Gresham House Share Discussion Threads

[skyship] 11/9/2012 06:25

topvest - have to disagree on that one as SAL would obviously prefer to place the line into secure institutional hands, rather than face an ever-ending tap of Gresham shareholder sellers. The SAL performance makes a placing outcome a more likely prospect IMO.

[eeza] 10/9/2012 19:28

Dividend taking the form of shares in SAL instead of cash.

[badtime] 10/9/2012 18:58

Topvest...excuse me being ignorant ..but dividend en specie?

[topvest] 10/9/2012 18:02

Yes, good results from SAL - they are doing very well in a difficult retail environment. Can't see Gresham selling their holding. Think they are more likely to dividend-en-specie the holding to holders like Welshpool did.
Still looking at this company, but don't hold.

[skyship] 10/9/2012 17:04

One of our holdings, Space & People, up 10% today after good Interims:

[skyship] 30/8/2012 11:13

Topvest - they must be pretty confident with that end 2013 date - just take a look at the extended repayment dates for the debt rollovers - all of them renegotiated for repayment before end 2013...

What we really need is for Dignity to ante up for Memorial Holdings!

[topvest] 30/8/2012 07:55

End 2013 looks a tad ambitious to me, but will keep watching here and may buy on weakness. I can see the attractions of returning £3 or so and then continuing as a smaller investment company, rather than returning everything at fire sale prices. They may well pass their valuable investment back as a dividend en specie like Welsh industrial investment trust. Anyway the large investments to clear are the properties and these are not moving off the balance sheet very quickly. I don't hold, but may buy on weakness in the markets.

[skyship] 30/8/2012 07:30

Extracts from the Interim Report show a reduced 412p NAV & an anticipated liquidation by 31/12/13. The detail of the Report suggests the NAV may prove conservative. Still, assuming a 400p payout then the return from 300p would be a GRY of 17.0% pa. A STRONG HOLD & a top-up on a poor day perhaps...
====================================================================

INTERIM RESULTS 2012
CHAIRMAN'S INTERIM STATEMENT AND MANAGEMENT REPORT

I am pleased to report on the half year results for the six months ended 30 June 2012 which show an overall loss of GBP791,000 for both the Revenue and Capital account compared with a loss of GBP178,000 for the same period in 2011. This loss represents 14p per ordinary share (2011: 0.2p per share) and, as a consequence, the basic net asset value per ordinary share has fallen from 447p as at 31 December 2011 to 432p (cum dividend). Adjusting this figure for the negative balance for non-controlling interests reduces this value to 411.9p (31 December 2011: 427.6p).
===================================
Disposal Strategy

We continue to focus on the disposal of your Company's assets and, providing there is no further deterioration in the commercial property market, we believe that it is practical to achieve a liquidation of the Company by the end of 2013.
====================================

[davebowler] 23/7/2012 08:27

Interesting promotional idea - wonder if GHE has thought of this as an exit strategy?

[bisiboy] 14/7/2012 17:09

skyship-no it was the right thread.
without saying to much more i meant that having effectively diluted sterling by the assets for share swap earlier he has now increased his holding and i suspect that not everyone connected with the company will be pleased about that.
i do think they are working hard to try and deliver value here but it is a very difficult backdrop for them and whilst there is good potential with some of their sites it is difficult to see this being realised quickly.
i am a frustrated holder but not a seller at this prices.

[topvest] 11/7/2012 20:40

Is Stirling trying to get back on the board here? Lets face it the lot that kicked him out have done a pretty poor job. Interesting...next stop EGM? Then again he might just see value at this level.

[skyship] 11/7/2012 09:46

bisiboy - could you elucidate - or did you perhaps post on the wrong thread...

[bisiboy] 11/7/2012 08:36

yes that was unexpected by me
and i expect unwelcome by some.

[skyship] 09/7/2012 13:28

RNS - Director AP Stirling paid 285p for a 49,400 top-up, taking him through the 8% level.

[skyship] 19/6/2012 15:22

Unusual - JM Finn take a 9.9% stake - 529,749 shares.

Have they bought as principal or for another party, hence held in JM Finn Nominees.

If the latter then surely they should be declaring who bought!

[davebowler] 18/5/2012 08:53

c

GRESHAM HOUSE plc

Interim Management Statement (Unaudited)

Introduction

This Interim Management Statement (the �SStatement⬝) has been prepared in order to provide information to meet the requirements of the UK Listing Authority�"s Disclosure and Transparency Rules. The Statement covers the three month period to 31 March 2012 together with relevant information up to the date of publication.

Investment Objective

Gresham House plc is an authorised investment trust listed on the London Stock Exchange. Following the passing of an ordinary resolution at the Company�"s Annual General Meeting held on 19 May 2011, the Company�"s objective is now the orderly realisation of the Group�"s assets over a period of approximately two years with a view to returning capital to shareholders thereafter.

Material Events and Transactions

The Company�"s final results for the year ended 31 December 2011 were announced on 27 April 2012 and are available on the Company�"s website www.greshamhouse.com.

The Directors are aware of the following events or transactions which have occurred in the period from 1 January 2012 to the date of this Statement:-

(i) planning consent has been received for the development of a new Lidl foodstore at the site in Vincent Lane, Dorking. Contracts were exchanged in March 2011 for the sale of 1.1 acres of the three acre site for £1.88m in cash, subject to the receipt of planning permission. The sale is now expected to complete in August 2012.

(ii) conversely the planning application made by Persimmon for the remainder of the site at Vincent Lane, Dorking was rejected despite the planning officers�" recommendation to grant a consent. Persimmon is now considering the most appropriate method of appeal. Contracts have been exchanged for the sale for a sum of £3.035m subject to receipt of planning permission.

(iii) A planning application has been submitted at Newton-Le-Willows on the 10 acres nearest to the town centre for a 6,500 sq m foodstore, petrol filling station and 464 car park spaces. Determination is expected in Q3 this year.

(iv) the decrease of 0.7% in the IPD UK Quarterly Property Index for Capital Growth for the three months ended 31 March 2012.

(v) as at 31 March 2012 the value of the securities portfolio had increased by approximately 2.2% since 31 December 2011 compared with an increase in the FTSE All Share Index of 5.1%.

The Company has one class of share capital: ordinary shares of 25p each. There have been no changes in the issued share capital of the Company since 31 December 2011, which at today�"s date, remains at 5,369,880 shares.

Financial Information

Investments - Properties

Investment properties are shown at fair value based on current use. All investment properties were valued by Jones Lang LaSalle Limited, Chartered Surveyors, as at 31 December 2011 at a combined total of £27,443,000. These external valuations were carried out on the basis of market value in accordance with the latest edition of the Valuation Standards published by the Royal Institution of Chartered Surveyors. The directors do not consider that there has been any material change in the value of these properties since year end.

Rental income on the property portfolio for the three months ended 31 March 2012 was £251,000 compared with £1,036,000 for the year ended 31 December 2011. As stated in the Report of the Directors contained within the financial statements for the year ended 31 December 2011, the amount of vacant space as at 31 December 2011 was 349,924 sq. ft. representing 54% of the total available. There has been no significant change to these numbers since year end.

Investments - Securities
As at 31.03.2012

Unaudited
As at 31.12.2011

Audited

£�"000 £�"000
Listed securities � on the London Stock Exchange 1,548 2,270
Securities dealt in under AIM 1,517 1,370
Securities dealt in under PLUS Market 102 153
Unlisted securities 5,365 5,285

TOTAL 8,532 9,078

Top Ten Investments at 31 March 2012


Market Value
% of portfolio
£�"000s
Memorial Holdings Limited # 2,568 30.1
SpaceandPeople plc* 1,207 14.1
Standard Chartered Bank 6% bond⬡ 1,043 12.2
Attila (BR) Ltd Loan notes# 906 10.6
SMU Investments Ltd # 890 10.4
AudioGravity Holdings Limited # 590 6.9
HSBC Bank 5.75% bond ⬡ 418 4.9
Avesco Group plc* 310 3.6
Xceed Imaging Limited # 200 2.4
Lancashire Tea Limited # 170 2.0

8,302 97.2

⬡ UK Listed
* AIM Traded Securities
# Unlisted Securities

Securities have been valued on the same basis as that adopted in the Group�"s Consolidated Financial Statements for the year ended 31 December 2011.

The investment in Memorial Holdings Limited represents a 15% shareholding in this company which is currently developing a 55 acre cemetery at Kemnal Park in the London Borough of Bromley. It is anticipated that the cemetery will commence trading in the summer with completion of the chapel by end 2012.

Sector analysis as at 31 March 2012
% of securities portfolio
Financial 29
Property investment 41
Media 20
Engineering 8
Foods 2

100

Comparative movements
31.03.2012

Unaudited
31.12.2011

Audited
% change

Basic net asset value per ordinary share


N/A


447.0p


N/A

Share price (pence) 331.50 259.50 27.7
FTSE All Share index 3,002.78 2,857.88 5.1

Further information on the Company and Group, including a copy of this Statement, can be found at www.greshamhouse.com.

D Lucie-Smith

[skyship] 11/4/2012 11:05

The residential planning application for Vincent Rd., Dorking deferred (yet again!) until 2nd May due to the very recent publication of the Government's National Planning Policy Guideline - on the basis of which a rejection would be totally absurd...

[skyship] 17/3/2012 17:22

Shhh - GHE 315p-335p - that's up 25%YTD....

Pretty small but consistent buying. Not aware of any mention anywhere.

[skyship] 07/3/2012 10:25

Planners have postponed yet again - now set for 4th April.

Typical of the problems with the UK Planning process - too slow, too political, too complex - an enormous hindrance to Business and employment. Coalition promised action; but yet again - too slow, too political, too complex!

[skyship] 31/1/2012 16:58

The planners have deferred consideration of the residential planning application at Vincent Rd., Dorking until 7th March.

[b1ggles] 30/1/2012 09:13

Ah! It showed up on Investegate as Image Scan and I didn't see the connection!

[skyship] 29/1/2012 12:18

Biggles - not perhaps (!) - sorry I jest - see the RNS of 27th Jan in the Header.

[b1ggles] 29/1/2012 12:00

Where does that come from, Skyship? No RNS and not on their website.

[skyship] 27/1/2012 11:31

An insignificant little disposal today - but better out than in! Value c£100k.