ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

CAL Capital & Regional Plc

51.90
0.10 (0.19%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Capital & Regional Plc LSE:CAL London Ordinary Share GB00BL6XZ716 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.10 0.19% 51.90 51.40 52.40 - 260,816 16:35:01
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Capital & Regional Share Discussion Threads

Showing 2776 to 2800 of 2800 messages
Chat Pages: 112  111  110  109  108  107  106  105  104  103  102  101  Older
DateSubjectAuthorDiscuss
08/3/2024
16:55
I hear all that, but point surely remains that NAV has been on a strong downward curve, dictated in effect by GP.

I just can't get excited about 10/40 in this market I fear - the 10 isn't bad but isn't exceptional, and the 40 doesn't even feel that good. CLI might be a decent example of an alternative, with debt tucked into individual SPVs, in a similarly structurally constrained sector, and on a much larger discount.

spectoacc
08/3/2024
16:49
eigthwonder. Agree, masterstroke to Simultaneously announce delayed audited Results whilst giving out unaudited figures.

SpectoAcc. With 54P tender offer almos50% below NAV. NAV was always going to fall. However, the purchase was Fabulous value Boosting EPS and facilitating excellent 8% plus increase to Full year dividend of 5.7p. Edinburgh 31 December 2023 independent valuation, up 4% on purchase price.

2wild
08/3/2024
10:46
i think there are enough numbers on display in today's statement to think there isn't a warning in the pipeline
eigthwonder
08/3/2024
10:46
Growthpoint surely will eventually, albeit the premium to share price may be disappointing.

My concern - other than debt/LTV, albeit Growthpoint backstop them there - is, hasn't the NAV gone from 118p, to 106p, to 89p? I know they say latest drop is down to the recent acqn/share issue, but still - a few more, & Growthpoint won't even need to make an offer.

10%/40% would have looked great once, but doesn't seem so cheap in this market.

spectoacc
08/3/2024
09:55
@2Wild they've done pretty will getting these turned round from the doomesday situation that existed a few years back. Auditors delaying accounts though will leave a cloud over them so could be a buying opportunity or a warnig.

Not in here but am tempting to cycle out of NRR perhaps as i always feel grwothpoint could take them out.

nickrl
08/3/2024
09:09
Just picked up some more at 52.9 P.

Yielding 10.78%. Discount to nav just over 40%.

2wild
08/3/2024
08:13
Added at 53.4p, yielding 10.3% a few days ago.

Final div up 7% announced today, to 2.95p. 5.7p annual.
NAV 89p, at year end.

2wild
16/11/2023
08:14
I guess....
netcurtains
11/10/2023
10:58
CFO and CEO chose to fund tax liability of share option exercise (rather than the more usual “sell enough to cover the liability” route). Encouraging, although with the yield on the shares likely greater than their likely cost of funds, the most obvious thing to have done.
eigthwonder
27/9/2023
07:36
ACQUISITION OF SHARES BY EMPLOYEE SHARE OWNERSHIP TRUST

Capital & Regional announces that the Capital & Regional plc Employee Share Ownership Trust (the "ESOT") acquired 750,000 ordinary shares of GBP0.10 each in the Company on the open market at a cost of GBP0.574 per share on 26 September 2023.

The shares are planned to be used to settle share awards that are due to vest over the coming months. The ESOT is not intending to make any further share purchases at this stage. Following the above purchase, the ESOT holds a total of 790,376 Ordinary Shares.

- ENDS -

I'm guessing it would not be a very good employee incentive scheme if they are expecting the share price to fall.

netcurtains
20/8/2023
23:43
Doubt many REIT investors Think property is a sure thing, with most on 25 to 40% discounts to NAV, with Several near 45% plus.

Just like in first few months of 2020, when you could buy REITs yielding 12% on 50% discounts, there will be big Winners and losers.

I picked up AEWU at 63p. Up over 50%, AIRE 43p up 40% and RGL at 65p, Down, 35%. Excluding dividends Over the last 3.5 years or so.

AEWU maintained. It's 2P quarterly dividend, paying out 28p in last 3 years 6 months
, giving a 100% return if you brought near the bottom.

2wild
16/8/2023
05:44
Have no doubt Growthpoint will take them eventually - question is, at what price. They'll own enough of decide themselves what that is, or they could go down the traditional delisting route, leaving you with shares in a co that doesn't trade.

Otherwise, agree it's interesting to see how zero rents are potentially a thing, simply to save the business rates/service charges. Too many REIT investors think property is a sure thing, but if/when recession comes, it'll quickly become apparent what a millstone unlet property can be (6 months rates relief for Industrial, only 3 months for Office/Retail).

spectoacc
15/8/2023
17:55
@2wild if rents hold up at the Gyle looks a reasonable deal but that 12% looks best it might get. Morrisons and M&S don't pay rent only service charge but Next lease due up in less than 2 yrs and they wont stay unless they get a good deal based on what they've said in their results about lease costs going down significantly.

CAL have certainly turned themselves around but high LTV and retailing could easily go south. They've already warned that Wilko has potential to lose 0.65m rent but even worse will add 0.9m to costs so shows you how important it is to keep tenants.

My view is they need to sell Snozone so they can offload more debt. They also are losing the two mandates at Redditch and Luton so another 1.2m thats helping cover the overheads.

Anyhow share raise fully underwritten with loan at competitive IR in current environment and looks like its coming from the current owners of the centre so acquisition a done deal. So getting tempted here as there must be a possibility of Growthpoint taking them out at some point.

nickrl
15/8/2023
12:03
Interim dividend Increased by 10% to 2.75p. Assume another 2.75p Final gives a 10% yield at 55P.

Buying shopping centre in Edinburgh for £40 million. Financed by £16M, 40% LTV loan, fixed at 6.5% for 5 years Plus a 25 million pounds 4 for 15 open offer at 54p. Yield on the shopping centre 12%.

2wild
02/3/2023
10:37
FY22 results out this morning and with the final divi puts these on yield of just shy of 9%. Certainly they are in far better shape than they were and LTV now down to 41% allowing for the surplus cash some of which is trapped in specific loans. Got most of it on fixed rates for a few years although even though its small don't get why they don't ditch the 4m that's on SONIA +5.95%!! Been lot going over last couple of years to get your head around all the numbers to see where this is going. Certainly rental income looks like its stabilised and has some growth potential on on new lets/renewals although an always suspicious about ERV forecasts being realised. They are going to lose the mgt fees they get for looking after Luton & Redditch once they are sold which is 3m plus also part subsidises mgt o/hs. However interest charges will be down a few million so looks like the divi can be sustained at these levels but in the long run when they need refi things will get a lot tighter.

With Growthpoint being so dominant here must be a possibility that if things are looking up they take it out completely.

nickrl
07/12/2022
17:38
Still haven't shifted Luton or Redditch, which i know now sit off the balance sheet, but they earn few quid on fees (1m pa) which they may lose and won't receive any cash from a sale. They are alive to it but would be another prop from under the dividend although at least no debt worries till March 24.
Divi too low and not very liquid.

nickrl
07/12/2022
14:53
Yes, made me (chuckle) to.

The likes of Wood Green are pretty bottom end on the spending front and imho will continue to tick over barring an outbreak of mass unemployment circa 1980s. The key is to keep the shopping centre looking respectable, not full of vacancies, and therefore a doable destination for the area. From what I see they are achieving that at the moment, certainly more so than was the case a few year's ago.

rambutan2
07/12/2022
14:37
Not seeing much bad in that, albeit I sold out lower than here in the September rout.

If the world keeps turning, CAL surely has some value. "...Assume(ing) that we do not see a further meaningful shift in the economic climate.." made me chuckle tho.

spectoacc
07/12/2022
14:12
Progressing. Wood Green has certainly seemed fairly busy since the summer, although not sure where things stand with the Cineworld:

Update on Trading and Property Portfolio

Capital & Regional, the UK convenience and community focused shopping centre REIT, will host a tour of its 17&Central shopping centre at Walthamstow at 2.30pm today. During the event, the Company will provide the following operational update .

-- Footfall in the five months to the end of November 2022 footfall was 11% ahead of 2021 and represented 90% of the equivalent period for 2019 representing one of the strongest periods on a relative basis since the start of the pandemic.

-- In the five months to the end of November 2022, Capital & Regional completed 42 new lettings and renewals for a combined rent of GBP2.1 million, ahead of previous rent and ERV. Key lettings in the period include agreeing to extend the NHS diagnostics centre at Wood Green by a further 6,000 sq ft and the letting of the new Walthamstow Food Market to local operator Crate.

-- Occupancy across the Group's Investment Assets has improved to 94.6% at 30 November 2022 from 93.8% at 30 June 2022. The main driver for the increase is the inclusion of the NHS medical centre at Ilford which is now in development following receipt of planning permission in October 2022.

-- Rent collection is now nearing pre-Covid levels with 95.9% of the quarterly rent due on 29 September 2022 and 97.0%(2) of the rent due for the year to date received.

rambutan2
30/9/2022
18:11
CAL needs a bit of unpicking as it was structured with assets within SPVs they controlled or SPVs that were under water and effectively off the balance sheet and with lenders.

The biggest debt is over the Malls that they are retaining and these have just over 4 years to run with the lender til Jan 27 with the following statement on covenants

"lender provided covenant waivers that run until November 2023 and modifications to cash trap provisions that run until May 2023"

this suggests to me that whatever the covenants are they are breached? but as @huge says they are coy about declaring them for whatever reason. The LTV was c50% at HY but post HY they sold on two assets and thats lowered LTV to 40%. You have to give CAL some credit for the way they've managed to buy back debt below par on several occasions and got debt down from over 70% LTV.

The other loan is on Ilford which is due refinance Mar 24 but has the potential to extend to Sept 25.

One thing to watch is they have management income from the Luton asset which is up for sale and new owners may ditch them of course may crimp ability to improve dividend. Of course there is always the possibility that Growthpoint will buy it all up now the restructuring is largely complete.

Edit: looked at the HY presentation and on slide 15 there is a table that says LTV covenant is 70% on Mall/Ilford assets whether thats the waiver level or not isn't clear but LTV of those assets are below the threshold. The fact that cash is trapped in the facilities suggests to me an indication that some element of the covenants is breached.

nickrl
30/9/2022
15:40
Thanks @HP, must admit I've not looked, been in CAL from higher & thought "Growthpoint will cover it if there's another capital raise needed". However, with the way the markets are, wondering how quickly that might happen.

I still think it's a good punt, well off the radar of most and with a supportive major shareholder. But think we have to look through to the end of the impending downturn to see CAL come through.

spectoacc
30/9/2022
15:35
spec, Very vague re covenant cover and no mention of headroom on the covenants I can see.
hugepants
30/9/2022
15:15
Thanks @HP. far more important than the interest rate or duration - what are the debt covenants like? Agree re risky end - if values fell not very much, that LTV surely risks breaking bank covenants?

But am also a holder.

spectoacc
30/9/2022
15:04
I topped up here on the fall to 50p. 10% yield, 57% discount to NTA and 40% LTV. Definitely at the riskier end of the REIT spectrum but its a positive Growthpoint are taking shares instead of cash for their dividend.
The shopping centres appear well let and favourably located and I think this sector may outperform going forwards.

Re interest rates, "Debt maturity of 4.1 years with average cost of debt of 3.54% with 98% fixed."

hugepants
15/8/2022
22:13
rambutan that interesting on Growthpoint as they are big chunk of the register so saves a fair amount of cash in the short term. Surprised gp haven't just bought this one out
nickrl
Chat Pages: 112  111  110  109  108  107  106  105  104  103  102  101  Older

Your Recent History

Delayed Upgrade Clock