First Property Share Discussion Threads

[skyship] 25/11/2019 07:59

Purchase of own shares into treasury

First Property Group plc (AIM: FPO), the property fund manager and investor, announces that on 22 November 2019 it purchased into Treasury 500,000 of its Ordinary shares of 1 pence each at a price of 40.5 pence each on the market. This represents a 32% discount to the Group's adjusted net assets of 59.65 pence per share as at 30 September 2019.

Following this purchase First Property has 110,366,636 Ordinary shares in issue.

[yupawiese2010] 21/11/2019 18:35

Ben Habib talking on ig tv

[chimers] 21/11/2019 12:07

As a Brexit MP hopeful he does a lot of that!!

[stevegrass777] 21/11/2019 10:48

Didn't know Ben did child minding!

[chimers] 21/11/2019 08:04

Ahem............it's errrr....DOWN!!

PS. I know Ben...do you?

[eentweedrie] 21/11/2019 07:59

lol your comments just prove your stupidity - clueless

[chimers] 21/11/2019 07:23

Flat as a witches tit!!
Ben needs to stop playing at being Nigel Farage and get the finger out here.
If he actually gets elected then I reckon he will HAVE to quit.

[stevegrass777] 20/11/2019 10:50

I'm not surprised really, this does seem really cheap, if they have managed to get a few new tenants in the polish buildings then the share price could really take off.
Looking for at least 65p once the lettings are up.

[eentweedrie] 19/11/2019 13:04

interest gathering....

[eentweedrie] 17/11/2019 20:57

yes - I have taken a position at around 42 in advance. Numbers are looking very good.

[speedsgh] 28/10/2019 15:53

Interim results for the six months ended 30 September 2019 are scheduled to be announced on 21 November 2019

[speedsgh] 28/10/2019 15:49

The website for Eximius Business Park (previously named Krakow Business Park) in Krakow, Poland shows that there is 23,700 m2 of office space currently available out of a total of 50,000 m2. This represents 47.4% of total lettable space.



At the time of acquisition in June 2018 FPO stated that "KBP comprises four Class A office buildings with a gross leasable area of some 50,000 m2, half of which is vacant."



In Simon Thompson's most recent update on 10/10/2019 he stated that "having invested in upgrading site, Mr Habib says the company is in talks with a potential major tenant with a view to taking over all of the vacant office space."

Apparently no further progress with that prospect to date?

[speedsgh] 28/10/2019 15:37

Last published EPRA NAV as at 31/3/2019 was 57.48p based on an x-rate of GBP1 = EUR0.862 as at that date. (Today's x-rate is almost identical).

At the current offer of 42.5p, the share price is therefore trading at a 26% discount to EPRA NAV.

[speedsgh] 28/10/2019 15:06

From the Preliminary Results released in June:



"The Group produced a profit before tax of £8.31 million, a reduction of 10.0% compared to last year's record £9.23 million. This reduction was mainly a result of the reduction in income of €2.89 million being earned from the Group's investment in CH8 following the 10,000 m2 vacancy created by Citi Group when it left the property in February 2018, immediately prior to the start of the year under review."

The following link would appear to show that there is still approx 10,500 m2 vacant at CH8...



EDIT - No idea whether the above linked webpage for vacant space at CH8 is kept updated. In the following post-results interview with FPO Director of Business Development, Jeremy Barkes, in June 2019 he states that 2/3 of the vacancy created by Citi Group had already been re-let although there would be a time lag before the benefits of this feeds through fully into results due to lease incentives such as tenant rent free periods and landlord capex contributions towards tenant fit-outs (starts 7m50s). Not sure if this 13min proactive interview has been posted before; worth a listen...

[speedsgh] 28/10/2019 14:51

Podcast from 9/9/2019 which includes a few interesting snippets...



4m55s
"The retail market in the UK has been hit very hard. It's been a sort of perfect storm for the retail sector. We've had obviously the well-publicised migration of shopping habits from physical stores to online. We've also had minimum wage come in, an increasing minimum wage, whih puts a burden on retailers who employ a lot of cheap labour (for want of a better word). And you've also got business rates that are constraining physical businesses. So they've had real headwinds but, because of those headwinds, retail values have dropped a lot and they've kind of dropped indiscriminately across the sector even though it's principally high streets and shopping centres that were in the crosshairs of the problem. So we're looking quite closely at the retail sector to see if we can find some retail warehousing and some of the discount retailers where there may be better value and more sustainable income streams."

6m24s
"In Poland, we're big fans of the Polish economy, we're big fans of the diretion of travel of Poland, and so we are very actively looking for investments there, in fact we've got 3 office properties under offer in Poland at the moment with an aggregate value of around EUR60 million, so we will hopefully be closing those in the course of the next 6 months. Deals take a very long time in Poland; in the UK we would have done that within 4 weeks but I think it will be about 6 months to get those deals done. And we will go on looking for high-yielding property in Poland."

[stevegrass777] 18/9/2019 08:37

Fpo RNS, purchase of own shares, seems like a good move at such a big discount to NAV.
Can't see it lasting for to long.

[stevegrass777] 24/8/2019 14:10

Can you explain to me what is failing about the company.
Everything seems to be going great,the only thing that fpo had trouble with was a major tenant moving out and they now have 3/4 let as of the last trading statement.
Other revenue streams are now driving earnings upwards along with plenty of other projects that will bring future profits.
Nav is always on the up because of new projects and developments.
The share price is the only thing that is lacklustre and I personally feel that’s brexit related,although it is misplaced as a big chunk of fpo earnings and nav are in euros so should increase with a duff pound.

[dogmanager] 15/8/2019 23:49

CEO invests his MEP salary into his own failing company. Desperate

[stevegrass777] 08/8/2019 17:06

Make that 200,000 shares...
100,000 yesterday and same today.

[chimers] 07/8/2019 19:39

WOW FUK ME PURPLE A 1.6p DIVI

MAN YOU MUST HAVE BOUGHT A LAMBO WITH THAT YES?

[hiraniha] 07/8/2019 18:43

CEO patting himself on the back by tweeting his announcement of backing the Company - by buying 100,000 shares.Wow. He spent a whole £40,000.

[dorset64] 05/8/2019 13:58

I'm only blinded by the dividends I've had over the past 10 years.