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EPIC Ediston Property Investment Company Plc

1.00 (1.45%)
Last Updated: 12:11:13
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ediston Property Investment Company Plc LSE:EPIC London Ordinary Share GB00BNGMZB68 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  1.00 1.45% 70.00 18,605 12:11:13
Bid Price Offer Price High Price Low Price Open Price
68.80 69.80 70.00 70.00 70.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 16.43M 21.49M 0.1017 6.88 147.93M
Last Trade Time Trade Type Trade Size Trade Price Currency
11:39:00 O 28 70.00 GBX

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Date Time Title Posts
04/12/202313:26EDISTON - A propco Managed for Yield2,041
07/9/202013:36Inspecs Group - Designer and Manufacturer of Eyeware-
27/2/200813:11Earthquake - On line survey - add your input3
15/3/200519:00What's in an EPIC?2
14/12/200204:48shorters charts8

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Ediston Property Investm... (EPIC) Most Recent Trades

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Posted at 04/12/2023 08:20 by Ediston Property Investm... Daily Update
Ediston Property Investment Company Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker EPIC. The last closing price for Ediston Property Investm... was 69p.
Ediston Property Investm... currently has 211,333,737 shares in issue. The market capitalisation of Ediston Property Investm... is £147,933,616.
Ediston Property Investm... has a price to earnings ratio (PE ratio) of 6.88.
This morning EPIC shares opened at 70p
Posted at 08/9/2023 19:44 by perfect choice
So I'm reading a different view of the RNS text below and whether holders will either get 72p plus dividends paid before liquidation, or 72p, reduced by any dividends paid before liquidation.

Key issue is interpretation of "unless" in sentence "the estimated amount per Share available for distribution to Shareholders in the liquidation .... is expected to be materially the same as the Estimated Net Assets per Share of 72.0 pence, unless and to the extent that any dividends are paid in the period between Completion and liquidation."

So I am reading that as a condition to the value of NAV (£152.2M) equating to 72p, so if dividends are paid out that leaves less for the final value per share payout, so dividends are in effected deducted from 72p.

Now more than happy to be told that is wrong and dividends are on top, if that is the case can somebody explain please.

Financial effects of the Disposal on the Company

-- The Property Portfolio comprises the entire business
of the EPIC Group. After adjustment for estimated transaction
costs, the Company expects, immediately following Completion,
to have Estimated Net Assets of approximately GBP 152.2
million, equivalent to 72.0 pence per Ordinary Share[1].
-- The Estimated Net Assets per Share equates to a 17.7
per cent. premium to the Share price of 61.2 pence as
at 15 March 2023 (the closing price immediately prior
to the Strategic Review Announcement), a 14.0 per cent.
premium to the Share price of 63.2 pence as at 2 August
2023 (the closing price immediately prior to the Strategic
Review Update Announcement) and a 10.8 per cent. premium
to the average Share price over the twelve months to
2 August 2023. The Estimated Net Assets per Share equates
to a 10.8 per cent. discount to the latest published
net asset value per Share of 80.77 pence, as at 30 June
-- If Shareholders subsequently approve the voluntary liquidation
of the Company on or around 31 December 2023, the estimated
amount per Share available for distribution to Shareholders
in the liquidation (taking into account the estimated
costs of liquidation, service provider termination costs
and estimated net income in the period following Completion)
is expected to be materially the same as the Estimated
Net Assets per Share of 72.0 pence, unless and to the
extent that any dividends are paid in the period between
Completion and liquidation.
-- No transitional services arrangements in respect of
the Property Portfolio will be required following the
Disposal as Realty Income will take over the management
of all the assets within the Property Portfolio immediately
upon Completion. The Company will not, therefore, incur
costs in implementing transitional services arrangements
in respect of the Property Portfolio going forward.
Posted at 01/9/2023 15:54 by marktime1231
Took your advice, reading a little more about US triple-net REITs what I can see from Seeking Alpha. A scathing analysis last December of Realty Income saying its business expansion model was broken, partly I understand because of the higher cost of debt, but it hasn't stopped them scooping up bargains. That was back when the share price was $65 and it has since dropped $10. It would need to fall below $50 for the yield to tempt me. Whereas a warmer view of WPC higher yield, the share price has declined $15 to $65 and would be tempting at $60. Is it a good things WPC has more geographic and sector diversity or is O right to focus on retail?

Confirmed my first impression either or both would be good places to reinvest EPIC proceeds, in a SIPP, along with AIRE which is already investible at 60p.

Now come on Investec let's have a deal and a timetable so we can plan.
Posted at 17/8/2023 11:42 by marktime1231
Citywire reporting this as a premium deal is stretching what we know.

Certainly some insider dealing going on, Investec taking full advantage. What is to stop Realty Income or its advisers and major shareholders from hoovering up stock at 70p if there is an 80p deal on the table?

I note that Realty Income with ticker "O" on the NYSE is famously a monthly dividend payer and seems to be well backed and rated. 26c gross per month on a share price of around $60. Would it be stupid to invest in US property income from the UK? Not that a 5% yield would tempt me, but if the share price drops to ...
Posted at 16/8/2023 08:32 by fordtin
According to Chris Borland of React News, it’s general knowledge that Realty Income Corporation, Abrdn, NewRiver, Custodian REIT and UKCM have been in a bidding war over EPIC’s assets.

Why are EPIC shareholders the last to find out and why wasn’t this information officially reported by EPIC?

Shouldn’t the board of EPIC consider a bidding war to be a strong indication that EPIC have a desirable portfolio which is worth keeping?

IMO, they should seriously consider going back to business as usual to realise the full potential of the portfolio for the benefit of all shareholders.
Posted at 16/8/2023 07:26 by edinandy
REIT finds buyer for £200m+ portfolio16 Aug 2023 | by Chris Borland Platform comprises 11 retail parks What Ediston Property Investment Company had been considering ways to merge and consolidate with other REITs but has now agreed a sale of its retail park portfolioWhy Board had said its modest size made raising capital difficultWhat next Realty Income Corporation lined up to buy portfolio recently valued at £208mAfter exploring potential merger and consolidation options with other REITs, Ediston Property Investment Company (Epic) has settled on the sale of its £200m+ retail park portfolio to a high-flying US investment firm, React News can reveal.Realty Income Corporation has agreed terms to buy the 11-asset retail park collection from Epic, with pricing rumoured to represent a significant premium to what shares in the REIT are currently trading for. Abrdn, NewRiver, Custodian REIT and UKCM were also in the hunt for Epic.Earlier this month Epic's board said: "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." Epic declined to comment on the deal with Realty – the US investor that has steamrolled the UK's retail warehouse market in recent years – but it signals an end to a process that has explored ways to bolt Epic on to a complementary REIT as well as various other ownership and sale options.Epic kicked off a formal process to find a new owner in May after announcing a strategic review in March, citing challenges around liquidity, attracting larger investors, market profile and cost efficiencies that were related to the modest size of the REIT.One stated preference was to pursue a merger with one or more other REITs, however with potential partners also trading at notable discounts to net asset values, the board has landed on a portfolio sale of the real estate. It would lead to an assumption Realty has gazumped other options on the table with an offer that is close to the company's net asset value, with values for retail warehousing remaining broadly stable despite a general pricing erosion for UK commercial real estate.Epic's portfolioAt the end of June, Epic's
Posted at 29/3/2023 21:03 by williamcooper104
Oliver Shah in React Capco and Shaftesbury; LXi and Secure Income; Workspace and McKay; LondonMetric and Mucklow: whisper it, but consolidation in the listed segment is finally happening. We all know the obstacles to corporate dealmaking – management team turkeys tend not to vote for Christmas, and discounts to net asset value can make the numbers awkward.But we also know the REIT sector needs bigger, more liquid companies to attract the attention of generalist investors. This wave of mergers and acquisitions is long overdue.Ediston Property Investment Company (Epic), the quoted owner of 11 regional retail parks, did its bit for the cause this month. It put out a statement saying, in effect, that it had reflected on its position and decided it needed to find a merger partner, sell itself, or liquidate its portfolio and return the proceeds to shareholders.Epic, which has a market cap of around £130m, summed up the argument for wider PLC real estate M&A when it said: "The company, like many of its peers, remains of a size which might deter some potential investors. Challenges as to liquidity, the ability of larger investors to achieve their desired quantum of investment commitment, market profile and cost efficiencies are all directly referable to the modest size of the company.""Very brave, minister"It was an admirably honest assessment. "Very brave, minister" might have been the civil servant's verdict. The decision to put an M&A process out in the open from the get-go was also unusual. One investment banker not involved speculates that Epic might have held private conversations with a suitor and not got anywhere before issuing the statement. Another describes it as "a very high-risk strategy, unless they have a deal in the background that we just don't know about". But a source close to the company says: "Epic wants to find the best solution, and only by kicking it into the public domain can you explore all the options."Epic presumably had the support of big shareholders such as TR Property Investment Trust, which has been vocal about the need for consolidation. In many ways, M&A is more difficult at the shallow end of the industry, where directors may be more attached to lifestyle businesses, portfolios may be of more mixed quality and small market caps don't move the needle for big acquirers. Epic will be an interesting case study.Person, Human, TarmacEpic's Prestatyn Shopping Park. The retail park specialist does not have any pure competitors that would make obvious merger candidatesSince its float in 2014, the company has sold its office and leisure assets to concentrate on retail parks in locations such as Glasgow and Rhyl. It doesn't have any pure competitors – and LondonMetric, which still dabbles in retail parks despite its logistics focus, is understood not to be interested, put off by Epic's holdings in Scotland and Wales. Any partner would have a portfolio that would skew Epic away from retail parks. So getting bigger would come at the cost of straying from the strategy.Deal or no deal?The obvious big suitor would be British Land, which has been active in the retail parks space. Discounts would make it tricky, though. British Land is trading on around a 50% discount to September's NAV of 695p per share. Epic is on around a 35% discount to its September's 95p. Taking British Land paper share-for-share would be dilutive to Epic investors, then, while adjusting for the discrepancy would be dilutive to British Land investors. Not easy.Another prospective industry consolidator, the diversified REIT Picton Property Income, has found that it can take time. Picton danced with Invista Foundation Property Trust in 2011 before it was taken over by Schroders. It looked at flexible office company Workspace in late 2021, but decided the numbers didn't work. Michael Morris, Picton's chief executive, made clear his desire to lead corporate activity at the start of last year, saying transactions were "inevitable". But so far, nothing has transpired."Especially in the property sector, people like to do deals and make things happen," says an industry source. "But if they're not making any money, sometimes it's better not to do deals – and if you think about the direction of the market in the past 18 months, not doing deals has been the right thing.""Epic and its board deserve praise for setting aside self interest and raising the issue so straightforwardly"As this column has previously stated, the minnows need squashing together or taking private. According to Panmure Gordon, more than half the 75 quoted property stocks have market caps of less than £500m. That's 48 companies burning money on stock market overheads – corporate broking, PR and the like – and not benefiting from scale. One investor who fishes in this pool describes them as "lobster pots" because of the way value can get trapped.Epic and its board, chaired by former Schroders veteran William Hill, deserve praise for setting aside self interest and raising the issue so straightforwardly. When a company persistently trades on a discount, the best way to prove the market wrong is to get a bid at a premium or to sell assets at book value or above. Epic might find liquidation easier than M&A – although in the current market, even direct asset sales might be a struggle.Its efforts will be worth watching, because they will test the water for much-needed small-cap consolidation.
Posted at 22/3/2023 17:17 by marktime1231
Yes of course you are right and my instincts are wrong, because I have changed my opinion based on emerging facts or the unfolding situation I must be mistaken.

I got frustrated by investment delays stretching out, and speculated some time ago that the underlying reason why EPIC may not have reinvested proceeds of disposals, hinted at by the wording of updates from the board, was partly because loan conditions had trapped some of the credit. I also speculated that if there was a significant income shortfall it would have been prudent to reset to 4p for the intervening period. Shouted down by those linking yield to share price who saw it differently. And persuaded to add some as the share price dipped, based on the analysis presented here that any shortfall was not as serious as my estimate and likely to be closed by interest on cash.

The shareholders are clearly not in charge here, especially not small private investors, no matter how many emails you fire in. The board and management themselves have lost control of strategy. My belief is that it is the lenders calling the tune and they don't like maintaining an uncovered dividend from reserved cash. Quite the opposite, they want to preserve value and get their capital back.

By all means let off steam but feeling strongly or preferring a different view and course of action will not solve the problems nor is it likely to influence the result.

Bad luck EPIC a bold strategy and a great income investment undone.
Posted at 22/3/2023 12:20 by marktime1231
The more this unfolds the more it looks like Investec pressed for this "strategic review" themselves, they are still trying to buy up the share price. A process probably triggered by EPICs lenders because they consider gearing to be at the max, and will not be releasing conditional funds. Actually if I were EPICs lenders I would be unhappy maintaining an uncovered dividend, eroding cash and NAV slightly.

Meanwhile the market backdrop for all forms of commercial property is weak. This is not a good time to be selling off assets. All while EPIC is being restrained from making reinvestments which were heralded blimey is it nearly two years now.

So the board has challenged Investec to put up or shut up, and it is backfiring on Investec because they are the only ones who think the share price can be talked up, the discount to NAV has not been closed by the prospect of a sale or merger. The chance of a major investor or outsider with deep pockets swooping in with an attractive offer appears to be slim.

If I am reading this right the likely outcome will be a sp-neutral eg discounted merger with a larger REIT, or EPIC will limp along on its own, but in either case there will be a reset of the current dividend by around 20-30%.

The alternative of selling off individual assets over a period of wind-down remains, messy but it would recover capital to suit the banks and traders.

As a disappointed income investor neither oucome is good, but I suspect if the board had been brave enough to reset the dividend to 4p, just for the time being, last year we would not be at this juncture.
Posted at 16/3/2023 09:03 by cc2014
Let's cut to the chase. The major shareholders are fed up because it's trading at a huge discount, the share is down 40% in 9 years from the IPO. They can't get the shareprice up to get out at a price they like and they can't exit here because there is too little liquidity.

So, the major shareholders have talked to the Board and given them a steer about what to do about it. The challenge is the Board are now in a difficult place because the major shareholders think EPIC is worth more than the "market" thinks it's worth, else the share price wouldn't be here now.

So, now another bunch of money from the NAV will have to flow out to pay advisors on this review

Jeez. If all these trusts just made decent investments and paid out less in dividend than the underlying yield the share price would rise and the NAV would naturally grow. Yet our pension funds keep demanding IT's put their dividends up and then wonder why the NAV keeps shrinking. They are creating their own problems.
Posted at 16/3/2023 07:31 by spectoacc
"...Concluded that these challenges may be best addressed by achieving consolidation in the sector so shareholders can enjoy the ensuing economies of scale and enhanced liquidity. The EPIC Board believes that such consolidation would enable investors to benefit from the medium-term recovery in the real estate sector through a re-rating of the REITs' share prices and the attractive investment opportunities that are available to larger REITs."

Unclear what these attractive investments opportunities [that are] available to larger REITs are. I don't look at the larger ones and see premia enabling capital-raising, nor necessarily doing better in share price terms, nor gaining any particular benefit ex spreading costs.

All a bit strange - this needed doing 18 months ago maybe, but not now.

Someone will surely want EPIC's RPs - if they can afford them. Otherwise it's an all-share merger with an equally discounted REIT.
Ediston Property Investm... share price data is direct from the London Stock Exchange

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