Ediston Property Investm... Share Discussion Threads

[chucko1] 14/9/2023 09:29

@Specto, the wind-up of VSL leaves all this for dust. In that case, the discount was a "mere" 20% average and are now generating gross returns of 14% on their lending activities. But the inability to close that discount was its demise, and trying to invest in listed private lenders is becoming more difficult.

RECI scores highly on that front.

[wskill] 14/9/2023 09:23

Yes and when the castle street roadworks are complete in Hull EPICs Retail Park should do even better at present only one access road to it as other was closed for these works,its in the best place for a retail park with lots of parking near the town centre as well just out of walking distance .I have voted against this paltry offer in all the family accounts I look after and hope this bid fails .It is a great deal for the buyer of course I wonder what TRY gets out of this selling its assets so cheaply.

[spectoacc] 14/9/2023 08:45

Got caught in a traffic jam in Sheffield at the weekend, dual carriageway blocked because... so many cars were queueing to get into an RP.

No idea if an EPIC one but EPIC claim to own only premium ones - Calum described the one AEWU bought as a "junk retail park" - so absolutely agree we're being sold down the river by TRY & their placemen.

Counter-argument to that - the review went on forever, and this was seemingly the best bid.

But none of us genuine holders wanted the review in the first place.

[nickrl] 14/9/2023 08:36

BCPT have this to say about their RP portfolio in todays interims

"Retail warehousing was the Company’s strongest performing sector, delivering capital growth of 7.1 per cent and a total return of 10.3 per cent. The Company’s assets represent prime holdings that have already transitioned to a robust tenant line-up. The appeal of these high-quality assets to the investment market has been supplemented by asset management to generate a 7.1 per cent uplift in passing rent over the period"

Like to know what was said to BoDs here about what the forward outlook was for the EPIC portfolio that they believe this a good deal.

Anyhow ive voted my paltry holding against it

[fordtin] 13/9/2023 16:25

IG haven't informed me of the vote yet. Can't help wondering if they're trying to figure out how to handle the fact that they've loaned out 17% of the shares entrusted to them (see post #1942).

Edit - if your shares are held by IG, insist on your right to vote! If 100% of the longs demand their right, IG will be forced to purchase the 17% they've sold on behalf of their shorting clients.

[fred177] 13/9/2023 14:54

also voted against

[alan pt] 13/9/2023 14:16

Also voted against, no hope it will change anything, but some small comfort in registering disapproval!

At least chucko1 has given me some justification for holding on, other than stubbornness :)

[marktime1231] 13/9/2023 13:55

Doesn't look like any takers for my exit price, resolved to hang on. My vote against registered, but no hope it will stop this disappointing deal.

[fordtin] 12/9/2023 07:56

gonsan - hopefully someone familiar with this issue will be able to give a definitive answer to that question.
My guess Is it'll be either a capital gain if you paid less than 72p, or a capital loss if you paid more.

edit - sorry rik shaw, didn't see your post until the page refreshed

[rik shaw] 12/9/2023 07:51

It should be return of capital,not income

[gonsan] 12/9/2023 07:19

How will the proceedings of the sale will be taxed when distributed back to us?
Like normal Reit dividends (although they are not exactly that)?

[fordtin] 11/9/2023 21:05

Curious to see how this plays out;

11/9.23 9pm
83% LONG
•83% have long positions
•17% have short positions
0-50 IG clients with open positions in this market
TRADING ACTIVITY
Last hour No trading activity yet
Today 50% Buys
This week 50% Buys
This month 51% Sells


11/9/23 ~9am
86% LONG
•86% have long positions
•14% have short positions
0-50 IG clients with open positions in this market
TRADING ACTIVITY
Last hour No trading activity yet
Today No trading activity yet
This week No trading activity yet
This month 57% Sells

[dodger777] 11/9/2023 21:03

Sounds like a sound plan and guaranteed a small but decent percentage return in a few months. I’ll keep my eye on the price and consider it if it would be kind enough to drop a bit further. Nice tactic 👍🏻

[chucko1] 11/9/2023 20:48

A little more, but that's about the extent of it. I sold MM funds to finance it. MM at 5.29% and this at 14ish having bought at or below 69 with 3.64 months to payout.

May do a bunch more tomorrow or Wednesday. Goes ex-div on Thursday and may not drop all of (or any of) the 0.417p, thereby reducing the yield.

It is perfectly reasonable to ask why I bother, but it is just another point of attack, and only moderately correlated.

[gonsan] 11/9/2023 20:32

it works at about a 3% gain in 3ish months.

[dodger777] 11/9/2023 20:21

I’m intrigued chucko1 why are you are buying. Seems others are doing similar, buying at 70p to get 72p at end of the year ? ..my brain is to tired tonight to work out the percentage gain 😬

[chucko1] 11/9/2023 16:37

As a buyer, I could get all I wanted today.

[wskill] 11/9/2023 16:34

will now wait for the offer cash annoying unable to sell other than in dribs and drabs .

[chucko1] 11/9/2023 14:06

Looks like a lot of people are confident they can surpass 14.2% IRR*. Where is that crystal ball shop? - I appear to be one of the few to rely on the more mundane.

Does an excess yield of 9% for 3.6 months compensate for any deal risk here? Very likely, but nevertheless arguable.

*after paying Stamp Duty to the beloved HMRC who will convey it to some good causes and waste the other half.

[marktime1231] 11/9/2023 12:06

In view of the reasoning that the deal is 72p less the Sept dividend I have trimmed the come-buy-me price on my stake, unfortunately it looks like everyone is doing the same.

[ramellous] 11/9/2023 10:35

Re RECI, dividends are only paid 3 times in 2023 after the Oct one. Should be paid 5 times in 2024 as they were in 2021.

[skyship] 11/9/2023 10:24

Fordtin – I too a pensioner in my mid 70s and rely on my SIPP for the greater part of my income. I see capital gain and income as two sides of the same coin. A classic case of that would be a Zero Dividend Pref – NBPS at 120.4p redeem at 130.63p on 30/10/24. They pay no dividend but the YTM/GRY = 7.44%pa. Or to put it another way – a profit of 8.5% in just under 14months.

GGP quite a different case of course. A more speculative play, but clearly undervalued ahead of their listing in Australia. A great article on SHARE TALK hopefully still on this link:



Another rather off-the-wall suggestion I hold – MVI. Marvyn. Hate the management – Robert Ware, also CEO of small propco CIC. However, there is a price for everything and this small PE play is on offer at 90p versus NAV of 167.9 (Discount = 46.4%). Holds masses of cash and pays a Qtly dividend of 2.265p (Nov, Feb, May, Aug). Yield of 10.07%. Income mostly returning capital; but happy with that due to the 46% discount!

[fordtin] 11/9/2023 09:02

Thanks CWA1. I thought it was due in October, then confused myself by looking at last years' divs which seemed to go a bit astray.

[cwa1] 11/9/2023 08:11

Purely for informational purpose, RECI pays out on 13/10/23 after going ex dividend on 21/9/23. See here for info...

[fordtin] 11/9/2023 08:00

Morning Skyship.
I would’ve been very interested in GGP a few years ago when I was working class. But now I’m idle pensioner class, I need to invest for a regular income.

I’ve tried to redistribute my funds from EPIC in a way which roughly emulates the monthly payments.
Minimum of 7%
Quarterly Dividends
One third of total dividends paying out each month of the quarter

Not essential, but I’m a bit short on companies paying out in October. I’ve been considering RECI but realised I might've got the divi date wrong. Any better suggestions?