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Recent investor discussions about Cls Holdings Plc (CLI) reflect a mix of apprehension and cautious optimism regarding the company's financial health and market position. Notably, concerns over loan-to-value (LTV) ratios surfaced, with some investors indicating that sales of properties might not necessarily improve CLI's financial standing due to high depreciation rates outpacing sales. "If LTV is going up when they are selling properties, they're struggling to cover their debt financing," expressed one participant, emphasizing the precarious nature of their financials. The sentiment around potential distress was echoed with warnings about the need for management to act decisively to curb fears, as noted by another investor: “Nothing is going to change until they actually do something.”
Despite these concerns, some investors showed a willingness to remain hopeful, highlighting the attractive yield. One user remarked that the current share price reflected a significant discount to NAV, mentioning, “NAV at 227.4p versus share price down at 72.6p - 68% Discount!!! Almost 11% yield.” This has led some to consider CLI as a potential buying opportunity as its valuation looks attractive compared to its earnings metrics. However, the overarching theme remains a clear need for CLI's management to execute on their promises effectively to rebuild investor confidence, as sentiments indicated that “the market clearly doesn’t like the company,” ultimately striving for assurance on the stability and strategies moving forward.
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CLS Holdings PLC has made significant moves in recent weeks, including the transfer of 700,474 ordinary shares to its Employee Benefit Trust (EBT) to facilitate its employee share plans. This transfer reduces the number of treasury shares to 40,667,038, bringing the total number of ordinary shares in circulation to 398,110,742, which also represents the total voting rights available to shareholders. These actions suggest the company is actively managing its equity structure to support employee incentives.
Additionally, CLS Holdings secured a 10-year lease agreement with law firm Signature Litigation LLP for 29,816 square feet of office space at 138 Fetter Lane, London. This lease is notable as it was finalized at a rate 2.3% above the latest estimated rental value (ERV), indicative of strong demand for prime commercial spaces in a competitive market. The proximity to key legal institutions in London further enhances the attractiveness of this property, positioning CLS Holdings as a robust player in the commercial real estate sector.
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..and we finish even lower |
I think it refers to the below strathroyal:- |
Any company account experts on here? I see that a number of the subsidiary companies have reduced their share premium accounts last month (8 that I can see), is this likely to be connected with the properties they are selling or simply a book keeping exercise? |
THe assets are discounted by about 30%, which is hefty. |
True, & they were buying heavily in the 120's. But they'd need that well behind them to be able to pitch a low-ball bid I think. |
@specto dont disagree but here the family own so much that always remains a possibility at depressed prices they will take the remainder. |
Don't see the appeal of a heavily indebted office REIT when there's eg FGEN at 10% growing yield, or NESF at 12%, or SEIT's spread of investments at 11.7%. All at large discounts if NAV's your thing (40%, in SEIT's case). |
Comparable office reits have fallen further over 3mths |
The 30YR Gilt is hitting 5% - unfortunately it makes sense for these types of stocks to sell off. I'm not hugely surprised. I bought a few more. |
Seems crazy, good times will return but how long will we have to wait? |
Unbelievable - now at a 9.3% yield! |
Gap from 01/05 at 83.6p which I hadn't spotted before topping up only a few hours ago at just over 87.50p. Ouch |
Yep what a mess |
Unbelievable |
4+ month low @86p. |
Personally thought the update was disappointing as it again emphasised how badly senior management was caught out by the two recent office developments. The Artisan letting to MSF was included in the HY report so there haven't been any further lettings since, whilst The Coade doesn't even get a mention. I see that they have appealed against Tower Hamlets refusal to grant change of use for The Artisan, not sure how long these appeals take. |
Indeed: Opportunity Cost. Is surprising how fast everything's fallen, on my watchlist that'd be eg FSFL, FGEN, SUPR, AGR, BSIF, TRIG, SEQI.. All similar charts, all presumably reacting badly to long-term interest rates. Not convinced the falls are justified, but I would say that. |
Vacancy level is a big drag and like RGL disposals slow to realise. I also detect a slowdown on getting debt refi done from their more bullish tone 6m back.Will get done but maybe not at such favourable rates. |
"..We are experiencing longer decision timelines due to macro and political factors slowing progress." |
Update reads really well - yet here we languish at 89p on a 61% discount & an 8.9% yield! |
Could be getting the Q3 Update this week. (15/11 last year - see Header) |
Interesting piece SKY, thanks for posting. |
Thanks for posting that ...sp is a tad frustrating eh |
Back down to 90p! NAV discount at 60%. Yield up to 8.8%. |
Type | Ordinary Share |
Share ISIN | GB00BF044593 |
Sector | Real Estate Agents & Mgrs |
Bid Price | 69.90 |
Offer Price | 70.90 |
Open | 70.80 |
Shares Traded | 173,201 |
Last Trade | 14:22:42 |
Low - High | 70.40 - 71.00 |
Turnover | 148.7M |
Profit | -249.8M |
EPS - Basic | -0.6286 |
PE Ratio | -1.12 |
Market Cap | 282.96M |
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