London & Associated Prop... Share Discussion Threads

[pka3] 17/12/2013 12:52

The Finance Director of this outfit has a lot to answer for having loaded it with debt and swaps. Surely they must have some legal recourse for mis-selling of swaps !!

[msufi1] 17/12/2013 12:19

can hardly buy any

[cb7] 17/12/2013 10:38

basic (balance sheet) nav = 64.9 , however epra nav = 90p @ 29/8/13

[topvest] 17/12/2013 08:25

Well the sale is done which probably sorts out their funding issues. No mention of swaps, which is probably good news if they can keep these in place. Anyway, this is definitely now in a better financial position.

[thomcooper] 14/11/2013 18:59

Interest rate swaps have given this firm a big headache. The end is maybe in sight though as the swap values are now positive on the balance sheet.NAV is 52p a share I think, so at today's close theres 10p a share value even if they sold all the properties off & cleared the debt, before you factor in a boost in retail confidence which has to eventually equal juicier retail property demand.

[bisiboy] 09/11/2013 18:17

thanks top vest

[topvest] 07/11/2013 21:33

Well interesting. Analytical Properties seems to have had £111.2m of property at 31 Dec 2012. I think you probably then need to deduct £9.5m or so for the disposal announced earlier in the year, which gets you to £101.7m versus the circa. £105m estimated price above if the yields are adjusted. Less costs and before swap costs I suspect it's break-even unless Analytical Properties has something else in its balance sheet. This is before swap breakage costs though and these could be significant, so I certainly wouldn't expect a profit yet. Very unclear.

[macdoni] 06/11/2013 14:42

big price being paid by scottish widows - will be on the books for less i would imagine

[bisiboy] 06/11/2013 12:51

does anyone know what this is on the books for.

[sammu] 06/11/2013 00:17

So presumable they are going to use the proceeds to degear?

[macdoni] 29/10/2013 15:09

SWIP bags King Edward mall
By Annabel Dixon | Retail | 29-10-2013 | 15:02 | Print
Scottish Widows Investment Partnership is under offer to buy King Edward Court shopping centre in Windsor, Berkshire, for a 5.6% yield.

The £2.4bn SWIP Property Trust is in discussions to buy the 215,000 sq ft mall from London & Associated Properties.

As revealed by Estates Gazette, the shopping centre was brought to market in September for £102.5m – a 5.75% yield.

Kerri Hunter, deputy fund manager of the SWIP Property Trust, said: "We are delighted to be under offer to purchase the King Edward Court shopping centre in Windsor on behalf of the SWIP Property Trust. This is a high quality prime property in a very tight retailing location with strong income growth potential. The purchase of this asset is firmly in line with our strategy to increase our direct property exposure by investing in core, quality property with attractive income characteristics."

Lewis & Partners and GCW is advising LAP.

[davdreamer] 02/10/2013 19:35

This share price is quietly on the up. Don't tell anybody as it might just be bad luck

[topvest] 29/8/2013 20:03

Interim results were mildly encouraging. Looks like they are getting close to re-financing. Only a year late!

[coolen] 11/8/2013 20:32

Given that one of the debentures was a "2013" and given that bank talks are still continuing (or am I wrong ?), might there have been a touch of pressure to dispose ?

[bisiboy] 11/8/2013 18:00

yes i agree
do you think they repaid the 2016 at par if so a good result

[skyship] 07/8/2013 17:55

If it weren't for the ghastly corporate governance issues these would be looking rather attractive again:

7th August 2013 - LONDON & ASSOCIATED PROPERTIES PLC:

DISPOSAL OF TWO FULLY LET RETAIL PROPERTIES FOR GBP9.38M

London & Associated Properties Plc ("LAP"), the focused retail investor, today
announces that it has completed the sale of two fully let freehold retail
properties for a total cash consideration of GBP9.48m.

The properties, a Primark unit in Chesterfield and the Superdry unit in Windsor,
generate net income of approximately GBP700,000 and were valued at GBP9.48m as at 31 December 2012.

Proceeds of the sale have been used to pay down two debentures totalling GBP6.7m: a GBP5m debenture maturing 2013 at 11.3% and a GBP1.7m 2016 debenture at 8.67%.

[simondezoete] 01/7/2013 18:35

Shares down another 5% - why has this company had to borrow £2m from Bisichi? More importantly why has Bisichi lent LAP this money when it has no shares in LAP. Difficult bank debt negotiations I suggest

[topvest] 27/5/2013 16:35

Lets hope so. It\'s been a real dog recently. Think it will ultimately improve as it has good quality assets with solid income.

[xpan] 26/5/2013 13:57

Is this on the up now?

[topvest] 30/4/2013 19:45

Yes, good news on future outlook I think and good to see that they are holding their own in a very difficult market. Not impressed on other fronts though!...

Why did they not announce exchanging contracts to sell £9.5m of property in Chesterfield in Dec 2012 to the market? Given this is highly material. Why did they not announce the further 3m extension with RBS to the market? Why are directors still taking bonuses, albeit reduced to £30k?

If you really want a worse example of what is going on here then look at Bisichi Mining, their associate - £514k paid to one director + £116k about to be loaned to him to buy a car...nice motor vehicle to drive around in South Africa. Can't he buy it himself please? I will be voting against that resolution, not that it will make any difference. Compare that with the rubbish £422k paid to other shareholders and you can see what this is all about!

[davdreamer] 30/4/2013 10:52

Nice to see the shares jump today, shows a confident stance

[spob] 06/2/2013 08:23

yeah only 45 posts

that's probably why i havent held this stock for about 8 years :)

[bisiboy] 05/2/2013 18:52

9 years and only 45 posts!
tempted to buy ahead of results as a punt suspect refinancing will be announced
with the results.

[spob] 05/2/2013 15:32

crikey - i started this thread almost 9 year ago

what's the latest news here ?

[topvest] 05/2/2013 13:40

All very slow on renewing the RBS facility which is a bit worrying. Given they were not in default, still hopeful that they can work something out.