Aew Uk Reit Share Discussion Threads

[jonwig] 03/3/2019 08:07

Spec - I misunderstood you, sorry!

I remember the roadside sign, "FINE FOR PARKING":

[spectoacc] 03/3/2019 07:48

@jonwig - hence it's "fine by me"! Not a great deal for the C buyers, but perfectly OK for us Ords holders. I'd much rather new buyers paid the stamp, costs etc, before they merged with us.

[jonwig] 02/3/2019 14:37

A000... - of course, renewables funds (which we both invest in) have the big advantage of trading at a premium to nav, which does help!

If you mean institutions aren't using their own money, and get arms twisted ("Invest in this, or you won't be asked next time") then maybe!

[a0002577] 02/3/2019 13:10

And, Jonwig, you won't get much income for the first year. Nevertheless institutions dance to a different tune.

[jonwig] 02/3/2019 11:49

eeza - that's a fair point, and I they've done it before (September 2017).

Spec - my maths doesn't support you ...

Suppose both O and C shares have navs of 100p, the latter in cash. Once invested, why would a C share still be valued at par when the ords are discounted to by 10%? More likely, they would drop to 90p, and a 1:1 conversion would leave the merged shares at 90p. You've paid 100p to get 90p.

In fact, it's worse than that: the C shares will have an invested nav of maybe 95p (cost of issue, cost of property purchase), so the conversion ratio will be more like 0.946:1 and you end up with 85p for your 100p outlay.

[eeza] 02/3/2019 11:09

"But I fail to see how they can envisage issuing new shares, let alone C shares in the current climate. At least they acknowledge this. So why bother with the proposal?"

They have to have the authority to issue, else they can't, and the economic climate may change. But doesn't mean to say they will.
Rather like most Co's ask for the authority to buy back shares up to a certain level, at AGMs, but don't always utilise it.

[spectoacc] 02/3/2019 10:50

C-share issue seems much more likely - fine by me.

[spangle93] 01/3/2019 16:57

Last one I saw was in late Jan

"NAV of £152.12 million or 100.37 pence per share (30 September 2018: £151.65 million or 100.06 pence per share"

So any issue must be well over 100.4p to include the premium too

[dendria] 01/3/2019 16:48

'...not be less than the latest published Net Asset Value per Ordinary Share...'

Which was around 98p the last time I looked. I can't see it happening either.

[jonwig] 01/3/2019 16:41

Share issuance programme. Includes;

The Placing Price for each Placing of Ordinary Shares will be determined by the Directors, taking into consideration, inter alia, the prevailing market conditions at that time but will not be less than the latest published Net Asset Value per Ordinary Share at the time of issue plus a premium to cover the costs and expenses of the relevant Placing.
...
In addition the Company may instigate up to three Offers of C Shares (provided this is in accordance with the timetable set out in the Prospectus) if the Directors, in their sole discretion in consultation with the Investment Manager and Liberum, determine market conditions are appropriate. The Offer Price for any C Shares issued under the Share Issuance Programme will be 100 pence per C Share

Well, I bought some of these, as I thought the numbers were right for a recovery. But I fail to see how they can envisage issuing new shares, let alone C shares in the current climate. At least they acknowledge this. So why bother with the proposal?

[chucko1] 27/2/2019 13:22

Buy to let’s a busted flush. It only existed on the concrete of rising prices. Without those, it’s a pile of nonsense unless you have serious scale.

[nimbo1] 27/2/2019 13:16

I've recently bought a lot of these in an ISA - better than buy to let and no management required from my end at least : )

[rcturner2] 27/2/2019 13:12

Being able to pay such stable assets at a discount is a major plus here. The income from the assets underpins their valuation.

[chucko1] 27/2/2019 13:04

I like the entry point. Sit on it for a few years and when it gets near to par, check out the total return as compared with its experienced volatility. Then buy a cool beer.

[skinny] 27/2/2019 13:02

Starting to look quite positive.


free stock charts from uk.advfn.com

[dendria] 27/2/2019 10:47

In today too at 91.7p - not as good as some but still great value.

[rcturner2] 27/2/2019 08:04

I have bought in today.

[2wild] 26/2/2019 19:59

Sold 10% of my holding in RGL @ 103.942 and reinvested in AEWU @ 91.182, which equates to 12.0% extra income after costs. Also div paid 1/4 ever 3 months on last working day, unlike RGL which is all over the place. These previously have had the same price and yeild, latest only being mid Dec 17, so expect some convergence.

[bg23] 26/2/2019 16:38

reinvested by friday

[sogoesit] 26/2/2019 16:21

Payday Thursday!

[eeza] 15/2/2019 12:35

And me. :-(

[jonwig] 15/2/2019 11:53

Dammit, Skinny - I had to pay 89.7!

[skinny] 15/2/2019 11:43

Just added 2K @89.69p