Cls Share Discussion Threads

[nickrl] 22/8/2022 19:00

mrf given share price decline would imagine we are going to see high levels of offers so getting better than in 1 in 40 bought back is highly unlikely.

[my retirement fund] 22/8/2022 15:30

AJ bell tell me the deadline to instruct them is 2 September 2022.

[my retirement fund] 22/8/2022 15:26

Anyone know when the broker should contact us about the tender ?

[spittingbarrel] 22/8/2022 15:23

Well rightly or wrongly I've bought some sub 1.99.

[my retirement fund] 19/8/2022 14:41

Couldn't help myself, took a few around the 201p offer level

[essentialinvestor] 19/8/2022 13:54

Nick, macro is clearly rapidly weakening, all be it there would be a huge risk on
rally on any Russian ceasefire. I suppose it depends on how much risk you are
willing to take, time frame etc. I'm just over 53% invested as of today and hoping
for lower market levels in to autumn, but it may not work out that way.

Added a small amount.

[nickrl] 19/8/2022 12:32

The tender buyback hasn't even put a floor under the sp

[skyship] 19/8/2022 11:50

Agree; it looks like a quality portfolio. Always has. Another mystery that they trade at such a wide NAV discount.

[essentialinvestor] 19/8/2022 11:25

In terms of the NAV, CLI consistently sell assets at or above NAV,
so that provides some comfort.

You could make a case they may be highly selective disposals,
but it does appear consistent.

[yieldsearch] 19/8/2022 11:13

so really marginally improving nav for the shareholders not participating the tender. (my calc 352.8 to 355.4); as long as the nav can be trusted.

yes doesnt make sense. could have just provided a special dividend to all, cheaper than a small tender but may not be tax efficient for some holder.
or repay debt if expensive

[yieldsearch] 19/8/2022 09:17

NAV in the 300 area and buy back at 250? does that make sense to anyone?

[irenekent] 16/8/2022 18:45

Skyship thanks for your input. I'm holding on as they could trade much higher when the family wakes up to the situation.

Irene

[skyship] 16/8/2022 17:35

Whatever doubts, I still bought a few back at just under 208p today.

[contrarian joe] 16/8/2022 17:07

They've certainly lost there way over the last 5yrs,there roce has been poor compared to other propco companies,when you cosider they don't charge any fees as such.Looking at the last couple of income statements admin & other costs look excessive to me.

[hindsight] 16/8/2022 14:46

The dividend had been low as they were a company not a REIT, profits had been recycled into growth and in fairness NAV growth had been good vs other REITS. However as Skyship says that model and BoD maybe under question by the family

[skyship] 16/8/2022 14:39

At some stage the family will wake up to the fact that holding all their wealth in a poorly run property company trading at a 40% discount to NAV; a high LTV yet a low yield - all adds up to poor value. They need to instruct the BoD to wind up within 12months, or just sell their holding to a third party who will do exactly that.

[orinocor] 16/8/2022 13:37

If the LTV is 40% why is the dividend payout so meagre. I thought property companies gear up because the cost of debt versus property income makes it worthwhile. But in this case the dividend level is still about the lowest I've seen for a property company even with the high LTV. There is something structurally wrong with this business.

[hindsight] 16/8/2022 13:23

Cant say I ever saw the discount created by family holding an issue, meant free gearing, buy the divis on 100p capital for 70p vs lot higher elsewhere. My main issue here is the LTV, not keen on 40% when asset prices could be falling, costly gearing

[nickrl] 16/8/2022 11:31

So why is it on such a discount? Prospects look weaker than they have but even in the good days discount was still high. Perhaps its because such high percentage is vested in family that liquidity is low so it drops off the funds radar? Anyhow my view is with family participation in the tender offer the chances of getting more than 1in40 bought back off individual shareholders is low.

[cwa1] 15/8/2022 16:45

Tender offer announcement...

[contrarian joe] 14/8/2022 21:36

Meant sterling/euro 2.5% weakness, (fat fingers).

[contrarian joe] 14/8/2022 21:08

Thanks for clarification re tender nickrl, that seems to penalise shareholders!!,my first thoughts when they made those acquisitions in Germany was bad idea,on reflection buying during covid maybe good idea.Agree Germany looking vulnerable (along with most of the world),sterling/euro seems to have weakened about 3.5%.

[nickrl] 12/8/2022 21:01

contrarian i should clarify that as the two biggest shareholders are committing to the tender offer the chances of being able to sell them back more than 1 in 40 of your shares looks low. Clearly the family what some cash back.

Sterling/Euro traded in a tight range for over a year so not sure it will make a material difference either way. The other thing i meant to say in #547 is that Germany looking pretty rocky now and thats where much of the vacancy is following recent acquisitions so could moderate further divi growth.