Ediston Property Investm... Share Discussion Threads

[spectoacc] 03/8/2023 07:55

*lose.

Add @feuille to the list. Sadly, one fool can spoil a BB with multiple handles - my troll had 28 at last count.

[alanpro1] 03/8/2023 07:53

He moans when shares are low. Buy to the sound of the sirens, ie. The moaning newbies. Sell to the sound of the trumpets. He doesn't trumpet much but don't worry other people do that.

[alanpro1] 03/8/2023 07:50

Anyone see the x2 500k trades and 1m trade the other day. Interesting timings.And CWA, I sometimes read these boards with the sole reason of finding the biggest contrarian indicators and doing the opposite of them. I call out spec because he's high on such list. Worked for me over the years. Essentially doing the work for me. 90% of traders loose money, I'm assuming he made his money in the industry, not the market. I've made my money in the market. I'll call out people as I see fit thanks

[feuille] 03/8/2023 07:49

I don't know alanpro1 , but I'm of the same opinion.
Spec is untrustworthy ... just for the newbies.

[spectoacc] 03/8/2023 07:46

Thanks @CWA1 - I have a troll, not sure if @alanpro1 is one of its many manifestations! The ad hominin attacks suggest probably so.

Better filtered if there's nothing being added. I note his previous post on here:


"alanpro1 - 25 May 2023 - 18:43:38 - 1654 of 1726
Spec do you just come on boards having read the Guardian all week moaning about everything. You seems like a really sad sod who has nothing to do other than sit around reading as much sheit you can every week and then regurgitate that same tripe on every REIT board.

"The value of property assets held throughout the period has declined by 11.7%. The MSCI UK Monthly Index shows that 'All-Property' capital values fell by 17.6% for the same period".

How is that classed as underperformance I have no idea, but no doubt your selective hearing will turn it into some doomsday scenario. Moaning old cnt."

[cwa1] 03/8/2023 07:40

alanpro1-why the need for such vitriol? "tool", "clown", "old fart" etc? I don't always agree with Specto but he's always worth reading and reflecting on IMO and he's been right more often than most recently. Which one of us hasn't sold stock in a company that gets a bid shortly after? Hardly the crime of the century and not worthy of a pop like yours. Perhaps you should "lighten up mate". Just MHO, of course :-)

[alanpro1] 03/8/2023 07:37

Any long term holders would have been reinvesting Dividends. Man, never seen such a glass half empty old fart. Lighten up mate.

[spectoacc] 03/8/2023 07:33

@alanpro1 - *you're.

Did indeed sell some, 37.5k of 250k, so don't worry about me.


@Dodger777 - guess need to wait to see what the price is, but agreed - any long-term holders likely to be taken out at a loss.

[dodger777] 03/8/2023 07:28

Being sold off when assets are in a slump so someone can pick up cheaply, all at share holders expense. Very disappointed to say the least, actually disgusted in management rolling over like this.

[alanpro1] 03/8/2023 07:27

Spec your such a tool. Last post. "lost faith and sold some". Now 10% gain today, with another 10% when it's sold. What a clown you are.

[spectoacc] 03/8/2023 07:23

Indeed. And why has it taken this long to RNS that, or has the approach only recently been made, ie since the previous RNS? And why no comment about what they'll do with the proceeds? We're no doubt all assuming the cash comes back to shareholders, but doesn't say.

TRY are seemingly getting their way. a 17% shareholder shouldn't be allowed to call the shots like this.

[boystown] 03/8/2023 07:22

Surely with a small discount, adding in the cash, then knocking off a reasonable amount for red tape wind-up costs, this has to be worth around 75pps?

But I will also miss the monthly income.

[nickrl] 03/8/2023 07:20

@specto i would rather have let Calum get on with what hes being paid to do anyhow as well. However, i fear this is going to be a sell out like CTPT but at least they didn't have £70m sitting there doing nothing. The BoD have proven mediocre but nothing we can do of course to change the outcome.

[spectoacc] 03/8/2023 06:02

Good outcome if it happens, depending upon price - guess will be at a slight discount?

I - and most others I bet - would still have preferred EPIC to continue.


"Following the announcement of the Strategic Review on 16 March 2023, the Board of Ediston Property Investment Company plc is pleased to announce that 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. At this time the Board is continuing to conduct its previously announced Strategic Review within the framework of a formal sale process in accordance with the City Code on Takeovers and Mergers, and it will do so until further notice."


And why buy the portfolio, at 5% stamp duty, when they could buy the co? Curious.

[nickrl] 02/8/2023 13:56

If the EPIC board ever get around to telling us what the outcome of the strategic review is who knows that might be an option but doubt its a decent fit. BLND seem gungho on RPks but would probably want to be selective. NRR have flogged off several of theirs into BRAVO so another interested party perhaps. However, its dragged on so long that the potential for recession and consumer retrenchment would probably impact pricing now.

All in all a wasted 6mths and still no confirmation they have cash at least earning >4%.

[marktime1231] 02/8/2023 12:30

Super final dividend from AIRE which noted firmer NAV in the retail warehouse sector. The 20-25% discount there and here is presumably because at some point debt terms will have to be refreshed at considerably higher interest rates than at present. Or should the consequences of that be reflected in NAV already?

EPIC reports it has gross borrowings of £111M at a blended fixed rate of 2.86%, in two loan facilities; £57M at 2.99% which matures in May 2025 and £54M at 2.73% which matures in December 2027, both with Aviva and the fixed rates increase by 0.1% if LTV breaches the 40% covenant. 5-year UK gilts are currently at 4.4%.

Here's a thought, how about combining AIRE and EPIC as one of the strategic review options?

[cwa1] 31/7/2023 10:28

Declaration of Interim Dividend



The Company declares its interim dividend (non - property income distribution) payment in respect of the period from 1 to 31 July 2023 of 0.4167 pence per share, as timetabled below:



Ex-Dividend Date:

10 August 2023

Record Date:

11 August 2023

Pay Date:

31 August 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 June 2023

[flyer61] 26/7/2023 16:07

Why isn't TRY paying for this review?

[wskill] 26/7/2023 15:53

Yes it is a tad annoying that all this palaver is for one shareholders benefit poor behaviour by directors pandering to their whims, this is not EPICs shareholders problem that TRY have holdings in a number of small property companies.

[chucko1] 26/7/2023 15:06

It takes 10 seconds to buy or sell £40mn of 3m Bills. With tiny bid/offer spread.

They can pull the other one.

[marktime1231] 26/7/2023 11:17

The argument of staying in undeposited cash was to keep all deal options open, including swift deployment of that cash. That was three months ago and yet things drag on almost as if someone is happy to erode value. Temporary money market deposits would have been obviously sensible, as you say the NRR example is telling chuck.

The longer this goes on the angrier I will become but the chance of a genuinely positive outcome which rewards us with a share price > 72p is still two-to-one in my mind. To quit now would feel like bailing out at the bottom, dividends are still being paid, and I don't know which alternatives for sure represent a better bet.

[williamcooper104] 26/7/2023 07:14

Yep and the debt IIRC is with Aviva so it's not a bank looking to grab free deposits Even restricted cash can be invested in deposit bearing accounts and indeed ought to be spread about to mitigate risk The infra trusts with project financed assets are all making out on interest income in blocked cash

[spectoacc] 26/7/2023 06:57

Have also lost faith & sold some, running the rest in hope. Never a big position, but one of the appeals of EPIC had been their management, & focus. Not Calum's fault necessarily, but neither of those now apply.

[chucko1] 26/7/2023 06:54

So NRR have £137mn of cash and have clearly stated they are now earning 5% thereupon.

Is EPIC's cash "different", as in Network Rail's January snow? A large part of an IT's investability is the strength of the management, and the past 6 months have been lacking, no matter the wisdom of holding off investment previously.

I have sold a fair bit in the face of this (past few weeks) as alternatives have become significantly more compelling.

[williamcooper104] 25/7/2023 19:57

Totally; that's the unacceptable option Fine with a sale at NAV or a tickle under Fine with spending the cash and waiting for the market to improve and raising more equity when cost of equity improves