Highcroft Investments Share Discussion Threads

[williamcooper104] 19/1/2024 09:16

What a muppet It's a total scam to shaft minority shareholders

[spectoacc] 19/1/2024 08:56

If the vote passes, he'll have ramped people into shares they have to join everyone else in selling again next month.

Best hope is to end up with shares you can't sell but still held in ISA or SIPP. Second best is shares you can't sell but in certificate form, and paying tax on the divis (assuming they continue).

The forced sellers are not going to receive good prices.

If there's a broker who'll hold them in SIPP/ISA and give at least the possibility of selling in future, it'd be worth knowing. Not ii, HL, Jarvis, Halifax. I'm unclear who'd be buying on TISE other than perhaps the concert party major holders.

[garfield31] 19/1/2024 08:36

Message from Halifax. Will not deal in shares if they move. Quite shocked by Simon Thompson's comment.

[spectoacc] 18/1/2024 19:01

Caught up with the Simon Thompson IC comment - dear oh dear.

Thinks it's a buy & relates it to the success of Shore Capital when it left London - but Shore kept their Bermuda listing.

So far I've found no brokers willing to deal in TISE-listed shares, with their one "liquidity event" auction a day.

One or two will allow you to still hold, but not sell. The others seem to require either selling out, or intend to send you a share cert (supposedly - aren't share certs getting phased out?).

What this means is, if you hold or buy HCFT, and the vote passes, then after February you'll be left with shares you likely can't sell, or at least at an unknown price (who'd make the effort to buy them on TISE?) and unclear cost.

ST should be campaigning against this, not declaring them a good buy.

[bench2] 17/1/2024 12:50

Current sale price 628p for my 2200 shs , and 674p to buy 2000 !!!

[1c3479z] 17/1/2024 12:50

bench 2

if you hear any further from II could you post it on here- it would be v helpful for someone in a quandary! Have already sold the ISA holding at a poor price....

[spectoacc] 17/1/2024 11:29

Interesting goings-on here, not a holder but have been in the past.

Would it be right to say they're effectively going private, only without a premium? Or rather, they're delisting, to all intents & purposes.

TISE apparently conduct a daily auction for trades - if there's any buyers/sellers - so isn't really a listing in the strict sense. Is worth looking at the many other REITs they have on there, none of which you'll likely have ever heard of.

I like the AIM idea @bench2, why aren't they doing that?

There seems to be an opportunity if the vote goes through, and you happen to know a broker who'll allow holding/trading, as there's going to be a lot of forced selling. Some brokers compelling it, others saying if you hold at delisting date, you'll be stuck in - and I can't see how that works for anyone.

[bench2] 17/1/2024 11:17

Re ii response for HCFT held in my wifes ISA , last day to sell 17 Feb , post delisting they will send a share cert as not allowed to hold the stock on their system in either ISA or Trading account . I am in contact with HCFT CoSec via email and suggested a move to AIM to reduce costs rather than TISE . Failing this the company should have the decency to have a 25% tender at circa 800p to allow small shareholders a reasonable exit .

[adae] 17/1/2024 10:29

HCFT won't be dual-listed, and effectively means being locked in forever, unless you're willing at a future date to ask for the shares out of your ISA in certificate form, and able to find a broker who can then sell them.

I don't think that position is tenable. Shareholders need to hope the vote fails to pass.

[1tx] 17/1/2024 10:15

It is unlikely I would have thought that most ISA platforms will allow you to trade TISE listed shares;unless they are dual listed on LSE for example.However they may allow you to continue hold the shares,where a company has delisted from LSE providing it is still eligible to be held in an ISA as a TISE listing would comply.The main other "housekeeping" that the platform will have to do is credit dividends.Dividends are paid on the company's behalf by the company registrar.In the case of HCFT this is Link Group,who are one of the UKs largest & act for numerous LSE listed companies & I assume can continue this process.

[adae] 17/1/2024 08:18

Hargreaves have now replied:

"Hargreaves Lansdown is not able to facilitate trades on TISE".


They don't say whether they'll remove from ISA/SIPPs and send out certificates.

Perhaps a better question to ask - anyone know of a broker who will allow the holding and trading of HCFT within an ISA. Perhaps Simon Thompson knows.

[adae] 15/1/2024 16:01

Jarvis confirm they'll neither hold nor deal in TISE-listed shares, and say they wrote to all their HCFT holders a week ago, advising them to sell.

The vote hasn't even happened yet.


Hargreaves Lansdown haven't yet given a straight answer but come up with this warning if you try to deal:

"Further to a shareholder meeting which is due to take place on 22 January 2024, this stock is due to delist on 20 February 2024. Buying stock that’s due to delist is very risky and can be difficult for you to sell in the future. If you choose to buy this stock, you do so on the understanding that you’ve read this warning and are aware of the risks."


Simon Thompson really hasn't thought this one through.

[garfield31] 15/1/2024 12:28

Anyone know stance taken by Halifax on Highcroft shares held min ISA?

[adae] 13/1/2024 19:19

Has anyone checked if HL will deal in TISE-listed shares. It seems some brokers will hold them, but not allow trading.

I agree with @1tx that only one of the concert parties appears to support this move.

Brokers like iii offering share certificates and ISA removal are ignoring that share certificates are on their way out.

What chance Simon Thompson-inspired buyers being forced sellers 5 weeks from now.

[superadams] 12/1/2024 16:06

Nav should get a noticeable boost from the newly completed St Austell development which is pre let to DHL.

[essentialinvestor] 12/1/2024 15:51

This is a sharp reminder to check the shareholder register carefully before any investment.

I've looked at this many times and the main reason for not buying was the usual fat % spread.

[1tx] 12/1/2024 15:49

If the two concert parties were working together prior to the delisting proposal regarding the delisting proposal with the management of HCFT & were in joint agreement then I think they would become one concert party at the time of the announcement of the proposal owning circa 65%.Only one concert party(Kingerlee owning 41%) is mentioned in the announcement.

[bench2] 12/1/2024 15:48

Last NAV 1080p ( 6 mths to 30 June 2023 ) , year end NAV unlikely to be any better . Thus at 600p the company is on a discount to NAV of 44.4% . A good time for management to Buy Back stock .

[superadams] 12/1/2024 15:38

Or preferably buy in shares every year for cancellation.

[1c3479z] 12/1/2024 14:50

if this goes ahead, many small holders will be squeezed out, the two concert parties could then make a derisory offer well below NAV to buy out the fewer remaining holders and take it private - is that their intention?

[crumppot] 12/1/2024 14:46

Time to buy

[superadams] 12/1/2024 14:27

About half the NAV now.

[crumppot] 12/1/2024 13:54

The share price has dropped a lot today

[bench2] 12/1/2024 12:56

I will double check with ii where my wife has a holding in HCFT in her ISA . I hold 2 shares with a TISE listing in my ii accounts : Chenavari Toro ( TORO ) in my ISA and Vietnam Holding ( VNH ) in my trading account . No problem owning or dealing in these 2 , but I will check to see if they are also LSE listed .

[1tx] 12/1/2024 10:39

Paul Leaf Wright;a South African, who was appointed CEO last year is I assume the party behind this move.He was founder of Allantic Leaf Properties Ltd which was at one time listed on TISE.The company may have been incorporated in Mauritus initially.It is difficult to find substantive info about info about him & other companies I see he has been involved.There was comment regarding borrowing money to buy shares in a South African Bank which was involved in a take over with which he was connected twenty or so years ago.Any other info?