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Share Name Share Symbol Market Type Share ISIN Share Description
Ground Rents LSE:GRIO London Ordinary Share GB00B715WG26 ORD 50P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00p -0.90% 109.50p 108,947 09:00:19
Bid Price Offer Price High Price Low Price Open Price
108.00p 111.00p 110.50p 109.50p 110.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 5.14 4.66 4.98 22.0 106.2

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Date Time Title Posts
19/9/201819:47:::: GROUND RENTS INCOME FUND ::::156
04/4/201309:17Ground Rents Income Fund plc - Investment Trust1

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Ground Rents Daily Update: Ground Rents is listed in the General Financial sector of the London Stock Exchange with ticker GRIO. The last closing price for Ground Rents was 110.50p.
Ground Rents has a 4 week average price of 109.50p and a 12 week average price of 107.50p.
The 1 year high share price is 120p while the 1 year low share price is currently 99p.
There are currently 97,006,397 shares in issue and the average daily traded volume is 63,945 shares. The market capitalisation of Ground Rents is £106,222,004.72.
kenmitch: I bought GRIW (Ground Rents Income Warrants) back today at 9p. Had sold earlier this year at 19p as share price fell on Government ground rent negatives. Share is inching up again from 100p low, and now 107.5p to sell. See previous posts for warrant plus case. Simple. If at any time between now and warrant expiry date in August 2022 the share can go up 10% to around 120p then GRIW will double and if share price gets back to 130p, just over 20% higher than today, GRIW will triple.. Could well prove to be an excellent, very rewarding long term lockaway.
kenmitch: Just in case there are any readers of this thread who do understand warrants and the previous posts about them, this one could prove useful. 1. Sadly warrants and subscription shares have all but disappeared. (Investment Trust Subscription shares are identical to warrants in all but name, but by calling them subscription shares they can go in to ISAs whereas warrants can't.) 2. There is currently only one Investment Trust subscription share worth considering. (I bought it about a year ago at 20p and it has so far only inched up to 24p to sell). It's Fidelity Asian Values Investment Trust subscription shares. If you want a lot of detail it's in this link:- (change the xx to tt for it to work) hxxps:// If you just want a few simple basics here they are. The exercise prices are 381.75p until November 2018 and then 392.75p until Nov 30th 2019. FASS spread is wide but it is often possible to buy and sell inside it. Current buy price is 28p but it could be bought for 27p today. So at the 2018 exercise price (call it 382p to keep it simple) FASS is worth 28p. (Share price is 410p). And at the 2019 exercise price of 393p FASS is worth 17p. Target a 10% share price gain between now and November 2019 to 450p and FASS will be worth double the current 27p buy price. i.e it would be worth 57p. So if you invest £5000 in the share the profit is the same - £500 - as when investing just £500 in FASS. For any who understand simple arithmetic and are not hung up on unnecessarily complex warrant theory the advantages of buying the sub share should be screamingly obvious. BUT BUT BUT..... just as GRIO and GRIW (the warrants) are not buys yet and might not be for ages, so also imo FAS and FASS (the subscription shares) are not buys yet either. Wait for NAV, which FAS report daily, to get moving up again before buying. If no increase in NAV then FASS might never become a buy. If it does increase and even if only a bit and enables the share price to rise just 5% to 430p then FASS would be worth 37p , which is nearly a 50% gain. Also remember FASS can be bought and sold at any time, the same as shares can. AND note that you don't have to sell them even at expiry date as the Trust Managers appoint a trustee to exercise any sub shares allowed to lapse, and send the proceeds, less their expenses, to your accounts. Finally both for GRIWand FASS ignore nonsense posted here about market makers pricing in bad news for ground rents or bad or good news for Fidelity Asia. Market makers have no interest in that sort of thing and prices depend on buying and selling. Also market makers often have little knowledge about warrants in general and don't need to have. e.g in the past when new issues started trading there could be some wonderful starting price opportunities when they priced them far too low and early buyers could double their money in a day! Or sometimes they did the opposite and started with the price far too high. fwiw I'll post here if news/events suggest either GRIW or FASS are worth buying but for now best to monitor.
kenmitch: Hi SpectoAcc You've summed it up correctly. Neither share nor warrant is worth holding at present for the reasons you give. So we agree on that. But IF the share becomes a buy again THEN as your option 4 shows the warrants with a far smaller stake are by far the best bet! I know because I bought the warrants at 4p and sold at 28p. Also I used to run a warrant portfolio on a subscription website. We had to close it because there were too few warrants left but it ended up doubling and at one time had tripled. Included in that portfolio were Ground Rents warrants bought at 4p. They soared to 38p and were still in the portfolio when we closed it. I sold on the way down at 28p. Give me that gain (x7) than the dividend and small share price gain every time! And if the share becomes a buy again I'll again buy the warrants. I'm afraid your case falls down on the facts and because you ignored the facts and figures in my original post. Finally you say I don't realise why there is no time value on the warrant. I'm sorry but you are so wrong on that too. Ground Rents Income warrants have ALWAYS traded with very little and sometimes NO time value at all. It is nothing to do with impending legislation! The reason is warrants are poorly understood and hence there used to be some incredible bargains with quality Investment Trust warrants and sub shares trading at big discounts. The only one left worth looking at and which I hold are FASS - Fidelity Asian sub shares. Also some warrants have in the past traded at a discount for long periods. Don't get too hung up on warrant theory. Best to be aware of the facts.
kenmitch: SpectoAcc. Apart from the last paragraph yours was another brilliant and informative post. I think until we have more information from the Government and also more on the effects of all this on them from Ground Rents Managers, both shares and warrants are a NO. BUT. I only did the post on the warrants for your benefit as a thank you for your helpful EFR posts. I would not have bothered otherwise. And you have completely missed the key point on the warrants. They are NOT riskier than the shares,if only investing a fraction of the stake you would invest in the share! Otherwise the share is far riskier and you have shown the potential share downside risk. I don’t know what size stakes you invest in a share you are confident about and there is no need to say. But say you were to invest £6500 in the share and just £500 in the warrant. The cash profit is the same. I.e 10% share price gain will give £650 profit and alsoa £650 profit on that £500 warrant stake. And if the share falls 10% the share stake loss will be £650 which is more than the £500 you have staked on the warrant. And until 2022 the warrant would still have some value. So hopefully you understand now the warrant risk reward. I’ve invested in warrants since the 1980s. They were little understood treasures, but sadly there are very few left now. Finally note too how in the past the warrant soared from 4p to 38p for a 9 fold gain. The share has never risen more than 40%. How can you think the warrants are too risky?
kenmitch: So you're here too SpectoAcc! For you or anyone else interested, once hopeful about prospects again, the warrants are by far the best way to play this one. Exercise price is £1 and they don't expire until Aug 2022. Current share price is around 106p so these warrants are currently worth 6p. They can be bought for 7p so are incredibly cheap. BUT that's no use unless/until the share price goes up again! I don't hold currently, having offloaded mine at 28p a while ago. I originally bought around 4p and have been in and out several times, but have been out for months. The upside, for those not clued up on warrants, is easy. At £1 share price the warrant is worth nothing but will until 2022 be tradeable, probably around 2p to sell. AT £1.10 share price the warrant is worth 10p AT £1.20 share price the warrant is worth 20p etc etc So, say, the share goes up 10% to 117p then the warrant should go from current 7p to buy to around 17p to sell. i.e the warrant will more than DOUBLE for just 10% on the share price. And target a 20% share price gain (a not unreasonable target if "regulatory uncertainty" eases) around 130p and the warrant would be worth 30p and that's 4 times the current price! Those of you who only bought the shares in the past missed out on a brilliant winner. The warrants peaked, from memory around 40p. DON'T all rush to buy now! Warrants are very thinly traded and even one buy can move the price -but unless the share rises too the gains won't last. And it is not always easy to trade warrants and sometimes market makers will widen the spread and hit the selling price. So any tempted to trade GRIW could come unstuck unless/until the share price rises again. Share is stuck at present and until that changes money in both share and warrant will probably do little. THE one plus for the share is the dividend. No dividends with warrants, but with potential gains like that who cares? They can be bought and sold at any time (up to Aug 2022 expiry date) exactly the same as shares, though brokers will probably ask you to sign a risk form first. It's full of dire warnings that are a load of nonsense. The most you can ever lose, as with shares, is your original stake. And with much higher upside you only need a small stake to cash in. e.g £1000 in the warrants gives roughly the same upside as £13000 staked in the share! And the most you can lose is £1000 instead of £13000! And that £12000 saved can be used elsewhere!
1flyfisher: Can anyone explain why the intraday share price is so volatile? Is this likely to be the result of shorting
jonwig: "The unaudited net asset value ('NAV') per share of the Company as at 30 September 2016 was 131.9 pence. This is an increase of 10.9% over the net asset value of 118.9 pence per share at 31 March 2016. The increase in the net asset value has been driven by the uplift in the external portfolio valuation by Savills as at 30 September 2016" I doubt that the share price will sit at a discount for very long. 135p looks reasonable.
jonwig: Pavey - some good points. I've just checked, and can't find reference to a target yield on NAV of 4.4%. The current 3.3% is the one I'm assuming will hold for now. The yield won't be so high because capital appreciation has kicked in over the past couple of years, so you're getting total return rather than income yield. Agreed the share price got a bit toppy, but has come back with a premium now of only about 4% to NAV. Again on the plus side, much of the portfolio is either index-linked or periodic doubling, so you've got - hopefully - protection from inflation. Also, shouldn't be too highly correlated with the property sector in general. A possible minus: they might get carried away and get excessively geared, buying ground rents at too high a price. On balance, my view is very much yours of "buy and forget". Fortunately my purchases were below 105p. EDIT: I see there was some discussion of target yields earlier on this thread, but the figures mentioned are "history" now!
pavey ark: I've been looking these over and have spent some time getting into the world of ground rents (new to me) but have to say I was rather disappointed with the recent dividend announcement and with it a running yield of c. 3.2%. Now wondering about whither to include these in a new portfolio I was setting up. My new shares were intended as a buy and forget income stream so these should have fitted the bill but with the possibility of interest rates rising and inflation looking rather subdued I think there may be better options. I wonder if I've missed something and I know there was a lot of corporate action ,fund raising,shares issued,fairly heavy buying of ground rents with remaining cash so this could have impacted on this year's cash ? These may be considered a safe investment but they are trading above asset value ( most recent figures I could find) and if the yield target is 4.4% I certainly don't see much upside on the share price for some time to come.
jonwig: FY results and full annual report: For the first time, they have put a figure on the dividend policy (page 17): The Directors set an annualised target dividend yield of 4.4 per cent. per annum, in May 2013, calculated on the issue price of the ordinary and convertible preference shares and on the assumption that all of the net proceeds from the share issues have been invested in accordance with the Company's investment strategy and that the convertible preference shares issued in May 2013 have been converted into ordinary shares. I also have a sense that they admit it will be hard to meet this, since prices of prime GRs are being bid higher than they are happy with. That, of course, means more of the share price return will be capital.
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