Gresham House Share Discussion Threads

[ntv] 03/4/2006 23:24

also made assumption on 5m shares in issue

[ntv] 03/4/2006 23:22

hope i have got this roughly right as i have net assets at 728p per share but not allowing for any increase/dominuation in property value or profits since june 05
portfolio is of a decent size but i reckon wii would make a nice shell clean
could be an option

[ntv] 03/4/2006 23:08

assets in the share portfolio grew by £2.29m in the last three months

[foster] 03/4/2006 11:25

In other countries such as France and USA, following conversion to REITs, property company shares have moved from around 30% discount to a premium of up to 10%.
I do not see how the GHE discount can fail to close substantially.

[rambutan2] 03/4/2006 00:04

remember, that the equity portfolio only constitutes approx a third of the net assets, and well under that of the total assets. whereas the prop portfolio is much larger and geared. so, much easier to kick up the nav via the property side.

[ntv] 02/4/2006 22:41

i hope, so at least we might see a closing of the discount which in itself could bring a substantial rise in the share price

[markxz] 02/4/2006 10:33

Isn't it possible to avoid the 10% REIT rule for the large shareholder to offer to sell down on the set-up of the REIT as a separate company like a floatation?

Look at the GHE portifolio most of them has performed very well since their last report. For example HMS and PMK almost doubled in price. Other perormers are Spacepeople, Morgan sindall, Egdon resources, BATS. So I expect they should have a much higher growth of NAV in the second half than their first half figure of 9.7%, which is itself decent.

Coming the year-end report and the set-up of a separate REIT company, GHE will perform well over the next year.

[ntv] 01/4/2006 21:54

portfolio update monday?

[foster] 31/3/2006 15:19

GHE must have worked out how they will get around the 10% rule.

For example...
"According to Phil Nicklin, the tax expert from Deloitte leading the industry negotiations, a Reit will not be penalised if it takes certain steps. Effectively, a Reit will have to ensure that, even if a shareholder owns much more than 10 per cent of the Reit, it sells on any dividend payments beyond those attributable from the 10 per cent holding." (FT, 22March2006)

[rambutan2] 29/3/2006 22:55

ntv, thanks for the answer.

it's my understanding that reits can't have any single shareholders over 10%, but newinnhall trust hold 34.8% of ghe.?

agree that would really have to merge with wii.

[ntv] 29/3/2006 21:37

once the property assets have been hived off into a seperate vehicle it would seem sense to merge with wii

[ntv] 28/3/2006 20:56

added a few more

[ntv] 28/3/2006 17:03

looks like plenty of sellers around

[ntv] 27/3/2006 18:21

rambutan2
looking at investments trusts a couple of weeks ago i found this at a huge discount with no real reason
they have interesting investments which had gown in value over the last year and looked good bet since yr ending
net assets quoted at 719p thats to big in current bull mkt
so started buying in 500 blocks but then we got the news today......
damn wanted a few more first!
still better than a kick where it hurts

[ntv] 27/3/2006 17:33

nice tick up today

[soysoy] 27/3/2006 14:38

LONDON (AFX) - Gresham House PLC, the property and investment trust, said it
intends to demerge its commercial property portfolio into a Real Estate
Investment Trust (REIT) company.
"We have been waiting for two years for the confirmation of the detailed
structure of REITs and welcome the news from the Chancellor in Wednesdays
Budget," said Alfred Stirling, chairman of Gresham House.
"We believe REITs provide a highly advantageous mechanism through which
investors can gain exposure to the UK property market."
The new company is going to have its own quotation.
[e-mail]

[rambutan2] 26/3/2006 00:13

any reasons ntv?

[Abuse team] 25/3/2006 14:42

Post removed by ADVFN

[ntv] 25/3/2006 14:41

started buying a stake here last week

[soysoy] 09/1/2006 22:30

Portfolio Update

Gresham House plc

36 Elder Street, London E1 6BT

Listing Rule 21.20(l)(ii)

In accordance with 21.20(l)(ii) of the Listing Rules we detail below a
list of the 10 largest investments (which include all those with a value
greater than 5% of the portfolio) as at 31st December 2005:-

Market Value % of Portfolio
£000
UK Listed Securities
British American Tobacco plc 325 2.59
Morgan Sindall plc 465 3.70
Welsh Industrial Investment Trust plc 1,033 8.21

Overseas Listed Securities
Mount Burgess Mining N.L. 357 2.84

Securities dealt in under AIM
Egdon Resources plc 461 3.67
Hallin Marine Subsea International plc 2,202 17.51
Image Scan Holdings plc 329 2.62
Plus Markets Group plc 626 4.98
SpaceandPeople plc 802 6.38
Transense Technologies plc 626 4.98
----- -----
7,226 57.48
===== =====
B J Hallett
Director & Company Secretary
Gresham House plc

Telephone: [phone]

3rd January 2006

[soysoy] 03/10/2005 18:42

36 Elder Street, London E1 6BT


Listing Rule 21.20(l)(ii)

In accordance with 21.20(l)(ii) of the Listing Rules we detail below a list of
the 10 largest investments (which include all those with a value greater than 5%
of the portfolio) as at 30th September 2005:-

Market Value % of Portfolio
£000
UK Listed Securities
British American Tobacco plc 298 2.38
Morgan Sindall plc 556 4.44
Welsh Industrial Investment Trust plc 1,068 8.54

Overseas Listed Securities
Mount Burgess Mining N.L. 363 2.90

Securities dealt in under AIM
Hallin Marine Subsea International plc 2,442 19.53
Image Scan Holdings plc 386 3.09
Investinmedia plc 288 2.30
Plus Markets Group plc 280 2.24
SpaceandPeople plc 802 6.41
Transense Technologies plc 815 6.52

[soysoy] 28/9/2005 23:39

Gresham Hse - Interim Results
•Fundamentals •Share Price



GRESHAM HOUSE plc

CHAIRMANS INTERIM STATEMENT

Dear Shareholder,

For the first time the interim accounts have been prepared in accordance with
International Financial Reporting Standards (IFRS). This has resulted in
additional information being required and has necessitated a number of changes
in the traditional format of the statements which shareholders have received in
the past.

The comparative figures have also been revised to comply with IFRS and the
disclosures required by IFRS 1 concerning the transition from UK Generally
Accepted Accounting Principles to IFRS can be found in notes 8, 9 and 10 of
these interim accounts. As a result this interim statement is significantly
longer than in the past and, as might be expected, has incurred a much higher
cost.

The results for the half year ended 30th June 2005 show a profit on the revenue
account of £30,000 compared with a profit of £385,000 for the comparable period
last year and a profit of £1,737,000 for the capital account as against a loss
of £254,000 for the same period last year.

Overall this has resulted in basic earnings per ordinary share of 36.3p against
2.7p for the comparable period last year.

The rental income stream has decreased significantly when compared with the
similar period last year as a result of the previously announced sale of
property units at Knowsley in October 2004. Whilst the Group acquired property
units at Speke at the same time, these units remained vacant during this interim
period and have not therefore contributed towards revenue streams. Since 30th
June 2005 agreement has been reached with 3 potential tenants and a further
number of enquiries are being actively pursued. The associated property loans
were repaid at that time and this has been reflected by the reduction in finance
costs from £844,000 to £519,000.

The increase in the capital account is mainly due to the increase in the value
of our investment in Hallin Marine Subsea International plc. At 31st December
2004 this investment was valued at £562,000 and has subsequently been admitted
to the AIM market. As at 30th June 2005 the investment value of Hallin has risen
to £2,220,000.

Consequently the Groups basic net asset value has risen from 626.6p as at 1st
January 2005 to 657.0p as at 30th June 2005, an increase of 30.4p or 4.9%.

Your Board continues with its strategy of seeking innovative early stage
investments in companies that have a real prospect of high growth whilst at the
same time seeking the progressive development of the Groups property portfolio.

A P Stirling

[bisiboy] 04/9/2005 17:49

why are these so cheap
property and cash alone is worth more than market cap
shares thrown in for free!

[philjeans] 09/8/2005 18:46

Looks as if at least one other shrewd punter recognises value here; I'm up 30% clear since April, but in no hurry to sell out.

See a chart breakout ahead if we can clear previous peak. Assets are worth a conservative £6.50 and could be double once TRT announces a big deal in the autumn.

[soysoy] 09/8/2005 14:31

Listing Rule 21.20(l)(ii)

In accordance with 21.20(l)(ii) of the Listing Rules we detail below a list of
the 10 largest investments (which include all those with a value greater than 5%
of the portfolio) as at 30th June, 2005:-
Market % of
Value Portfolio
?000
UK Listed Securities

British American Tabacco plc 269 2.35
Hornby plc 224 1.95
Morgan Sindall plc 573 5.00
Welsh Industrial Investment Trust plc 893 7.79

Overseas Listed Securities

Mount Burgess Mining N.L. 253 2.21

Securities dealt in under AiM

Hallin Marine Subsea International plc 2,220 19.37
Image Scan Holdings plc 283 2.47
Investinmedia plc 306 2.67
SpaceandPeople Plc 881 7.69
Transense Technologies plc 645 5.62

_____ _____
6,547 57.12
_____ _____