Capital & Regional Share Discussion Threads

[1nf3rn0] 15/3/2021 10:25

Shares of Capital & Regional are worth holding onto, the Sunday Times's Sabah Meddings said in her 'Inside the City' column.The tipster pointed out how the shopping centre operator was outperforming rivals on several key metrics.Furthermore, its net asset value was 75% higher than its current share price, a possible indication of an "opportunity" for investors, Meddings also said.Year-to-date, CapReg's rent-collection was running at 60% and a spate of deals may boost that figure to 70%, versus 41% at Hammerson.In parallel, Hammerson's net asset value had plummeted 85% to 85.0p per share.CapReg's portfolio value meanwhile had fallen by 27.5% or £200m, versus a 41% drop at another of it rivals, Intu.Helping CapReg, many of its community-based centres, which are anchored around a grocery tenant, "put it in a strong position".Indeed, the company was busy refurbishing its food halls to appeal to Deliveroo.Nevertheless, Company Voluntary Arrangements were likely to continue, Meddings cautioned, and as CapReg's boss Lawrence Hutchings had argued in the past, there is 30% more retail in the UK than is needed.Over the preceding year, 17 of CapReg's tenants had gone insolvent through CVAs, twice the 2019 figure."Hold", said Meddings.

[nickrl] 10/3/2021 13:18

Suspect some of that cash will get trapped in the SPVs to deal with covenant breaches and they at least attack their cost base. Also had reasonable number of lease events but didn't give much away.

[spectoacc] 10/3/2021 12:46

Yes should have said "..Take it out in a D4E..".

[2wild] 10/3/2021 12:37

They still have £80 million in cash and are making money, excluding non-cash property revaluations. No need for a rights issue.

[spectoacc] 10/3/2021 07:02

CAL's a strange beast, worth possibly nothing but with a supportive major shareholder. If they think there's value, suspect they'll take it out in a rescue rights eventually. In meantime, with a small free-float it can go anywhere, & not one to be caught short on.

[nickrl] 09/3/2021 21:35

Taken a look at CALs result but not in detail NRI down 30.8% NAV down 58% (got to be the worst of them all) LTV 46% > 65% (ouch but have a few years to refinance if they can) Have 3 DEBs which will cost them 2.1m in rates plus lost rent but say 2 units have offers (interesting but guess almost £0/sqft avoids the rates) Several of the lending vehicles are in breach of covenants but so far lenders are waiving. Surprised share price moved upwards.

[nickrl] 25/1/2021 19:30

CAL have three Debenhams that are down the swanny although rents have been bashed down by the CVA already so maybe not so much to lose but there stuffed with not having service charge income as well as empty rates to pay. Not going to break them but there Arcadia outlets also unlikely to be reopened so no wonder share price is down

[knowing] 23/12/2020 15:58

Feels like Christmas

[1nf3rn0] 23/12/2020 15:38

British Land raised 400M today. Others that I hold have also made disposals around or above NAV revently which may be used to acquire discounted assets.

[knowing] 23/12/2020 14:36

Not that I have seen but also not complaining

[deadly] 23/12/2020 14:19

Jump today 26%? Bid?

[nickrl] 11/11/2020 17:44

This ones a smaller version of INTU imv and don't know who advised Growpoint but I would sue them although without there investment im sure they would have needed a capital raise. There on the rack over rents and not covering there admin & finance costs currently but are quite exposed to the can pay that won't pay brigade so this one could be beneficiary if the moratorium is lifted in December. Several assets have breached there covenants with lenders but have short term waivers so i guess it now depends on whether there is some stability in asset values now. Divi was suspended but as a REIT they acknowledge that some further distribution is required but are asking HMRC to approve a 6mth deferral. They estimate upto 7.4m would have to be distributed or 7p a share. Growpoint could have bought the lot for less than 50m a few weeks ago but clearly realise when they opened the tin it was as Specto described!

[1nf3rn0] 11/11/2020 10:20

It really is! I've taken advantage of weak pricing over the last 6 months to add some quality shares and funds to my portfolio. I wonder if now is the time to add some garbage like this... :)

[spectoacc] 11/11/2020 09:28

UANC and CAL are like comparing caviar with dog sh*t ;) If I were Growthpoint I may want to take out the rest just to hide my embarrassment.

[1nf3rn0] 11/11/2020 09:12

June NAV 229p. If we assume it's now around 2 quid, would an offer at half that amount be accepted? (still almost double current share price). Or would a bid need to be much closer to NAV to be successful?Urban & Civic accepted an offer at NAV last week (which was still too low in my view) although CAL is a much higher risk proposition.

[nickrl] 15/10/2020 12:28

Specto report worse than others but share price have spiked up on unusual volume - if only EPIC could respond so positively!

[spectoacc] 15/10/2020 08:43

You thought? I didn't :) 51% rent collection in the post-lockdown period, before re-entering restrictions. "September footfall outperforming the national index by 11%" a favourite. "This means we have collected approximately 56% of all rents that have fallen due from the 25 March 2020 to the date of this announcement, including rents payable on both a quarterly and monthly basis. " Will that get better or worse from here? They've got cash, but is it covering interest repayments & costs? Interims was £67m unrestricted cash as at end-June, at end-Sept is £60m.

[deadly] 15/10/2020 08:41

Good update today.

[tiltonboy] 24/9/2020 14:21

It obviously took somebody a long time to realise they put an order at best on the SETS board.

[spectoacc] 24/9/2020 14:14

First UT 5k shares 52.2p at 8.50am. Next also 5k shares, 59.6p at 9.07. Then a large 39.1k shares UT'd at 68p at 9.13. Were some keen buyers (& a few more prescient sellers) in the early 70's around 9.14-9.16am, & a bid bot appeared 72.2p. All a bit odd considering where it now is.

[tiltonboy] 24/9/2020 14:01

Looks like the purchases were at 0907, and the unwind at 0915.

[spectoacc] 24/9/2020 13:49

Went on a bit long for FF - was well bid and multi-hit at 72.2p, as well as through 3 auctions on the way up (and now 4 on the way down, lol).

[tiltonboy] 24/9/2020 13:28

Fat-finger trade

[spectoacc] 24/9/2020 13:20

Now negative on the day, amazing.

[knowing] 24/9/2020 09:26

Some move !