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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ediston Property Investment Company Plc | EPIC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 68.80 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 68.80 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 18/1/2024 09:33 by chucko1 Over the past year, capital returns are -11.7% - it's been a trend. Forget dividends - that is taken out of this calculation.We are off topic, but then there is not really much left to be said about EPIC that either has not already been said, or contains rude words. |
Posted at 09/9/2023 11:27 by marktime1231 (Not that it is relevant here, if you were invested in EPIC you should be looking to reinvest in REITs whether domestic minnows or US giants and that conversation is on topic; but neither GSF nor GRID have any appeal right now and are not the topic here. GSF has always under-performed even when the BESS story was at its most exciting, and is currently trading 18% below launch in 2018. GRID has hit the skids because it has failed to deliver its promises. Both are about a third off their peak price over the last year, neither is generating attractive income, the outlook is for things to get worse before they get better. I think people say do-your-own-reasearcI had initially read the terms of the deal to mean that it was 72p plus the September dividend at least. It would be pretty sneaky for the timing of completion and the timing of the dividend payment to mean we get 72p less the September dividend. Without spelling that out. If that is the case it just made a disappointing deal even worse. Plus the lost opportunity unless you quit now, because we are also missing out on Oct-Dec income while waiting for EPIC settlement. Grrrr. What to do ... hang on for 71p or quit now at any price. Any chance of a non-aligned shareholder dissenting? |
Posted at 08/9/2023 20:44 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 2023. -- 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 08/9/2023 16:30 by spectoacc Fair point re trading the REITs - trouble is, how many REIT punters are sat on losing positions having "traded" them by buying higher than now? Like any market timing, it works brilliantly until it doesn't. I'm seeing several getting endlessly "promoted" that IMO are fair value at best.EPIC divis - my reading of it is that we get them in addition only until completion - so if completion is in a month (say), we'd get a single monthly divi, and the subsequent divis are deducted from the 72p (logically, since the earnings are no longer coming to the co). What chance of them putting the £200m proceeds on an overnight rate?! |
Posted at 01/9/2023 12:05 by cwa1 Certainly going to miss this one(I assume!!)...Declaration of Interim Dividend The Company declares its interim dividend (property income distribution) payment in respect of the period from 1 to 31 August 2023 of 0.4167 pence per share, as timetabled below: Ex-Dividend Date: 14 September 2023 Record Date: 15 September 2023 Pay Date: 29 September 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 |
Posted at 16/8/2023 09:32 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 08:26 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 31/7/2023 11:28 by cwa1 Declaration of Interim DividendThe 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 |
Posted at 29/3/2023 22:03 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."Especial |
Posted at 22/3/2023 13:40 by skyship marktimeYou recently posted: "Reinvested again here today, on the premise that cash assets on a reduced management fee and earning interest will reduce the shortfall in income and sustain the dividend." So why do you now believe the dividend should be slashed 20%/30% when the divi is 85% covered and the Annual Statement made in Dec'22 stated: -------------------- DIVIDS In my report last year, I stated the Board's commitment to a covered dividend and the prospect of further dividend progress as contracted rental income continued to improve. I also highlighted that the likely mismatch between sales and reinvestment could lead to a period of uncovered dividends and that,if prudent to do so, the shortfall would be made up from reserves. Delaying the reinvestment of capital from the sales has meant the period of uncovered dividend has become longer than was anticipated. The Board believes the way the Company has responded to the changed market conditions is both responsible and appropriate. The Company is well funded to continue to pay the current monthly dividend. It is the intention of the Board to maintain the dividend at 5.0 pence per share. The expectation remains that when the available capital is invested the dividend will be covered. -------------------- Seems quite clear to me that following that statement there is absolutely no way they can subsequently cut. There is also no way that this Review (an expensive waste of time IMO) will result in a merger. There are only two logical outcomes: # Voluntary liquidation # Status quo |
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