Abrdn Property Income Share Discussion Threads

[afpk53] 28/1/2013 17:04

On the other hand it was Crystal Amber who bought that 160k at 76p on Friday, so they're still keen.

[bingowing] 28/1/2013 16:39

FFS!

drip drip..


£73k sell.

[hyper ai] 26/1/2013 22:58

Still look goood

[bigbigdave] 26/1/2013 17:28

Update from Carmensfella on TMF

[brinks_matt] 25/1/2013 17:52

I wonder what part CRS will play in the ultimate end game? They have publically stated that their aim is to extract maximum value for their fund. I can't see them having exactly the same motives as the two biggest holders, and they generally follow a policy of engaging with the directorate to maximise their fund value. I'd love to know their take on any offer in the high 80's as they stated in their January asset holdings statement that they still believed API to be undervalued. I guess we'll all find out in the neair term.

I still believe that sale, or no sale, shareholders are in a win win position.

[interceptor2] 25/1/2013 16:38

CR, I was thinking along the same lines, I noticed Carmensfella write up and 140p target price mentioned on this thread. So I assumed it might have caused the spike from 84p to 91p as others brought in. Seems like directors were content at 84p level, but they felt they had to issue a statement at the higher level.

Suspect the proposals are around the 84p level and would hope they can nudge the price towards 90p.

But what do I know, I will stop speculating now and await developments.

ic2...

[soundbuy] 25/1/2013 15:47

Fair play to the management I suppose - we don't like it when we're kept in the dark re developments - difficult for the management to sit back and watch an ever ascending price beyond any indicative offer made - will sit on mine for a while and may ultimately come down to the wishes of the two dominant holders - personally reckon any offer close to £1 will do it now so game certainly not over yet.....

[cockneyrebel] 25/1/2013 15:09

Well, have to say I hadn't seen Carmensfella's bit on Motley Fool with a target price of 140p. I think that triggeered the recent spike that has taken the price up sharply this week. Obviously got to the price a buyer had suggested and so rapidly that the co had to make a statement imo.

140p target looks a bit excessive imo. I always looked for 100-110p and tsaid that I thought they were worth over 100p here.

Suspect there's a number of buyers from this week duping then and feeling a bit miffed.

Holding what I have. If they sit in the Pension and grow to 100p I'll sell then perhaps, if there isn't a bid.

CR

[mog] 25/1/2013 14:46

Obviously a bit disappointing the indicative proposals are below 90p but as others have said there's plenty of scope for negotiations to up the price. I liked two things:

The word proposals is plural - more than one bidder competing against each other.

"The Board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time" - a clear message to the bidders that although they've put themselves up for sale they're not selling at any price.

[greenroom78] 25/1/2013 13:18

ic2 - Please let me know If you do discover a way to invest with hindsight.

Thanks in advance (or maybe that should be thanks in retrospect)

[interceptor2] 25/1/2013 13:06

Agree it is a funny old game.

First time I have held a stock where the two largest shareholders have requested the company puts itself up for sale. It's such a tough environment to sell a company for a generous premium, looking at other takeovers last year few exceeded a per of 10 by very much, so I feel that 90p level is about right here. Yet we have the unknown of the properties in North America to throw in the mix.

In hindsight Wednesday offered a good opportinity to sell, as new buyers arrived, if only I could invest on hindsight. But I think on balance that I will hang around for the situation to play itself out.

ic2...

[bingowing] 25/1/2013 12:47

Funny ol' game ain' it.



:-)

[cockneyrebel] 25/1/2013 12:28

I think if you look at the preceeding sells they added up to near 160k - that buyer probably just took what mm's had left on the book to sell that they were working imo.

Price firming now.

CR

[cockneyrebel] 25/1/2013 12:26

160k - so today's sellers sold out to the buyer on the cheap then?

CR

[protean] 25/1/2013 12:23

160k buy there by the looks of things.

[beaufort1] 25/1/2013 12:10

Fall looks overdone to me - should creep back up to about 80p soon.
B1

[cockneyrebel] 25/1/2013 11:35

Hmmm, well I think it's interesting that te co refer to the 'mid price' in their statement. To me that was to be clear that were there was no ambiguity. Therefore had they said 'below the current market price' that would not have been true as the indicative price matched or was higher than the bid at last nights close.

So sounds like any porential offer is around 89p.

So the upside for a bid here is possibly around 15% or so.

The co is expected to do 11p eps next year, and has some good assets.

Currently trading on a fwd PE of 7 so if the bid upside lookslimited the downside looks limited too imo.

The two major shareholder put the co up for sale. If they think 89p is too cheap they won't take it and that indicates significant earnings upside imo.

If they accept 89p then they obviously think that's a reasonable price.

Perhaps they lever a few pence more out of the bidder, perhaps they don't but at 76p I think there's upside from earnings growth or a bid and little downside imo.

CR

[druinsky] 25/1/2013 11:31

druinsky 23 Jan'13 - 15:27 - 890 of 938 0 0 edit

Glad i didnt get sucked in. Looks like those buyers this morning are selling





Like I said. Offer prob at 65p-75p i would imagine

[ukinvestor220] 25/1/2013 11:02

you and many others it would seem :)

[spooky] 25/1/2013 11:01

FWIW - I think the risk reward is pretty favourable at 73p so i have started to buy a few.

[salpara111] 25/1/2013 10:04

Had a small holding and sold it when it crossed the 90 line.
I felt that the last trading statement was rather less bullish so got a little nervous.
It is always difficult when the company hoists the "for sale" sign rather than receiving an unsolicited approach as they have to try and justify a large premium.
My own feeling was that without all the bid talk over the last year the share price would currently be around the 60p level so for me 90p was a 50% premium and as such that was why I cashed out at that level.
The only question now remaining is, will the big holders be happy to cash out with say 80-85p or say no which would doubtless lead to the share price drifting back towards the 60p line again.
If the bid fails and it drifts back I would certainly look at taking a stake again but at the moment there is just too much uncertainty for me.

[protean] 25/1/2013 09:45

Paulypilot update:

[britishb] 25/1/2013 09:44

I've been selling this down and buying GDWN where I guess the current year P/E will be about 10 on the back of 60% growth in eps, no pension deficit, fab balance sheet, increasing margins, record order books etc.

Cue a GDWN profit warning....

[britishb] 25/1/2013 09:39

ukinvestor you are of course correct re possible bids and I am clearly wrong.

However if you read that statement and EXPECT a bid above 90p then I think you are being extremely optimistic.

Seems to me a bid above 85p very unlikely now and the tone of the statement suggests a distinct possibility of no bid at all.

Any bid upside therefore limited.

Given "the Board is anticipating a slightly weaker second half, with full year results substantially unchanged on previous expectations" and a £9m+ pension deficit it's not for me. Good luck.