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Alpha Real Trust Limited (ART) recently announced significant developments including the cancellation of its admission to trading on the London Stock Exchange, effective January 23, 2025. This decision underscores a strategic shift for the company, allowing it to prioritize other opportunities outside the public trading realm. Concurrently, ART executed a share buyback, purchasing 81,599 ordinary shares at a price of 202.5 pence per share. Following this transaction, the total number of ordinary shares reduced to 63,498,430, with a new total voting rights count of 55,780,849 shares available to shareholders.
Additionally, ART announced its acquisition of a portfolio of five crematoria in England for £34.2 million, leased to Dignity Group Holdings Limited. The transaction is projected to generate a starting annual rent of £2.5 million, indexed to inflation, under long-term leases that include tenant options for extensions. The acquisition was financed through existing cash reserves and a loan covering approximately 65% of the purchase price. These developments point towards ART's commitment to strategic asset accumulation while managing its share capital effectively.
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Simon Thompson is , like ARTL, simply reflecting on previous good (very good) performance here. |
I do quite like shares at a good discount where more than half the share price is covered by cash on the balance sheet. I have three: Alpha Real Trust, Aquilla Energy Efficiency Trust and Arix Bioscience. Arix was a Simon Thompson buy last month. |
Simon Thompson of the IC still likes the share due to its deep value. He writes "Strip out Alpha’s £11mn (18p a share) listed equity portfolio and proforma net cash of £49.7mn (80.5p a share) from its 143p share price and effectively the property loan portfolio, Madrid, Hamburg and Lowestoft properties are in the price for 44.5p, or 61 per cent below their combined valuation of 116p. |
Since the majority of the company is insider owned and the board is effectively all insiders as well there is very little that can be done , I wonder with investment companies if there is any way to get a board ousted when there is a clear dereliction of duty as is the case here where the manager is proving to be unfit for purpose and yet gets the mandate renewed on very generous terms. |
So after saying for 2 years they're moving into the loan market but not doing it very well judging by the losses incurred so far we now have a random purchase of a travelodge. The manager here has clearly lost any interest in running the fund in a proper fashion in a way buying hard assets is better as the loan activity is clearly not something they excel at based on the latest report. |
Well I said all this way back in January/February and have written to the chairman (twice). |
There is some good news in the resolution of Galaxia and receipt of funds (I assume here in the UK) which means that the NAV is now per my calculation at a record high. |
After doing so well they are not even trying to invest to create a decent return in the future. It would be better for everybody if they did another tender offer and let all the smaller investors exit at a reasonable price. The share price reaction says it all. Having held for several years I am very upset with this dictatorial attitude or should I dare say a bit like Putin's ideas. |
The opportunity cost is staying invested in this is becoming very high. Insiders own vast majority so no chance of there being a consideration to wind it up as they also earn a tidy management fee for doing very little. The tender offers in the past have been a fairly large discount to an NAV which shows little sign of closing and with such a small free float who exactly is going to be a buyer to close it up. The only way out for this trust IMO is to go into wind down , we can o lay hope that the management company realise this is becoming more an embarrassment to them and do that |
The first half of your first sentence is 100% right lol |
Your not wrong - they could get away with high charges when the top performer with low risk in the sector & beyond. Then the industry was disrupted (broken), which as an investor should have triggered an instant exit, or instant 50% recovery buy down strategy so you can get out at breakeven. In either case move on. That's the decision process that you failed to make - and thats what happened 'first' - that failure. |
luckyMouse, not only did I not complain....I was a fan. |
LNT - remember fondly going to their AGM in London and having a great slanging match with the Chairman who was trying to hijack the all cash company and go on a buying spree rather than returning cash to shareholders. |
Pavey - agreed, appalling governance; but very little can be done other than attending the AGM and berating and hopefully embarrassing the Board. An opportunity to get someone in the press on your side. Problem is having to go to Jersey/Guernsey - and then only once a year. |
That's the beauty of being a fund mgr - get paid a % of aum regardless of price |
If it is their aim to drive the price down then take it private on the cheap then things are going really well here but not for the PIs. |
note that i said 'not always the best course of action'. in this case, they seem paralysed by indecision. holding such a high amount of cash at a time of virtually zero interest rates and 7% inflation comes at a high opportunity cost. |
pavey - thanks for that, that makes sense to me now. they should have just been honest and said they needed to raise cash for their fee. being an asset manager is clearly a great business to be in. |
Finally sold my small position. Cash has good optionality at the moment, and one wich ARTL is unable to keep up with. A bit of portfolio simplification is always helpful to. |
m_kerr, I agree and to make matters worse they are charging 2% on cash....more than the cash is earning. |
the fund management renewal at 2% of NAV and 20% outperformance is a disgrace. m7 real estate recently took over alternative income reit (roughly £60m market cap company) at 0.5% of NAV, with a minimum fee of £90k per quarter, no performance fee. |
No idea of what I am expected to make of fact that 4 weeks(granted in reality 3 weeks given the holidays) after the last buy back they have done one for 9000 shares. |
H1 report has been published but they have not yet made the link live on the website. They do have a naming convention though, so it can be accessed thus: |
Type | Ordinary Share |
Share ISIN | GB00B13VDP26 |
Sector | Real Estate Investment Trust |
Bid Price | 195.00 |
Offer Price | 210.00 |
Open | |
Shares Traded | 0.00 |
Last Trade | 00:00:00 |
Low - High | - |
Turnover | 8.37M |
Profit | -929k |
EPS - Basic | -0.0154 |
PE Ratio | -131.49 |
Market Cap | 122.06M |
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