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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rugby Est. | LSE:RES | London | Ordinary Share | GB00B8D0B657 | ORD 14P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 237.50 | 0.00 | 01:00:00 |
| 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 | 237.50 | GBX |
Rugby Estates (RES) Share Charts1 Year Rugby Estates Chart |
|
1 Month Rugby Estates Chart |
Intraday Rugby Estates Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 17/5/2012 | 08:10 | Rugby Estates - Net Cash and Large NAV Discount | 35 |
| 29/5/2008 | 00:34 | Why recent price movement Rugby Estates? near 20%? | 38 |
| 24/6/2001 | 22:04 | Starting a Resource thread ............. | 8 |
| 18/4/2001 | 06:07 | Free Research Resources Pool ! | 1 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 25/7/2011 06:53 by pakomacha Another £1.25 / share payout due on 18th August. Surprisingly low interest in this cash cow! |
Posted at 08/2/2011 22:32 by praipus Thanks Scurbs. "Sold far far too early"...... Where have I heard that before! Is there a particular reason why RES has been handing cash back for so long? Are they planning to liquidate altogether? |
Posted at 19/1/2011 12:49 by cwa1 Hi ChapsI had thought this was ex the special dividend day per the announcement:- Latest time and date for receipt of 11.00 a.m. on 18 January Election Forms or TTE Instructions 2011 from CREST holders in relation to the Alternatives Latest time and date for dealings 4.30 p.m. on 18 January in Existing Ordinary Shares 2011 Existing Ordinary Shares disabled 5.00 p.m. on 18 January in CREST and Existing Ordinary Share 2011 register closed Share Split Record Date 5.00 p.m. on 18 January 2011 Record Time (for determining entitlement 5.00 p.m. on 18 January to the Capital Repayment on the B 2011 Shares and the Special Dividend on the C Shares) But I stil seem to have the same number of shares, the price hasn't changed and it isn't marked as being XD. Any close followers of this that can shed any light on it? |
Posted at 27/11/2010 06:48 by pakomacha £1.15 / share to be returned on 31/1/11 subject to General Meeting being held on 13th Dec. |
Posted at 28/6/2010 20:49 by worrier and a further distribution 150-175 per share LOL are they winding the company down?not worried |
Posted at 15/4/2010 11:45 by worrier Why no price movement after todays announcement? does this represent good value? |
Posted at 01/4/2010 19:36 by worrier These guys at the top are pretty shrewd. I daresay any sale might have some strings around ongoing management/ valuation fees and any resulting cash will likely be used to return value to investors. All IMHO.This is one of the steadiest, if not the dullest share in my portfolio, but I anticipate double digit growth for the next 3-5 years if they don't sell out before. Not worried |
Posted at 31/3/2010 12:54 by makingheaps If the CGLP investment vehicle is to be wound up later this year or at the beginning of next and the REIT trust is bought out what is the effect on on going earnings? RES is trying to reposition itself as a manager of property funds but these are two of its major income sources. |
Posted at 03/11/2009 08:57 by scburbs I'm out for the moment. This has done its job in terms of very low risk double digit IRR when my other alternative for those funds was cash. With more risky property stocks back in favour (other than in the last few days) I have moved up the risk spectrum and am converting these funds back to cash to protect those positions. There should still be a good double digit IRR here so I may be back later. They need disposal news and a new fund to get the share price moving. |
Posted at 04/5/2009 14:16 by scburbs Rugby Estates is currently at 230p and had NAV of 354p at 31 January 2009. This represents a discount to NAV of 35%. Whether this discount is high or low, of course, depends on the quality of the NAV.The breakdown is: Cash 64p per share Property £2.62 per share Investments in property companies 22p per share Other sundry net assets 6p per share The company has no debt and has management contracts with no value ascribed to them on the balance sheet. This is the area the company intends to focus on in the new future. "At 31 January 2009, our three co-investment funds held approximately £380 million of property assets. Our target over the next few years is to achieve £1 billion of assets under management. This will be achieved primarily through the establishment of new co-investment vehicles." The company intends to return 50p (£8.4m) to shareholders. After this return (assuming a straightforward return of capital), NAV will become 304p and and the share price 180p. This increases the discount to 41%. If a tender offer were used (at a discount to NAV) then the discount may widen further. Given this company has no gearing it looks good value at 230p. This looks like one of the safest plays around. Whilst it is not going to double (unless it achieves its aim of £1bn which seems difficult at the moment) I would expect strong returns over the next couple of years. This looks like a great investment for a low risk play set to generate solid returns. These returns are much greater than cash in the bank. The main risks are the continuing fall in property prices and the loss of management contracts due to covenant issues in the management vehicles. A fall in direct owned property prices of 10% reduces NAV by 7% before the cash return and 8.5% after the cash return. When the impact of indirect investments is included this probably increase to around 8-9% and 10% respectively. This means property has to fall another 30-40% before NAV is reached. If prices do fall by this amount then RES will still be entirely solvent (most other UK property companies would be largely bankrupt in this scenario!). The worst impact would be that it may lose management contracts and its 22p investment may fall to nil. Given this meltdown scenario only takes RES back to the value of its assets this means the downside protection is rock solid. The main concern for me in this investment is what is going to happen to the management contracts and what is the underlying cost base. In the year to 31 January 2009 the management contracts generated £4.2m of income. Rugby had a cost base of around £6.2m. This was not allocated between the £4.2m of management income and the £3.9m of rental income. However, the implied recurring profit of around £1.9m is not hugely impressive. In the current year, management income is set to fall by around £1m (mainly due to a contract renegotiation with O Twelve). However, against this, action is being taken on the cost base. "The adverse market conditions, the very low level of transactional activity, which is expected to continue for at least the next year, and the decision to wind down Rugby Capital's directly-owned portfolio have necessitated a thorough review of overheads and staffing levels. As a consequence, in the last few months of the year a redundancy programme was implemented with the result that the total number of employees, including executive directors, has been reduced from 21 to 13. The office space occupied by the Group's staff at Farm Street has been reduced accordingly and is being sublet. With effect from 1 April 2009, the Executive Chairman, Chief Executive and Finance Director have agreed to reductions in their basic salaries of 20%, 20% and 13% respectively." About 80% of the administrative expenses are salary costs. These actions should enable the cost base to be nearly halved to say £3.5m. This would leave around £3.5m of recurring profit or around a 9% yield on current market price. The main danger is that the Directors run the company in order to overpay themselves and this will reduce the recurring yield. They do appear to have a shareholder base that should help reduce this risk. With a prospective earnings yield comfortably above current interest rates, significant downside protection and an intention to return 50p capital and further capital over the next few years these look good value to me. I would expect a comfortable double digit IRR over the next few years from 230p. |
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