Ediston Property Investm... Share Discussion Threads

[perfect choice] 25/7/2023 06:59

Yep, "almost with us then" with an announcement due "shortly"!

[spectoacc] 25/7/2023 06:06

T/s reads fine, but this is the review update we've been waiting so long for??

"Strategic review

Earlier this year the Board announced the commencement of a strategic review in order to consider all options available to the Company to maximise value for shareholders, and this process is now nearing completion. The Board is encouraged by the progress made to date in this regard and expects to make a further announcement shortly."

[spectoacc] 20/7/2023 07:43

Bit disappointing to have still heard nothing - surely has to be this month. Anyone spoken to them lately?

And this only the "update", not the conclusion.

[skyship] 12/7/2023 15:36

MR HILL

We are now nearly 4months on. Just when will we shareholders be informed
about the so called Strategic Review.

It has been a damned waste of time - you know it - we all know it.

So please just get a move on and admit it...

[flyer61] 07/7/2023 16:07

It’s not the management but the BOD that’s in the firing line here.

Calum and team do an admirable job with the assets they have.

[chucko1] 07/7/2023 15:42

They could have invested it for term (say one month), even. If a deal turned up, then either conclude the deal at the expiration of the term, or borrow (at a spread of no more than 10bps) against the deposit.

But we will see soon enough what has been going on, and from there, take a view on this management. In the big scheme of things, a lack of cash investment return is no great deal financially, except it raises issues of basic competence.

[spectoacc] 07/7/2023 14:54

Their excuse was that they kept having deals about to complete, that then fell through - but fail to see how that precludes putting it on an overnight rate.

[cc2014] 07/7/2023 14:12

An error Specto? I don't see it as an error.
What the FD forget about that he'd got £35m lying around about the back of the sofa?
And the CEO forget about it too?
And the whole of the Board didn't raise it at the Board meeting?

Even a junior accounts clerk would notice £35m lying around and ask questions


Imho there is a reason. I do not know the reason but I'd hazard a guess it's some kind of set-off in order to reduce the headline interest rate on the loan arranged at a time when it seemed appropriate as the opportunity cost of cash was basically zero.

But, in a funny sort of way it's stopped them investing at the top of an asset bubble. Maybe in that respect it's working out well.

Edit: I suppose it is an error. An error of appalling judgement regardless of the underlying reason.

[spectoacc] 07/7/2023 13:59

Not investing the cash was a major error, and disappointing. Nearly as disappointing as TRY kicking off this review.

I assume it will have to conclude in such a way as to let TRY out of at least some of their position, but have absolutely no idea. Hardly a good market for trying to sell up.

[chucko1] 07/7/2023 12:48

Perhaps, but let's hope they have found a way of investing the cash at some better than nominal rate.

In terms of uncovered dividend chomping away at the NAV, this is extremely fractional as compared with the discount. Irrelevant, basically. And even more so were they to have invested the @£$%ing cash.

[alan pt] 07/7/2023 12:11

I wouldn't hold your breath - the report will make supportive statements about the board strategy (since they are ones who commissioned it), but be hedged around with various caveats, so that the people doing the report can't be blamed for anything

The board will then take several months to review the report and consult with "major shareholders". Hopefully they will then finally conclude that, since nobody has turned up to offer a bid or a merger in all that time, it's back to business as usual

[marktime1231] 07/7/2023 11:15

Has the realisable value of EPIC assets improved since they launched this "review"?

Have acquisition opportunities passed us by?

Is cash held pending a wasted opportunity?

Is the uncovered dividend eating away at NAV, undermining any deal price?

All will be forgiven if there is an outcome which rewards our investment or which returns EPIC to a sustainable basis. Otherwise this situation is bad for us, and gets worse the longer it goes on.

Given the tendency of city types to disappear in August you would think we will get a report, albeit not necessairly a conclusive one, this month.

[spectoacc] 07/7/2023 08:14

"...Early in the third calendar quarter of 2023."

Thought we may have had it by now, but guessing any time this month would fit with that statement.

[nickrl] 06/7/2023 22:34

Some of the surplus is cash trapped in one of the facilities the rest is theres but they stupidly held back sticking it in a decent overnight a/c but said a few months back they were moving to rectify that.

[skyship] 06/7/2023 15:49

1tx - don't agree with any of that. The rate they're paying is lower than current rates; so if anything the banks should pay them a premium to redeem early.

[1tx] 06/7/2023 15:03

Whilst on paper EPIC shareholders could get more money if the company was liquidated as NAV is far above share price.The problem is the borrowings;the lenders would demand payment of the interest due over the agreed term of the loan,which I assume is several years ahead.

This is EPIC's problem it has far more borrowings than it needs post the sale of its office portfolio in the absence of finding suitable replacement properties.If it could just repay the portion of the loans it no longer needs without penalty most of its problems would go away.Clearly its lenders are not allowing it to do so,I suspect they are also limiting where it can place the resultant cash on its balance sheet.I suspect it has to be placed with the lender or other approved bank on an instant access basis at very low rate.

[badtime] 03/7/2023 11:53

Sensible re not holding breath ..oh and I topped up last week ..higher up...doh

[skyship] 03/7/2023 10:33

Indeed, made my final top-up just now at 57.6p, reducing my average price to 59.74p.

We should hear the result of the Review this month; but not holding my breath!

[badtime] 03/7/2023 09:49

Cheaper today

[skyship] 01/7/2023 11:22

added yesterday at 58.6p. Also posted today over on LemonFool:

I think everybody knows that the NAV results from the Valuer's opinion on portfolio value. Every property is assessed and valued based both upon DCF values and actual transactional activity.

The latter is currently at low ebb; nevertheless the RW sector remains in demand and recent valuations should be sustainable.

On the whole directors and investment managers prefer to remain in business so that they can continue to receive their generous remuneration packages. But clearly if no third party offer is made for the company, then the best result for shareholders would be to liquidate.

A 12 month programme should be readily achievable; likewise a target of c75p for distribution in 2-3 stage payments.

That would provide a 28% uplift from Friday's closing offer price of 58.6p.

A very poor 70p target would still provide a 19% upside.

If the Directors fail to do anything, then the status quo delivers an ongoing 27.6% discount and an 8.5% yield.

EPIC clearly good value again..

[cwa1] 30/6/2023 14:00

Declaration of Interim Dividend



The Company declares its interim dividend (non - property income distribution) payment in respect of the period from 1 to 30 June 2023 of 0.4167 pence per share, as timetabled below:



Ex-Dividend Date:

13 July 2023

Record Date:

14 July 2023

Pay Date:

31 July 2023



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 30 May 2023

[nickrl] 28/6/2023 20:39

NRR's sale of the retail pks in its JV asset today were at 8.8% yield which was higher than other recent transactions but maybe jockland impairs values.

[skyship] 28/6/2023 09:26

Started to buy back in here. At 59.6p the discount is 26.4% & the yield 8.39%.

Not expecting much from the crass Review; however every generalist fund agrees, Retail Warehouse is a BUY.

Our portfolio may be rather 2nd rate with an excess exposure to Scotland / Wales; nevertheless it consists of 100% in demand RW; + significant in demand CASH!

[flyer61] 27/6/2023 15:42

They had better have some good news on how much they are getting on deposit or we will have to get writing again.