Mckay Securities Plc

0.00 (0.0%)
Mckay Securities Investors - MCKS

Mckay Securities Investors - MCKS

Share Name Share Symbol Market Stock Type
Mckay Securities Plc MCKS London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.0% 281.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
281.00 281.00
more quote information »

Top Investor Posts

Top Posts
Posted at 02/3/2022 16:39 by essentialinvestor
Many congrats folks.

Perhaps puts pay to the more bearish take
on commercial office, as interest suggesting a better longer term outlook.

Some underestimating older office space
likely leaving the market over the next 5 years plus?.

Posted at 22/10/2020 16:46 by essentialinvestor
Does anyone have a view on the recent update, their portfolio,

how they may be positioned going forward.

Had a look on their investors website, it allows you to click
on each building and details if space is available, there appears
to be quite a bit of empty space across multiple buildings.
However, what % that may represent I don't have access to.

What makes me a little cautious is on the recent update there is no
mention of a vacancy rate - or any guidance on this.

Any views appreciated, thanks.

Posted at 15/2/2014 10:35 by linhur
The shares on offer had been taken up by institutional investors with a clawback for ordinary shareholders taking up the offer. I think the founding families did not take up the offer - probably to diversify their interest.
Posted at 15/2/2014 10:14 by sleepy
What has been going on here? How are they placed now that they haven't got as much cash as they were looking for?

Did they do an investor presentation for the share issue? If so why isn't it on the investors presentation section of their website?

Posted at 06/2/2014 15:14 by jimbo3352
Adopting a rational approach, I think I would rather stick with MCKS a share which has done very well for me over the last few years. The rise in recent months is underpinned by both the improving commercial property market in the SE and by the reduction in the interest rate swap liability. The share price is still some 10p below NAV and 45p below EPRA NAV. Contrast with PCTN (a company comparable to MCKS in which I also had a holding until I thought it overvalued) where the share price is north of NAV/EPRA NAV.

In the short to medium term, EPS is likely be hit by the delay before investing in property redevelopment translates into rents. MCKS has a good record in not overpaying for development opportunities. Getting the share offer away to institutional investors for a negligible discount seems a bit of a result to me and worth the £4m+ costs.

Posted at 30/5/2013 07:56 by ivancampo
From yesterday, fwiw.....IC VIEWWith a 5.6 per cent dividend yield, McKay's shares are useful for income. They would benefit hugely from a recovery in the south-east office market, which is increasingly attracting investors priced out of its more global London counterpart. Buy.Last IC view: Buy, 137p, 20 Nov 2012
Posted at 22/5/2013 13:12 by scburbs

By doing nothing I mean they have done nothing to negotiate away the banks options to terminate or reach agreement on extension. This is ignoring the separate question as to why they entered into such long dated swaps with a break option for the bank - madness (nothing wrong with long dated swaps provided you hold to maturity, so the last thing you want is a break option for the bank).

The longer they do nothing and the longer interest rates stay where they are the greater the prospects that the liability is a real liability that will be crystallised and the EPRA NAV should be ignored.

If they can negotiate an extension or issue an explanation of any conditionality on the banks option to break then that would help get investors (or at least me) more comfortable.

If they can hold the swaps to maturity then the liability is an illusion, it will tend to nil over many many years with the interest and swap payments funded out of future profits.

However, if the bank exercises and they have to pay it then it is a real liability that will have to be funded with more borrowings and even if they new borrowings have a lower interest rate this will no where near compensate for paying such a huge liability.

For me this issue is the difference between investable and uninvestable (at the current price). The company needs to be doing much more to deal with this. The very least they can do is provide clarity on the terms of the bank's break option.

Posted at 20/2/2013 20:58 by coolen
Perloff (and I fully agree he is a shrewd investor) also holds a slug of department store Beale (BAE)which he effectively bid for at 36p. Price now 18p:

The question for Perloff fans is which of the two targets you go for: Mackay at the 140p level at which he is presently buying, or Beale at 18p, some 50% below his purchase price ?

Posted at 19/2/2013 07:09 by jonwig
And a very shrewd investor! (Hope he isn't losing his touch.)
Posted at 29/5/2012 15:17 by scburbs
A REIT is required to distribute 90% of its net property income (as calculated for tax purposes deducting capital allowances etc.) within a certain period of time after the year end.

They are free to pay an ordinary dividend at any point, but they need to meet the 90% test as well. Ordinary dividends do not count toward the 90% test as these need to be in the form of PIDs (property income distributions).

You can see from the example of British Land that they had got ahead of their distribution obligations and paid all of the 2009/10 dividends as ordinary dividends (which they describe as non-PID).

Whenever a REIT is ahead of their PID distribution obligation then they should always pay an ordinary dividend as it benefits certain investors (unless they are worried about a future dividend cut and want to get further ahead of their PID obligations).

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