Ediston Property Investm... Share Discussion Threads

[skyship] 27/1/2016 07:37

So, nothing to frighten the horses there - all very reassuring. NAV @ 107.92p after transaction costs of 0.74p. Dividend sustainable:
=======================================================

DIVIDENDS

The Board is committed to monthly dividend payments. A final dividend of 0.46 pence per share for the month of September was paid in October 2015. Together with dividends paid to September 2015 of 4.63 pence total dividends for the financial year were 5.09 pence per share, in line with the prospectus.

Dividend cover during the year was 84.7% due to the diluting effect of cash from un-invested capital at launch, debt drawdowns and the new equity raise. However, the current dividend expressed as a proportion of NAV per share attributed to property assets (that is, ignoring cash in the NAV) is fully covered going forward. On this basis, the Board is confident that the dividend is sustainable, assuming investments can continue to be made at the target yield level.

[skyship] 26/1/2016 16:20

Welcome aboard lads; much encouraged that you've also done your due diligence.

Tomorrow's Finals are to 30th Sept'15; but we will also get the updated NAV for Dec'15. I'll guess 108.5p.....

[speedsgh] 26/1/2016 15:06

Ditto, Wirral. After extensive research over the past week or so, have finally taken the plunge today + joined you guys @ 103.50p. Fingers crossed for positive results in the morning :o)

[wirralowl] 26/1/2016 14:14

Thanks for the heads up Sky...after a little research bought into EPIC this morning @ 103.74, ahead of results tomorrow. Hoping the expected increase in NAV will re-ignite the share price With so many propco's trading at premiums to NAV, its a rare opportunity to be able to buy into a quality company at a discount.

[skyship] 15/1/2016 16:13

Got my balance @ 101.76p...now hope to see a reasonable NAV result on the 27th.

[spittingbarrel] 15/1/2016 14:35

Thanks Sky, I bought a few this morning at 102.375

[badtime] 15/1/2016 13:22

Soft markets might bring this off a bit more ...certainly some quality here

[yieldsearch] 15/1/2016 10:43

Skyship: thanks for highlighting, will review

[skyship] 15/1/2016 09:25

Agreed - I've never met, but know that they have a great reputation.

[chrisdgb] 15/1/2016 09:23

Tremendous management, met them last year, if sector conditions turn tougher, they will come in to their own..good opportunity to top up..

[skyship] 15/1/2016 08:20

Finally bought a few. Paid 103.5p after yesterday's sell off; at that level the yield = 5.3%. The Prelims are declared for Weds. 27th January.

[skyship] 24/6/2015 07:23

Further to its announcement of 9 June, the Company
has published a prospectus in relation to its
Initial Placing and Offer for Subscription and
subsequent 12 month Placing Programme. Under
the Initial Placing and Offer, the Company is
proposing to issue up to 40 million New Shares
at a fixed price of 108.0p per New Share. Under
the Placing Programme, which will be in place
until 22 June 2016, the Company will issue up
to 150 million New Shares less the number of
New Shares issued under the Initial Placing
and Offer.

By way of information to Shareholders and potential
investors, the Company's unaudited net asset
value per share as at 19 June 2015 was 105.21p.
This unaudited net asset valuation per share
has been calculated on the basis of the value
of the Company's property portfolio as at 19
June 2015 (including the uplift in the valuation
of the property in Edinburgh as a result of
the letting announced by the Company earlier
this week) and takes into account the costs
of the recent acquisitions of properties at
Coatbridge and Daventry. For the avoidance of
doubt, the unaudited net asset value per Ordinary
Share of 105.21p includes the dividend of 0.4583p
per Ordinary Share which has been declared in
respect of the period from 1 May 2015 to 31
May 2015 and which will be paid on 30 June 2015
to shareholders on the register on the record
date of 12 June 2015.

[skyship] 22/6/2015 07:25

Link to the placing prospectus:

[skyship] 11/6/2015 08:02

Prospectus for the issue of 150m new ords will be published shortly:
====================================================================



The Company intends to publish a prospectus in relation to the admissionof up to a total of 150 million New Shares under the Initial Placing, the Offer and the Placing Programme. The prospectus, and the Placing Programme, will remain in force for a period of 12 months from the date upon which the prospectus is published.

The Issue Price

The price at which the New Shares are issued will be set by the Board at a premium to the most recent net asset value per share. The premium will be intended to cover the direct costs of issue and will seek to contribute to the financial impact of investing the proceeds. The Issue Price will also take into account the prevailing price of the existing Shares in the market.

[skyship] 01/6/2015 11:37

Last para of the Chairman's statement in last week's Interims suggests an imminent placing:

"In summary, the Board believes that the market environment remains sufficiently attractive to support raising new capital to assist the Company to grow and achieve its investment objectives. The Board also believes that the market conditions are especially conducive to the skill set of the Investment Adviser where careful stock selection coupled with innovative and creative asset management should add further to returns. As a consequence various options are being considered and proposals will be made to shareholders shortly."

[skyship] 11/5/2015 10:19

108p-109.5p. Wouldn't buy at this level as it is quite clear that a large equity placing at c104p/105p has to be coming quite soon...

[skyship] 10/5/2015 11:16

NB: In 2022 EPIC became a 100% Retail Warehouse specialist
-------------------------------------------------------------------------------------

EDISTON Property Investment Company (“EPIC”) listed late 2014 after publishing its prospectus in October:



EPIC is an entirely new propco, being managed under contract by the team at Ediston Properties Ltd (“EPL”), the private property vehicle of the seemingly impressive Daniel O’Neill – “Before setting up Ediston in 2004 he was Investment Director at Standard Life Investments, where he was responsible for the UK’s largest Pooled Pension Property Fund as well as the Company’s segregated property pension funds and approximately £2bn of Funds.”

To quote from the EPL website:



“Ediston Real Estate is a UK property company focused on maximising returns and performance for clients in the UK property market. We deliver robust investment, development and asset management solutions for financial institutions, property owners and occupiers. With an unblemished track-record in real estate since launching in 2004, Ediston delivers these solutions with entrepreneurial flair and solid financial strategy.”

That word unblemished is deliberately chosen to highlight the fact that EDL read the property market exceptionally well in the last decade, selling out ahead of the 2007 property crash. Then re-investing in 2009.

In the case of EPIC both the Investment Managers and the non-exec Board seem comprised of impressive individuals – all the details are of course laid out in that above prospectus.

EPIC launched with a placing of 150m shares at 100p. It invests in UK commercial real estate assets to achieve its objective of providing its shareholders with an attractive level of income together with the potential for capital and income growth.

It seeks to acquire assets which offer a secure income stream, with unexpired terms in line with the market average, secured against good covenants. It will typically target assets which have a net initial yield in excess of 6.5 per cent. The target at launch is for a 30%LTV; and dividends are expected to be paid on a monthly basis at a rate consistent with the target yield of 5.5% per annum on the issue price.

The shares traded in the 100p-113p range for the first 4yrs, then suddenly slumped in May'19 as the Market became concerned about the valuations of their Retail Warehouses, just 18months after they'd made a major allocation to that sector. Bad timing it would seem! The Market may well have overdone on the downside, as new buyers came in at the oversold 84p level.

(Mar'20 - COVID! - A general market slump. After a dramatic fall to as low as 40p; the share price clawed its way back up to 97p in Jan'22 as Retail Warehouse began to be seen as a beneficiary of the new retail environment. Then the interest rate crisis kicked in post Russia's invasion of Ukraine, so another big sell-off, all the way back to 60p in Nov'22)

SUBSEQUENT NEWS:

# 08/09/23: Proposed Sale @ 72p/share:



# 16/03/23: BoD announces a Strategic Review for the future of EPIC. Hope to report early Q3'23:



# 05/05/23: NAV & Trading Update:



# 14/12/22: Prelims to 30th Sept'22:




NB: If you wish to view other secondary/tertiary propcos, then please follow and post on the Commercial Property thread: CP+

[tonyx] 15/3/2005 19:00

Some more...

PUG
DAN
REF

[tonyx] 21/12/2004 21:42

Here are a few others:
YOO
ZOO
PET
PIP
GIN
STAN

[tonyx] 21/12/2004 21:40

I wonder if I can get the job of who thinks up the EPIC for a new issue.

In my portfolio I have ACE (sums up the stock perfectly) & MOB.

I personally can't bring myself to buy some COC and I can't wait for a company called "Farthing Plc" to come to the market.

Any other goodies out there?