Capital & Regional Share Discussion Threads

[nickrl] 19/9/2024 08:19

NRR have scored well if this goes through and am surprised Growthpoint want to accept at this price but timing good with Hutchings heading off to pastures new.

[tiltonboy] 19/9/2024 07:41

Poor price

[nickrl] 23/5/2024 08:17

Surprised NRR want it they've spent years trying to clear out the old style shopping centres.

[spectoacc] 23/5/2024 08:09

CAL's "cheap", but it's Growthpoint's, so what are Vukile playing at? They have zero chance of succeeding if Growthpoint aren't in agreement with their 68%. NRR have at least gone to the controlling shareholder.

[nickrl] 23/5/2024 08:07

Vukile listed on the S.African exchange so a competitor to Growthpoint presumably but seems retail showing a bit of life.

[spectoacc] 23/5/2024 07:49

"The Board of Capital & Regional confirms that on 19 April 2024 it received a non-binding indicative proposal from Vukile Property Fund Limited ("Vukile") regarding a possible cash and share offer for the entire issued, and to be issued, share capital of Capital & Regional (the "Vukile Proposal").

In addition to the Vukile Proposal, the Board of Capital & Regional confirms that it is aware that its majority shareholder Growthpoint Properties Limited ("Growthpoint") which holds 68.13% of the Company's issued share capital, has also received a preliminary expression of interest from NewRiver REIT plc ("NewRiver") in relation to a possible offer in cash and shares for the entire issued, and to be issued, share capital of Capital & Regional (the "NewRiver Expression of Interest"). The Board of Capital & Regional confirms that it has received no offer proposal from NewRiver at this stage."

[spectoacc] 10/5/2024 07:58

Or pull a trick like HCFT and put it onto TISE.

[2wild] 10/5/2024 07:52

Without a UK listing, CAL would not qualify for REIT status. Growthpoint therefore unlikely to take private. With 90% minimum distribution rule, happy to remain invested. Certainly below 60p.

[spectoacc] 08/5/2024 12:05

Ah-ha, thanks @nickrl. A way, way better job/co.

[nickrl] 08/5/2024 10:40

@Specto hes going to Workspace as CEO

[spectoacc] 08/5/2024 07:58

Possibly, but seems to be his decision to me. Pally, but very sudden - RNS same day as resignation.

12 month notice period.

Who Growthpoint install next could be interesting.

[nickrl] 08/5/2024 07:55

CEO Hutchings is leaving to pursue other opportuinties is that code for hes being pushed as Growthpoint on manoeuvres?

[spectoacc] 30/4/2024 18:37

Growthpoint will no doubt do another highly dilutory (but beneficial to them) fundraise at some point. Once they're up to crazy %, quietly delisting would likely be easier than t/o.

Still - no Growthpoint, probably no CAL by now.

[nickrl] 30/4/2024 17:14

Things seem to have stabilised here but even with an 11.6% yield im not investing (its also pretty illiquid). They seem to be suggesting a hefty spending spree some committed some in development but with the debt they are carrying, with some facilities already got restrictions on them, not sure where the money will come from. Some debt due next year but has potential extensions available but not sure what criteria needs to be and whether existing rates would be retained. One whose fortunes will be transformed potentially if rates come down a fair bit or there's always teh chance Growthpoint will just take it out.

[2wild] 14/4/2024 13:36

CWA1. Like all REITs you can avoid 20% PID Withholding tax, in ISA AND SIPP.

CAL went Ex 2.95p Div 11 April.
Assuming 2.95p interim, yield would be 11.1%, at 53p.

[cwa1] 08/4/2024 08:16

Just alighted here through "dividend nosiness".

Is the witholding tax(WT) applied to ALL dividends automatically, or is there a way to avoid it? Is the WT applied to both SIPPs and ISAs? Can it be reclaimed?

Apologies if this has been discussed to death previously and I've been too indolent to track back far enough, but I'd be grateful if anyone could shed any light on the WT/dividend angle with CAL.

Thanks for any assistance

[spectoacc] 08/3/2024 16:55

I hear all that, but point surely remains that NAV has been on a strong downward curve, dictated in effect by GP.

I just can't get excited about 10/40 in this market I fear - the 10 isn't bad but isn't exceptional, and the 40 doesn't even feel that good. CLI might be a decent example of an alternative, with debt tucked into individual SPVs, in a similarly structurally constrained sector, and on a much larger discount.

[2wild] 08/3/2024 16:49

eigthwonder. Agree, masterstroke to Simultaneously announce delayed audited Results whilst giving out unaudited figures.

SpectoAcc. With 54P tender offer almos50% below NAV. NAV was always going to fall. However, the purchase was Fabulous value Boosting EPS and facilitating excellent 8% plus increase to Full year dividend of 5.7p. Edinburgh 31 December 2023 independent valuation, up 4% on purchase price.

[eigthwonder] 08/3/2024 10:46

i think there are enough numbers on display in today's statement to think there isn't a warning in the pipeline

[spectoacc] 08/3/2024 10:46

Growthpoint surely will eventually, albeit the premium to share price may be disappointing.

My concern - other than debt/LTV, albeit Growthpoint backstop them there - is, hasn't the NAV gone from 118p, to 106p, to 89p? I know they say latest drop is down to the recent acqn/share issue, but still - a few more, & Growthpoint won't even need to make an offer.

10%/40% would have looked great once, but doesn't seem so cheap in this market.

[nickrl] 08/3/2024 09:55

@2Wild they've done pretty will getting these turned round from the doomesday situation that existed a few years back. Auditors delaying accounts though will leave a cloud over them so could be a buying opportunity or a warnig.

Not in here but am tempting to cycle out of NRR perhaps as i always feel grwothpoint could take them out.

[2wild] 08/3/2024 09:09

Just picked up some more at 52.9 P.

Yielding 10.78%. Discount to nav just over 40%.

[2wild] 08/3/2024 08:13

Added at 53.4p, yielding 10.3% a few days ago.

Final div up 7% announced today, to 2.95p. 5.7p annual.
NAV 89p, at year end.

[netcurtains] 16/11/2023 08:14

I guess....