Share Name Share Symbol Market Type Share ISIN Share Description
Ediston Property Investment Company LSE:EPIC London Ordinary Share GB00BNGMZB68 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.75p -0.68% 109.50p 109.50p 110.50p 109.50p 109.50p 109.50p 133,798 16:35:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 11.3 7.6 5.9 18.6 230.32

Ediston Property Investment Share Discussion Threads

Showing 101 to 125 of 125 messages
Chat Pages: 5  4  3  2  1
DateSubjectAuthorDiscuss
04/1/2018
21:13
Sky Respect what you say about Mucklow and very much thank you for the 2018 JDT thread I have followed Mucklow for many years (occasionally have been a shareholder (not currently or for some time) and I also have direct commercial property interests) and would like to make two points: 1)They are family owned and run. Their objective is to benefit the family through growth in asset value and dividends. This compares to the recently established REITs where a major (main?) objective is to increase AUM so that their investment management fee income is maximised 2)as stated in their 2012 interim statement “50th Anniversary In April 2012, A & J Mucklow Group will be celebrating 50 years as a listed company. Its principal objective has always been to deliver steady, long-term income and capital growth for its shareholders. The Group's financial performance has been exemplary since it was floated on the London Stock Exchange in 1962. The ordinary dividend has increased in 45 out of the last 50 years and never been cut. An investment of £1,000 in Mucklow shares in 1962 would today be worth around £1.6m, assuming dividends were reinvested. The total shareholder return has averaged over 16% per annum for the last 50 years‡” My understanding and belief is that their asset valuations are conservative (is that always the case with REITs?). I have a little knowledge of the Birmingham property market but no specific knowledge of the Bull Ring Trading Estate I have not studied their last annual report but two possibilities come to mind regarding the very large excess to book value of the Bull Ring Trading Estate sale 1) properties are valued based on their existing use or 2) given its size and location its value is as a development property. By their nature development properties are more difficult to value than most other properties and the valuers took a conservative (over conservative?) view. Possibly a special purchaser (eg a developer who owned adjoining property) was prepared to pay a premium price? Perhaps someone more familiar with Birmingham would like to comment?
sleepy
03/1/2018
17:44
Ho Jombaston Yes, I have MKLW in the Header on the Commercial Property thread - (CP+) - see link: https://uk.advfn.com/cmn/fbb/thread.php3?id=29245091 Not one I really like as I won't buy propcos at an NAV premium. At 30th June valuation the premium is just over 8%; though that could well come down to 3-4% with the Interims in February. Aided by that bizarre sale of the Birmingham Trading Estate for £13m v. £5.4m valuation! How could they have the value so wrong in their books! Also the yield @ 4.3% is hardly generous these days; and their gearing is over-cautious...
skyship
03/1/2018
16:32
Thanks for the link, Skyship. CREI is a well-run company with one of the highest covered yields in the sector, with room to edge the divi up over time. RSC also talks a lot of sense. If it were at NAV it would be a 6.1% yield which would be too high especially now that they have executed well over the last 3 years. Clearly, EPIC is more of a bargain probably more due to current overhang of stock rather than anything else. I don't have any insight as to how long that will last. I have taken a small position to encourage further research. Certainly, analysts are increasingly suggesting retail warehousing is the place to be. In case you missed it, this is what Deutsche Bank are saying. http://www.telegraph.co.uk/business/2017/12/25/online-giants-eye-retail-parks-solution-warehouse-crisis/ P.S. if you are interested in quality players in Midlands property, you should look at MKLW. Their track record is exemplary. Div might be slightly lower than some of the others discussed but look at the cover, low debt and progression over a very long period. I own shares in all the above so please DYOR.
jombaston
01/1/2018
09:42
At the current shareprice of 110p, the yield is 5.2% based upon the new annual dividend of 5.75p.
masurenguy
31/12/2017
16:48
CREI isn't my favourite in the new "Income" sector due to its NAV premium. Personally I prefer EPIC, RGL & RLE; but whichever, this interview explains exactly why I believe the sector to be safe for income and growth: https://tinyurl.com/ycyn8o3x
skyship
18/12/2017
16:46
http://www.colliers.com/-/media/files/emea/uk/research/retail/colliers_international_outoftown_17.pdf?la=en-GB Thank you for your responses. Coincidentally, this attached report from Colliers has appeared hot of the press. I would definitely recommend reading it if you are invested in this stock. From my calculations, the recently increased dividend does seem sustainable. Thanks in part to rent guarantees, it seems that the new portfolio should produce a gross yield similar to the pre-existing portfolio. If they can achieve economies of scale in admin costs and some rent increases then there could be room for future dividend increases. I have been looking to buy pure Warehouse/logistics REITs but the premiums all seem to be in double-digits so I am considering this as an income play. I have been invested previously so I am comfortable with the management. Importantly, the prospectus says they will only issue at NAV plus so this provides some comfort given that it is now close to NAV. I'm still interested in any cheap Warehouse REITs if you have any ideas(with a track record - before you suggest WHR!)
jombaston
13/12/2017
15:27
The EPIC management is Industry recognised as one of the best in the sector; so more than happy to delegate my cash to their ambitions. In the same space I also like RGL where the yield is an even more impressive 7.7% on the Edison f/c of 7.85p for this year just ending. (Divi qtly - 3x1.8p thus far...)
skyship
13/12/2017
14:17
Agreed, alter ego. The company points out that warehousing assets have rebounded quite a way and RETAIL warehouses haven't budged since the hit caused by the Brexit vote. It's interesting that they beat off Savills for these assets. Those guys are no mugs! From the prospectus: The confidence behind the proposed transaction is built on the knowledge of the Manager who is an experienced investor in and developer of retail warehouse assets across the UK. It believes it is the right time to increase investment in this sector for the following reasons. • The sector is currently experiencing low vacancy rates (currently 5.1 per cent. versus 10.0 per cent. in 2013). • There are good prospects for rental growth and inward yield movement. • New retail warehouse development is likely to be restricted by planning authorities looking to protect town centres. • Retail warehousing offers a flexible sales platform which can assist with retailers’ online sales strategy. The Manager believes the retail warehouse sector is attractively priced following the hardening of yields in the industrial and logistics sectors. It believes there is increased investor interest and expects this to have a favourable impact on yields.
hiddendepths
13/12/2017
14:12
I'm not sure how much these assets would be driven by (or could assist with) on-line sales. If I understand correctly, these are not just warehouse storage and distribution sites such as those owned by BBOX. They are more a shopping destination that combines retail space with warehousing so a DIY store or a clothing retailer can keep stock and display it for the retail public. There are a number of reports available from companies like Savilles or Colliers which give more on the attractiveness of these assets. Google "retail warehouse parks" for example to access reports like this one HTtp://www.colliers.com/-/media/files/emea/uk/research/retail/201604retailwarehousingtrendspredictionslr.pdf?la=en-gb
alter ego
13/12/2017
13:29
Just looking at the prospectus to see if there is an opportunity here. It seems that these guys are going heavy into Retail Warehouse Assets. Warehouses are a hot sector at the moment but these don't seem like pure warehouses to me - more like large shops on Retail Parks! Not sure there would be such a premium for these. I'm not sure how much these assets would be driven by (or could assist with) on-line sales. Or maybe the sites could be valuable in the event of a change in the Retail environment. Do others have a view on this?
jombaston
13/12/2017
12:44
I suspect some arms were twisted to get enough of the new stock away to allow the acquisition to take place. This explains the ongoing availability of shares at the issue price - and occasionally a little lower. It is not clear how much of an overhang there is. i am inclined to buy a few if I can get them at under 111.75. I was too slow to move on Monday though!
hiddendepths
02/12/2017
10:51
The subscription price is actually 111.75p - from p28 of the prospectus: "Share Issue Price per New Share 111.75 pence per New Share representing a 1.4 per cent. premium to the Adjusted NAV per Share as at 31 October 2017"
rollingstocks
30/11/2017
19:39
You might be right but see no benefit subscribing to shares at 11.75 when I can buy below this on the open market
davr0s
30/11/2017
09:12
It is one of quite a few property/infrastructure fund raises going through at the moment so investors can be selective and the ones that get away do well (such as CSHc). Assuming they get it away, and the vendor has agreed to buy 36m£ worth of shares if I recall correctly the figure, locked in for 1 year plus, then I think price might well rise as 1. it could well be oversubscribed 2. management is very well regarded it seems for this co., div is covered and increasing and will show enactment of a definitive investment plan and put co on radar of other investors as it is doubling in size. 3. premium applied to warehouse assets and this is immediately income producing. All my opinion clearly, so fell free to shoot down!
jdepp5
29/11/2017
19:22
Yes you are right re 11.75 but on what basis do you think it will trade at 114 afterwards?
davr0s
29/11/2017
10:01
Think its 11.75. Yes,I think there is, assuming placing goes through, shares will be trading 114 plus thereafter.
jdepp5
28/11/2017
17:41
So I've got my instruction to buy at 11.5 but there is no benefit in doing so. So probably give it a pass. Have I missed something ?
davr0s
24/11/2017
14:36
Publication of Prospectus and Circular - HTTPS://www.investegate.co.uk/ediston-prop-inv--epic-/rns/publication-of-prospectus-and-circular/201711201613180176X/ Prospectus - HTTP://www.epic-reit.com/wp-content/uploads/2017/11/20001-Ediston-Prospectus-1.pdf Proposed fundraising flyer - HTTP://www.epic-reit.com/wp-content/uploads/2017/11/Ediston-Property-Investment-Company-plc-Flyer.pdf Excerpts from the Indicative Timetable: Publication of Circular and Prospectus - 20 November 2017 Latest date for receipt of Application Forms under the Open Offer and Offer for Subscription - 11.00 a.m. on 6 December 2017 Latest time and date for receipt of application forms under the Intermediaries Offer - 11.00 a.m. on 6 December 2017 Results of the Share Issue announced - By close of business on 6 December 2017 Admission and dealings in New Shares commence and completion of the Acquisition - 8 a.m. on 8 December 2017
speedsgh
15/11/2017
15:16
http://tinyurl.com/yc3489q9 RNS about an increase in dividend, the acquisition and issue of new shares
alter ego
15/11/2017
15:13
Increase in dividend and proposals for acquisition - HTTPS://www.investegate.co.uk/ediston-prop-inv/rns/increase-in-dividend-and-proposals-for-acquisition/201711151448446151W/ Increase in dividend It is the Board's intention to increase the annualised dividend by 4.5 per cent. to 5.75 pence per share, in the absence of unforeseen circumstances, commencing with the dividend in respect of the month ending 31 January 2018 which will be paid in February 2018. In determining the level of future dividends, the Board will seek to ensure that any dividend level is sustainable over the medium term taking into account any expected increase in dividend cover and the projected income performance of the Company. The Acquisition Further to the announcement made by the Company on 6 October 2017, the Board is pleased to announce that the Company has entered into a conditional acquisition agreement with the Stadium Group in relation to the acquisition of a new portfolio of four retail warehouse parks (the "Acquisition") with an aggregated market value of approximately £144 million (the "New Portfolio"). The New Portfolio comprises four high quality, well located UK retail warehouse parks and the Acquisition will result in a substantial increase in the size of the Company's existing portfolio to approximately £317.6 million. The Board believes that the Acquisition will introduce a number of asset management opportunities which should enhance returns to shareholders, being consistent with the Company's and manager's investment style and income strategy. The manager believes that there is credible growth potential within the New Portfolio and scope to improve the income stream of each new retail warehouse park...
speedsgh
06/10/2017
13:57
I particularly like the extract below: “It is expected that the Issue will be priced to cover the costs of the transaction and will be designed to protect asset value and income cover of existing investors, regardless of their participation in the Issue.” Then the whole of the Chairman’s statement: William Hill, Chairman of Ediston Property Investment Company plc commented: "The proposed transaction is entirely consistent with the way in which the Board has signalled its desire to grow the Company. It increases the equity base of the company without cash drag, has the potential to grow NAV per share by adding some interesting assets to the portfolio and is accretive to dividend cover and its quality, the latter being achieved by an increase in the weighted unexpired lease term, covenant strength and diversity of the Company's rental income. The Manager has been patient in seeking to acquire a portfolio which matches the "Ediston Style" of assets where it can enhance value with their proven asset management skills. In promoting an acquisition in which the vendor is keen to retain an equity stake and become a wider shareholder in the Company following completion, we have secured an opportunity which offers the parties their mutual objectives. Retail warehousing is a sub sector of the market in which the Manager has considerable investment and development experience and the Portfolio has the qualities which fit neatly with Ediston's active asset management style." ============================================================================== Compare this with the appalling trashing of the NAV by Palace Capital’s recent deal. They made a similarly transformational acquisition, but issued the new shares at an effective 25% discount to the historic NAV - a really crass "deal". I look forward to seeing the EPIC prospectus.
skyship
06/10/2017
13:18
hTTps://www.investegate.co.uk/ediston-prop-inv--epic-/rns/proposed-transaction/201710060700038781S/ "Under the heads of terms relating to the Acquisition, the vendor will receive a material proportion of the consideration in the form of new ordinary shares in the Company. The balance of the consideration will be funded through a combination of the Company's existing cash resources, the proceeds of an open offer to existing shareholders, a placing, and an offer of subscription, including an intermediaries' offer, of new ordinary shares (the "Issue") and through debt finance."
alter ego
04/9/2017
15:09
Lucky enough to make a good top-up @ 109.9p today. Pretty well devoid of any new ideas, so happy just to add to a few favourites as and when a bargain price crops up!
skyship
30/8/2017
06:56
That's a good show of confidence in current valuations. NED Colin Skinner buys 30k @ 113.75p.
skyship
10/7/2017
16:29
Momentum Global Inv. Man. top-up with another c400k @ 110p, taking them through the 7% level...
skyship
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