Fairfax estimates that just a 0.5 percentage point improvement in property yields would add 3.5p to Wichford's net assets, almost double their current level. The broker's forecast (see table) does not reflect an anticipated revaluation gain of £6m in 2009-10 as property values recover. The 0.6p dividend, which is promised by Wichford's bosses, helps to sweeten the risks, too. Buy.
Wichford share price data is direct from the London Stock Exchange

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