Ing Uk Real Estate Income Trust Share Discussion Threads

[skyship] 27/8/2010 15:32

This is an extract from the Chairman's statement with yesterday's Half-yearly report:

=============================================================

Most notably, during the period we announced and completed the successful
takeover of Rugby Estates Investment Trust Plc, the first takeover of a REIT by an offshore company since the UK REIT legislation was introduced. This
transaction has further enhanced the underlying property portfolio, in a manner that was accretive to Net Asset Value for our existing shareholders, and as a result of the transaction I am also pleased to be able to welcome new
shareholders to our register.

The acquisition has provided the Company with exposure to a number of quality
assets, with existing finance arrangements in place and at a price that
reflected an approximate 19% discount to the Net Asset Value. We believe this
was a more attractive entry route for the Company than the direct market, which has seen considerable competition for good quality assets. In addition, the consideration, which included innovative zero dividend preference share
financing, has provided cashflow benefits to the Company during a time when a
flexible capital structure is needed to manage the risks remaining within the
occupier and wider capital markets.

================================================================

NOW - I know I'm a stale bull, BUT, could IRET repeat the coup by starting to build a stake in surely the only other REIT of comparable size. I refer of course to MCKS. There has been a persistent seller regardless of the falling price, so providing an excellent opportunity for a potential acquiror who is prepared to patiently accumulate.

Meantime, at 46p IRET are now yielding 8.7% on a 22% NAV discount. Certainly attractive; but I suppose in a Risk Intolerant market they could continue to drift. Watching & waiting for a lower top-up.....

[topvest] 26/8/2010 16:28

Still no statement on the zero's!

[lord gnome] 26/8/2010 09:37

Interim report reads well. NAV up to 59 pence per share and the divi fully covered with income earnings per share of 3p against a divi of 2p. Happy to hold for the income and the potential for some capital growth once the sector returns to favour.

[skyship] 16/8/2010 16:05

Still no news re the Zeros ex-Rugby:

==================================================================
There is no change in the situation. We will make a stock exchange announcement when they're listed but I do not have a timeframe for that.

Thanks
Helen
=================================================================

[skyship] 08/8/2010 11:15

Thnx to Westcountryboy for posting this on the TEIF thread - also relevant to IFD & IRET:

[topvest] 05/7/2010 20:05

Sounds like they didn't achieve the minimum required for listing, but are looking at other options. I'm not too worried either way. I'd rather they were listed, so I have the option to sell, but am otherwise happy to hold to maturity as they yield a reasonably positive return. I had expected an announcement, so the delay and the e-mail above implies that they are looking at alternatives to get these listed.

[skyship] 05/7/2010 15:54

TOPVEST - Seems as though you know whereof you speak:

IRET reply to my email:

"Thanks for your email.

The ZDP's are not yet currently listed as there was in sufficient take-up in public ownership. The company is looking at a way of rectifying this and hopefully I will be able to let you know soon.

Kind regards

Helen Stott"

[skyship] 29/6/2010 18:01

All done & dusted - so very soon now we will find out whether those Zeros have a listing:

The Boards of ING UK RET and IRET Securities have resolved that each the
alternative forms of consideration set out in the Offer Document, which include the Share Offer, the ZDP Alternative and the Cash Alternative, will also be extended and will continue to be available to Rugby REIT Shareholders until 1.00 pm (London time) on 29 June 2010.

[topvest] 05/6/2010 20:56

Most of the zdp's are Laxey owned. I think they are on the verge of 10% being owned by other shareholders. I'm not 100% sure, but that may be the cut-off for listing, hence the uncertainty until the end of the extension period.

[skyship] 01/6/2010 08:27

The stats below suggest they will be listed. Surely the Offer doc stated the position without equivocation; otherwise shareholders wouldn't have known what they were accepting!

======================================================

The following is a summary of the elections by Rugby REIT Shareholders as at
1.00pm (London time) on 26 May 2010:

+----------------+-------------------+--------------+
| Consideration | Approximate | Number of |
| election | percentage of | Rugby REIT |
| | Rugby REIT | Shares |
| | existing issued | |
| | share capital | |
+----------------+-------------------+--------------+
| ING UK RET | 19.7% | 11,581,850 |
| Ordinary | | |
| Shares | | |
+----------------+-------------------+--------------+
| ZDP Shares | 39.5% | 23,305,635 |
+----------------+-------------------+--------------+
| Cash | 38.6% | 22,725,556 |
+----------------+-------------------+--------------+

[topvest] 30/5/2010 17:00

No announcement as yet. I think they are waiting to see how many of the non-acceptances take ZDP's. There is a risk that they won't be listed.

[skyship] 30/5/2010 10:53

topvest - not a holder. I was looking to buy the Zeros after listing, but is it correct that they won't be listed?

[lord gnome] 29/5/2010 11:31

LOL asmodeus - I've got a share portfolio like that as well.

[asmodeus] 28/5/2010 22:25

With present exemptions or even without them, I would love to be in a position now to pay capital gains tax (offset by losses)! 60& of a net gain, tax free, would be very welcome.

[topvest] 28/5/2010 21:31

It depends I suppose. I will be happy with a 40% CGT rate, provided we keep the annual exemption and indexation is re-introduced. I suspect many others would be reasonably happy with this.

[lord gnome] 28/5/2010 21:19

I think ZDPs could be something of a liability if there are significant changes to capital gains tax rules.

[topvest] 28/5/2010 21:16

I think they are waiting to see if they get enough ZDP's to make a market. I think some of the last few percentage to accept the offer could make all the difference.

Skyship - did you take ZDP's as me?

There is a risk we get left holding unquoted ZDPs. Nevertheless, they still earn a good return until maturity.

[skyship] 28/5/2010 08:35

Anyone know when the new ZDPs will be listed?

[lord gnome] 27/5/2010 08:38

Post deleted.

[flying pig] 27/5/2010 07:35

All done and dusted

[topvest] 08/5/2010 17:41

Anyone take the ZDP's in the recent offer?

[lord gnome] 06/5/2010 10:15

Doubled up yesterday at 48.75p. Could have got them even cheaper today. Bad timing tut tut. Nice yield though :-))

[martincc] 23/4/2010 15:28

RNS re RUGB,

Today's purchase of Rugby REIT Shares means that IRET Securities, together with
persons acting in concert with it, is interested in relevant securities in Rugby
REIT which, when taken together with relevant securities in Rugby REIT which are
the subject of irrevocable undertakings, represent 52.6 per cent of Rugby REIT's
issued share capital.

[martincc] 15/4/2010 15:41

Agree results look fine, hopefully now a steady NAV rise and 8% divi
Going for the record, 9 rns's in a day so far?