London & Associated Prop... Share Discussion Threads

[sammu] 07/4/2010 08:12

Brixton market given grade II listed status today apparently, which will presumably require LAS to change their plans for this asset.

[sammu] 31/3/2010 23:08

Results will sneak out as normal I guess, but they should be quite positive, so I topped up a couple of weeks ago.
There are plenty of interesting property companies about, trading at big discounts to NAV though.

[topvest] 14/3/2010 14:39

A bit of weakness before the results. Expect a good bost to year-end NAV. Looking cheap now that leverage has been reduced?

[topvest] 04/1/2010 21:02

Another better opportunity to buy. Should move back up of the trend line now on the above graph.

[topvest] 10/12/2009 22:07

Yes, I think you are right. No doubt they will want to get well placed well before Sep 2011.

[sammu] 10/12/2009 00:14

September 2011 isn't it?

I think there are taking advantage of a strong market for prime well let assets (well the London sales) where there is no more value to be added.

[topvest] 07/12/2009 09:12

Looks like they are selling properties to minimise risk on their loan facility that expires next year.

[sammu] 07/9/2009 20:08

Following results these seem to be benefiting from the upturn as hoped. Up about 20% already in less than 2 weeks.

An uptrend indeed.

[1nf3rn0] 28/8/2009 08:35

Looks like an uptrend to me.

[sammu] 26/8/2009 23:15

Interesting to read your views. I can't say that I agree with your conclusions. I do agree that there is a lack of clarity regarding banking convenants, and that this adds some risk.

However the recent upturn in property stocks due to signs that the market is bottoming, has not benefited LAS yet.

I was in Windsor a few weeks ago and saw that the barretts and officers club stores were still empty, and there may have been one other, but otherwise it looked fine, and I think it would be clasified as prime property which is particularly important in the current climate, where prime is significantly outperforming secondary stock.

The quality of the prelets in islington and kings road should be significantly beneficial to valuation, and it will be interesting to see progress here.

I think interims are due in the next few days/weeks which should give some further limited guidance.

[topvest] 06/8/2009 16:11

Been thinking hard about ditching these this week; very disappointing, as I've liked this property company for years. Just sold all of mine for a third of the high, but still made a profit overall on cost. Will get back in if things look better later in the year.

This is always thought of as a prudent property company, but unfortuantely the Heller's geared up a little too much at exactly the wrong time. They are undoubtedly good at what they do, but I suspect they are a tad worried about breaking their excellent record over the last quarter of a century.

I've studied the accounts. NAV was £40m at 31 Dec, albeit debt fair value adjustments do knock £14m off. With another 10% off the property portfolio, taking the yield to 8.5% (not excessively prudent), this will take group net asset value down to £20-30m or so and put Analytical Properties into a net liability position. The debt here I believe is non-recourse, but there are intercompnay balances as well. So if Analytical Properties breaches, then they will potentially lose control of this subsidiary and have to write-off c£12m of intercompany loans. Ouch! That would further reduce the NAV to say £10-20m.

They talk about riding out the storm, but I'm not so sure. None of the accounts are transparent on covenants at all. I fail to see how the 2011 facility is going to be rolled over in the current climate with net assets close to zero on a £200m portfolio.

I would have kept the shares if they had been transparent on covenants, but as I don't know what these are I would rather bail out now while the markets are relatively firm.

This may be a wrong call, but I was playing for safety.

As I say, extremely disappointed to sell. Wish shareholders here some luck and will be back when the storm clouds have passed.

[spob] 01/5/2009 07:46

how much net debt here ?

[topvest] 30/4/2009 21:21

Were you reading the same results - awful is how I would describe them. That said, I think LAS will run a tight ship and survive. No real hint of going concern problems.

[1nf3rn0] 30/4/2009 07:45

Good results

[ny boy] 22/4/2009 15:29

on the move again.

[red army] 20/4/2009 12:21

My little parcel pushed this back up again - little by little.

[ny boy] 20/4/2009 08:24

lol no need to be afraid, when you have a chart breakout!

[red army] 17/4/2009 17:10

Me I'm afraid.

[ny boy] 17/4/2009 16:25

even upping the bid to get some sellers lol, this is going up!

[ny boy] 17/4/2009 14:22

Right own up... who's buying in chunks of 10k? Sneaky buys keeping under the radar of the mm's !

[ny boy] 17/4/2009 13:39

Breakout close now, watch for the spike over the next week/s. Talking to myself but who cares , I'm making money!

[ny boy] 17/4/2009 12:35

Here we go, wake up punters you will miss the boat!

[ny boy] 17/4/2009 10:34

Well don't come crying to me when you missed the boat when these are over 50p+ lol! Loving this market, so many hidden gems about to store away for a rainy day over the next few years.