Ediston Property Investm... Share Discussion Threads

[chucko1] 09/7/2021 16:41

Sky, I agree. That is why I am gradually adding as impossible to read the end of the selling. But it will end. And it is then a hot REIT.

[skyship] 09/7/2021 16:29

Very interesting. On 5th May Stadium still held 18.45m (8.74%). The website states that as at 30th June they held 6.13% - so c.12.9m.

So, could take another 4/5months to sell out; but as they get closer more buyers will appear anticipating a rise post tap - so the sell rate will accelerate.

I still hope the Shop will find a buyer - should be easy enough at this level!

[flyer61] 09/7/2021 15:45

Bought more and thinking of leaving a large order on at 67p to catch the close.

[cwa1] 09/7/2021 15:34

Respectable volume today so far

[skyship] 09/7/2021 11:24

Indeed - sale went through back on 3rd March. Bizarre really, as everyone else has purchases lined up ahead of any sale. Hopefully we'll hear something with the upcoming Update.

HS - yes, good point about LTV.

[nickrl] 09/7/2021 10:27

They've got 26.5m from Prestatyn earning diddly squit currently!

[hindsight] 09/7/2021 10:23

Think size is not the issue sky, its the LTV that prevents them buying back, otherwise it be a good use of the sale proceeds. As for the size issue, Im hoping post covid some of these petite reits see the light and merge, and if not activists appear to get the ball rolling in the sector

[skyship] 09/7/2021 10:21

Ran the numbers on the buyback option. At 5th May Stadium still held 18.45m shares. Say 16m now; and say we got them in at 67p. The NAV would increase by just 1.41p to 85.67p.

Perhaps instead they should concentrate on finding a couple of small institutional holders to take that line.

[skyship] 09/7/2021 10:07

Specto - also added just now @ 67.42p. Takes me up to a 7.8% allocation; pretty much alongside BREI & SREI...

If EPIC weren't already so small I reckon they would buy-in the Stadium stake - seems such an obvious thing to do; though admittedly not massively NAV accretive when the discount is just 20%.

Personally I think a 5.5p dividend is pretty much a certainty - so the yield at this level increases from 7.42% to a really attractive 8.16%.

These really should be trading up at around the 80p level; so a top-up was a bit of a no brainer when I released a little cash from shaving a few BREI - just a few!

[hindsight] 09/7/2021 10:04

They have gone agressive today, not lifting offer when hit, maybe not sold the weekly target

[spectoacc] 09/7/2021 08:43

Still masses available, with no recent 1m's reported. But rude not to take the opportunity (again).

[nickrl] 08/7/2021 17:34

Didn't give much away but given they provide a bit of commentary every month im not complaining no one else provides any insight unless they have to. Be good to hear they've found a suitable home for the Prestatyn sale funds.

[chucko1] 08/7/2021 14:06

Perhaps more conservatively, a 10% increase would then amount to 5.5p per annum, implying a yield of just over 8%. On an overly unloved asset class.

Once the seller is done, these move a fair bit higher, I would expect.

But back to the dividend - pretty progressive statement made today. This could be further solidified upon the reporting on NAV and trading update later in the month. Were I the seller, I would hang on to a few.

[ramellous] 08/7/2021 13:49

Another 25% increase in divi puts this on a 9% yield..

[flyer61] 08/7/2021 13:45

A well covered dividend....how many UK Companies with a 7% yield can say that!

[cwa1] 08/7/2021 13:43

Excellent :-)

[hugepants] 08/7/2021 13:24

8 July 2021

Ediston Property Investment Company plc

(LEI: 213800JRL87EGX9TUI28)

Announcement of Interim Dividend

Declaration of Interim Dividend

The Company declares its interim dividend (property income distribution) payment in respect of the period from 1 to 30 June 2021 of 0.4167 pence per share, as timetabled below:

Ex-Dividend 15 July
Date:
Record Date: 16 July
Pay Date: 30 July

This monthly dividend of 0. 4167 pence per share equates to an annualised dividend level of 5 .00 pence per share and is unchanged from the previous dividend declared on 3 June. Following a 25% increase in the dividend, announced in April 2021, the Board can report continued good rent collection and a well-covered dividend. It is the Board's intention to continue to increase the dividend and review the dividend level after the year end.

[hugepants] 07/7/2021 17:07

So even a tip on Midas hasn't moved this. EPIC on a 19% discount and a 7.3% yield (paid monthly). I think it compares very well with the other high yielding reits. eg.
AEWU has an 8% yield but its a long way from being covered and is now valued at NAV.
RGL yields about 7.3% but portfolio is 85% offices!
RLE on a similar yield but LTV of 50%.

[cwa1] 01/7/2021 08:25

Much obliged Flagon

[flagon] 01/7/2021 08:19

All EPIC held in ISA's.

[cwa1] 01/7/2021 08:16

PS: Would it be rude of me to ask if this was in an ISA or not Flagon? Just to make sure I'm comparing absolute likes with like! Feel completely free not to answer if you'd rather not!!

[cwa1] 01/7/2021 08:14

Much obliged Flagon, thanks for that.

I feel an secure message coming on :-(

[cwa1] 01/7/2021 08:13

Specto

That's interesting to know that remaining clients with EQI HAVE received it. I won't ask :-))

Now just need someone that's been with ii for some time to confirm they've received it to know whether there's a problem or not!

[flagon] 01/7/2021 08:10

Dividend ... received yesterday from both ii & IG. Held EPIC for some time. ATB.

[spectoacc] 01/7/2021 08:09

I got the dividend in EQI (don't ask) yesterday.