Ct Property Share Discussion Threads

[nickrl] 18/7/2023 21:19

Been sold down the river by big shareholders LMP takeover approved by court trading ends on 4th August.

[nickrl] 04/7/2023 09:25

@wilwak im in same boat bought these as they have good income stream which is well covered so reckoned they would deliver an uplift. Ive voted down merger but its going through i suspect so reckon best to sell now and reinvest elsewhere if it falls through they will end up cheaper.

[wilwak] 03/7/2023 22:22

I’m really trying to decide if this is a hold at 75p or whether a switch to another discounted reit is a better plan.

Tough call.

[spectoacc] 26/6/2023 14:02

Sold my (in someone else's a/c) token amount at c.85p, which now looks good, but could say that about any sale in the REITs recently :)

But agree this isn't a good deal - it's the sort of speculative approach someone might make, not the price for an agreed deal. The Board have sold shareholders down the river somewhat IMO.

At the very least a cash alternative should have been on offer.

[nickrl] 26/6/2023 09:07

@Specto ive voted my diddly squat holding against it. Bought these as they have scope to increase the divi and still have it covered which im not sure i will get with LMP but i doubt a CSH scenario is going to playout here.

[spectoacc] 26/6/2023 08:16

Missed how far this has come off (tracking LMP of course).

#331 still applies - isn't a generous offer, should have been at least partially in cash, saves LMP c.5% in stamp duty, and is looking like not even being the average share price of the past two years, let alone anywhere near the average NAV.

[netcurtains] 31/5/2023 10:15

Interesting

[riverman77] 25/5/2023 09:26

Yes it's below NAV but realistically share prices are not going back to NAV for the foreseeable future, so if I held I would have gladly taken yesterday's 20% rise and sold out. Wouldn't want to hold as LMP shares look expensive and has to be a risk they derate from here.

[hindsight] 25/5/2023 09:22

LMP offered as its unloved sector and good deals (not generous) are about
For what its worth I will be accepting, cant turn down 20% TR in my property pot, if still holding when vote arrives
Good numbers from WKP today (especially if only include thier knitting)

[spectoacc] 25/5/2023 08:32

Any press on CTPT bid? Still seems very low-ball to attract a management recommendation. This is recent NAV:

31/12/21 - 121p
31/03/22 - 128p
30/06/22 - 132.8p
30/09/22 - 122p
31/12/22 - 95.4p
31/03/23 - 96.6p

Perhaps ignore the boom & crash, & the fact NAVs are now likely to slide again with another uptick in interest rate expectations yesterday. Consider instead that when this bid was agreed, CTPT's NAV had not only stabilised but was back on the up.

And that LMP save c.5.5% in stamp duty by buying the shares not the holdings.

And that it's not in cash.

85.5p (pre LMP fall) isn't generous IMO.

[nickrl] 24/5/2023 17:22

No real big holders here to kick up a fuss

Edit: dont trust FT info!!

Aviva 8.58%
Ameriprise Financial aka Thames River 5.26%

OLIM Property Ltd 2.90%
BlackRock Investment Management (UK) 1.87%
BlackRock Advisors (UK) 1.34%
CCLA Investment Management 1.22%
Pacific Capital Partners 1.19%
Mattioli Woods Plc (Investment Management) 0.71%
Vanguard Global Advisers LLC 0.56%

[flyer61] 24/5/2023 14:32

Sold two thirds of my holding at anywhere between 80-81p.

[eyesofblue] 24/5/2023 14:02

Not sure what to expect from this point really. Adds another reason for volatility to the CTPT share price (ie the LMP share price). So sold out at 80p, to save all the hassle of following the LMP share price and worrying about it. £1k up in the end, big relief all round. Anyone else thinking of selling and missing the June dividend?

[hindsight] 24/5/2023 11:40

Very pleasing news 15% up here now. Sort of vindicates why UKCM worries me ie think bid be hard
Accept its a poor bid for where shareprice has been but its all relative for me, ie rolled some csh into soho and ctpt will be api, etc

[nickrl] 24/5/2023 09:47

@starpukka CTPT are one of the few that have a wel covered divi at the cash level. For me we are being sold out at this price but doubt anyone else will come into play.

[starpukka] 24/5/2023 09:02

I'm still 11% down on my CTPT holding. But, I am better off than I was yesterday. Do I sell up now ? What will happen to the divi after this next one goes out ?

[frazboy] 24/5/2023 08:36

Market has knocked almost the market value of CTPT off Londonmetric this morning. Surely, an over reaction - even if you think the assets are low quality which I don't - but this is definitely a bad news day.

[spectoacc] 24/5/2023 08:32

It is, but it's picking up assets on the cheap with its own over-rated shares. Guess those assets seen as even lower quality than the discount to NAV they're paying.

CSH agreed a bid way below NAV, CTPT have now agreed one not only well below reduced NAV, but hugely below the 132.8p of the past 12 months. The past is a foreign country but if a buyer wanting management approval isn't willing to pay NAV, then NAV (as often said!) isn't the way to assess value.

Flipside is a nice +20% on CTPT this morning, but eg still trading well below what I paid for my small holding. To get the CSH/CTPT uplift, you need both a bidder and to have bought lowly enough.

Or put another way - look at the 2 year charts of both CSH & CTPT & tell me the takeovers are a result for shareholders.

[riverman77] 24/5/2023 08:30

LMP is expensive versus its peers, so could possibly fall further.

[spectoacc] 24/5/2023 08:19

LMP now down 7.4% - surprised, they look to be getting the better deal, not even having to pay a much-reduced NAV.

[riverman77] 24/5/2023 08:16

It's not a cash offer though so wouldn't expect it to get to 85p. LMP share price down this morning too.

[nickrl] 24/5/2023 08:14

So the RNS tells me "Acquisition values each CTPT Share at 85.5 pence" market not that convinced at 77p currently!

[spectoacc] 24/5/2023 08:13

LMP down 4.4% & all-share, but think you get the 1p divi too.

Surprised no complaints about how far the agreed bid is below NAV? NAV was 132.8p less than a year ago.