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CAL Capital & Regional Plc

51.20
-0.40 (-0.78%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Capital & Regional Plc LSE:CAL London Ordinary Share GB00BL6XZ716 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.40 -0.78% 51.20 41,212 16:35:20
Bid Price Offer Price High Price Low Price Open Price
50.80 52.60 53.00 52.60 52.60
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:20 UT 11 51.20 GBX

Capital & Regional (CAL) Latest News

Capital & Regional (CAL) Discussions and Chat

Capital & Regional Forums and Chat

Date Time Title Posts
08/3/202416:55Capital and Regional plc302
11/7/201609:23Caledonia Mining- London listing coming?2
01/9/201509:36Capial and Regional, What is going on?2,393
29/12/201411:32capital & regional converting to a REIT1
02/7/201407:54Capital & Regional PLC with Charts and News20

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Capital & Regional (CAL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2024-03-18 16:35:2051.20115.63UT
2024-03-18 16:29:4852.6052.63AT
2024-03-18 15:19:4252.7173.69O
2024-03-18 15:09:4451.751,200621.01O
2024-03-18 14:57:5352.893116.40O

Capital & Regional (CAL) Top Chat Posts

Top Posts
Posted at 08/3/2024 16:49 by 2wild
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.
Posted at 08/3/2024 10:46 by spectoacc
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.
Posted at 11/10/2023 10:58 by eigthwonder
CFO and CEO chose to fund tax liability of share option exercise (rather than the more usual “sell enough to cover the liability” route). Encouraging, although with the yield on the shares likely greater than their likely cost of funds, the most obvious thing to have done.
Posted at 27/9/2023 07:36 by netcurtains
ACQUISITION OF SHARES BY EMPLOYEE SHARE OWNERSHIP TRUST

Capital & Regional announces that the Capital & Regional plc Employee Share Ownership Trust (the "ESOT") acquired 750,000 ordinary shares of GBP0.10 each in the Company on the open market at a cost of GBP0.574 per share on 26 September 2023.

The shares are planned to be used to settle share awards that are due to vest over the coming months. The ESOT is not intending to make any further share purchases at this stage. Following the above purchase, the ESOT holds a total of 790,376 Ordinary Shares.

- ENDS -

I'm guessing it would not be a very good employee incentive scheme if they are expecting the share price to fall.
Posted at 16/8/2023 05:44 by spectoacc
Have no doubt Growthpoint will take them eventually - question is, at what price. They'll own enough of decide themselves what that is, or they could go down the traditional delisting route, leaving you with shares in a co that doesn't trade.

Otherwise, agree it's interesting to see how zero rents are potentially a thing, simply to save the business rates/service charges. Too many REIT investors think property is a sure thing, but if/when recession comes, it'll quickly become apparent what a millstone unlet property can be (6 months rates relief for Industrial, only 3 months for Office/Retail).
Posted at 15/8/2023 17:55 by nickrl
@2wild if rents hold up at the Gyle looks a reasonable deal but that 12% looks best it might get. Morrisons and M&S don't pay rent only service charge but Next lease due up in less than 2 yrs and they wont stay unless they get a good deal based on what they've said in their results about lease costs going down significantly.

CAL have certainly turned themselves around but high LTV and retailing could easily go south. They've already warned that Wilko has potential to lose 0.65m rent but even worse will add 0.9m to costs so shows you how important it is to keep tenants.

My view is they need to sell Snozone so they can offload more debt. They also are losing the two mandates at Redditch and Luton so another 1.2m thats helping cover the overheads.

Anyhow share raise fully underwritten with loan at competitive IR in current environment and looks like its coming from the current owners of the centre so acquisition a done deal. So getting tempted here as there must be a possibility of Growthpoint taking them out at some point.
Posted at 07/12/2022 14:37 by spectoacc
Not seeing much bad in that, albeit I sold out lower than here in the September rout.

If the world keeps turning, CAL surely has some value. "...Assume(ing) that we do not see a further meaningful shift in the economic climate.." made me chuckle tho.
Posted at 07/12/2022 14:12 by rambutan2
Progressing. Wood Green has certainly seemed fairly busy since the summer, although not sure where things stand with the Cineworld:

Update on Trading and Property Portfolio

Capital & Regional, the UK convenience and community focused shopping centre REIT, will host a tour of its 17&Central shopping centre at Walthamstow at 2.30pm today. During the event, the Company will provide the following operational update .

-- Footfall in the five months to the end of November 2022 footfall was 11% ahead of 2021 and represented 90% of the equivalent period for 2019 representing one of the strongest periods on a relative basis since the start of the pandemic.

-- In the five months to the end of November 2022, Capital & Regional completed 42 new lettings and renewals for a combined rent of GBP2.1 million, ahead of previous rent and ERV. Key lettings in the period include agreeing to extend the NHS diagnostics centre at Wood Green by a further 6,000 sq ft and the letting of the new Walthamstow Food Market to local operator Crate.

-- Occupancy across the Group's Investment Assets has improved to 94.6% at 30 November 2022 from 93.8% at 30 June 2022. The main driver for the increase is the inclusion of the NHS medical centre at Ilford which is now in development following receipt of planning permission in October 2022.

-- Rent collection is now nearing pre-Covid levels with 95.9% of the quarterly rent due on 29 September 2022 and 97.0%(2) of the rent due for the year to date received.
Posted at 30/9/2022 18:11 by nickrl
CAL needs a bit of unpicking as it was structured with assets within SPVs they controlled or SPVs that were under water and effectively off the balance sheet and with lenders.

The biggest debt is over the Malls that they are retaining and these have just over 4 years to run with the lender til Jan 27 with the following statement on covenants

"lender provided covenant waivers that run until November 2023 and modifications to cash trap provisions that run until May 2023"

this suggests to me that whatever the covenants are they are breached? but as @huge says they are coy about declaring them for whatever reason. The LTV was c50% at HY but post HY they sold on two assets and thats lowered LTV to 40%. You have to give CAL some credit for the way they've managed to buy back debt below par on several occasions and got debt down from over 70% LTV.

The other loan is on Ilford which is due refinance Mar 24 but has the potential to extend to Sept 25.

One thing to watch is they have management income from the Luton asset which is up for sale and new owners may ditch them of course may crimp ability to improve dividend. Of course there is always the possibility that Growthpoint will buy it all up now the restructuring is largely complete.

Edit: looked at the HY presentation and on slide 15 there is a table that says LTV covenant is 70% on Mall/Ilford assets whether thats the waiver level or not isn't clear but LTV of those assets are below the threshold. The fact that cash is trapped in the facilities suggests to me an indication that some element of the covenants is breached.
Posted at 30/9/2022 15:40 by spectoacc
Thanks @HP, must admit I've not looked, been in CAL from higher & thought "Growthpoint will cover it if there's another capital raise needed". However, with the way the markets are, wondering how quickly that might happen.

I still think it's a good punt, well off the radar of most and with a supportive major shareholder. But think we have to look through to the end of the impending downturn to see CAL come through.
Capital & Regional share price data is direct from the London Stock Exchange

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