Axa Property Share Discussion Threads

[tiltonboy] 18/12/2012 09:37

You are welcome.

[badtime] 17/12/2012 10:04

some of us dipped at 34p doh

[tiltonboy] 17/12/2012 10:02

Probably premature, but I have taken 36p for the stock. Oriel have got a reduce advice out this morning, arguing shareholders might need to take a 20% haircut on NAV, and an uncertain timeframe.

I'm sure there is a bit more in the short term, but happy to bank a good profit.

[yieldsearch] 14/12/2012 23:28

well done Skyship! I did have a look at this and was concerned with the italian assets and reluctant to buy, one of my many mistakes!

[skyship] 14/12/2012 16:08

Tilts - you thought my timescale a tad conservative. So I've input 30/06/2015 and that dramatically improves the GRY of course. It's still at 15.07% with the bid price now at 35p...

[sleepy] 14/12/2012 11:51

Tilts - thoughts with you too

[skyship] 14/12/2012 11:22

Tilts - understood - thoughts always with you at this time of year.

[badtime] 14/12/2012 10:22

Likewise scburbs

[badtime] 14/12/2012 10:21

Tilts ...you deserve the warm feeling ...hope you don't get too wet

[scburbs] 14/12/2012 10:16

I have taken my modest profits as not keen on Agnadello arrangements (which means no distributions expected in 2013 unless they refi).

Good luck to those holding for the sell off.

[tiltonboy] 14/12/2012 10:09

Me, smug...never....just a warm glowing feeling.

Just off now to lay some flowers.

[badtime] 14/12/2012 09:47

Nice smart move up on the bid to 34p ..Tilts u must be feeling smug re that low buy u made..personally its nice to be in profit having paid 29p b4

[badtime] 14/12/2012 08:56

Some gd news to offset HPEQ share price acting strangely

[sleepy] 14/12/2012 08:47

Well done Tilts and Sky!

[skyship] 14/12/2012 08:30

Hmmm - current NAV = 58p, so I'm applying a 14% discount.

Looks sufficient when you look at the property portfolio. Those German assets in particular are highly marketable and account for 2/3rds of the portfolio.

If you've got someone there to have a detailed look, I suspect the verdict might be that a 14% discount is more than adequate...

[tiltonboy] 14/12/2012 08:21

SKYSHIP,

I think you are being optimistic on price, but pessimistic on timing.

[skyship] 14/12/2012 08:15

Cut to the CORE of the RNS:

"Taking into account the above factors and views expressed by shareholders, the Board has decided to recommend to shareholders that the Company should commence a managed wind-down of its portfolio with a view to realising its investments prior to the continuation vote in 2015 and in a manner that achieves a balance between maximising the value from the Company's investments and making timely returns of capital to shareholders."

All exactly as we hoped. Wish I'd got my timing better organised; but personally I'm very pleased at this outcome. Another one for the SL thread.

At 31p the GRY to a 50p payout by 31/12/15 would be 17.0%...

[tiltonboy] 14/12/2012 07:26

Should be worth a couple of coppers anyway.

[scburbs] 14/12/2012 07:20

Seriously poor negotiations skills and a really bad move to apply surplus cash from Pankower Allee and future disposals to Agnadello. The lender must have thought it was their lucky day! What value Agnadello if the tenant leaves in June 2014?

No comment on what the JV partner is doing. Have they also paid down €2m and committed to match any APT pay downs?

"The Company has successfully completed negotiations to extend the Agnadello loan expiring on 14 December 2012. The loan is now extended until 13 December 2013. AXA Property Trust has agreed to pay to the lender any surplus cash received on sales in the portfolio in excess of the allocated loan amount payable under the main facility. The payment amount is reduced to the extent the company's total available cash is below €2 million."



"The negotiation with the tenant at Agnadello, Italy, for a lease extension beyond June 2014 has not progressed as well as envisaged. The Manager will continue discussions with the tenant as well as look for alternative solutions."

From Annual Report

[eeza] 14/12/2012 07:14

RNS - Wind-down.

[badtime] 06/12/2012 13:15

Cough ..splutter share price up again

[badtime] 05/12/2012 18:11

Lol..i came on to post ...just knew u 2 wud b here....even happier with that top up Tilts? :)

[tiltonboy] 05/12/2012 17:44

Come on SKYSHIP, get all those chart followers to buy it.