Ashley House Share Discussion Threads

[scburbs] 30/3/2011 17:40

There continues to be finance available to companies like ASH who do not have the equity available to build out their pipeline. Forward funding purchases like that announced by MedicX have become increasingly common and allow developers to accelerate their development and purchasers to get a slightly cheaper asset for taking on more risk.

"MedicX Fund, (LSE: MXF), the specialist primary care infrastructure investor in modern, purpose-built, primary healthcare properties in the United Kingdom, is pleased to announce it has approved the acquisition of seven medical centres totalling £24.9 million on a forward funding basis. These acquisitions are in line with the Company's strategy and on completion will add a total of £1.6 million to the annualised rent roll."

[pwmiles] 30/3/2011 02:17

Er no-one - not really possible as I understand the matter. It seems to have vanished anyway.

Thanks very much for the lift Bernie.

PWM.

EDIT - oh there it is again


Ashley James where are you now?

Patrick.

http://img268.imageshack.us/img268/8228/dscf0007r.jpg

Header replaced by PWM.

[goliard] 28/3/2011 16:09

I think that is much more reliable and makes the £100m over 3 years look like a reasonable enough number.

[scburbs] 28/3/2011 15:50

Golliard,

Not to worry they disclose info on the more immediate pipeline as well.

"Despite the climate of change in the NHS, the Company is delighted that it has completed 7 schemes since the end of April 2010 and currently has 8 schemes in the construction phase with a design and build value of £29m. In addition the Company has a strong pipeline of schemes that are due on site in the coming months."

[goliard] 28/3/2011 14:18

Most pipelines are pipe dreams. What you eed to look at is how many developments are either under construction or have leases signed with PCTs. I doubt this is anywhere close to £100m let alone £174m. The next question is how much profit is there in these builds? My guess is a revaulation surplus of around 10% maximum, which means £10m of profit (assuming a real pipeline of £100m) minus all the operational costs (mainly head office salaries). This has to be spread over about 3 years.

Also, if some of the developments get cancelled then they will have to write off more of their net current assets.

Really hard to get any visibility on any of this, but that is my best guess. If the government starts building lots of new medical centres then these might be cheap.

[goliard] 28/3/2011 12:04

Which assets would those be? I can't see that they own anything. Agree with Envirovision, NAV is pointless here as this is now a services company. The Edison research is paid for, so not very reliable either. I would love to see an explanation of the £31.5m revenue so I will find the Edison note somewhere.

[topvest] 25/3/2011 21:31

Looks a bit of a bargain - not buying any more though. Good opportunity for others though!

[post it note] 25/3/2011 16:45

assets look strong the company has recently benefited from receving £5 million from the takeover of a property partner.

[post it note] 25/3/2011 15:48

Edison research show 2011 estimates with revenues £31.5m normalised, PBT £3.5m, dps 2p and eps 7.1p.

not sure how up to date these are but show the potential.

[envirovision] 25/3/2011 14:54

Dont suppose anyone has the most recent NAV and broker forecast per chance?

[scburbs] 25/3/2011 14:25

I assume you mean ignoring the 10+% spread!

[post it note] 25/3/2011 13:03

now looking very good value

[jeff h] 24/3/2011 19:29

Might be Guinness Peat selling out as from memory they recently took a decision to sell down their various company investments.

[adam] 24/3/2011 18:10

I think must be octopus overhang clearing out.

[goliard] 24/3/2011 16:43

I don't see how that is correct.The value of the options would simply increase.

[irenekent] 24/3/2011 06:58

I suppose if there was a takeover at a substantial premium to the present share price Mr Holmes might make more money than if he just held options rather than real shares.

[topvest] 19/3/2011 15:29

Interesting - well that's good news.

[jeff h] 19/3/2011 10:53

Bracknell scheme (£20m) given approval:-

[topvest] 18/3/2011 20:29

Given the recent Assura cash inflow they are hardly short of cash!

[gausie] 18/3/2011 18:39

Who's he talking down to in the picture?

[goliard] 18/3/2011 09:07

Could it be a very strange way to disguise a small fund raising of only £100k?