Ediston Property Investm... Share Discussion Threads

[marktime1231] 26/9/2023 17:08

Oh well. Just have to sit tight and wait for the cash to drop then.

As things settle down I confess to being less inclined to invest in US REITs, feeling a little bitter at O which is probably silly and partly because there is better yield to be had with niche UK REITs not unrelated to the fact that some smaller indebted ones are undervalued despite performing well, which means there may be more takeouts or mergers to come at a premium to current share price If the end of the worst of the economic cycle is in sight it might pay to take chances. But then again that mood may change again, plenty of time to mull things over.

[llef] 26/9/2023 15:33

presumably because they did not feel strongly either way.

[spectoacc] 26/9/2023 15:31

Vast majority will be nominees I guess - took me long enough to work out how to vote mine against, & even then I didn't vote all as would have to pay £25 to vote with Jarvis.

But yes, pretty resounding. Now watch William Hill..

[chucko1] 26/9/2023 15:08

Yes, but then why did that 43% not vote NO if that is what they felt? If you don't vote, you don't count.

[llef] 26/9/2023 14:43

chucko1, if I read it correctly, turnout was only 57%, so only just over 50% of possible votes were cast in favour of the resolution.

[chucko1] 26/9/2023 14:04

92.6% in favour! Shows how "out of touch" retail holders would appear to be!

Out of touch with what, exactly?

[alan pt] 26/9/2023 12:52

I guess we might see the voting results later today, once the board come back from a nice lunch hosted by TRY?

[gonsan] 24/9/2023 17:54

Thanks Sky, I'll have a look at API and EBOX. I also had 3 REITs, SREI, THRL and EPIC. I was quite happy with it... i need to find a replacement for EPIC now.

[skyship] 24/9/2023 13:55

gonsan - glad to read you hold SREI. Personally, as stated earlier, I hold a basket of 3 REITs - API, EBOX & SREI. They provide an average yield of 8.1% at an average NAV discount of 38%.

[fordtin] 24/9/2023 09:26

On 21st August, Societe Generale SA announced a short position of 2,175,000.

Other than IG currently showing their clients with a position in EPIC to be 80% Long & 20% short, I’ve no idea if there are any additional short positions.
I’m wondering whether there might be a brief flurry of short covering if the sale is approved.
If so, it might be worth shareholders setting a sell limit at a slight premium to the estimated ~72p (especially if your shares are with IG!)

Just sharing a thought. As mentioned on Friday I’ve sold the last of my EPIC shares, so no personal interest.

[spectoacc] 23/9/2023 18:56

Another traffic jam at a different RP today - OK, possible I'm going at peak times, and possible everyone's going and not spending much. But RPs seem to be doing very well, anecdotally and from other comment.

CSH, CTPT, EPIC - all agreed bids, all miles below fantasy NAV. EPIC could have decided not to sell, could have decided not to recommend but still allow a vote (for TRY), could have sold off piecemeal. What seems clear is that they generated a lot of interest, and that this was the best of it.

Trying to look at it a different way - could argue there's a recession coming, and trading/CVAs are ahead for RPs.

Suspect for the vast majority on here, a pretty safe 8%-yielding RP specialist was what we bought into, and wanted to stick with.

Meanwhile, Mr Hill expresses himself delighted with the outcome, having also wasted our money by not investing the spare cash in money market funds.

[wskill] 23/9/2023 09:33

What Hill and cronies are not thinking about is their behaviour with EPIC have rubbed investors up the wrong way and next time he turns up at a quoted company he will pay the piper.

[gonsan] 23/9/2023 07:39

I can not stop imagining Mr Hill and some others from the BoD reading our comments and laughing at us with contempt…

[mindthestash] 22/9/2023 21:46

CWA1
It's the bottom of the cycle. Nice deal for the buyers.

There's no need to sell. Churn out the divi and watch it all re-rate north.
Idiots

[hindsight] 22/9/2023 21:17

Maybe its says UK reits BoDs not feeling too confident in the future at present and battening down the hatches regarding cash
And discounts are too high for most to do a paper offer

[alan pt] 22/9/2023 19:43

I guess EPIC is a big lump to swallow for small UK REITs, but a minnow not worth the hassle for the big players, certainly not worth getting into a bidding war over

It's not a terrible deal right now today, but compared to the future potential that we all see (or why would we be holding?) it is a rotten deal

[wskill] 22/9/2023 19:24

Unlikely with TRYs holdings and American friends stake building all sown up.

[cwa1] 22/9/2023 19:14

Just idly wondering why, if it's such a rotten deal, no-one else has gatecrashed the party?

[alan pt] 22/9/2023 18:08

@nickrl The board would have looked like idiots if they spent months and wads of our cash and then concluded that they should carry on as before

So they made themselves into forced sellers, because selling and telling everyone what a great deal they got was the only face-saving move they had left...

[gonsan] 22/9/2023 17:42

Hey Sky, thank you Im in SREI indeed, and I think about recycling my EPIC into even more SREI, and THRL (we will never run out of old people, but that is another story)

[nickrl] 22/9/2023 17:36

@Sky how were the board forced sellers there was no financial need to sell anything. The BoD always expressed faith in inv mgr so this is naked agitation by TRY who bought much of the holding above 72p so not sure of their game here. Ive voted it down and hope it fails so i can hoover up some more. Have plan B but this weeks IR freeze now underming that with share price recoveries!

[skyship] 22/9/2023 17:05

Specto - I'm aware we both sound like stuck records re NAV; but it is abundantly obvious that the EPIC sale was all about NAV.

The BoD stated it throughout; unfortunately as Alan PT states above, the buyers knew they were forced sellers, so pitched in at an appropriate discount. The NAV is real, based upon real valuations in an "in demand" sector.

Nevertheless, the price achieved is 20% above the lows hit in Oct'22; Jan'22 & Jul'23. The 72p reflects a higher NAV for the Buyer to secure their profit.

Gonsan, accept the inevitable and maybe lock in a secure covered 8% over at SREI - one with one of the very best B/S in the sector - long dated debt at low rates.

[mindthestash] 22/9/2023 16:53

EPIC is not in distress of any kind; whats the rush. its just cleaned up the portfolio into a good quality niche investment of retail sheds only.
Madness.
Its 72p market value is real today - but its a distressed market

Sadly even if there's a 30% vote against the board appear to have lost all reason and will probably push it through.

like many here i bought and have never sold, its a 'forever' hold - i'm guessing it must be one of the least traded stocks in the market.

[flyer61] 22/9/2023 16:43

You cynic Spec....

[spectoacc] 22/9/2023 16:36

Odds on William Hill turning up at TRY in some capacity, if the EPIC sale goes through?