Highcroft Investments Share Discussion Threads

[semper vigilans] 09/6/2015 16:08

Some buying again!

I see JH bought some more last week - hope this is other director(s) acquiring.

[losos] 07/5/2015 10:36

SV Record day is tomorrow, drop today due to Ex/div

[semper vigilans] 07/5/2015 09:11

Tomorrow I think.

[crumppot] 07/5/2015 09:09

Ex dividend today?

[losos] 06/5/2015 23:00

Semper Vigilans - got in quite early, went out for the day, got back to see a decent rise, not often that happens to me ha ha, everyone buying it seems.

[semper vigilans] 06/5/2015 15:13

Hmmmm - nice upward movement.

[crumppot] 21/4/2015 12:39

I note the recently appointed MD hasn't bought any yet!

[semper vigilans] 21/4/2015 12:19

I trust that the new non-exec will have bought a fair few shares prior to the AGM.

[crumppot] 26/3/2015 09:51

Good figures. Looking for more acquisitions to the portfolio I would think.

[semper vigilans] 26/3/2015 08:09

Steady progress as usual.

[mtioc] 06/1/2015 12:09

Agreed, it is now much more difficult to see decent property businesses at discounts to NAV. As per my previous posts, I recognise that the obvious value has been realised and the rationale for holding HCFT is as a tax efficient, inflation-linked and easily understandable (important for me) income play. In the same broad sector, for different reasons, I have held Big Yellow, Conygar and Dev Secs for some time.

Thanks for highlighting LXB, which looks interesting, and I will look at the CP+ thread.

PEQ appears to be effectively a US Venture fund of funds with a London listing. Its success will be driven by big winners (see recent reports re Twitter). I can see the macro US$ play, but I do not have enough of an understanding of the underlying funds etc.. and US Venture has had a good run.

[semper vigilans] 06/1/2015 11:49

It would be good to see the Chief Exec. pick up a few.

[skyship] 06/1/2015 07:51

"Not sure I'd add too many more at this level"

Have to say it is the problem across the sector now as most propcos are trading at a premium to their underlying, admittedly historic, NAVs.

Property & Private Equity are my favourite sectors; and I'm usually holding c30% of my SIPP in each. Now property down to just 15%.

LXB seems to me to be the best value at the moment as the build-out NAV is estimated to be in the region of 175p versus the current 137p sector. Others are followed on the CP+ thread.

My preferred play in the PE sector is PEQ on a 20% discount. 100% invested in the US, so a good buy for believers in the emerging US$ bull market...

[mtioc] 05/1/2015 21:46

Owned these shares for a few years in a SIPP and revisited them recently (benign neglect?) and was pleased to see that they had progressed nicely.

FY2013 looks like £10.1m of cash outflow (£8.5m acquisitions + £1.6m divi) funded by bank debt (£4m), disposals (£3.7m) and cash flow (£2.4m). Appear to be using conservative leverage to build b/s, but NAV still below 2005 level.

Decent yield on assets with very low admin costs. If in a SIPP, very little leakage from underlying asset yield to received yield.

Discount narrowed appreciably, and now appears to be at a slight discount(few % depending on spread) to current NAV with a yield of c. 4%. Important to note that the five disposals in 2012/13 realised an average of 40% premium to previous book value. Probably cyclical and also reflect small assets held for a long time (c. 15 years), so cannot apply to whole portfolio, but does still suggest HCFT has some "margin of safety" in the property valuations. Also, disposals seem smart - getting out of high street (at attractive valuations or low yields) or opportunistic office disposals.

Interims also positive.

Not sure I'd add too many more at this level, but will hold and see if there is an opportunity to buy at a lower price(e.g. sub £8).

[crumppot] 12/12/2014 13:24

Family member?

[semper vigilans] 12/12/2014 12:50

I wonder who sold/disposed of those shares?

[semper vigilans] 13/11/2014 11:17

Tiny trades giving this a shove.

[topvest] 22/8/2014 19:42

Yes, a great little company this one. Excellent results again.

[crumppot] 22/8/2014 11:26

Good results. Looking forward to hearing what they do with the rest of the cash they hold.

[semper vigilans] 22/8/2014 10:55

Solid stuff.

Is there anybody out there?

[semper vigilans] 19/8/2014 15:00

Nearly time for interims.

[crumppot] 02/4/2014 17:43

Indeed. Be interesting to see what they do with the proceeds of this building and the other two they recently sold.

Perhaps they might try and develop something?

[semper vigilans] 02/4/2014 16:53

Another decent sale - hope all of the property valuations are this conservative.

[topvest] 27/3/2014 11:26

Yes, solid progress.