Grainger Share Discussion Threads

[romi2nikki1] 03/2/2012 14:18

From the FT 03.02.12.
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Companies offering controversial sale and rent back schemes that target financially distressed homeowners have been ordered to close temporarily following a review that found widespread poor practice.

The Financial Services Authority (FSA) report, published on Friday, found that most sale and rent back transactions were either unaffordable or unsuitable and "never should have been sold".

I am assuming that Grainger, would never engage in such practices.

[panachegrp] 07/12/2011 09:27

Interesting...might be worth filling our pockets !

U.K. REIT Law Changes May Trigger Takeovers From Overseas (1)
2011-12-06 17:02:01.704 GMT


(Updates with tax experts' reactions starting in sixth
paragraph.)

By Simon Packard
Dec. 6 (Bloomberg) -- U.K. real estate investment trusts will be more vulnerable to takeover by investors from outside of Britain under rules proposed today for the tax-exempt companies.
The changes "will allow more cross-border M&A activity,"
said Phil Nicklin, head of accounting firm Deloitte LLP's unit specializing in REITs. "Investment banks are already talking to me about this."
The U.K. Treasury proposed the draft law today that would allow British units of overseas companies to qualify for REIT tax exemptions by loosening regulations on ownership and stock- exchange listings. The rules would also abolish a charge to become a REIT equal to 2 percent of a company's net asset value.
U.K. properties or companies would be eligible for REIT status if their owners' shares trade on overseas exchanges as well as the Alternative Investment Market and the exchange in London run by Plus Markets Group Plc, the Treasury said today.
The rules would adjust the criteria for qualifying as a REIT and change the rules on how and when taxes are collected.
"The changes will make REITs more cost-effective and easier to operate," said Rosalind Rowe, a partner at PricewaterhouseCoopers LLP. The changes may also "open up the market to a new group of investors, potentially including pension schemes and insurance companies."

New REITs

As many as 40 new REITs will be spawned by the modifications announced today, Nicklin estimated. The U.K.
currently has 23 with a market value of about 20 billion pounds.
Most new REITs would be conversions of funds now based in low-tax offshore jurisdictions such as Jersey, said Mike Prew, a Jefferies & Co. analyst. The funds would seek REIT status to avoid additional costs created by a European Union directive that will tighten regulation and supervision, he said.
REITs in the U.K. avoid corporation or capital gains taxes in return for paying investors 90 percent of the income generated by their property. The changes proposed, the most sweeping to rules first introduced in 2007, will likely be adopted when lawmakers vote on the next fiscal year budget by the second quarter of 2012.

New Rules

The new rules may help the creation of residential REITs as the government seeks to attract investment into private rented accommodation, said Marion Cane, an executive director at Ernst & Young LLP's tax advisory arm for real estate, hospitality and construction. No U.K. residential REITs currently exist.
In March, the government lowered the tax cost of acquiring groups of properties by changing the way it calculates the stamp duty, which is a property-transfer tax.
That change, combined with the rules being proposed today, "will help residential REITs, particularly as they build up a portfolio," Ernst & Young's Cane said.
London & Stamford Property Plc, a REIT that owns a stake in one of the U.K.'s largest malls, said last month that it may set up a separate residential REIT as it acquires housing assets.
Helical Bar Plc, which isn't a REIT, may consider creating one for the residential properties that it's developing, Chief Executive Officer Mike Slade said in an interview.
"Further changes are still needed to encourage residential and social housing REITs," said Nicklin at Deloitte. They need to be able to trade real estate, which is something that current rules preclude, he said.
The rules wouldn't allow for the creation of private REITs, according to the Treasury. Closely held real estate companies can qualify for the tax exemptions if they seek to sell shares on a London exchange within three years.
Current rules require REITs to have 25 percent of their shares widely held by investors. Pension funds, insurance companies, sovereign-wealth funds and mutual funds will be exempted from the rule, the Treasury said today. Charities, banks and REITs domiciled outside the U.K. wouldn't qualify for the exemption.
The Treasury has asked for responses to the proposals by Feb. 12.

[sleepy] 27/10/2011 20:52

Looks like a top up

Standard Life previously announced 33.5 million shares

[luderitz] 27/10/2011 10:56

Anyone know if it was a top up or reduction by SL today please?

[chri5 wright] 17/10/2011 11:38

I agree Cerrito, lots of people buying ( or maybe one big buyer ) this am, so you are not alone with your thoughts.

[cerrito] 13/10/2011 22:02

I know not a very good day in the market but still seems a pretty good trading update which deserved a better reception.

[nellie1973] 19/5/2011 13:15

broker note Buy target 161p

[coby4] 06/5/2011 13:44

if their stock was worth a lot less presumably the independent valuers wouldn't be happy to sign it off!? its revalued every year

according to their statement for year ended September 2010 56% by value of the company's assets are in London and the South East, keep an eye on their website showing vacant properties they are selling - some decent stuff there

no doubt there is poorer stock in poorer locations but the company's strength has been diversity and liquidity

with NAV of £2 per share and flurry in share price to £1.20 there's plenty of time to still get in before the boat sails!

Grainger will no doubt be getting a decent fee for managing Lloyds portfolio with no equity risk to themselves

[chri5 wright] 04/5/2011 16:41

except pyman, it on Lloyds books over valued. same for grainger, the property portfolio was revalued a few years back, and its worth a lot less than on the balance sheet. look at grainger in the property auction's they are actively selling sh*t; houses in Liverpool for £40 k.

i'd love to buy into the grainger theory, lord know's i have tried hard enough to buy into it. but the fact is the company is full of low grade property, on the balance sheet at an over inflated price.

remember too that if they to obtain a capital gain there is CGT to pay.

i'm dissapointed, 'cos i wanted to buy into this tale...

[pyman] 26/4/2011 10:03

Lloyds bank talking to GRI about managing Lloyds property portfolio. Vote of confidence in GRI and a lot of new propety to make some money on!

[gdasinv2] 20/4/2011 08:28

Wednesday 20 April, 2011
Eatonfield Group plc
Working Capital Funding Update
RNS Number : 2481F
Eatonfield Group plc
20 April 2011




20 April 2011

Eatonfield Group plc

("Eatonfield" or "the Group")

Working capital funding update



On 31 March 2011, the board of Eatonfield announced that the Group had sufficient working capital funding through to mid April 2011. On 11 April 2011, the board announced details of the proposed exchange of contracts for the sale of the Welsh sites and the proposed revised facilities with Royal Bank of Scotland plc ("RBS") to include a new £0.25 million working capital facility. The board is of the view that formal agreement of these matters is now imminent.

Eatonfield continues to defer payment of amounts due to certain of its senior lenders and trade creditors. On the basis that (i) the relevant lenders and trade creditors do not demand payment in the short-term and that Eatonfield continues to receive their support; and (ii) the proposed exchange of contracts for the sale of the Welsh sites takes place imminently, which will in turn provide the Group with access to the new £0.25 million RBS working capital facility, the board now expects that the Group's existing financial resources will provide it with sufficient working capital funding until early May 2011.

The board confirms that all of the Group's existing bank facilities remain available at the date of this announcement.

The Group has now also commenced presentations to potential investors, with a view to raising further equity to fund Eatonfield to the point where its contract housebuilding operation is forecast to start generating net positive cash flow later this year. The board is seeking to conclude this fundraising by early May 2011.



For further information please contact:

Eatonfield Group plc


Tel: [phone]

Brian Corfe (Executive Chairman)




Rob Lloyd (Group Chief Executive)




Duncan Syers (Group Finance Director)









Evolution Securities Limited


Tel: [phone]

Joanne Lake/Peter Steel









Optiva Securities Limited


Tel: [phone]

Jeremy King









Threadneedle Communications


Tel: [phone]

Graham Herring/John Coles

[bb123] 14/4/2011 07:59

14 4 2011 Grainger up to speed

StockMarketWire.com
Residential property owner Grainger said it expects completed sales from UK portfolios to be £89m in the half-year to end-March (2010: £88m).

In addition, there were £1m of sales from its German portfolio (2010: £3m).

Sales on vacancy in wholly owned portfolios have been made at values in excess of September 2010 vacant possession values. The company anticipates that the value of our UK portfolios will increase by approximately 2% at the half year. Banking covenants are forecast to continue to be comfortably met and Grainger will show continued re-shaping of Group debt with £290m of debt provided by lenders new to the Group.

Profit before tax for the six month period will be materially enhanced by two items, firstly, as anticipated, the partial reversal of mark to market movements on long term financial derivatives and secondly by the gain on acquisition arising from the purchase of HI Tricomm Holdings.

The Company will publish interim results for the six months to 31st March 2011 on 19th May 2011.



Story provided by StockMarketWire.com

[huttonr] 11/2/2011 17:55

Hmmmm - it seemed a solid IMS but Standard Life have just sold about 3.5M shares - so it hasn't impressed everyone.

[purplebox] 09/2/2011 17:38

Solid IMS today.

[jgpgw] 07/2/2011 12:50

Afternoon all,

Grainger's AGM is on Wednesday, have a look at this thread if you are planning on attending:



John

[purplebox] 04/2/2011 18:52

Late RNS - Acquisition

[panachegrp] 04/1/2011 07:12

Possible interest in Grainger??

A small article in the FT on the 28th suggesting Grainger and UNite are ones to watch.

[coby4] 10/12/2010 15:35

they are a bit stuck on rents as half the portfolio is to tenants with security through rent control and the other half is to people who have sold part of their property to the company under an equity release scheme and dont pay any rent anyway - although in these instances the tenant rather than the company is responsible for upkeep.

hopefully after refinancing debt they have been carefull on fixed rate borrowing and dividend surely not so token given rights issue last year?

appear to be demonstrating their claim that the portfolio has liquidity even in these testing times

looks a better bet than a year ago, certainly wish id dipped in for a few at 80 odd pence a week or so ago!

[purplebox] 09/12/2010 15:32

Doing well again today...

[sandbank] 07/12/2010 09:07

ZASTAS: True - but the answer, surely, is to increase rents.

Helpfully we also have a severe winter which means a number of older tenants will be relinquishing their tenancies to take up eternal residence elsewhere - thus providing an ideal opportunity to revise rents.

[zastas] 30/11/2010 20:30

Coby,

One look at the income statement may help.

Rent income + property disposal gains+ other income - administration costs barely covers the interest due. Quite worrying, given we have ultra-low interest, which can only go up.

A deserved considerable discount to whatever NAV we like IMHO. Token symbolic dividend only.

[coby4] 26/11/2010 13:58

encouraging results, reinstatement of dividend, directors buying shares and still a sorry looking share price!

[purplebox] 25/11/2010 08:47

Final results:



Final dividend 1.2p.