Hi Cerrito,
They had only exchanged contracts previously, but hadn’t actually paid for the acquisition. |
Nanny knows best! |
martincc - they can't stop you selling! KID is there to "protect you" from buying something where you might not understand the potential losses. Yes - I have indeed had the same problem though I haven't tried to actually buy any, but HL sent a warning message that they didn't have a KID. |
As far as I read it the target is to buy back 24.99% of existing shares in issue |
tried to add yesterday but told by ii that ARTL have not supplied the new KID/KIDD documentation so I can neither buy or sell ARTL in my nominee SIPP account
Anyone else had the same problem? |
Good that they are doing the buy back but if they do spend the £1m they will buy approx. 700k out of current shares outstanding of 63m so will not move the dial much.
I see that in the FY ending March 16 they spent £953k in buybacks as well as the £1m spent in the half year to 9/17. |
tipped in the IC |
 Had a run through the ARTL interims.
My first reading was that they are being a bit mean with dividends given the strong cash flow and cash balances and lack of direct borrowing resulting from the H20 sale and AURE loan repayments; also that they are parking £15m in Elm Trading for a short time. I guess they would say they have a further £22m in Frankfurt data to invest and are about to disburse a further £3.6m in mezzanine loan investments; also talking about investing £23m in PRS schemes although one suspects that some of this will be financed by them entering JV arrangements.
I appreciate there was little take up of the Tender Offer but given the wide discount could have thought they could do some buy backs when stock is available…who knows might even reduce the wide bid/offer spread, which is a major inconvenience of holding this share.
See that their JV with Albion does not seem to have taken off; too bad that as an Albion investor I missed the chance to bring this up at the Albion investor day.
Note that a fall in revenue –especially rent. I suppose partly due to H20 but given that that was sold in early August surprised that so great a fall.
I continue to have as much as I want -annoyed with myself of course for not having sold at 130p+ but do not anticipate selling especially at these levels. Have very little UK property exposure-apart from my holding in this. To be honest having difficulty in seeing the catalyst that will drive the shares all that much higher and content myself with the measly dividend and what appears to be good assets.
PS Obviously given the discount one could think in terms of a hostile/semi hostile approach but I think we can discount that here given the shareholding structure(I assume Billien is affiliated in some way-could not get any info) and the fact that assets are managed by Aplha-who I see continue to manage the H20. |
While I am sure Catalonia will calm down it will cast a shadow over the Spanish economy so ARTL must have been prescient in selling down H20. |
1.2% tender take up. Not such a boon to ongoing holders, but every little counts. Nor can those share overhang, which presumably they would have done. Well played by the company anyway. |
Many thanks to the Telegraph for providing the upwards momentum and liquidity. I have tendered my shares to the market! Wasn't planning on tendering at 123.1p, but with the jump upwards to less than 20% discount to NAV it doesn't provide the same relative value as it did. With an average in of 57p now seems a good time to exit, albeit I was planning on staggering the exit for CGT reasons. |
No I think it's related to the fact that it was tipped in the Telegraph. Same thing happened to the Ecofin infrastructure fund which was tipped last week and went up around 6%. |
I guess something was said at the AGM today to encourage some buying. Though on the flip side of the uptick now there will be fewer tendered possibly? |
Indeed excellent for holders. Almost looks like the share price is heading for tender price, as if it were a share count increase not a decrease. Thanks for the calculation scburbs, saves me the time. Pretty compelling value; XD somewhat immaterial. |
Very odd the tender price being below market bid but it sounds like it's what one or more big holders want. Good for us remainers. |
I will not be joining them in the tender offer and am glad that neither the directors or ARC will; indeed the price is only just over what I paid for a small top up a couple of weeks back.
I assume it has been designed for a big shareholder who wants to exit.
I see that it will consume £12m approx. of the £38.5m approx. cash currently available so will not cramp their style; indeed not immediately apparent to me if there are many opportunities to deploy such a large amount of money either here in the UK or on the continent so if a big shareholder can leave I will be relaxed. |
Interesting to see tender offer below market price, perhaps they are aware of a few large sellers who want to exit.
If (a big if) they got full take up then NAV should increase from 162.4p to c.169p. |
c.24% discount to NAV (which excludes the India potential big payout uplift) makes this a bargain, especially when you see that a good third of its portfolio is and will be pretty safe (ground rents and High Yield Debt at lowish LTV) |
As at 30 June 2017, the unaudited NAV per ordinary share of the Company was 162.4p
(31 March 2017 audited NAV was: 158.9p). |
A good quarter for the fund. Note big increase in the quarter for the valuation of H20 from £43 to £53m some of which will have been FX but more valuation increase in Euros from E49m to E58m and also increase in FAIF from £21.2m to £26.7m; I can only assume that ARTL made further investments in FAIF given that while it had a decent quarter it was nowhere like this increase in valuation-see the FAIF June fact sheet-hxxp://time-investments.com/vault/files/07.-TIME-Freehold-FactsheetJuly-17-Dealing.pdf |
Yesterday’s news that they had completed the HO2 sale prompted me to do what I have been meaning to do some time ie have a good look at the latest financials with a view to see if I should be buying more; too bad given today’s share price increase others have been doing the same.
For me the shares pretty much correctly valued at the moment ; that said no desire at all to sell.
For me the shares have two inconvencies. The first is the wide bid/offer spread. The second is that my online broker –Barclays-will not trade them which means I have to use my higher cost full service broker.
While I can understand the Board’s decision to sell down HO2 to make the portfolio more balanced it did not serve me well. It gives me exposure to what over the last two years has been a good area-Spanish Consumer spending which looks like it will continue as well as Euro exposure; furthermore I think there is every perspective that the price in sterling will continue to increase and it will be interesting to see what FX rate they sold the Euro for.
They certainly handled their sale of IMPT shares better than I did; nothing they can do about it but the loss of £1.5m pa loan interest will hurt. Remember total Finance Income last year was £2.3m and revenues ex finance income-£10m and essentially equalled the cash spent on dividends of £1.6m
Hope they do not buy more PRS site-I think that they have enough with Leeds and Birmingham once they have made the further investments they are planning. What with what ARTL are doing plus my holdings in GRI and TEF(obviously at a different part of the cycle) I have all I need in this sector where we have not seen many(if at all) solid results.
India news encouraging and agree with their valuation here.
We need to follow Frankfurt closely; it could be interesting but have no feel at all for this part of the market.
Need to consult with my pillow if I buy more. |
Sale completed. FX moves since last report mean it is probably worth another 3.5p on NAV. Nice.
"Alpha Real Trust announces the successful completion of the sale of a 70% equity interest in the H2O shopping centre in Madrid ("H2O") to CBRE European Co-Investment Fund, managed by CBRE Global Investors in line with the terms previously advised." |
Thanks Davebowler. Slightly surprising it is none! Seems unlikely.
Their average ground rent is £130 which is pretty low and 85% are described allowing for periodic rent reviews linked to RPI, property values or fixed uplifts (P7).
hxxp://time-investments.com/vault/files/FIAF-Half-Year-Report-and-Financial-Statements-for-the-period-ended-30-September-2016.pdf |
I phoned Alpha about that and they said they had no controversial ground rents as the bulk of the portfolio were bought a few years ago. |
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