The Local Shopping Reit Share Discussion Threads

[skyship] 02/5/2014 13:47

For the avoidance of doubt - BT & Tilts are fans of the round bladder, so I suspect they are referring to stadia rather than coffee grounds.

My guess is that with the commercial property market so active, Allsops will be pushing for an end May cut-off for offers

Eezy - the last reported EPRA NAV is 48p - work to that as your minimum - NOT the accounting stat of 41p.

[tiltonboy] 02/5/2014 12:55

Paid up a little to get stock (30.875). I have no confidence whatsoever for tomorrow. At least I will get a few new grounds in!

[badtime] 02/5/2014 12:50

Let me guess 30.75 :)

[badtime] 02/5/2014 12:36

Wot price u pay?PS confident about tomorrow?

[tiltonboy] 02/5/2014 12:26

I picked up 125k.

[redhill9] 02/5/2014 12:15

EezyMunny, yes I know all that. I wasn't looking for investment advice I was merely commenting on today's share price movement in light of no apparent activity.

[eezymunny] 02/5/2014 11:26

redhill

Last reported NAV was 41p/share.

LSR have invited bids for about half (NOS2, NOS3) the properties at a valuation "in excess of" their last valuation.

An investment in LSR is simply a bet with heavily geared upside/downside from 41p depending on what they end up selling them for. It's a bit of a punt - but share price moves until we know the outcome are likely to be "noise"! Ignore them and concentrate on whether you think a NAV-or-above sale is likely IMO.

[tiltonboy] 02/5/2014 10:53

I am in the process of taking the loose stock!

[badtime] 02/5/2014 10:08

the bids been at 30.5 this week now at 30...no news i can see ..might be a delayed sale knocking the price...might be a mm with a order to fill trying to knock a few loose ones....then we hav tilts who wants to buy at 30.75....ye its probably his fault :)

[redhill9] 02/5/2014 10:03

Odd - share price down over 1p today on no news that I can see, and no reported trades (according to Barclays). Any thoughts?

[eezymunny] 22/4/2014 11:03

"the local shopping reit plc is disposing of their entire share capital in two companies known as nos 2 limited and nos 3 limited (registered numbers 05419208 and 05700580 respectively), which own the legal title to the 233 properties"

hxxp://www.allsop.co.uk/uploads/pdf/property/property_5323_.pdf

Also worth noting "the allsop auction all average retail Yield fell from 8.75% in May 2013 to the current level of 7.75%"

With annualised rent at c. £15m that would give a value of c. £193m to the whole portfolio if sold on a 7.75% yield and a TNAV of c. £60m or c. 72.5p/share. I really have no idea at all how achievable that is....

The whole thing is a leveraged gamble on what they sell for. One that I'm prepared to bet modestly upon!

[skyship] 22/4/2014 10:59

From the Allsop prospectus:

"Project Minard is a unique opportunity to purchase the corporate entity
which owns a high yielding diverse portfolio of 234 local shopping assets
in urban and suburban centres throughout the UK."

[eezymunny] 22/4/2014 10:38

Current assets in NOS 3 are primarily "amounts owed by group undertakings" £2.9m + bits and bobs = total cur assets £3.15m less cur liabs "amounts owed to group undertakings" £.64m + bits and bobs total £1.14m

So mostly intra group stuff, trade creds/debtors etc

From memory it's the NOS2/3 companies that are being marketed not just the properties within them.

[gfrae] 22/4/2014 09:42

EezyMunny,are "net current assets" cash do you think?if they are then presumably they are not part of the portfolio being sold?

[rohkap] 17/4/2014 19:57

Skyship-afraid no trade knowledge! Co-star article mentioned alsopp were the agents so I checked their website.

If I had to guess how long the deadline is, would imagine 6-8 weeks at least for buyers to complete due diligence as a large number of properties involved in this transaction

[badtime] 17/4/2014 11:25

I have a position... But waiting to c if it drops back before adding

[skyship] 17/4/2014 11:15

Hi BT - surely an offer that low now only possible if the news from the Ukraine gets really serious; otherwise I have a feeling that in a few weeks time the current offer at 32.5p is going to look really cheap...

DSC seem to be steadying up nicely since you bought back in there; but they remain skittish!

[tiltonboy] 17/4/2014 11:14

I am at the moment. Doesnt look like I will be getting them in a hurry.

[badtime] 17/4/2014 11:10

Tilts u still waiting for that 30.75

[skyship] 17/4/2014 10:23

Does anyone have a handle on how long a property portfolio like this might be expected to take - 6weeks, 2months, 3months?

Rohkap - you first posted the Minard link - do you have some trade knowledge in this respect?

If no concrete thoughts I'll email a commercial property friend - in fact I'll do that now in any event...

[skyship] 17/4/2014 07:26

The Minard Maiden Plate - Runners & Riders:

gfrae - 75.00m
Redhill9 - 76.00m
Bscuit - 80.80m
stupidboypike - 80.90m
Tiltonboy - 81.20m
NK104 - 82.00m
Spittingbarrel - 83.00m
Mozy123 - 83.60m
SKYSHIP - 84.80m
AlanJI - 85.00m
Badtime - 87.00m

In traditional averaging models you drop the two outliers (the top and the bottom) then you average the rest. At the moment the adjusted average = 81.92m.

[badtime] 16/4/2014 23:12

My French isn't up to much...is that a tent u r offering?

[skyship] 16/4/2014 21:32

BT & Tilts - always welcome in the Maison des Amis across the Lawn; the Chateau is really quite cosy, so only room for us and the staff. Also the chauffeur is really an old retainer these days - won't drive for more than 3hrs, so you'll have to take the TGV to Agen or fly to somewhere reasonably close...

[badtime] 16/4/2014 19:26

Tilts I'm expecting travel by first class as well