The Local Shopping Reit Share Discussion Threads

[skyship] 25/10/2014 07:32

Holts - no, if it had been a sale, then I would have had 10k knocked off my existing holding..

BT - always room for a little more at the right price

Papy - well there we are then - happened to you too - report to Selftrade and ask for a review. I'll let you know here if I get a reply to my complaint.

[papy02] 24/10/2014 18:50

Sky, snap, the same thing happened to me w Selftrade this am, with the same LSR prices (dealt at 36.93 when expecting 35.?? as per quote screen). I put it down to me having read the wrong price, as Holts suggests, but that would be a first for me. I may start taking screenshots of the quote screen to have evidence to check back on.

[badtime] 24/10/2014 18:28

Sky i thought u had reached yur max!

[holts] 24/10/2014 18:13

If I could venture a possibility , having done it once with selftrade , the way the quote comes up sometimes , one glances at the price presses buy , but then realise the price you looked at was actually the sell , otherwise I don't think it's possible to deal at a different price with its expiring nature .

[skyship] 24/10/2014 18:03

Garbet - yes indeed. The bizarre thing however is that when I tried to buy 10k @ 35.88p this morning, that price showed on my Selftrade A/c, pushed the buy button; and it dealt at 36.93p with ISDX!

I have registered bewilderment and a complaint to Selftrade; but can't understand how that might happen.

Tilts might know being in the game still. Are you there Tilts?

[garbetklb] 24/10/2014 09:55

Once again, the morning seems to be the time to buy - another 16,000 at 35.88p following someone else buying 30,000 at the same price an hour and a half earlier. Yesterday's trades all 36.25p upwards.
That's me done now, unless something changes significantly - holding about 3/4 of the stake I had before. Now just sit back - and worry about some of my other holdings!

[speedsgh] 23/10/2014 18:24

ok, thanks. early stages of due diligence so lots of reading to do. any pointers as to the most important docs/announcements to look at would be most appreciated. TIA

[skyship] 23/10/2014 17:15

Many mechanisms, but none indicated as far as I recall. I suppose it depends on what %age of assets are disposed of. If all go then surely a capital repayment with 2%/3% retained to cover final costs of liquidation.

[speedsgh] 23/10/2014 16:48

Skyship - have LSR indicated how any future return of capital will be distributed? Dividend/tender offer or some other mechanism?

[skyship] 22/10/2014 15:00

Lauders - welcome - hopefully the pattern will repeat and you'll have a chance on a Limit perhaps.

[cwa1] 22/10/2014 14:48

OK tilts, nuff said. Cheers!

[lauders] 22/10/2014 14:45

Thanks for highlighting these again SKYSHIP. Will see if we have another dip in due course and pick some up. I cannot buy in the mornings only the afternoons when I finish work. I always tend to rush in too soon anyway!

[tiltonboy] 22/10/2014 14:40

CWA,

There is a complex set of rules that decides when trades are marked, and I wouldn't even try and decipher them. It's all to do with NMS and average daily volume amongst other things.

[badtime] 22/10/2014 14:32

Sp responding to last Friday's news at last

[gfrae] 22/10/2014 14:17

If the buyer of the properties also takes on the bank loans there should be no bank fees,as with Project Minard.
If you are referring to the interest rate swaps the hit would be equivalent of the interest that they would otherwise have had to pay until their expiry.

[skyship] 22/10/2014 14:02

Below are the details of the Internos fee to be paid upon the liquidation. Clauses c) & d) suggest a terminal payment of:

c). c 0.56p/share
d). 1% of c£160m = £1.6m = 1.94p/share

TOTAL = 2.5p/share

Allowing for the above, the historic EPRA NAV of 49p and the continually accruing rental income, I'm hoping that my 46p estimate for a future pay-out is realistic.

I'm not sure whether we should be allowing for a penalty for early repayment of the Bank Loans. Does anyone recall whether there has been any announcement on that score in any of the post Strategic Review statements?

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

Under the management agreement (the "IMA"), the Company has agreed to grant INTERNOS the following fees in respect of investment management, asset management, administration and ancillary services:

a) an Asset Management Fee of 0.70% of "Gross Asset Value" per annum calculated from the Effective Date, subject to certain minimum amounts;

b) an Annual Performance Fee comprising 20% of recurring operating profits for each financial year of the Company (after disregarding any redundancy or other staff termination costs incurred by the Company) above an annually agreed hurdle, rebased quarterly downwards on a pro rata basis to reflect sales;

c) a Sales Fee payable on the disposal of assets, subject to a ratcheted scale (0.0% for less than GBP50 million, 0.5% for GBP50-150 million and 1.0% for GBP150 million or greater of aggregate sales); and

d) a Terminal Fee, calculated as 5.7% of any cash returned to the Company's shareholders above the "Terminal Fee Hurdle", calculated at 36.1 pence per Company share in cash returned to the Company's shareholders per annum from the Effective Date, excluding dividend payments from recurring operating profits, rising by 8% per annum after the first year, reducing on a pro rata daily basis each time equity is returned to the Company's shareholders above any dividend payments from recurring operating profits.

The fee structure is designed to reduce the basic administration cost of the Company, such reduction estimated to be approximately GBP600,000 per annum. In addition, INTERNOS are incentivised to sell assets whilst maximising returns to shareholders.
===========================================================

[skyship] 22/10/2014 10:59

Ahh - Tilts bidding 35.5p perhaps - quite right too - wouldn't want you to be left behind on this 2nd, 3rd, 4th time around!

[cwa1] 22/10/2014 10:47

Thanks for that tilts, that explains it. Just as a matter of interest, does the trade not have to be actually delayed in reporting any to be called a delayed trade? It was published instantly. No worries whatever, of course and thanks again!

[badtime] 22/10/2014 10:46

Tilts...bide yur time ...may well be one at Brighton soon :)

[tiltonboy] 22/10/2014 10:41

They only become delayed trades when the trade is a certain x NMS.

Cheap stock appears to have gone now. Well bid at 35.5p.

[cwa1] 22/10/2014 10:21

Interesting that Sky, on the LSE site it says this: Ordinary Trade - delayed publication request. Now I know I didn't request a delayed publication AND it was published on ADVFN exactly contemporaneously with my trade, so don't quite understand the logic behind it!

[redhill9] 22/10/2014 09:30

Seems as though we have an intellectual Francophile at Alsopps...

And also on this board it seems.........!

[skyship] 22/10/2014 09:21

Ah - so first thing seems like the time to buy cheap stock. Wonder why they reported the trades as "L"?

On a trifling matter:

Project Minard - seemingly named after the French Civil Engineer Charles Joseph MINARD

Project Renouvier - seemingly named after the French philosopher Charles Bernard RENOUVIER

Seems as though we have an intellectual Francophile at Alsopps...

[cwa1] 22/10/2014 08:42

And, FWIW, I dipped a toe in and bought a maiden stake at 35.43p this morning too Sky, you finally wore me down ;-)

[eeza] 22/10/2014 08:38

No, mine was 1st trade today - 3324 @35.43p (Buy).