Abrdn Property Income Share Discussion Threads

[essentialinvestor] 05/4/2024 15:44

Keep in mind some held for the regular dividend income, we now don't know what may happen on any divi pay outs over the next few quarters.

[skyship] 05/4/2024 15:36

CREI's costs were stated as £5.3m; so suspect API's costs may be in the order of £1.5m-2.0m - that's a mere 0.5p off the 78.5p NAV. So not really an issue IMO.

[skyship] 05/4/2024 15:34

Well CWA1 made a great purchase today having read the situation rather better than me - bt back stock sold higher at 50p! I'm sure there will be others tasking advantage for their first opener, or topping-up.

[spectoacc] 05/4/2024 15:19

@Biotech - you could, but the point is that once the merger fell through, and the wind-up became odds-on, those who wanted to partake in the wind-up have had a week to buy. Isn't as if it happened this morning.

We've also had Carthew's CityWire piece, and presumably the IC today, as well as press the day after the non-merger news.

Do you think most who want in on API, are still sat on their hands? If so, why? Just curious.

[dr biotech] 05/4/2024 15:16

I've added at 47.65

We must be close to peak pessimism.

Spec, you talk some guff sometimes. "Most wanting to be long will be long already" could say that about any share at any time. Any actual proof? Its been a week since the merger fell through.



SpectoAcc5 Apr '24 - 14:12 - 685 of 689
0 0 0
Little obvious support, seller still in evidence (by the quotes), most wanting to be long will be long already.

[cwa1] 05/4/2024 15:16

Cheers, thanks. TBH I'll be astonished if the costs are kept under 7 figures!

[spectoacc] 05/4/2024 15:11

All good points - there'll have dropped what, a million or two of cash on the merger stuff? Will be glad if it's under 7 figures.

Only takes someone to be dumping say 5% to trash the s/p. They need to hurry up and announce when the vote for change of investment policy is tho, that has the potential to turn it.

Good luck :)

[cwa1] 05/4/2024 15:00

That's me fallen in to the elephant trap that is API again.

Had resolved to wait for about 46p but my resistance crumbled and took half at 47.5p. Will wait for 46p to get the other half-if it doesn't happen I'll be comfortable enough as there are plenty of other fish in the sea.

Concerned that there seems to be a bottomless and relentless seller out there but they can't go on forever and everything, surely, has its price.

Also a bit concerned as to the quantum of the costs of the mergers, etc recently...

[spectoacc] 05/4/2024 14:35

Luckily no relation to the IT :)

What was it abrdn paid for ii, £1.5bn I think? And as for the values at the time of the Standard Life merger...

Whole caboodle now £2.5bn.

[spectoacc] 05/4/2024 14:12

Little obvious support, seller still in evidence (by the quotes), most wanting to be long will be long already.

But the beauty with the wind-up plays is it doesn't greatly matter. Miss out on a better entry, but the near-term terminal value is unchanged.

[essentialinvestor] 05/4/2024 13:34

In the 46-48 pence range now, having skirted it yesterday

[spectoacc] 05/4/2024 09:23

Phayre-Mudge: interesting how he objects to this all-share merger (UKCM shareholders keeping shares in the combined REIT), yet he forced the closure/sale at below NAV of EPIC, because he'd built a 17% shareholding that TRY would otherwise have had zero chance of selling.

Which one is the worse deal?

And as you say @nickrl, UKCM is/has always been Phoenix's plaything. Not that anyone's a fan of abrdn.

The line about boards making decision on behalf of all shareholders made me lol.

[nickrl] 05/4/2024 09:18

TRY trying to breakup the UKCM/LMP marriage i see

hxxps://citywire.com/investment-trust-insider/news/phayre-mudge-uk-commercial-property-needs-to-reconsider-tritax-big-box-deal/a2439739

"In the 25-plus years I have been involved with the management of FTSE 250-listed investment trust TR Property (TRY), we have supported boards on numerous occasions as corporate actions unfolded. Typically, these engagements occur discreetly and yield outcomes which we believe are in the interests of shareholders.

But the proposed all-share takeover of UK Commercial Property (UKCM) by Tritax Big Box (BBOX) leads me to break with convention to publicly highlight my reservations about the deal. I am in good company: UKCM’s experienced chairman, Peter Pereira Gray, is emphatically objecting to the merger saying that he believes that ‘other parties would have come forward had there been a more open and comprehensive sales process’"

Theres a lot more to article but basically seems to be point the finger at Aberdeen having a finger in too many pies over this one. With Phoenix supporting it unlikely to end up like API to me but Trys Phayre-Mudge likes to front of house.

[essentialinvestor] 04/4/2024 14:15

I guessed 46-48 pence, as previously mentioned - we got down to .4815 earlier. About there.

[cwa1] 04/4/2024 13:30

Anyone prepared to have a guess/estimate how much all the recent offers/advice/fees/etc will cost API?

[2wild] 04/4/2024 11:59

Got back in API at 48.437p, this morning. Hopefully not too far from the low. Had previously sold out above 55p following shed involvement, as did not like the lower yield.

[essentialinvestor] 04/4/2024 11:55

Yup, certainly uncertainty ; - question is whether you judge price allows for this

There may be some looking for sround 46 pence type area - I suppose it also depends on what else you consider appears interesting.

[giltedge1] 04/4/2024 11:04

Sold API 0.50 & UKCM both at about 8% profit 1 year & transferred 50% to SHED & holding 50% for a Global fund, Just don't like uncertainty, silly thing is shareholders wanted merger but many are senior retail investors & not sure how to vote, or voting made difficult. Have a big holding in other REITs so over weight anyway.

[riverman77] 03/4/2024 20:16

The wealth managers are the natural buyers of REITs, but you're right they wouldn't be interested in special situations such as a wind-down. They need something that is liquid (to cope with flows) and provides a nice predictable income stream. The probably also don't want anything too complex that might invite a lot of difficult questions from clients.

[nickrl] 03/4/2024 20:06

In principle i get the wind down should realise in excess of the current share price but outside of small(ish) investors the big boys still don't seen any value in hoovering up a decent holding and just parking it for the payback? Guess this is just an indication of how unloved this sector is now to the so called professional investors/wealth mgrs.

[riverman77] 03/4/2024 18:18

I think SHED is a good hold alongside API rather than a switch. Probably more immediate upside on API (assuming wind-down approved) but SHED worth owning as more of a quality play on a 30% discount, with good growth prospects.

[hindsight] 03/4/2024 18:10

Seems to me the risk with all these larger reits now is they bid for somebody and hit their own share prices, as SHED, CREI, testify
Only one to escape is LMP but im reducing that as may not next time

[nickrl] 03/4/2024 17:58

Mattoli Woods Funds & Nominees reduced to just below 5% they were nearly 8% a while back.

[williamcooper104] 03/4/2024 12:25

Yep Or as you'll be getting your money back over a couple of years on API just buy SHED with the proceeds You'll likely end up owning SHED at around a 9-10 yield