Cls Share Discussion Threads

[sammu] 28/3/2010 21:31

"Hopefully the price will go up enough to make them have to increase the tender offer price."

Tender offer duly increased to 1 in 48 at 600p.

[cambium] 11/3/2010 15:27

Financial highlights:

- Adjusted net assets per share: up 18.6% to 767.5 pence (2008: 647.2 pence)

- Adjusted earnings per share: up to 48.2 pence (2008: loss per share of 65.6
pence)

- Proposed tender offer buy-back: 1 in 42 shares at 525 pence, equivalent to
12.5 pence per share, and increasing pro forma adjusted net assets per share
to 771.7 pence

- Profit before tax: up to GBP18.5 million (2008: loss GBP142.1 million)

- Profit after tax: up to GBP17.4 million (2008: loss of GBP78.0 million)

- Core Profit: up to GBP23.7 million (2008: GBP2.8 million)

- Portfolio value: GBP813.0 million (2008: GBP798.8 million) - underlying
valuation movement up 7.5% in UK, down 5.6% in Europe, down 0.6% overall

- Aggregate cash, corporate bonds and other investments: GBP144.2 million

- Recurring interest cover: up at 2.1 times (2008: 1.1 times)

- Weighted average cost of debt: down to 4.0% (2008: 5.8%)

- Corporate bond portfolio: return on capital employed of 54.2%

- Distributions through tender offer buy-back: 77.8 pence per share (GBP48.0
million)

- Total Shareholder Return: for the year ended 31 December 2009 52.7%

- Occupancy rate: consistently high at 95.5% (2008: 95.7%)

- Proportion of rent roll let to Government tenants: 40% for the Group and 54%
in the UK

[tiltonboy] 11/3/2010 15:03

It is only a marginal dilution, and the benefits of him coming on board will hopefully outweigh that.

[gary1966] 11/3/2010 14:53

Market cap 235m and so I don't think £1m shares is going to be much of a dilution. Also there will be £1m going into the bank so all in all the dilution will be about 200K shares x £2.60 so about £1/2m. 60m shares in issue and so dilution so small it isn't worth calculating.

Hopefully my maths is right but you know first hand that it isn't always. Have tried to make sure all my words are spelt correctly though!!

Edit: Said the maths is flawed. Probably only about 47m shares in issue. Still immaterial.

[tiltonboy] 11/3/2010 14:27

Gary,

Not necessarily. It means there will be a dilution of NAV.

tiltonboy

[gary1966] 11/3/2010 14:18

Good news is, is that sterling has depreciated this year and so that should have a +ve impact on the NAV.

New director investing £1m in the shares at current mid market price as opposed to at a discount. Also a +ve.

[sammu] 11/3/2010 13:39

The NAV didn't manage to get through £8 partly due to sterling strength. They quantify how much they have made on the Corporate bonds, but I'm not sure if this is reflected in the NAV, probably is - will have to have a closer look.

Hopefully the price will go up enough to make them have to increase the tender offer price.

[singh is king] 11/3/2010 11:04

Yeh,just read the results and they seem excellent.Given the improvement in NAV,profitability etc not had much of an impact on the S/P.

[singh is king] 11/3/2010 10:55

Thanks Gary.Completely missed that.Have held these for so long with little or no action that i only look in on the price once or twice a week lol.

[gary1966] 11/3/2010 10:07

singh,

Results out today. Missed them myself as no flag showing on advfn. They were very very good as well so get reading.

Gary

[singh is king] 11/3/2010 10:04

Blimey!Finally some life in this one.Bid has actually gone up 20p.Hopefully see some more upward movement as we approach results in a few weeks time.

[sammu] 05/3/2010 12:54

Tied to 450p, but results around the end of the month may provide a calalyst. Their corporate bond holdings will have performed very well and NAV could sail through £8.
I have a long term holding, but I have just initiated a short term position.

[singh is king] 02/3/2010 14:45

Anybody else still holding these?

[shroder] 22/2/2010 10:10

Couple of largish trades gone through, hoping this is this last of the '450p seller' :-)

[singh is king] 12/2/2010 13:45

Anybody with any information on where this one might be going and any info on any short term catalysts to the share price.Have held since last summer and getting a bit bored with the inactivity.

[cockneyrebel] 07/12/2009 16:26

?

Chairman's just bought another 5.5K

CR

[tamboerskloof] 03/12/2009 15:13

Trades are not reflecting what you are saying!!!!!

[cockneyrebel] 03/12/2009 11:20

I think he's over 30% from the float which means he hasn't got to make a bid. It's only as you go through 30% that you have too.

About time he bought more isn't it - he hasn't bought any for at least a day :-)

CR

[sammu] 01/12/2009 23:13

Riddle me this. How come Stan can buy more shares in the market without initiating a offer for the whole company given than the holding is more than 30%. Is there some loophole becasue the shares are held in trust, or am I missing something.

[cockneyrebel] 01/12/2009 16:10

Chairman buys another 16K :-)

CR

[cockneyrebel] 01/12/2009 14:46

Seller done?

These have to be worth £7 a share surely?

Chairman buying all he can get too.

CR

[cambium] 27/11/2009 14:45

must of been down the back of the sofa

[cockneyrebel] 27/11/2009 14:04

And another 7K bought by him.

CR

[cockneyrebel] 26/11/2009 16:48

Another 12K director buy.

What are these tading at now? Nearly 50% discount to the true NAV I bet.

CR