Great Portland Estates Investors - GPE

Great Portland Estates Investors - GPE

Stock Name Stock Symbol Market Stock Type
Great Portland Estates Plc GPE London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-2.50 -0.43% 581.00 13:46:59
Open Price Low Price High Price Close Price Previous Close
578.00 577.50 586.00 583.50
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Posted at 29/11/2013 10:06 by jaws6
please read this from last RNS

Graphite Enterprise Trust PLC ("the Company") announces that Graphite Capital Partners VI ("Graphite VI"), in which the Company is an investor, has sold Park Holidays UK, the caravan parks group, for GBP172 million.

Park Holidays UK was the Company's fifth largest underlying investment at 31 July 2013. The exit price represents a multiple of 2.3 times the original cost and an uplift of 18% to the gross carrying value of the investment at 31 July. Graphite VI is expected to distribute proceeds of approximately GBP12 million to the Company in the next few weeks. This disposal, in isolation, increases the Company's net asset value per share by 0.4% compared with that at 31 July.

Posted at 08/4/2012 14:19 by roger-lawson
No flaw at all in essence in your thinking. Indeed some VCTs now have an active secondary market in their shares simply because investors realise they have an active buy back policy so can be assured of getting out in future if they want to.

Regretably many investment trusts think it is not in their interests to do large buy backs or tender offers. It does of course shrink the size of the trust, which is not in the fund managers interest so they often advise against it (it directly reduces their fund management fees), and even the directors often think it might reduce their pay if the trust is smaller! There is of course often too cosy a relationship between the directors and the fund manager with the former often being in place for many years. The directors often get appointed on the advice of the fund manager to start with so you can see how incestuous the whole thing tends to be! From past experience, it is only when shareholders kick up a fuss that this cosy relationship is challenged.

Posted at 30/3/2009 14:44 by a1samu
The last NAV declared is already three months out of date and a lot of water has flown down the river since. The NAV should be declared for the 31.3.2009 some time in the distant future, which will be much less than the one for the 31.12.1008.

They should also be putting out a massive profit warning, because already the NAV is much, much less than it was last time, that is on the 31.12.2008. If you believe anything else it is sad.

These bunch of directors are totally misleading the investors with their reporting, which is due to some very lax rules, which should be changed to better inform and better keep up to date shareholders.

In the past, when markets were on the way up, it did not so much matter, that they were so behind with reporting on NAV. They were progressing to higher and higher levels then. Now the landscape has totally changed and values have evaporated, so I would have expected a responsible board of directors to be more communicative of the bad news then this company is doing.

Posted at 03/11/2008 10:02 by goldthorpe
...on the other hand, if the overall NAV is discounted by say 20% we go down to NAV per share of about 416p. That means the current share price is trading at a discount to NAV of about 57%. Could be a screaming buy on a two to three year view?

There was an interesting article on the private equity "rout" in last week's IC by Tony Dalwood, Head of Private Equity at SVG, finishing. ..."with discounts to NAV at historic highs...private equity offers investors significant potential returns on the way up." He's talking his own book of course.

Posted at 28/2/2008 14:07 by goldthorpe

"Graphite Capital, a UK mid-market private equity specialist, has backed the £100 million management buy-out of Alexander Mann Solutions (AMS) from global private equity group, Advent International.

AMS is the largest independent provider of recruitment process outsourcing (RPO) solutions to blue-chip companies worldwide. AMS was founded in 1996 by chief executive, Rosaleen Blair, the Veuve Clicquot 2007 Business Woman of the Year. All of the senior management team, led by Rosaleen, are substantial investors in the buy-out....."

Posted at 16/8/2007 10:50 by goldthorpe
Dr. S,

GPE hasn't fallen any further than the overall market in recent weeks. It's certainly performed less worse than the banks. Given that GPE was somewhat 'overbought' in the last few months, with the share price almost reaching last published NAV, that's not bad. GPE uses borrowings to re-finance, but I think that they are more prudent than some of the bigger private equity groups and of course the so-called "hedge" funds.

GPE has been spinning off some major investments over the last few years: Maplin (very profitable return), Wagamama, Jane Norman, Upol to name a few. At the time of the 2006 annual report the biggest individual companies it holds are:
* Cinque Ports (caravan parks, 5.2% of investment portfolio, invested 2006)
* Micheldever (tyre distributor, 4%, 2006)
* Huntress (recruitment, 3.9%, 2000)
* Go Plant (road-sweepers, 3.8%, 1995)
* OPD (recruitment, 3.1%, 1991)
* Wagamama (restaurants, 3.3%, 1996)
* Standard Brands (firelighters, 3.3%, 2001)

So some investments are very recent and unlikely to be sold soon, some are very old, and have been either been floated or sold off with GPE retaining a stake (e.g. Wagamama).

I think the real unknown, and one which the well-respected contributor to this thread "thedaidai" has expressed concern, is the future commitment primarily into funds rather than individual companies (see news thread 03/05/2007 10:30 UKREG Proposals: future development). I think this would allow GPE to punch above its weight by having access to larger deals. Presumably these are likely to involve the larger element of borrowing we see are having difficulties at the moment.

Having said that, GPE recently had a large amount of cash, nearly 40% of net assets; though set against this is the geared FTSE call option it holds. If still there, this large cash element may be a way to pick up assets on the cheap during the turmoil of the current credit crunch.

I've rambled and sorry I haven't really provided a satisfactory answer to your questions. For my part, I've been an investor since 2001 and built a large holding - perhaps too large a proportion of my overall investments. I'm staying with them; though in recent months I've taken advantage of the high share price to sell about one third of my holding and diversify into higher yielding "megacap" shares.

Posted at 05/1/2007 12:41 by goldthorpe
'Rich pickings in private equity', Investors Chronicle, p.111, 5 Jan 2007. (for subscribers)

The current international interest in private equity creates opportunities for investors to profit. However, you must be aware of the risks and understand the type of exposure you are taking before you attempt to jump on to the bandwagon...

...Mr Elliott comments: "Where they do seem to offer value, there is invariably an issue." He points to Graphite Enterprise, which trades on a discount but has 44 per cent of its portfolio in cash. Regardless of discounts, his recommended private-equity investment trusts on performance grounds are HgCapital and SVG Capital.

Mr Gilligan suggests holding between 5 and 10 per cent of your portfolio in private equity. He recommends Graphite Enterprise, as "a team that's managed the cycle very well", and Dunedin Enterprise, as "a value play".....

Posted at 20/6/2006 13:18 by cimbom
Good article just out.The site is free to register and read.

GPE: Share buy back programme ongoing.
By William Foss

Yes, an investment trust. Why not?

Investors spend a monumental amount of time blabbing on about 10 baggers in the oil sector, but have you looked at the charts of some investment trusts lately? You should. There is nothing disgraceful about the performance some of these trusts put in over the medium-long term. Value investors have the advantage of a regular dividend, and in the case of Graphite Enterprise (GPE), an ongoing share buy back programme.

When I say ongoing, I really mean it to. GPE started buying back shares over 2 years ago, and still is!

Posted at 19/12/2005 11:02 by 18bt
Its nice to have a thread where almost everyone seems to be long term investors.

Goldthorpe: thanks for shareholder info. I hold mine through a SIPP, so the documents never come through.

With the FTSE call option, this is a good investment in a bull market.


Posted at 29/7/2005 16:30 by nil pd
goldthorpe, sorry I completely missed that (hadn't read the 17 June RNS). Your NAV calculation is quite correct, of course.

I remember FCET, I was an investor in that too but had to sell all and divide it in a stupid domestic event! (Torotrak was a success from FCET, of course).

Very happy with GPE and don't envisage selling unless it goes to a significant premium. I'll raise a glass this weekend to 356p or near offer next week!

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