Abrdn Property Income Share Discussion Threads

[spectoacc] 14/3/2024 07:06

All sensible, I'd say:


"The API Board has also updated its assessment of a potential managed wind-down ("Managed Wind-Down"), which now appears more viable than at the time of the Board's original review in light of increased visibility on property market conditions, but remains subject to risks relating to the quantum, value and timing of proceeds and associated returns of capital.

· Accordingly, and for the reasons outlined in this announcement, the API Board continues to believe that the CREI Merger represents the best outcome for API Shareholders, and reiterates its recommendation that API Shareholders vote in favour of the CREI Merger.

· Nevertheless, the API Board has decided that, while it continues to view a Managed Wind-Down as a less attractive option for API Shareholders than the CREI Merger, it intends to pursue such an option in the event that the CREI Merger is not approved by the requisite majorities of API and CREI Shareholders."

[riverman77] 13/3/2024 10:29

CREI are irritating me now with their reluctance to just make a better and fairer offer - I'd definitely go with SHED.

[llef] 13/3/2024 10:23

Shed have to decide by COB 15th as of 9.16am RNS

Following CREI's announcement, the Executive has consented to an extension of the deadline referred to above and has ruled that, unless the Executive consents otherwise, Urban Logistics must now by 5.00pm on 15 March 2024, either announce a firm intention to make an offer for API under Rule 2.7 of the Code or announce that it does not intend to make an offer for API. This deadline will cease to apply if, before that time, a third party other than Urban Logistics has announced a firm intention to make an offer for API under Rule 2.7.

Each of API, CREI and Urban Logistics has accepted this ruling.

[spectoacc] 13/3/2024 08:36

Yet still seem (rightly) disinclined to increase, and still nothing out of SHED/no switch of recommendation.

Surely there'll be an extension - if not, it's CREI's (an outcome that would suit me, being a SHED holder).

[nickrl] 13/3/2024 08:34

CREI not giving up tweaked their inv mgt agreement to save the trust a few extra quid over the next two years

[nickrl] 12/3/2024 14:12

API BoDs are meek like the EPIC lot giving the company away. Doubt big shareholders will vote it down though so one more coming off the CP thread and whoever loses will have to pick one of the others

[skyship] 12/3/2024 11:42

True, very true. For sure a cash bid at 60p/62p would win the day.

Seems as though the Market thinks SHED the likely winner as they remain flat at 120p (valuing API @ 56.3p); whereas CREI continue to rally - now at 77p (valuing API @ 60p).

I'll be voting for the CREI offer if nothing else comes along; but surely now a bit late in the day!

[pavey ark] 12/3/2024 10:45

I've spent some time going over the API figures and although I can see the point of both bids they are obviously a result of these companies simply chancing their luck.

What baffles me is the lack of a cash bid and subsequent asset sales.

I have looked closely at the figures and there is much gold to be had for someone with a 60p-65p bid ......(I got good figures from 65P!!)

[spectoacc] 11/3/2024 19:11

I've sold CREI again so now hoping it's them and not SHED :)

Been a decent bounce on both.

[hindsight] 11/3/2024 18:05

At present I would vote for SHED but time will tell

[skyship] 04/3/2024 13:32

I shall vote for CREI.

[spectoacc] 04/3/2024 08:45

Not bumping it yet is a plus, and I can see CREI's point - obviously the better fit.

SHED obviously the better co (sector; size), but if you like SHED, why do you own API instead.

Will both take it right to the PUSU. Will API switch recommendation.

Painful for CREI, SHED, and API shareholders.

[nickrl] 04/3/2024 08:41

A plea from CREI this morning as to why their offer is better financially and strategically to SHEDs. Of course as the sp's have moved about it was as of Friday but both are close so can easily change again. I like the way they refer to the 7m of reversionary income available which somehow they can get when API can't. No extra cash being offered.

[dr biotech] 28/2/2024 12:37

Boss of Derwent on sky news reckons commercial offices have bottomed. Not sure if thats him just talking his book, but there does seem to be a lot of M&A about which may indicate there is some truth in it.

[riverman77] 28/2/2024 10:14

Yes EBOX or ASLI could be other potential candidates.

[flyer61] 28/2/2024 09:53

I think riverman77 this board collectively crossed it's fingers at your suggestion.

My spies tell me they will probably be going for European assets :-(.

[riverman77] 28/2/2024 07:13

Could the mighty SGRO now come in for API? Cash offer at a more reasonable discount would be preferable to the previous 2 offers.

[dr biotech] 27/2/2024 16:33

The IC doesn't add a lot but it does ask the question (to SHED) of why they have gone after a company that has already been bid for as their are other potential targets. "We see it as the best fit" is the answer. Guess time will tell who ends up with API, but given that ABRDN want to slim down chances are it will go to one of them

[pavey ark] 27/2/2024 16:03

"Urban Logistics and Custodian battle for Abrdn Property Income" IC 22/2

This is more than a little bizarre.....after recent sales (above year end value) which practically wipes out the RCF debt and it will be reduced further with impending sales......the LTV is in the mid/ low twenties and the term debt is capped at 4%.

I would expect the share price to be above 53p without the "battle" involving two other REITs

I hold a number of API shares but I'm unwilling to buy more due to not knowing who they will be handcuffed to in the future......perhaps that explains the 53p?

[arbus5000] 26/2/2024 10:13

Still - dividends should be available on the day that they are paid. This isn't the 17th century!!

[dr biotech] 26/2/2024 10:08

I'm with Halifax and there is nothing showing yet. They always seem to be later than others, but as a low cost platform I sort of expect that (I know I should expect better). But given its going to sit in my account not earning anything it doesn't make a lot of difference.

[cwa1] 26/2/2024 09:49

Dividend now in in full at iDealing

[bodlan] 26/2/2024 09:41

As I now understand it the PID element of the dividend has had withholding tax applied and it has to be claimed back by the broker?

[cwa1] 26/2/2024 08:05

Still not had my dividend from iDealing.com. They're usually pretty good with dividends and pay MOST on the day it is due.

Anyone else had/not had the dividend from iDealing?

[spectoacc] 25/2/2024 07:39

They've definitely slipped, and feels deliberate - fast to pay when interest rates were 0.1%, give themselves 48hrs with the money when they're 5.25%.