First Property Share Discussion Threads

[bramcych] 18/6/2020 16:21

Preliminary results will be issued on 25th June - this should show a massive improvement in NAV and in income and will be the basis for a significant re-rating

[bramcych] 06/5/2020 17:40

I agree the NAV progress and enhanced income and dividend will all make the case, with very low debt and cash backing for the NAV making the effective p/e ridiculously low.

[wobblywilbur] 06/5/2020 17:08

I guess value will out in the long term - looking forward to further progress in NAV in the results.Should be published early in June if the company follows previous years form.

[stevegrass777] 06/5/2020 13:39

The trouble is, I think open ended trusts aren't buying as many small company shares since the woody Woodford liquidity crunch that locked investors in as he couldn't liquidate the small company positions.
FPO is very cheap right now, Simon Thompsons article might be in print on Friday, sometimes the Monday online stuff goes in the magazine.

[wobblywilbur] 06/5/2020 13:10

Hopefully the forthcoming results will tempt a couple of institutions to take new long term positions. Very frustrating that every time ST writes on the company PI's take short term positions, only to sell out a few days later. The 2018 high of c65p seems a long way off from here...

[bramcych] 05/5/2020 16:07

Results are coming soon with expected NAV increase plus significant additional revenue from managed funds. FPO will not be so heavily discounted when this is all revealed and price resets significantly higher!

[bramcych] 04/5/2020 14:09

Massively undervalued, results soon which will likely have significant NAV increase plus substantially higher fees from fund management business which is completely under the radar screen.

[speedsgh] 04/5/2020 13:54

Tipped again today by Simon Thompson's latest update on IC website.

[stevegrass777] 29/4/2020 13:09

Nice to see a new lease being signed!
Looks like coronavirus is not stopping fpo making progress!
Surely the markets are going to wake up to how cheap this company is now!

[bramcych] 27/4/2020 11:47

FPO will take-off when ST tips it - it is still under the radar screen!

[stevegrass777] 27/4/2020 11:36

I'm sure their will be some forced sales of property that can be picked up cheaply,so having cash available will be a very good thing.

[smithie6] 27/4/2020 09:10

congrats to FPO for getting the sale done, I didn't think it was going to happen 'cause of the delay

although they had to potentially lose/reduce by 5-7% of the sale price by offerring a rent g'tee. ...small amount in the overall picture for FPO

as the RNS says the cash opens up future opportunities

[stevegrass777] 27/4/2020 08:47

Yes so please this sale went through!
Was getting a bit later than previously said,
But I'm certain this type of sale has some back out clauses anyway.
But as said this deal is transformational! Brings cash up, although I prefer cash to be working in sorm for of investment the markets do like a bit of cash on board especially in times like this!

[stevegrass777] 27/4/2020 08:47

Yes so please this sale went through!
Was getting a bit later than previously said,
But I'm certain this type of sale has some back out clauses anyway.
But as said this deal is transformational! Brings cash up, although I prefer cash to be working in sorm for of investment the markets do like a bit of cash on board especially in times like this!

[tyranosaurus] 27/4/2020 08:44

I`m pleased that this has finally completed.

[bramcych] 27/4/2020 08:13

Fantastic news, this "transformational" deal has now been completed. FPO ridiculously undervalued given cash balance - this will really rocket when this is realised.

[smithie6] 22/4/2020 09:41

seems strange that VAT is a topic for the sale

I would have thought that VAT was payable, normal thing in mainland Europe

7% in some countries
if so it would be ~3.08 million euros !!

office block purchase vat in Poland = ? %
does anyone know the %

perhaps the buyer wants to offset the vat cost against vat that they have paid out for other functions of their business....or some other offset or reduction

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the delay imo is not good for FPO unless they took a non-refundable deposit

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I wonder if the vat could have been avoided by the holding in the tower block being owned by a company in a tax haven
& the company being sold
(which produces no change in the Property Register in Poland, so perhaps no vat) but if it was allowed then surely FPO would have done it

[jgh03] 22/4/2020 09:14

Are you thinking of the sale announced in this RNS on 23.12.19 ?


It says that FPO "... has entered into a contract for the sale of one of its Group Properties, a 50.3% interest in Chałubińskiego 8 (CH8), an office tower in Warsaw, Poland, at a price of €44 million. Completion of the contract is deferred until the treatment of VAT relating to the sale has been approved by the Polish tax authorities, which is expected by 31 March 2020."

There doesn't appear to be a more recent announcement on this topic.

[stevegrass777] 21/4/2020 22:42

This is commercial not residential, depending on how the contract is written it can cost more to cancel than to go ahead.
I think it was to complete in April.
I would imagine it was a big corporate client. Not many tin pot firms sign up for millions of pounds worth of commercial property. And I don't think it was to let out I thought it was to use themselves. Can't remember what was said.

[smithie6] 21/4/2020 20:46

imo the sale will have fallen thru

if I remember correctly it was supposed to complete at the end of March....& then April...ie. the buyer didnt complete at the end of March

anyone making a big purchase in these days with most ppl at home in lockdown, would be nuts (unless they got a big discount), unless they were a super big company who would not notice at all if there were any rental or occupancy difficulties at the building due to the virus crisis

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did the buyer pay a non-refundable deposit ?
no idea

[stevegrass777] 21/4/2020 14:55

It better do! Hopefully fpo have some big juicy back out clauses in, so either way fpo do ok

[tyranosaurus] 21/4/2020 11:48

Is this building sale in Poland going to complete in April ?
I have my doubts.

[yupawiese2010] 09/4/2020 11:46

Shares in FPO have rallied since Simon Thompson's article on 26 March in I.C
to level at which CEO Ben Habib announced purchase of 190,000 shares (39.11p) on 2nd March. But still 40% below S.Thompson's estimate NAV of 66p, a figure which EXCLUDES fund mgt division.

[smithie6] 07/4/2020 11:24

and its doing the same today. +10%

lurvely jubbly :-)

[smithie6] 07/4/2020 07:11

nice price rise yesterday

the fall in the price to the 23p area didn't last for many days