Industr. Multi Share Discussion Threads

[lavagrouch] 15/10/2014 09:27

This is interesting / opportunistic

ISIN IM00B4N9KC32

ANTLER INVESTMENT HOLDINGS LIMITED, A HOLDER OF INDUSTRIAL MULTI PROPERTY TRUST PLC, IS LOOKING TO GAUGE INTEREST OF HOLDERS WHO WOULD BE INTERESTED IN SELLING THEIR SHARES AT A PRICE OF 55P PER SHARE.

PLEASE NOTE THAT THERE IS NO GUARANTEE OF SHARES BEING PURCHASED BY ANTLER INVESTMENT.

IF NO ELECTIONS ARE MADE WE WILL APPLY THE DEFAULT ELECTION TO YOUR HOLDING AFTER THE REPLY REQUIRED DATE FOR PROCESSING PURPOSES.

PAY DATE IS INDICATIVE.

EX AND RECORD DATES SPECIFIED ARE FOR PROCESSING PURPOSES ONLY AND THEREFORE SHOULD NOT BE RELIED UPON FOR YOUR ABILITY/ENTITLEMENT TO PARTICIPATE IN THIS EVENT.

[the troll] 08/10/2014 17:48

this SP's in no man's land.

it's either;

1); a viable secondary commercial property-stock, to which the market ( traditionally ) applies a discount of c. 30 - 40 % to stated NTA's.
last reported NTA = £2.23 ps, so expect share price = c. £1.33 ps 'bottom end', yeah ?

OR;

2); it's unviable & not likely to survive it's next re-financing, expect share price c. 5 - 10p.

so where the hell does this 53p come from ( since I'm leaning towards 1); I suppose I should buy some more, but as Iron Storm suggests, they may yet get even cheaper ).

[ironstorm] 29/9/2014 16:11

Expect some weakness over the next month as some people may have to sell. Keep an eye out there may be some barmy prices coming.

[scburbs] 09/9/2014 17:02

EezyMunny, The recipient of the 15% interest (ARTL) is listed (on the specialist fund market) and trading at a material discount (c.50%) to NAV so you may want to buy some of them.

IronStorm, You can hold ARTL with TD Investing so I would assume IMPT will be possible too. You may need to complete (& pass) an experienced investor questionnaire though.

[eezymunny] 09/9/2014 15:08

I guess it only goes up as and when current situation changes. Currently Alpha are most definitely stiffing us with their 15% interest rate. All that will convince me we are not being stiffed is when they sell off some properties or refinance as they say they will.

As you say I don't thing the mgt have done anything yet to convince me that their intentions are anything but honourable - I'm just conscious of the powerful position Alpha currently hold here.

[ironstorm] 09/9/2014 13:56

Thanks Eezy.

I will check with TD Investing to see what they will do.

Thinking on this I am starting to come round to the idea. Costs to be reduced and purportedly better access to finance should help the NAV gap narrow. And so far this management have not stiffed us and I am sure they could have.

So I hold for now too and hope to see this increase by the year end after the next IMS.

[eezymunny] 09/9/2014 13:14

FWIW I received this from my broker Iron

"he Specialist Fund Market is the London Stock Exchange's regulated market for specialist investment funds, targeting institutional, professional and highly knowledgeable investors. It is for this reason that xxxxx does not trade on this market. Assuming that the proposals are approved you will therefore be unable to purchase any more shares in Industrial Multi Property Trust from the 27th October 2014. The stock will be removed from our website and if you wish to sell your shares you will need to do so by contacting our telephone dealing team."

So I assume OK to hold in my account, tho not entirely clear.

One wonders if Alpha have our best interests at heart (this move plus lack of action on the sales front) but have decided to continue holding given NAV (which has much more likely than not bottomed IMO) so far above share price Also notice one II increasing. Wouldn't surprise me to see a bid if current situation persists - tho that's just idle speculation.

[ironstorm] 09/9/2014 12:44

Well thats a bit of a turn up that they want to de-list from the main market and re-list on the Specialist Fund Market to reduce ongoing costs and allow the Board to take advantage of commercial opportunities that may arise.

There is also talk of future financing options and improvement in the efficiency of entering these - whatever that means.

As part of this they will be ditching pre-emption rights - too much hassle apparently - and no need for shareholder approval on corporate actions. Though they still expect to do most of this.

In reality probably not a big deal as these are not especially liquid. But would welcome other views as I don't know if they can still be held in a nominee account (like mine are) or whether it is as easy to deal electronically etc..

[ironstorm] 27/8/2014 19:05

Well maybe - but selling below book (as long as not a lot below
book) looks like a good start. Because whilst they have saved the
company now they need a plan to realise the value.

And hope is not it. In five years time they will be at the same
level of debt, the cash will be gone and I wouldn't want to place a
bet that valuation will have gone up lots. Certainly increases to
utilisation will stop the cash drain but it is not enough to pay us
out.

Selling at 10% below valuation would not take us below 200p NAV.
Selling enough to pay off the expensive debt will see us profitable
and able to grow again.

Where's the plan FFS!

[the troll] 27/8/2014 18:02

on the other hand, they've got modern & attractive units to
offer.

maybe this management simply isn't willing to sell below book
value ? justifiably perhaps, especially in view of the economic
'miracle' we're supposed to be experiencing; maybe they'll turn
out as the bargain of the decade, who knows ?

[the troll] 27/8/2014 11:48

59.5p share price = 73.3% discount to NTA, looks grim.....see also IERE.

[ironstorm] 27/8/2014 08:31

No real change to the situation here - until they achieve those
asset sales.

Cash outflow of c£600k giving us 5 years of cash at that
rate.

If you are writing to the Chair could you ask him to RNS asset
sales as that is the only way to get closer to NAV and
profitability.

[red army] 27/8/2014 08:12

Cannot understand as to why they have not achieved any sales to
reduce LTV
I shall be writing to the Chairman about this as shareholder value
is at risk.

[red army] 23/8/2014 10:28

Target still £2

[ironstorm] 23/8/2014 08:02

Well we are due an update here in the next week. So hopefully news on asset sales.

[eezymunny] 14/8/2014 08:23

Also worth noting



Industrial properties acquired on 8% yield.

The IMPT prop portfolio currently yields c. 10% suggesting that as and when they "reduce the LTV ratio through limited strategic sales" that they have a good chance of achieving NAV+

Time will tell - meantime we are lumbered with the unpleasant current finance charges. I remain of the opinion that this might have spectacular upside but with plenty of risk until they offload some properties at a good price...

[ironstorm] 14/8/2014 07:52

Looks like a little bit of stakebuilding - long May it continue

[ironstorm] 04/8/2014 17:21

Just as a comparison was looking at Town Centre Securities (which is not directly comparable but as close as I can find). IMPT in brackets

Share Price Discount to NAV 20% (70%)
Occupancy Levels 98% (87%)
NAV improved by c8% recently (-)
Divi c1.5% (-)
Profitable (Loss making)
LTV 50% (c83%)

BTW if my calculations are correct an 8% increase in NAV could see the share price rise by 25% to maintain the same discount. However 8% might be a big ask as they are loss making.

[ironstorm] 04/8/2014 11:17

An update to NAV is due this month - looking for the valuation to have improved. Any news of asset sales would be a bonus.

BTW first time I have set up a thread - let me know if it needs to improve.

[ironstorm] 04/8/2014 11:08

In 2014 we should see:

- Valuations Increasing - NAV increasing from the Middle of the year
- Increasing Occupancy - From an improving economy and better management
- Asset sales at or above NAV.
- Debt reductions
- Break even over the year - driven by increased income and reduced debt payments