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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
  0.60 0.91% 66.60 1,980,853 16:35:29
Bid Price Offer Price High Price Low Price Open Price
65.60 66.40 66.40 65.00 65.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 17.37 11.28 5.34 12.5 140
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:29 O 668,864 66.10 GBX

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Date Time Title Posts
01/2/202318:35EDISTON - A propco Managed for Yield1,429
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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Posted at 04/2/2023 08:20 by Ediston Property Investm... Daily Update
Ediston Property Investment Company Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker EPIC. The last closing price for Ediston Property Investm... was 66p.
Ediston Property Investment Company Plc has a 4 week average price of 60.40p and a 12 week average price of 58.80p.
The 1 year high share price is 87.80p while the 1 year low share price is currently 58.80p.
There are currently 210,333,737 shares in issue and the average daily traded volume is 350,528 shares. The market capitalisation of Ediston Property Investment Company Plc is £140,082,268.84.
Posted at 31/1/2023 13:23 by chucko1
Alan PT - the share price was at a level to easily absorb this large reduction (expected) in NAV. The actual discount to the value of the property given the level of cash they hold was eye-waveringly high. I wrote about that a month or so ago, and underlines why it is my largest REIT holding, having way overtaken SREI and SUPR in the process.

Worth adding that I have a LOT of ERNS!! 4.5% "riskless, or damned close to it" versus 6.5% for SREI, as compared with 0.5% riskless versus 5% for SREI less than a year ago. The equations have significantly changed.

Posted at 31/1/2023 12:45 by alan pt
Somewhat astonished that the share price is unmoved by the news, but I guess anyone holding sees the good news in the price falls because of the cash for purchases

Anyway, happy enough to hold, especially since I had an unexpectedly large divi payment today. Had forgotten that I had picked up another 20K shares in mid-Dec!

Posted at 11/12/2022 09:43 by fordtin
Significantly reducing the dividend would probably cause a slide in the share price as people like me, who have invested in EPIC for income, would have little choice but to relocate our investment to somewhere hopefully more reliable.
Posted at 09/12/2022 21:05 by marktime1231
My reading of the last quarterly update to 30 Sep released on 2 Nov ... net income 1.08p per share, dividend 1.25p per share. 86.4% coverage. The consequence of failing to reinvest the proceeds of disposals. Where is the doer upper bargain? Unless they have put the cash pile to work harder the current dividend is not sustainable. The share price discount suggests a reset is anticipated.

An external valuation to 31 Dec is expected in January. The NAV may have fallen a few more % despite being in a relatively stable sector and lots in cash. What saves this is an inspired acquisition or a take out.

Posted at 05/12/2022 19:00 by rambutan2
TRY interims out today, and recognises value:

"Two parts of the retail landscape which continue to outperform are outlet centres and retail warehousing. The former because it offers a more 'internet-proof' sales channel and the latter because rents are much lower and they have become an increasingly critical part of the omni-channel sale process. Click and collect from an edge of town, easy access location rather than a regional shopping centre with your car a 10-minute walk from the store. Consumers' discretionary spend is reducing as energy costs, mortgage rates and rental levels rise. We like the domination of value-focused retailers on the retail warehouse parks we partially own through Ediston Property. The company trades at a 30% discount to its asset value and has no major refinancing until late 2027. The dividend yield is 8.3%."

"Our retail exposure in the UK remains minimal. However, I have steadily added to the specialist retail warehouse owner, Ediston, where we now own [16%] of the company. It has successfully deleveraged with the sale of its remaining office buildings and is now a pure retail warehouse play. As a very small company in listed terms (market cap. GBP130m) it has failed to attract a broader range of investors even though its portfolio and balance sheet are sound. Its dividend yield is over 7% and its implied yield on current share price of over 10%. It has no refinancing requirements until late 2025 with 100% fixed priced debt."

https://uk.advfn.com/stock-market/london/tr-property-investment-TRY/share-news/TR-Property-Investment-Trust-PLC-Half-year-Report/89698004

Posted at 25/7/2022 05:41 by spectoacc
Re "..No account is taken by those doing the pricing (whether by humans or computers) of whether or not that share or Trust has been buying back, not if they have to what extent. Also we can’t know what the share price would be if a share or Trust had not bought back."


Largely agree with trading co's - amazing how many buy back high, then have to raise cash from shareholders much lower later - but on REITs it's the NAV-accretion that counts.

ie the buy back causes the NAV to be higher, even if the discount remains exactly the same, because the shares bought back are bought in at a discount.

Eg say NAV £100m, discount 50%, mkt cap at share price of £50m. Co sells a £10m property and uses it to buy back 20% of shares, then all things being equal (shares cancelled, property sold at NAV, buy back done at current s/p, LTV kept the same), then you've gone from £100m/£50m to £90m/£40m. The only way it's not beneficial is if the discount actually widens (accepting the "Plan A" point).

[Julian Richer about right IMO, tho will give EPIC a chance since it was a Friday. Another REIT I shan't mention required 3 phonecalls - to Scotland, London, & Guernsey - eventually insisting on written questions, and answered 2 out of 5. My 4th largest holding, and I'll hold none by the end of next month as a result.]

Posted at 24/7/2022 15:32 by kenmitch
SpectoAcc

Unit Trusts; we agree.

Special dividends.

Yes re tax implications. All my shares and Trusts are in ISAs so special dividends win for those of us with no tax implications.

SREI discount might be larger still without buybacks.

Disagree for simple reason. However shares are being priced, no account is taken by those doing the pricing (whether by humans or computers) of whether or not that share or Trust has been buying back, not if they have to what extent. Also we can’t know what the share price would be if a share or Trust had not bought back.

PlanA.

Strongly agree! EPIC sitting on so much cash while other REITS were finding bargains is inexcusable.

As is EPIC’s failure to get back to you. In his column in Sunday Times today, Julian Richer, founder and Managing Director of Richer Sounds (that is often top of “Which” surveys for best customer experience) says good bosses lead from the front AND reply to emails. He says be accessible to your customers. Same applies to shareholders. Julian tries to answer all emails (unless obnoxious) within24 hours however much of a nuisance it can be. Lead from the front he says. Perhaps a reference to that column might do the trick if you have to remind EPIC to reply to you?

Posted at 22/7/2022 11:36 by spectoacc
@kenmitch - I'm generally against buy backs. They tend to enrich the managers (particularly those with EPS targets, or with large share options), don't necessarily return cash in an equitable way like eg a dividend which everyone receives, and are too often done at the top of the market.

However, where REITs are concerned, the large discounts to NAV often make them a nobrainer. Yes, that only applies if there's a dearth of investment opportunities, or (as now) the property market has been on a tear. Had EPIC bought retail parks last year when they first mooted it, even if it had temporarily increased gearing, it would have made sense.

I don't see better value retail parks than buying the discounted version at EPIC. Fund flows have returned at property Unit Trusts (so no longer forced sellers), & other REITs have been getting in on the Retail Park sector.

Yes, EPIC's size means you could question whether they should be shrinking (tho look at eg VIP's buybacks), and yes, you could argue a dividend or more tax-efficient capital return makes more sense than buy backs, which rely on finding enough sellers at a low enough price.

I've been on EPIC's case since late last year & will continue to be. Currently waiting for a call back from the co.

(Yes, buy backs aren't always a panacea to share price weakness, but it isn't necessarily the point. Efficient use of capital & long term gain is).

Posted at 22/7/2022 10:10 by marktime1231
I have been wondering what is holding EPIC back reinvesting proceeds of office sales etc. Could it be something other than difficulty finding an attractive target?

In the detail of the half-way report in May EPIC stated that re-investment (other than cash at bank obviously) was subject to meeting LTV or gearing requirements. Could that be a stumbling block? Elsewhere it says it meets all its ongoing debt servicing and loan covenants, but re-borrowing the money which was repaid into its credit facility may have hit a snag?

The continuing drag on income probably means we will not get the dividend uprated to 5.5p from September, promised confidently going back a year and one of the reasons I doubled up. A prospect which remained on the cards until EPICs Chairman said in May it would not be prudent until sales proceeds were reinvested.

Still content that EPIC is otherwise in good shape though. If the share price does sink back in to the high 60's it would be tempting to top up, when it would indeed be a yield of 7.2% and paid monthly.

Posted at 21/10/2021 10:40 by marktime1231
By yield compression I understand BCPT to mean that the outlook for rental collection is more secure and the prospect for rental prices is stronger but without actually increasing, and we have already seen that similar good news is coming our way from the trend in EPICs preceeding updates. EPIC has also been trading and investing in assets.

Both those features should mean an upward valuation of EPIC NAV maybe +6-7p in line with BCPTs would not surprise me.

The yield in percentage terms gets compressed as a result of the denominator increasing. It is an unhelpful way of describing a positive situation though. Dividends, the numerator, are also being improved in absolute terms, cover has improved and another step up is due. And actually BCPT just stepped up their monthly payment too, from 0.35p to 0.375p in line with the NAV advance.

Despite which their share price has hardly responded today. Worth noting that BCPT is a much much lower yielding REIT and has been buying back shares but also trades on a wide discount. But then I don't understand why anyone would seek to invest in BCPT because in comparison EPIC is equally as secure (or not) but twice as rewarding. What is the appeal of BCPT over EPIC to new or existing investors?

I remain optimistic of EPICs dividend being stepped up to an annual 5.5p and the share price jumping into the low-mid 80s as NAV is uprated.

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