Cls Share Discussion Threads

[spectoacc] 02/4/2024 14:55

Not sure if/when to average CLI - SERE also looks very decent & have a subscale holding.

As many have pointed out - there's been no more director buying, only the gift of very low price options.

[wapping67] 02/4/2024 14:53

10year gilt yields have spiked today from 3.93% to 4.08% and certainly not helping the real estate sector with LAND off 3.4% and the sector softer across the board

[skyship] 02/4/2024 13:03

Jeez - seem to be piercing through it!

[skyship] 28/3/2024 16:42

Hopefully these will bounce off the double bottom:


free stock charts from uk.advfn.com

[skyship] 28/3/2024 16:36

ghhghh - they granted themselves massive options a few days ago - no need for them to lay out cash; just con shareholders with free options!

[ghhghh] 28/3/2024 14:54

Surprised zero director buying, implies they are inside on something?

[essentialinvestor] 22/3/2024 23:31

It's falling now against a stronger sector this week.

[nickrl] 22/3/2024 22:30

9.2% yield now and a 66% discount to NAV. Certainly a big chunk of the fall is warranted given the significant increase in interest charges and one can't ignore the increasing vacancies in UK which don't seem to being addressed by planned disposals as they largely targeted at Germany.

[spectoacc] 22/3/2024 09:05

Not come across this before:

"(2) PURCHASE NOTICE
If either the local planning authority or the Secretary of State refuses permission to develop
land or grants it subject to conditions, the owner may claim that they can neither put the land
to a reasonably beneficial use in its existing state nor can they render the land capable of a
reasonably beneficial use by the carrying out of any development which has been or would
be permitted. In these circumstances, the owner may serve a purchase notice on the
Council in whose area the land is situated. This notice
will require the Council to purchase their interest in the land in accordance with the
provisions of Part VI of the Town and Country Planning Act 1990."

[strathroyal] 22/3/2024 09:00

See the Decision Notice 21/03/24

[ammons] 21/3/2024 17:34

Any links, strath? and thanks

[strathroyal] 21/3/2024 17:18

9 Prescot Street - Change of use turned down by Tower Hamlets council.

[skyship] 21/3/2024 07:42

XD. 5.35p payable 2nd May.

[m_kerr] 16/3/2024 17:08

Agree, surely a tender offer or buyout by the majority shareholder is in the pipeline.

[skyship] 16/3/2024 15:45

Seems absolutely no advantage to the family having this listed and trading down at a 60%+ discount.

Buy it in OR sell it on. Then the trustees can diversify instead of having all their cash tied up in office properties.

[nickrl] 16/3/2024 14:09

@m_kerr some of the vacancy is development but its the metric that i always look for in REITs and for most its pretty fragile then i look at leases on breaks/expires 12mths ahead. Yes there was time where that was seen as a positive on the reversion and probably still is in industrials but not in retail and offices. Even the odd ones who tell you they've let something above ERV fail to declare that the ERV has been hammered down over last few years furthermore you never hear about all the other lets below ERV or done with a hefty rent free period or capex contribution.

At least here there has to be a chance that the family will take it out in the end.

[m_kerr] 16/3/2024 11:35

Noticed Uk vacancy now up to about 16% which is a worry given that these assets nowadays absorb large amounts of capital, not including being on the hook for business rates.

[spectoacc] 15/3/2024 15:08

Happy to sit on it here. You'd struggle to see the catalyst for a rerating atm tho.

Take the yield until things improve.

[badtime] 15/3/2024 15:03

Hmm..I had thought this would hold a bit higher until exdiv

[skyship] 12/3/2024 16:36

Exactly - it was a 12month decline; not a 6month since Interims. Also the debt is unlike standard UK REITs; it is non-recourse attached to individual properties. Ergo c75 individual lenders, I forget the actual figure but it appears in the stats.

[nickrl] 12/3/2024 15:41

Not sure why anyine buys IC anymore majority of forecasts are wrong. Yes NAV down butvwas over 12mths but not materially differrent from other pure office plays. A decent rag should really be looking at the share price decline and telling its readers what the rusks or opportunities are.

[skyship] 12/3/2024 15:29

..."its growing net debt mountain, which is now larger than its equity value."

But far, far below its GAV. The fact that the debt exceeds the MCap is a total and utter irrelevance; other than to demonstrate just how cheap CLI might well be, trading as it does on a 63% discount to EPRA NAV.

[skyship] 12/3/2024 15:23

Would never follow anything Mitchell Labiak proposes. IMO a totally useless property commentator; have always thought so, but now its personal!

[spectoacc] 12/3/2024 14:29

It's a view, but it's about CLI's valuation, not the poor outlook. CLI can hang on until interest rates start to fall, and some other office providers have given up the ghost.

10p EPS and £2 s/p, maybe not. 10p EPS and 93p s/p, much more interesting.