Balfour B.10tqp Discussion Threads

[eeza] 06/8/2018 15:21

A sudden burst of volume?

[cwa1] 24/5/2018 08:04

Ex today, payday 1/7.

[eeza] 15/5/2018 10:53

You are correct. I have amended my post.

[cc2014] 15/5/2018 09:12

BBY website says 24th May?

[eeza] 15/5/2018 08:10

XD on Thurs (24th).

Amended post.

[cc2014] 02/5/2018 13:57

After much deliberation I have bought some more because 5.3% of fixed income for a couple of years will do me.

As an aside I'm also intrigued to see where the share price goes next. Again today we have the bid ticking up. Now 111.238 to sell whilst the offer has ticked down slightly less to 112.6.

It seems to me unless the MM's sort this out we are going to get price inversion if this continues. I assume at the moment one MM is short and another is long and neither of them are prepared to talk to the other to yet.

[skyship] 01/5/2018 16:07

For fixed returns Zero dividend Prefs were a great hunting ground in the old days (2002-5); but nowadays only hold two - INLZ & RGLZ. Yields now not worth buying.

Straight FI doesn't appeal as the short-dated yields too low.

So a mixed pool of investment companies (inc. propco inv. cos) ticks the box for me.

When you get into the research, what I particularly like about RGL & RLE is that their property portfolios are regional. Watch CEO Paul Bassi's interview for a flavour - link on the RLE thread c2/3weeks ago...

[cc2014] 01/5/2018 15:55

Thanks Skyship. I shall take a look and appreciate the pointer. I'm mostly looking for fixed returns at the moment. I have too high a proportion of high dividend yield paying stocks. This has been financially successful recently although I'm looking to scale it back gradually as opportunities occur.

[skyship] 01/5/2018 15:28

"Little else out there"...

I have a pool of another 5 income stocks with substantial asset cover (they all stand at an NAV discount) providing an average yield of 7.2%:

# RECI----162p...7.4%
# RGL-----100p...7.8%
# RLE----- 56p...6.2%
# TFG----1290p...5.5%
# VTA---- 696p...9.2%

Average = 7.2%

I would suggest the two Best Bets might be the two high income propcos RGL & RLE.

RGL is on 5% NAV discount; and RLE on a 21% prospective discount(18.7% historic).

Plenty of info on the relevant threads.

[cc2014] 01/5/2018 15:00

Just topped up.

I was hoping for it to nudge down just a little but I don't think it's going to happen now as the bid/offer spread is closing with every trade that goes through.

Currently 112.185 to 112.64 in the real world.

It seems to me that one of the MM's must be trying to shift a large quantity whilst the others keep moving up the bid as they need stock.

Happy to sit back and collect the dividend as I see little else out there to float my boat.

[skyship] 01/5/2018 13:01

....and the rest. forget the convertible element - won't happen! But they are still good value as at the offer price of 112.65p (113.25p inc costs) the GRY = 5.38%.

[dekle] 01/5/2018 11:51

Looks like we might break thru £3> can't remember the conversion rate but I think it is about £4+ to make converting to ordinary shares viable.

[boadicea] 28/3/2018 15:56

Two million traded after the bell yesterday. Some other recent trades have been quite chunky. However official price not shifting although there appears to be movement within the yellow strip such that at times sells have been above mid or buys below it.

[cwa1] 14/3/2018 08:21

Well results were respectable, not exactly shooting out any lights but more than decent enough to hold their own. Moving to industry standard margins by 2018 as well-though in their sector I'm not sure if that's anything to boast about. All in all looks steady to me and decided to have a small top up with some of the spare cash that is sloshing about in the portfolio for a safeish home for respectable return for short period.

Less to worry about here in terms of Aviva inspired sleight of hand too IMHO being relatively close to par and a shortish period to redemption. Fingers crossed anyway!

[cc2014] 12/3/2018 13:51

I think the challenge here is calculating how much additional fallout in the sector is likely to occur and how that will affect BBY and BBYB.

There are 3 things to figure out.

1. Direct impact on BBY of CLLN demise. Well we know that, it was about £35m I think from memory and is now in the price
2. Impact of possible IRV troubles. As far as I can research there are no JV's with IRV so even worst case scenario should have little impact
3. Impact of Laing O'Rourke troubles. I'm having trouble researching whether there are any JV's with BBY. Trouble is if there is one the losses could run into many millions very quickly.

I am a suspicious kind of person and the level of selling of BBYB even before the Aviva news is a little odd. Someone seemed to be soaking it all up at 113 but now they've stopped.

The selling kind of continues. Slow drip into the market of the pref shares to give a yield which I think is a little higher than it should be.

[spittingbarrel] 12/3/2018 13:16

I think it all depends on how you calculate re-investment of dividends which is of course impossible to know! But anything over 5% for 28 months is quite respectable.

[skyship] 12/3/2018 12:39

At gross 112.25p I reckon the GRY = 5.46%

[spittingbarrel] 12/3/2018 12:15

I've just topped up with 10,000 at 111.7. I reckon that yields about 5.25% now.

[boadicea] 09/3/2018 21:05

Someone appears to be dumping in lots of around 30k. They must be in a hurry (or
careless) to take 108p for them as with patience they could almost certainly have done better.
Being an elderly person's unexciting sort of income stock, my guess would be a non-beneficiary executor under instructions to sell off someone else's inheritance!
I wonder if there are more to come.

[boadicea] 09/3/2018 11:49

I would assess it's fairly cheap now so have topped up. There is already over 2p of dividend effectively in the price as 68 days into this half-years 5.375p.

If it dips further I will look again!

[skyship] 09/3/2018 09:10

Indeed - 01/07/20. BBY extremely unlikely to try and upset the applecart with redemption now so close in any event. Will watch for a cheap top-up.

[eeza] 09/3/2018 08:57

Some selling sparked, probably, by the AV.prefs debacle.

However, these redeem at par in 2020.

[spittingbarrel] 15/2/2018 19:15

SKY - I paid 1.13 gross for 10,000

[skyship] 15/2/2018 16:53

Welcome SB - glad you too consider these value. I haven't tested the share price for a few days; so may well have missed an offer at 112.7p yesterday, ie my stated target of 0.5p below my recent purchase level. GRY of 4.88% at that level...

[spittingbarrel] 15/2/2018 15:30

Just joined you SKY, I've got so much cash and so few ideas at the moment that these seem a sensible option for 18 months.