Highcroft Investments Investors - HCFT

Highcroft Investments Investors - HCFT

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Highcroft Investments Plc HCFT London Ordinary Share GB0004254875 ORD 25P
  Price Change Price Change % Stock Price Last Trade
-5.00 -0.71% 700.00 15:54:40
Open Price Low Price High Price Close Price Previous Close
705.00 700.00 705.00 700.00 705.00
more quote information »
Industry Sector

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1tx: It is worth remembering that 42% of shares are owned by Director David Kingerlee & his "concert party" & 22% by property investors DG & MB Conn & associated parties.The latter control the previously listed Stewart & Wight property company in which the minority shareholders were bought out a couple of years ago(at a fair price).The above have huge interest in the success of the company. I expect results will be released in due course.We more or less know the revenue for the year & I expect all rental has been collected for the the first 3 months.I think the directors are right to wait as long as possible to get best picture of future rental income prospects before considering a dividend (loan interest cover has to be considered).It is not a simple yes/no choice as being a REIT we would have to pay Corporation Tax on our profits if we did not pay.
semper vigilans: InvestorsR17; rather than ‘traders’;. Edit - IMHO!
crumppot: I don't think they are part of the Kingerlee family, just another family group of investors. They have been at the AGMs and asked questions. From my office too!
crumppot: I don't think they are part of the Kingerlee party, just another group of investors. From my office too!
skyship: "UK property sector was currently under a Brexit shadow" - yes, agreed, in the very short-term property investors are sitting on their hands, activity levels are certainly dropping, but not valuations. Over the medium-term, once we have some direction, IMO that pent-up cash should again stimulate the sector.
skyship: Spangle - the speculative world of small AIM-listed Oilers & miners couldn't be further removed from the mathematical world of commercial real estate. I do occasionally trade that heady world, indeed the Spec of the Year on my JDT thread (BMV) is a very small miner showing a very welcome 50% gain YTD! But those punts are small allocation plays, compared with serious investments into property. Dealing with yr comments in turn: # Price drift: The wider Market really has very little knowledge of HCFT; and of course it is too small for institutional interest. Still, a few investors will learn about these at around the time of the Interim & Final statements. The next key date will be the Finals in c6weeks time - 23rd March last year # IMO unaffected by Brexit # Do not confuse Retail with Warehouse Retail - in this respect here is a relevant para from the last EPIC Finals: "In 2018 the retail sector has come under increasing pressure following a number of tenant administrations and Company Voluntary Arrangements (CVAs). The high street and shopping centre markets have been hit the hardest but there has also been an adverse effect on the retail warehouse sector. However, the Company's portfolio has been relatively resilient as rents are generally affordable, the properties are well-located and, as a consequence, tenants are trading well. The proactive nature and expertise of the Investment Manager has meant that it has often been possible to attract new tenants relatively quickly when voids have occurred." As I believe I posted earlier, HCFT has only one tenant affected by retail slump - a Carpetright store on their Wisbech property. # ...if Kingerlee decides strategically to reduce its stake." Such a move would of course be highly beneficial to HCFT shareholders. In a case like this the controlling shareholder would have to seek a buyer for the company overall. With the prime portfolio and clean structure they would be looking for a price close to NAV - currently c1200p/share! Now that would be nice...
semper vigilans: Good point Skyship. There are other REITs that do not yield as much as HCFT but have a narrower discount to NAV. They don’t seem to be so prudently run either. I think the past has normally shown asset values to be slightly conservative here, but perhaps the spread deters investors slightly.
mtioc: Skyship Thanks. Intresting read. My main issue with PE is subjectivity of valuation. Two surveyors could do a red book valuation of Highcroft's portfolio and would be a max of 10% apart and very likely within 5%. On the other hand, the difference on a PE portfolio could be 20% - even assuming no bias, valuing multiple unquoted businesses is just very subjective. I am therefore skeptical of some of the valuations and hence the supposed discounts. I was in LMS and found the tenders tedious to manage. I saw some comments on CDI, while some posters recognised the expro risk, no one mentioned Stork another O&G services business. The portfolio seems to have a 50% exposure to the sector, which may well get worse before it gets better. This highlights the need for the investor to have a view on the underlying portfolio, which is tricky for most PIs. That said, there were a few interesting companies (eg bpm) that I will look at further. Happy to follow up on PE thread. MTIOC
topvest: Excellent. Chart looks nice here. Nice steady income and capital growth - share price starting to show that investors now like this company.
crumppot: MTIOC - Oxford High St properties sell on very low yields, investors will pay circa 5.0% for these investments. The new investment property is very large but will provide a big income stream and potentially increase dividends for shareholders going forward. I hope the new chief exec will do some deals for the company, refreshing the portfolio periodically.
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