Ediston Property Investm... Share Discussion Threads

[gonsan] 22/9/2023 16:31

Yeah, I could not care less about the NAV or even the current price to be honest. I just wanted a juicy covered dividend (which they were on their way to), backed by real assets, forever, and ever. And in 20 years time the NAV and price of today would matter nothing.
I think it has been hastily sold, at times of panic in the market (at least the referenced price) and honestly I think the buyers are laughing all the way.

[llef] 22/9/2023 13:59

Is a 50% vote in favour sufficient for the bid to succeed, or does it need a larger % to vote in favour?

[alan pt] 22/9/2023 13:52

You could argue that, having initiated a lengthy and costly process, the board would have been embarrassed to finish with a BAU answer

So the bidders in effect knew that they were forced sellers and no bidder would offer above a value where they are pretty convinced they can make a good profit

[spectoacc] 22/9/2023 13:44

@fordtin - seems reasonable. And agreed - in this long process, the best offer was 72p, which means the NAV - surprise surprise - is false.

Suspect the Board have already secured sufficient votes from the only people who seem to interest them tho - ie the major shareholders.

I'd make the same argument re NAV to a lesser extent on the others that have gone out well below - CSH, CTPT - albeit they simply had offers that were accepted, rather than effectively being up for sale for ages.

[fordtin] 22/9/2023 13:24

I’ve been holding on to a few shares in the hope there would be a better bid.
As there’s only a couple of days to go, I’ve given up and sold them.
My reason being, the upside seems to be limited to ~3p per share.
However, if the sale is rejected, the share price could fall back to a hefty discount to NAV. Unfortunately this exercise has exposed the actual realisable asset value as ~72p. 30% off of that is only ~50.4p.
I genuinely hope I’m wrong and shareholders get a better price than I’ve accepted.
If they do declare a return to business as usual, I’ll happily buy back in after the dust settles.

[gonsan] 22/9/2023 10:12

Thank you Spec, 1970, I receive the answer this morning, i did not know about that functionality as in other occasions it was directly on my holding. Good to know it exist.
I have voted against.... but the cut off date was... YESTERDAY 21st... so i doubt my 20K Shares will be taken into account.. oh well..

[mindthestash] 22/9/2023 10:09

Hi folks.
When do we get to know the result of the vote?

This is a bad deal. It's a good little portfolio given away at the bottom of the market just as the sector is starting to gently re-rate upward. Dreadful stewardship by board.

[spectoacc] 22/9/2023 08:53

If the deal fails to go through, we need to agitate for the removal of William Hill. If there's enough of us to vote against, then there's enough to boot him off the Board.

[spectoacc] 22/9/2023 08:49

HL:

"Please note that you are now able to submit your voting instructions online.

You can do this as follows:
Log in online at www.hl.co.uk
Select ‘view shareholder meetings’ which you’ll find under the link to your secure messages on the right hand side of the screen, please ensure you are accessing this on a computer, as this will not work through the app
Click the ‘give instruction’ link next to the relevant shareholder meeting
Give your vote for the resolutions and hit submit"

[gonsan] 21/9/2023 20:09

Thank you all, I have messaged HL to see what happened with the vote.
I want to say no, even if it is futile.
The more I read the statement of the board and how happy they are with the deal the angrier I get…

[marktime1231] 21/9/2023 18:09

The indicative timetable was for completion 28 Sep, with the intention of distributing proceeds by the end of the calendar year.

[alan pt] 21/9/2023 18:09

@gonsan I got an email from AJB on 12th and had to vote by the 19th, so you might already be too late, but try calling HL - at least you can protest if they are not giving you the opportunity

[alter ego] 21/9/2023 17:48

on what date will we get the disposal proceeds? TIA

[chucko1] 21/9/2023 17:04

It does appear from the text that the Sep divi is also deducted. But it was not explicit and that, in itself, say a lot.

[spectoacc] 21/9/2023 17:01

Not basic, was a debate above about the dividend - most think we get the September payout, and anything further is deducted from the 72p.

[gonsan] 21/9/2023 16:59

I am very confused now and I know you guys have tried to explain it before, but:
a) how do I get my vote in? I have not received any comms from HL to exercise any votes, as it has been the case in other occasions, perhaps is not yet ready for voting?
b) Do we need to discount the dividends that are coming from the 72 price that we will receive? (if any dividends coming) when/how the company needs to clarify that?

Sorry if my questions are very basic.

[marktime1231] 21/9/2023 12:04

How curious, why did MW dump 5.2 million shares at under 68.6p yesterday? Worried the deal won't go through? So desperate for cash now MW can't wait 3 months to get full price, waiving away £150K of proceeds? Who was the buyer ... surely someone confident the deal will succeed, otherwise why take the risk?

Or in rsponse to yesterday's encouraging macro news someone has snapped up MW shares in a bid to scupper the vote, and is prepared to back the excellent management team as EPICs business case gets stronger??

It's a pity the rules don't require the buyer of 2.5% of the company at such a stage in proceedings to instantly identify itself behind this transaction.

[williamcooper104] 20/9/2023 08:55

And this would probably be 5 percent higher this morning if it wasn't been wound down

[spectoacc] 20/9/2023 06:55

"What’s EPICs excuse

One large shareholder needing liquidity?????"


Exactly.

[alan pt] 19/9/2023 22:12

This deal leaves me lost for words too... :)

[skyship] 19/9/2023 20:29

?

Again pls Wc...

[williamcooper104] 19/9/2023 19:03

Indeed; prepared to accept that it was the best offer in the current market But BLND sold half of Medowhall for £600m in 2009 at what was then the best possible value, only to see London and Stanford (now LMP) flip it a few years later at more than 2x unlevered BLND at least can say they were distressed in 2009 What's EPICs excuseOne large shareholder needing liquidity????? RP are sheds with a shopfront; put rental growth and you've got shed yield a

[8w] 19/9/2023 14:23

hxxps://www.hl.co.uk/shares/stock-market-news/company--news/british-land-upgrades-guidance-on-retail-park-assets#