First Property Share Discussion Threads

[stevegrass777] 22/8/2022 13:14

Yes great outcome and profit, Nice to see these sales at well above purchase price. Great deals.

[baner] 22/8/2022 12:46

good news today again - looking increasingly tempting.

[stevegrass777] 18/8/2022 08:00

Peter Gyllenhammar keeps building a position here.

[sphere25] 17/8/2022 14:30

It looks like someone is trying to create a floor and clear sellers at 28p here. Notable blocks going through today and some delayed big chunks from yesterday as well. It is very hard to create a floor in a share at the moment, but watching to see if the big mop keeps coming out. The parts for those big mops are clearly hard to get hold of nowadays. How about some whoppers at 30p and higher to signal a pop back? Nop...probably not! Still haven't found the ole bullish hat. Hopefully find it soon. All imo DYOR

[stevegrass777] 03/8/2022 09:21

Further process on lettings reducing the costs of the building is great news, it will only takena couple more lets to see us in profit on that O would have thought.

[baner] 23/6/2022 11:05

well managed company - there should be a significant goodwill value in their fund management business - not reflected at all in the balance sheet. when this is added, NAV is clearly north of 50p. low risk, good upside.

[blobby] 23/6/2022 10:20

Great results again: hxxps://polaris.brighterir.com/public/fprop/news/xml_news/story/wvjozpw I think we are back on course.

[stevegrass777] 23/6/2022 09:41

Looks like fpo just posted a decent set of results, and it looks like they are primed for future gains in property valuations as well. Good to see. Just need that long awaited re rating.

[stevegrass777] 27/4/2022 16:04

Adviser is nominated, and looks like trading has resumed. Although the new advisor has a due diligence process to go through.

[diogenes1960] 27/4/2022 09:06

The 30 days to permanent suspension are ticking down.... No news from company. Habib too busy talking about the NI protocol. Action required

[catsick] 25/4/2022 08:54

Arden partners merger mean it cannot be the nominated advisor and so a new one needs appointing asap .... Technical mess and as they don't ever go to the market raising cash the job won't be that juicy... I am sure this gets sorted quickly

[stevegrass777] 25/4/2022 08:20

Why the suspension

[baner] 04/1/2022 08:58

kerr i guess the yield in Gdynia should rather be 7.5% +/-.

[m_kerr] 14/12/2021 19:12

their asset management team need to earn their corn here. the krakow business park is virtually empty too (23.4% stake).

[stevegrass777] 29/11/2021 22:23

Thats a good point m_kerr they only need to make some progress on this to get the ball rolling.

[m_kerr] 29/11/2021 21:11

if (granted a big if) they can lease up gdynia, there could be a very substantial uplift in the current book value of €16m. at 14k square meters, currently 10% is rented at between €12-14 per meter/ month according to simon thompson. at €12 a square meter x 14k square meters = €2.0m per annum. at a conservative 9% yield that's €22.5m.

[m_kerr] 25/11/2021 17:38

I queried rent collection rates with the company and received this response: 'Our rent collection rates for all property (Group Properties and client properties) in the six months to 30 September was high, as it was during lockdown, hence why we did not have a separate section on it in the report. In all jurisdictions it was over 90%.'

[dorset64] 25/11/2021 08:24

Given the pandemic & other worldly issues over the past couple of years, I'd say hats off to the team for these results. Still believe it will be choppy waters for another 12-18 months for companies/expansion/property but these figures show the co. in good hands to ride this storm, how ever long it lasts. Great also to see they continue to pay dividends as well.

[yupawiese2010] 24/11/2021 22:58

Ben Habib talking to IG. hTTps://www.youtube.com/watch?v=Z8oztpkjOSI

[stevegrass777] 24/11/2021 14:08

Company is in good shape, reducing debt and increasing aum and still making value enhancing deals every now and then. Hopefully more to come. Very undervalued atm could do with some share price movement.

[baner] 24/11/2021 09:26

surely the asset management business represent good value that is not reflected in the NAV. at 2% of AUM (which is a low number) , there is another 10p of value in the company.

[m_kerr] 24/11/2021 08:52

brwo - they renegotiated the loan term on the gdynia property. in the last set of figures, they wrote down the value of the property (which was only held at €0.5m in the books), which caused a loss in the last set of figures, but the corresponding reduction in the value of the loan, has only been recognised in this set of figures. here is the relevant explanation in the prelims earlier this year 'The main reason for the loss is as explained in the CEO's Statement, being the non-cash impairment of £7.02 million in the value of the Group Property in Gdynia, Poland. The post year-end restructuring of the non-recourse finance lease secured against this property resulted in Group debt reducing by €9 million. This will appear as a credit in the Income Statement for the year ending 31 March 2022.'

[brwo349] 24/11/2021 08:00

how do you reconcile these 2 lines? Profit before tax: £6.67 million (30 September 2020: £2.08 million); Net assets at book value £43.20m (£47.11m) -8.3%

[m_kerr] 23/11/2021 17:56

i've checked the figures, and the pro rata price is in line with the book value for the assets as at the last set of results (full year). it's a couple hundred thousand lower, so not material. results are in tomorrow, so hopefully a better set of figures. a new (albeit small) asset management mandate and a 5 year extension of the PPP mandate is good news.

[catsick] 18/11/2021 01:33

Would be interesting to know where the deal was struck relative to nav, good in general to see mandates extended, I am surprised to see the Oxbridge collages still strong supporters given how hadcore Brexit mr Habib is, I think he is a smart guy but hope the politics doesn't get in the way of growth