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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ediston Property Investment Company Plc | EPIC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 68.80 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 68.80 | 68.80 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 09/1/2024 17:29 by theoldcodger Further to other's comments regarding holdings of EPIC in interactive investor ISA accounts:I have just spoken to interactive investor and their Corporate Actions have confirmed that the initial distribution (of 69p per share) will be received in the ISA (presumably because I believe HM Revenue and Customs regulations stipulate that a non qualifying holding must be removed from an ISA within 30 calendar days and thus the delisted shares can remain within the ISA until this distribution has taken place no later than 17 January). However, any further distribution would be received outside the ISA and in the unlikely event of the shares being re-listed, then they would also be held outside the ISA. The 69p per share cash distribution received in the ISA would not count towards the annual ISA allowance as the securities were held in the ISA. I hope this helps clarify the situation at least as far as interactive investor are concerned. TOC |
Posted at 15/12/2023 11:07 by gonsan Just so annoying. Incredible, we were all saying this. Let the company run! This brings my level of distrust on REITs and Investment Trusts to the point where I think it is pointless to be at the mercy of incompetency or more powerful interests.EPIC made a lot of sense from an investor perspective. And of course those who bought it knew it and laughed all the way. Do you think the board somehow will get compensated for their service to the buyers? The whole story concocted by the board is so lame and suspicious.... Same as you guys another blacklisted list of people for my next investments (as the triple point muppets from DGI9) On another note, if they are guaranteeing 70.21pence to be received but only giving 69 at the beginning and then the rest once they do admin. Is it worth to wait? or better sell and recycle? |
Posted at 23/9/2023 09:33 by wskill What Hill and cronies are not thinking about is their behaviour with EPIC have rubbed investors up the wrong way and next time he turns up at a quoted company he will pay the piper. |
Posted at 02/9/2023 13:13 by williamcooper104 IBKR will let you buy ETFs without KIDs if you are treated as either a professional investor or elective professional investor You lose some UK consumer rights protections if you are treated as a professional investor - mainly that you can't get a guaranteed stop/limit losses on CFDs to what's in your account Against that you pay about £25 in fx fees per $1m traded - against about £10-15k with a UK broker - it's not that hard to do $1m over several years in an average sized SIPP |
Posted at 02/9/2023 10:32 by chrysalis99 Appreciate the ideas, thanks all. There seems to be some good knowledge of the US market on this board. I have some US dollars to invest in a brokerage account that won't let me buy ETFs (because the broker needs a KID to allow retail investors to invest... or there's a horrendous paper trail to prove you are a sophisticated investor). I'm looking for a low volatility $ denominated investment, preferably that doesn't pay much return as income as the funds are outside of a wrapper. Buy and forget. I considered Berkshire Hathaway but I'm looking for something closer to an investment account which doesn't attract income tax. If such a thing exists! Thoughts appreciated. |
Posted at 16/8/2023 08:26 by edinandy REIT finds buyer for £200m+ portfolio16 Aug 2023 | by Chris Borland Platform comprises 11 retail parks What Ediston Property Investment Company had been considering ways to merge and consolidate with other REITs but has now agreed a sale of its retail park portfolioWhy Board had said its modest size made raising capital difficultWhat next Realty Income Corporation lined up to buy portfolio recently valued at £208mAfter exploring potential merger and consolidation options with other REITs, Ediston Property Investment Company (Epic) has settled on the sale of its £200m+ retail park portfolio to a high-flying US investment firm, React News can reveal.Realty Income Corporation has agreed terms to buy the 11-asset retail park collection from Epic, with pricing rumoured to represent a significant premium to what shares in the REIT are currently trading for. Abrdn, NewRiver, Custodian REIT and UKCM were also in the hunt for Epic.Earlier this month Epic's board said: "It is in advanced discussions with a third- party buyer regarding a possible sale of the company's property portfolio. There can be no certainty at this time that a sale of the company's property portfolio will take place; nor as to the final terms on which, or the price at which, any such sale might be undertaken." Epic declined to comment on the deal with Realty the US investor that has steamrolled the UK's retail warehouse market in recent years but it signals an end to a process that has explored ways to bolt Epic on to a complementary REIT as well as various other ownership and sale options.Epic kicked off a formal process to find a new owner in May after announcing a strategic review in March, citing challenges around liquidity, attracting larger investors, market profile and cost efficiencies that were related to the modest size of the REIT.One stated preference was to pursue a merger with one or more other REITs, however with potential partners also trading at notable discounts to net asset values, the board has landed on a portfolio sale of the real estate. It would lead to an assumption Realty has gazumped other options on the table with an offer that is close to the company's net asset value, with values for retail warehousing remaining broadly stable despite a general pricing erosion for UK commercial real estate.Epic's portfolioAt the end of June, Epic's |
Posted at 03/8/2023 10:21 by williamcooper104 Specialisation really helps - so a PHP (a specialist in a steady but not booming sector) does better than a BLND/LAND - very few diversified US REITs left Plus cost of equity - US investors look not to the premium or discount but what cost of equity a reit has and the spread that buying assets in the private market provides - that arbitrage drives long term outperformance; few more so that with O Too many investors over here see cheap equity as being just an expensively valued reit |
Posted at 25/5/2023 08:17 by spectoacc Am sure it's been mentioned, but NAV fell from 94.9p end-Sept (which was post-Kwasi Budget) to 80.4p 31st March, that's some fall for a co with a large wedge of it in cash, when RP's are meant to be one of the brighter spots."...It has been a long-held ambition of the Board to grow the equity base of the Company. Whilst the Board appreciates that not all shareholders see this as a priority, the simple facts are that an increased shareholder base would reduce operational costs per share, improve the liquidity of the shares and bring the Company in reach of large investors to provide further capital in the future. " The "simple facts" are that investment is on hold, the review is costing time & money, & that almost all shareholders aren't interested in EPIC issuing more shares. Has it not occurred to them that they've been unable to spend the cash they've got? "The Board has concluded that the time is right to challenge whether there are better alternatives to the status quo that has been effectively imposed on the Company by market circumstances. Having consulted with some of its larger shareholders, it announced on 16 March 2023 that it would undertake a strategic review.." I really think that's "consulted with one larger shareholder", TRY, who find themselves trapped having bought so many. "..The Board has a preference for structuring a merger with one or more REITs, but it will consider all options available to the Company that offer maximum value for shareholders. Since commencing the Strategic Review, the Board and its advisers are engaged with a number of interested parties and the Board expects to provide an update to shareholders early in the third calendar quarter of 2023." Update, not outcome, in July. Why/how can it be taking so long? Who are they looking to merge with, and will that improve or expand the discount? EPIC trade on one of the smaller discounts already. All ground covered previously, but trying to convince myself to buy by looking at the downsides. Finally: "Finally, I mentioned in the Strategic Review announcement that attracting investor capital into the sector was critical for a successful and thriving UK real estate market in the long term. Capital is needed to decarbonise the sector through building refurbishment and the introduction of new environmentally friendly building technologies; it is needed for regeneration and levelling up; it is required for unlocking the chronic shortage of housing; and, finally, it is essential for the economy that the built environment meets future occupier needs. The REIT sector is the ideal home for attracting a wide range of different types of investor capital. However, it is not doing so at the moment." There's a reason REITs aren't an ideal home for attracting investor capital - it's because they generally burn it. And if new money needs to be raised for building refurbishment (2030 the harshest rules), whither all REITs? |
Posted at 12/4/2023 12:55 by fordtin All of the top 10 holders (reported as at 28/2/23) have updated their holdings since the review was announced, except; Hargreaves Lansdown, stockbrokers (EO) Interactive Investor (EO) Close Brothers Asset Management //www.epic-reit.com/Major shareholders Updated Rank(@28/2/23) Shareholder 1 Columbia Threadneedle Investments 19.00% 40,147,152 30/03/23 2 Quilter Investors 7.71% 16,307,050 30/03/23 3 Hargreaves Lansdown, stockbrokers (EO) 8.93% 28/02/23 4 Momentum Global Investment Management 8.49% 17,957,410 05/04/23 5 Investec Wealth & Investment 6.95% 14,686,125 12/04/23 6 Interactive Investor (EO) 5.60% 28/02/23 7 Mattioli Woods 3.23% 6,836,304 11/04/23 8 Wise Funds 2.95% 6,251,117 21/03/23 9 Close Brothers Asset Management 2.72% 5,742,996 28/02/23 10 BlackRock 2.93% 6,200,988 04/04/23 17/03/23 Legal & General Investment Mgmnt Ld 1.64% 3,482,015 17/03/23 17/03/23 Axa Investment Managers 1.06% 2,250,000 17/03/23 21/03/23 Capital International Limited 2.43% 5,140,900 21/03/23 24/03/23 Roy and Jennifer Leckie and children 2.26% 4,784,857 24/03/23 29/03/23 City of Bradford Metropolitan Dis 1.42% 3,000,000 29/03/23 Total 77.32% Please highlight any errors in the table, tia. |
Posted at 29/3/2023 22:03 by williamcooper104 Oliver Shah in React Capco and Shaftesbury; LXi and Secure Income; Workspace and McKay; LondonMetric and Mucklow: whisper it, but consolidation in the listed segment is finally happening. We all know the obstacles to corporate dealmaking management team turkeys tend not to vote for Christmas, and discounts to net asset value can make the numbers awkward.But we also know the REIT sector needs bigger, more liquid companies to attract the attention of generalist investors. This wave of mergers and acquisitions is long overdue.Ediston Property Investment Company (Epic), the quoted owner of 11 regional retail parks, did its bit for the cause this month. It put out a statement saying, in effect, that it had reflected on its position and decided it needed to find a merger partner, sell itself, or liquidate its portfolio and return the proceeds to shareholders.Epic, which has a market cap of around £130m, summed up the argument for wider PLC real estate M&A when it said: "The company, like many of its peers, remains of a size which might deter some potential investors. Challenges as to liquidity, the ability of larger investors to achieve their desired quantum of investment commitment, market profile and cost efficiencies are all directly referable to the modest size of the company.""Very brave, minister"It was an admirably honest assessment. "Very brave, minister" might have been the civil servant's verdict. The decision to put an M&A process out in the open from the get-go was also unusual. One investment banker not involved speculates that Epic might have held private conversations with a suitor and not got anywhere before issuing the statement. Another describes it as "a very high-risk strategy, unless they have a deal in the background that we just don't know about". But a source close to the company says: "Epic wants to find the best solution, and only by kicking it into the public domain can you explore all the options."Epic presumably had the support of big shareholders such as TR Property Investment Trust, which has been vocal about the need for consolidation. In many ways, M&A is more difficult at the shallow end of the industry, where directors may be more attached to lifestyle businesses, portfolios may be of more mixed quality and small market caps don't move the needle for big acquirers. Epic will be an interesting case study.Person, Human, TarmacEpic's Prestatyn Shopping Park. The retail park specialist does not have any pure competitors that would make obvious merger candidatesSince its float in 2014, the company has sold its office and leisure assets to concentrate on retail parks in locations such as Glasgow and Rhyl. It doesn't have any pure competitors and LondonMetric, which still dabbles in retail parks despite its logistics focus, is understood not to be interested, put off by Epic's holdings in Scotland and Wales. Any partner would have a portfolio that would skew Epic away from retail parks. So getting bigger would come at the cost of straying from the strategy.Deal or no deal?The obvious big suitor would be British Land, which has been active in the retail parks space. Discounts would make it tricky, though. British Land is trading on around a 50% discount to September's NAV of 695p per share. Epic is on around a 35% discount to its September's 95p. Taking British Land paper share-for-share would be dilutive to Epic investors, then, while adjusting for the discrepancy would be dilutive to British Land investors. Not easy.Another prospective industry consolidator, the diversified REIT Picton Property Income, has found that it can take time. Picton danced with Invista Foundation Property Trust in 2011 before it was taken over by Schroders. It looked at flexible office company Workspace in late 2021, but decided the numbers didn't work. Michael Morris, Picton's chief executive, made clear his desire to lead corporate activity at the start of last year, saying transactions were "inevitable". But so far, nothing has transpired."Especial |
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