Abrdn Property Income Share Discussion Threads

[nexusltd] 23/2/2024 22:06

Both line items now in my account.

[skyship] 23/2/2024 20:25

Got my 2 parts at the same time with AJBell

[oniabsta] 23/2/2024 20:22

Thank you :-)

[nexusltd] 23/2/2024 20:02

The PID (0.3980pps) has been paid, the ordinary (0.6020pps) has yet to land. Last time the divi was in two parts was FY'22 3rd interim paid 25/11/22.

[oniabsta] 23/2/2024 19:44

Yes, got less than 0.4p/share. Emailed them, awaiting reply. No doubt blame API

[bodlan] 23/2/2024 19:33

Did anyone else's divi come in today somewhat less than the 1p due.
Or is it just HL again.

[cwa1] 22/2/2024 17:04

Takeover Panel Determination:-

[spectoacc] 22/2/2024 15:43

It's all a laugh isn't it - albeit CREI's rationale is considerably stronger than SHED's.

Balanced against SHED being the larger REIT.

Will come down to what the API major holders want - an auction, is my guess.

[arbus5000] 22/2/2024 15:38

completly disingenious update from CREI today, stating that their offer is now worth more than SHED's - the "premium" has only occured because the market beleives CREI offer is less likely to be accepted.

[hindsight] 21/2/2024 13:17

SHED get my API votes now, nearly brought some SHED as like proactive management
If merger done at same discounts then thats fine

[dr biotech] 21/2/2024 12:55

No. I was an API shareholder beforehand, and would happy to be going forward. I wouldn't be delighted at the wasted fees, and at least one of CREI/SHED is going to end up with nothing but costs.

[cwa1] 21/2/2024 12:31

I've taken a punt on some API at 52p. Rationale being: if SHED deal goes through I'm getting their paper at a discount and I'm reasonably content to accept that. Likewise, I'd be reasonably happy to accept CREI paper at the discounted, fallen, levels. So OK with that too. I think the chances of BOTH deals falling through is unlikely, so PROBABLY won't be stuck with API paper...but, even if I was, I think if the board play its cards right it SHOULD be worth more than 52p in the medium term regardless-with some dividends along the way whilst I wait. Least favourable outcom being ALL suitors walking away obviously..but still not an unmitigated disaster...

Anyone think that's rose tinted pie in the sky? :-)

[riverman77] 21/2/2024 12:12

Yes at current API price of 52p you'd get SHED at 110p which is a 32% discount to NAV. While a low ball offer, would be happy with that, and much better than the CREI combination. SHED say that only 9% of the combined portfolio would be non-logistics, and I'd imagine that part could be easily sold down over time.

[skyship] 21/2/2024 11:45

Early indications surely suggest that SHED may turn out the winner here. Their share price down "only" 5% on the news; whereas CREI still down 13% even after today's relief rally with buyers assuming they will withdraw to lick their wounds.

API shareholders being sold out by their BoD; as the API portfolio is a good one. Note what SHED think:

"Attractive API portfolio of c. £315m(3) of assets in Industrial and Retail Warehouses. Urban Logistics knows these assets well from its day-to-day market appraisals and would have bid on all or any one of them had they come up for sale privately..."

At 121p for SHED the bid is worth 56.7p for API. Makes API a great buy at 52.6p as now not only trading at a 7% discount to the SHED terms; but also an outside chance of someone else joining the game. A cash offer would be nice!

[skyship] 21/2/2024 10:17

API a cheap way into anything down at under 53p!

CREI bid now worth 57.5p; SHED bid worth 56p. Neither may win through; but seems to me that API has to be a BUY at this discount to everything. Bought back the few sold higher up earlier in the morning...

[riverman77] 21/2/2024 10:01

Muted market reaction at API and SHED suggests the deal won't proceed. But the big rally in CREI suggests that deal is also dead. That would be fine for me as both offers undervalue API, although I suspect the SHED deal will ultimately go through - on that basis API currently providing a cheap way into SHED. Will continue to hold and see what happens.

[essentialinvestor] 21/2/2024 08:52

Spec, long CREI was the lower risk play given the severe de-rating - it got down to 64.5 approx (would need to double check my lowest buy price). Bought a small amount of SHED.

[riverman77] 21/2/2024 08:47

Yes I'd certainly vote both down - after the expected 5% fall in SHED this morning, their offer equates to about 56p or a 28% discount. Why an earth would I sell perfectly good assets at a 28% discount?

[spectoacc] 21/2/2024 08:24

Apples, pears, offices, retail, and moorland.

IMO what's happened is the merger arbs - long API, short CREI - have suddenly found themselves to be short the co that may not be the acquirer.

Or may be. If I was an API shareholder I'd probably vote down both proposals.

[rimau1] 21/2/2024 08:02

The Shed superior offer doesn't take account of the likely 5-7% drop in their stock this morning! Apples and pears as CREI has derated

[essentialinvestor] 21/2/2024 07:50

CREI can't compete with SHED, given the SHED's market capitalisation and the proposed combination being well inside the MCX.

Interesting to see the SHED price move today.