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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Invista Fnd Tst | LSE:IFD | London | Ordinary Share | GB00B01HM147 | ORD SHS NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.50 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 35.50 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 18/10/2023 | 16:08 | RNSNON | Schroder Real Estate Inv Trst Ld Investor Presentation |
| 27/7/2023 | 14:11 | RNSNON | Schroder Real Estate Inv Trst Ld Investor Presentation |
| 02/6/2023 | 11:18 | RNSNON | Schroder Real Estate Inv Trst Ld Investor Presentation |
Invista (IFD) Share Charts1 Year Invista Chart |
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1 Month Invista Chart |
Intraday Invista Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 14/3/2012 | 20:04 | Insight Foundation Trust ( Commercial Property) with charts | 517 |
| 28/4/2010 | 11:08 | Insight Foundation Trust ( Commercial Property) | 85 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 19/2/2012 13:16 by dendria Sleepy - the 14 March 2012 EGM is for the name change. If approved IFD would be renamed 'Schroder Real Estate Investment Trust Limited' and the code changed from IFD to SREI. |
Posted at 14/2/2012 09:44 by sleepy The placing was discussed at some length on this Board at the time. The market (and the IFD share price) had already well recovered by July 2010 and there was certainly no need for it. It has been dilutive to both asset value and dividend cover. The management company has presumably benefited from extra fees as a result of the placing. |
Posted at 14/2/2012 09:32 by skyship Sleepy - 2007/8 was a near catastrophic bear market for all commercial property companies. Most companies had heavily dilutive Rights Issues in order to survive/recapitaliseThat said, the share price has marginally underperformed; but I expect that under-performance might soon be reduced. Of course, if you adjust for the dividends we have been receiving, performance is on par, or even better than the "big boys". |
Posted at 02/2/2012 14:49 by skyship Going back to Jan'11 IFD has still outperformed PCTN. But going back to the start of Jan'12, PCTN has substantially outperformed. A good switch perhaps SELL PCTN @ 42.5p BUY IFD @ 32.5p... |
Posted at 01/2/2012 17:46 by skyship What is often forgotten with IFD is that there is a continuation vote at the AGM in Sept'14 - OK, still quite a long way away, but yet another safety net for shareholders.This is what the Chairman, Andrew Sykes, said in a letter to me in Sept'11: "You should also be aware that the Company has a continuation vote in 2014....we would expect to canvas the views of major shareholders well ahead of that date in relation to the Company's future strategy. The Board is working hard to deliver the best possible outcome for shareholders, both in terms of the Company's NAV and its share rating. We will continue to review any opportunities to enhance either of these as they arise." I shall be writing to him again tomorrow to reiterate my request for share buybacks - a re-rating scheme now doubly appropriate with Schroders choosing to reduce their holding... |
Posted at 27/1/2012 14:36 by skyship There remain just two and a half days to buy IFD before they go ex the latest 0.88p dividend: "The dividend payment will be made on 17 February 2012 to shareholders on the register on 3 February 2012. The ex-dividend date will be 1 February 2012." If you BUY @ 33.0p (currently on offer @ 32.967p online) you do so at a 10.66% yield and on a 41% EPRA NAV discount. An unpopular sector for sure; but IFD has to be one of the cheapest stocks on the LSE. I've added a few again today... |
Posted at 25/1/2012 15:18 by envirovision Just logging in from holiday here all looks fine to me, i expect plantation place would be rns'd only with decisive news, the 900K charge for the picton approach and management change seems out of order though. Other than the the share price is still at a stupid low level. |
Posted at 25/10/2011 09:29 by davebowler Real EstateInvista Foundation Property Trust (IFD / HOLD) September NAV. n IFD reports an adjusted NAV per share of 55.9p as at Sep'11 reflecting a decrease of 1.9% in the 3 months since Jun'11. The NAV decrease is a result of the uncovered dividend and a £0.8m (-0.2%) decrease in the valuation of the like for like portfolio. n The property portfolio was valued at £331.55m at Sep'11 and produces a rent roll of £22.35m which equates to a net initial yield of 6.4% (6.52% at Mar'11). A further £2.8m will be added to the rent roll from asset management initiatives (expiry of rent free periods, fixed uplifts etc) by Sep'14 which will raise the net initial yield to 7.2%. n New lettings generating an additional £472k in rent were completed in the quarter. The void rate on the portfolio has decreased to 12.06% (12.85% at Jun'11). 1.96ppts of this is under offer to new tenants. n The pre-let development funding of the BT building is expected to complete shortly at a price of £14.9m (7.6% NIY). The property is let to BT on a 15 year lease with no breaks for £1.2m p.a. (subject to fixed uplifts of 3% p.a.). The property has been valued at £18.9m by the company's valuers and will add £3.1m (after acquisition costs) to IFD's NAV on completion. n JVs - £60k was added back to NAV from JVs during the period (all from Merchant Property Unit Trust). It is interesting to note the value of IFD's holding in One Plantation Place Unit Trust (OPPUT) continues to recover (£8m at Sep'11 vs. £4m at Mar'11). The investment continues to be held at nil value due to the ongoing LTV breach (87% LTV vs. covenant of 82.14%) on the securitised debt facility associated with the property. n Net LTV was 40.3% at Sep'11 (39% at Mar'11) against a LTV covenant of 60% and the interest cover ratio is 226% against a covenant of 150%. n The dividend has been maintained at 0.88p per quarter (9.8% yield). Liberum View n IFD trades at 36p reflecting a discount of 36% to the Sep'11 NAV. The current dividend offers an attractive yield of 9.8% although the low dividend cover continues to over hang the shares (we estimate c. 56% dividend cover in the year to Mar'12). We expect the dividend cover to increase to c. 80% in the year to Mar'13 as a result of acquisitions and asset management initiatives. We do not expect the dividend cover improvement to be a short term catalyst for a share re-rating Remain HOLD. n We note the potential NAV uplift from JVs particularly Plantation Place. IFD's adjusted NAV of 55.9p only excludes the mark to market adjustments of swaps held on balance sheet. If we exclude the swap liabilities on JVs and include IFD's share of OPPUT the potential NAV uplift could be £18m or 5p per share. The vast majority of this relates to Plantation Place which clearly carries a greater risk of realisation given the current covenant breach. n We await further details regarding the proposed merger between Picton Property Income Ltd and IFD. PCTN has until 31 October to announce a firm intention to make an offer. |
Posted at 26/8/2011 14:34 by skyship Just gives late entrants the opportunity to benefit. The PCTN approach has to be dead in the water IMO.This is what I wrote to the Chairman two weeks ago: ==================== Andrew Sykes Esq. INVISTA Foundation Property Trust Trafalgar Court Les Banques St. Peter Port Guernesey GY1 3QL 10th August 2011 Dear Mr Sykes RE: INVISTA Foundation Property Trust ("IFD") I am a private investor holding xxx IFD shares in my SIPP and in my personal portfolio. I am writing to express my considerable disappointment in a critical element from your Chairman's Statement in the 11th July Annual Financial Report. Under the heading of Strategy you state: "Over the past year the most important objectives for the Board and Investment Manager have been to grow income and dividend cover over the medium term, whilst also ensuring that the Company can withstand further short term market volatility." This is of course all very well for the Investment Manager, Duncan Owen, as he reiterates further down in the Report. However, for the Board the principal objective must be, as ever, to maximise shareholder value. One of the prime targets for the Board has to be to reduce the historically high NAV discount. Indeed, this somewhat strangely appeared in Duncan Owen's Report. This discount has grown yet further in recent months, regardless of the improved stockmarket conditions of 2009/10 and the improved property conditions at the same time. One reason for the lacklustre share performance must surely be the prolonged uncertainty regarding the Investment Manager status. It may be a debatable issue, but there did appear to be a rather unseemly period when Duncan Owen & his team arguably put their own interests ahead of the interests of the shareholders of Invista Real Estate Investment Management Holdings ("INRE"). It is not an accusation, it is an observation. Until you are able to report a satisfactory replacement for the old regime, the uncertainty will surely continue, further damaging shareholder value. That said, delivering shareholder value is increasingly difficult without some more profound action; indeed it may not be possible under any circumstances other than through the voluntary winding-up of the Company. This is an action recently and bravely decided upon by a number of companies, as you will no doubt be aware. I am personally aware of the following examples: # Gresham House # Henderson Private Equity Trust # Invista Real Estate Investment Management Holdings # Invista European Real Estate # Matrix European Real Estate A quote from the Gresham Annual Report effectively summarises the conditions for all five of those companies; and I contend also applies to IFD: "After careful deliberation, your Board will be recommending to shareholders at the AGM that the Company should amend its investment objective to enable the orderly realisation of the Group's assets over a period of approximately two years with a view to returning capital to shareholders thereafter. The present downturn in the commercial property market, coupled with the restricted availability of bank funding, will create a very flat market over the next few years thereby presenting fewer opportunities to generate returns for shareholders. This amendment to the investment objective should also address shareholders' concerns over the discount at which the shares are currently trading." I would welcome your comments upon the all of the above; and I hope that at the AGM on 6th September you may be in a position to put to shareholders a resolution similar to that proposed by Gresham House and others. Yours sincerely ==================== Needless to say his reply received today is brief and anodyne: "I can assure you that the Board shares your concerns about the discount at which our shares trade, and we have been working hard to address the uncertainty around the future which you correctly identify." "Attached is a copy of an announcement we released on 19th August, which sets out some significant steps which are now under way. Yours sincerely Mr Andrew Sykes, Chairman ==================== I shall be replying... |
Posted at 19/8/2011 09:10 by davebowler LiberumReal Estate n Invista Foundation Property Trust (IFD / HOLD) New investment manager and merger talks with Picton Property. IFD reports that it has received a merger approach from Picton Property Income Ltd ("PCTN"). A non-binding indicative offer was received by IFD's board on 29 July 2011 and discussions are ongoing. Separately, (as expected) IFD has announced that heads of terms have been agreed with Schroders Property Investment Management Ltd to take over as investment manager of the portfolio from Invista Real Estate Investment Management. Under the proposed terms Schroders will be paid a management fee of 1.1% of NAV (expected to generate savings of £1.8m p.a.). The contract will not be subject to a notice period or termination fee should the merger with PCTN proceed. Schroders intends to recruit certain senior executives from IREIM who have been part of the management of IFD's portfolio in the past and would therefore provide continuity of management and a strong knowledge of the existing assets. Liberum View: We view the potential merger with PCTN as a positive development for shareholder value for IFD. Liquidity would be enhanced as the market cap of the enlarged company would be c. £296m (based on current prices) vs. a current market cap of £128m for IFD. We would also expect a realigned, covered dividend - PCTN currently pays a dividend of 4.0p (8.2% yield) which we estimate was c. 105% covered in 2010 by recurring profits and cover should increase going forward due to lower management costs. IFD pays a dividend of 3.5p (9.8% yield) but only c. 50% covered in the year to Mar'11 although we see this increasing to c. 95% by Mar'14 as a result of asset management initiatives and acquisitions. Consequently we would expect the discount for the proposed enlarged company to narrow from IFD's current levels (IFD currently trades on a 37% discount to Jun'11 NAV). |
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