Ediston Property Investm... Share Discussion Threads

[jdepp5] 29/11/2017 10:01

Think its 11.75.
Yes,I think there is, assuming placing goes through, shares will be trading 114 plus thereafter.

[davr0s] 28/11/2017 17:41

So I've got my instruction to buy at 11.5 but there is no benefit in doing so. So probably give it a pass. Have I missed something ?

[speedsgh] 24/11/2017 14:36

Publication of Prospectus and Circular -

Prospectus -
Proposed fundraising flyer -

Excerpts from the Indicative Timetable:

Publication of Circular and Prospectus - 20 November 2017
Latest date for receipt of Application Forms under the Open Offer and Offer for Subscription - 11.00 a.m. on 6 December 2017
Latest time and date for receipt of application forms under the Intermediaries Offer - 11.00 a.m. on 6 December 2017
Results of the Share Issue announced - By close of business on 6 December 2017
Admission and dealings in New Shares commence and completion of the Acquisition - 8 a.m. on 8 December 2017

[alter ego] 15/11/2017 15:16

RNS about an increase in dividend, the acquisition and issue of new shares

[speedsgh] 15/11/2017 15:13

Increase in dividend and proposals for acquisition -

Increase in dividend
It is the Board's intention to increase the annualised dividend by 4.5 per cent. to 5.75 pence per share, in the absence of unforeseen circumstances, commencing with the dividend in respect of the month ending 31 January 2018 which will be paid in February 2018. In determining the level of future dividends, the Board will seek to ensure that any dividend level is sustainable over the medium term taking into account any expected increase in dividend cover and the projected income performance of the Company.

The Acquisition
Further to the announcement made by the Company on 6 October 2017, the Board is pleased to announce that the Company has entered into a conditional acquisition agreement with the Stadium Group in relation to the acquisition of a new portfolio of four retail warehouse parks (the "Acquisition") with an aggregated market value of approximately £144 million (the "New Portfolio"). The New Portfolio comprises four high quality, well located UK retail warehouse parks and the Acquisition will result in a substantial increase in the size of the Company's existing portfolio to approximately £317.6 million.

The Board believes that the Acquisition will introduce a number of asset management opportunities which should enhance returns to shareholders, being consistent with the Company's and manager's investment style and income strategy. The manager believes that there is credible growth potential within the New Portfolio and scope to improve the income stream of each new retail warehouse park...

[skyship] 06/10/2017 14:57

I particularly like the extract below:

“It is expected that the Issue will be priced to cover the costs of the transaction and will be designed to protect asset value and income cover of existing investors, regardless of their participation in the Issue.”

Then the whole of the Chairman’s statement:

William Hill, Chairman of Ediston Property Investment Company plc commented:
"The proposed transaction is entirely consistent with the way in which the Board has signalled its desire to grow the Company. It increases the equity base of the company without cash drag, has the potential to grow NAV per share by adding some interesting assets to the portfolio and is accretive to dividend cover and its quality, the latter being achieved by an increase in the weighted unexpired lease term, covenant strength and diversity of the Company's rental income.

The Manager has been patient in seeking to acquire a portfolio which matches the "Ediston Style" of assets where it can enhance value with their proven asset management skills. In promoting an acquisition in which the vendor is keen to retain an equity stake and become a wider shareholder in the Company following completion, we have secured an opportunity which offers the parties their mutual objectives.

Retail warehousing is a sub sector of the market in which the Manager has considerable investment and development experience and the Portfolio has the qualities which fit neatly with Ediston's active asset management style."

==============================================================================

Compare this with the appalling trashing of the NAV by Palace Capital’s recent deal. They made a similarly transformational acquisition, but issued the new shares at an effective 25% discount to the historic NAV - a really crass "deal".

I look forward to seeing the EPIC prospectus.

[alter ego] 06/10/2017 14:18

"Under the heads of terms relating to the Acquisition, the vendor will receive a material proportion of the consideration in the form of new ordinary shares in the Company. The balance of the consideration will be funded through a combination of the Company's existing cash resources, the proceeds of an open offer to existing shareholders, a placing, and an offer of subscription, including an intermediaries' offer, of new ordinary shares (the "Issue") and through debt finance."

[skyship] 04/9/2017 16:09

Lucky enough to make a good top-up @ 109.9p today. Pretty well devoid of any new ideas, so happy just to add to a few favourites as and when a bargain price crops up!

[skyship] 30/8/2017 07:56

That's a good show of confidence in current valuations. NED Colin Skinner buys 30k @ 113.75p.

[skyship] 10/7/2017 17:29

Momentum Global Inv. Man. top-up with another c400k @ 110p, taking them through the 7% level...

[skyship] 26/5/2017 18:04

An old stock-market adage is: "Always sell on a press tip"...well today EPIC rose on a Tip in the Daily Telegraph to the unlikely height of 112.5p Bid; possibly 113p Bid!

In doing so the Yield dropped to 4.5% and the premium to NAV rose above 4% - A GREAT TIME TO SELL.

At the same time the tap in PCA may have exhausted as a 1.2m trade @ 355p was logged - a 4.8% stake. The share price broke through resistance to 370p-380p, before closing 360p-370p - up just 2% on the day. They remain a great BUY ahead of the Finals on 6th June.

[skyship] 14/5/2017 12:21

An update on the comparative performances of the high yielding regional players.

I’ve added in two other players – The Birmingham specialist Real Estate Investors (61p; 4.3% Yield; 7.9% NAV discount; £113m MCap) & the other small regional propco Palace Capital (360p; 5.0% Yield; 16.3% NAV discount; £89m MCap). This last is my short-term tip for a possible/likely 10% rise before or upon the Finals on 6th June – I’ve taken a position @ an average of c355p.

Feb’17 Investor Presentation:


May’17 Broker Research Note:



free stock charts from uk.advfn.com

[skyship] 05/4/2017 18:04

RGL a recent poor performer; whereas the others still in a pack.

Personally I've ducked out of EPIC at prices up to 107p+ - will look to buy back again when offered below 105p...


free stock charts from uk.advfn.com

[skyship] 24/1/2017 07:57

Net Asset Value

The Company's unaudited NAV per share as at 31 December 2016 was 108.31 pence. As at 31 December 2016, the Company owned investment properties with a fair value of GBP182.74 million and had cash and cash equivalent balances of approximately GBP10.92 million.

The unaudited NAV of the Company at 31 December 2016 was GBP139.46 million, or 108.31 pence per share, an increase of 1.16% on the Company's NAV as at 30 September 2016:

[skyship] 10/1/2017 16:45

...and a small top-up @ 105.5p.

[skyship] 01/1/2017 15:10

With everything in the UK commercial property sector having settled down and the re-emergence of overseas buyers post the £currency collapse, I decided to buy back in here for the yield.

Lucky to have got some cheap stock at 104.6p shortly before Christmas; though not many, so will look to add...

[skyship] 14/7/2016 07:48

Indeed - certainly a sharply improved turnaround in both sentiment and valuation expectations, as per articles appearing on CP+ and elsewhere.

[badtime] 13/7/2016 14:51

Your 90p was a tad optimistic

[skyship] 07/7/2016 13:59

NAV Update as at 30th June; however the valuation excludes post Brexit action as no real evidence yet on transactional values. Conservatively managed and definitely one to keep an eye on - though quite possibly will trade down to nearer 90p in the current climate:

[badtime] 13/6/2016 11:42

Ta for reply

[skyship] 10/6/2016 16:59

Hi BT. No, sold sometime ago @ c105p - needed the cash for something else.

Surprised to see them North of 108p and at a premium to NAV, especially ahead of the Referendum. Sp looks a tad stretched IMO...

[badtime] 10/6/2016 11:32

Sky u still in?

[skyship] 27/1/2016 09:33

A 5.3% yield is a pretty good titbit these days!

[wirralowl] 27/1/2016 09:13

Thanks Sky. Yes, happy with results, nice steady progress and the growth in NAV is very impressive, 107.92p at the end of the December. If NAV continues to progress, its reasonable to expect the share price to be dragged along with it.