Ediston Property Investm... Share Discussion Threads

[spoole5] 20/7/2022 09:14

Sorry yes. My bad

[killing_time] 20/7/2022 08:58

?

The last NAV update was on the 26/4/2022, why don't you think there will be one next week?

Yes discount is -23%

[brwo349] 20/7/2022 08:51

you can't count spoole
either than you kt

[killing_time] 20/7/2022 08:37

And next NAV update next week. ( hopefully )

[spoole5] 20/7/2022 08:34

35% discount now.

[nickrl] 19/7/2022 21:52

With recent sales its marginal now whether divi is fully covered but won't be far off. Given retail pks have snapped back in valuation the good opportunities are gone so the BoDs need to push the inv mgr over what they are doing or instruct a share buyback.

[10acious] 19/7/2022 20:51

As long as the dividend is covered....sit on the cash and wait for the right opportunity!.... Patiently....

[spoole5] 19/7/2022 18:59

Need to start buying back as API are doing.

[spectoacc] 19/7/2022 16:09

Tick, tock. Not a shareholder, but has anyone quizzed Board or manager? I'd love to know if they've perhaps had a few buys fall through, or have targets in mind, or are basically doing what we all suspect - sitting on the cash.

[catch007] 06/7/2022 09:38

nickrl: Agree with all your points.

They have the cash to invest we just need to see it sensibly deployed

[wskill] 06/7/2022 06:54

Still not a bad place to be at the start of the 2022 recession with a large cash holding.

[spectoacc] 06/7/2022 06:50

Abaolutely @nickrl - tho I'd suggest the time was about 6 months ago. The board seem useless.

Don't forget the big hit EPIC took on the 3rd office sale - hasn't all been "Mecca" for them.

[nickrl] 05/7/2022 20:41

catch007 therein lies the rub with EPIC when they told us nearly 9mths ago they were going to sell down no retail pk assets and reinvest in retail pk. Outcome most sales have been done at a good price or very good in case of this bingo hall (Tick). Loss of rental income (Cross). Retail Pks bought NIL (cross). Investment Mgr very happy earning a nice fee on cash (£65m) doing nothing for shareholders (cross).

I don't want them to just make any purchase but plenty has been on the market that were worthy so if they don't feel they could get them at the right price then its time for BoDs to instruct share buyback.

[catch007] 05/7/2022 20:02

Selling Mecca bingo halls at decent prices seems good business imho. Hopefully they have a good asset purchase in mind now.

[nickrl] 05/7/2022 14:20

hindsight doubt they have a mandate to buy other REITs. The BoDs can decide on a share buyback Edison are just advisers and they should be factoring in the amount of fee income Edison are earning for doing nought.

Personally i'd rather they get on and purchase but i suspect they want another Stirling and they aren't available at that price anymore.

[hindsight] 05/7/2022 11:39

@hindsight - no idea, and plenty are cheap atm. But shouldn't EPIC argue that their own shares are the best value? Not buying them back here is daft, they won't find a Retail Park on that discount (as they're ably demonstrating).

SpectoAcc, problem with buyback is directors may feel that reduces thier fees long term as the REIT size shrinks. Where as buying other reits they could resell at a later date. Anyway either buying thier own or other reit shares makes better sense to me than another Retail Park at present

[marktime1231] 05/7/2022 11:18

Well well a little good news. Having rotated in here to be in property as an investment strategy to beat the inflation cycle it feels a bit perverse that EPIC has been sitting increasingly in cash for such a time. Still clinging to the notion that they know what they are doing and will reinvest well, else there is a 25% upside if a predator moves in.

[spectoacc] 05/7/2022 11:17

Thanks @SteMiS - that's likely what I remember. So a new sale, and at a frankly superb premium.

@nickrl - good point, surely at least a month ago, maybe longer - possibly in discussions since the first Mecca sale?

@hindsight - no idea, and plenty are cheap atm. But shouldn't EPIC argue that their own shares are the best value? Not buying them back here is daft, they won't find a Retail Park on that discount (as they're ably demonstrating).

[hindsight] 05/7/2022 10:02

nickrl, can they buy other reit shares ?

[nickrl] 05/7/2022 09:41

It does demonstrate a large mismatch between what the valuers are saying and what the market is paying still for assets. Mind you i guess there is a lag on when the deal was agreed to it and it being finalised such that RNS can be released so whether given recent economic deterioration would it have commanded that price?

Anyhow with 60m+ from sales now with no sign of an acquisition and Edison are picking 0.475% on this for doing what? BoD need to force the issue on share buy back if there is nothing suitable out there.

[stemis] 05/7/2022 09:25

EPIC has sold 2 properties let to Mecca Bingo

One in April in Hartlepool for £2.62m (16.4% above 31 Dec 2021 valuation)
One today in Telford for £5.0m (67% above 31 March 2022 valuation)

[spectoacc] 05/7/2022 09:23

Aye @Flyer61, but they're getting there by default - they could/should have bought late last year, didn't, and now prices have got away from them (in a fairly large way).

Looks very much like there'll be some bargains come up eventually, but EPIC didn't call it - if they did, they'd have been selling their parks too :)

[flyer61] 05/7/2022 09:08

Spec wasn’t the other one in Darlington or some other north east town.

Given the economic situation I stand by my previous comment, better to get this right than rush into something.

[spectoacc] 05/7/2022 08:17

Looks an excellent price, but was it not announced previously?

And not even a hint of being close to utilising the proceeds.