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Share Name Share Symbol Market Type Share ISIN Share Description
Mckay Securities Plc LSE:MCKS London Ordinary Share GB0005522007 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  3.00 1.49% 205.00 202.00 208.00 - 15,909 16:35:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 29.3 9.5 8.6 23.9 192

Mckay Securities Share Discussion Threads

Showing 1326 to 1348 of 1500 messages
Chat Pages: 60  59  58  57  56  55  54  53  52  51  50  49  Older
DateSubjectAuthorDiscuss
19/11/2013
20:58
An "optimal capital structure for the Group" presumably refers to the balance (proportions) of equity finance to debt. So, the phrase may well refer to a return of capital to shareholders, rather than a fundraising. This may be connected to how the swaps are dealt with in the next few months.
grahamburn
19/11/2013
13:40
speedsgh - capital raising?
ursus
19/11/2013
11:11
What are they alluding to here re capital structure of the Group? "The Group is well placed to deliver gains from its existing portfolio, supplemented by recent and potential acquisitions. In the light of these market opportunities, the Board will continue to assess the optimal capital structure for the Group."
speedsgh
19/11/2013
10:03
Very upbeat interims with the nav up, as expected. Swap liabilities have (finally) been fully disclosed. The company has been given notice that the counterparty intends to exercise their break in 2016 (for £25m) and 2017 (for £5m). The current liability on these contracts is 13pps which, given the likelihood of increases in long term interest rates, is likely to decrease further before 2016. The first break clause on the £75m contract is 2022. This gives an adjusted EPRA nav, diluted, of 237pps (250p less the 13p liability) – a 16% discount to the current 200p offer price. Note also the following statement: "In the meantime there is a regular dialogue with the two counter party banks to explore a range of scenarios, including the cost of cancelling or reconfiguring all or part of the notional sum." The banks will be keen to get these contracts off their books and MCKS is very unlikely to agree a settlement unless it is substantially less than the current liability. Also expected was the reduction in eps (to 3.54p, a bit lower than I had hoped), caused by the sale of Bothwell Street and higher rates on the swaps. However, the expiry of letting incentives will increase future eps by about 5.7pps. The final increase in swap rates in March will increase costs by about 0.6pps. On an ongoing basis I would hope for EPRA eps of at least 11p, ignoring any upward rent reviews or new lettings. The current dividend is 8.5p giving a yield of 4.3% As a REIT the company is required to distribute at least 90% of its property income (not the same thing as EPRA eps). I am not now expecting this year's final dividend to be increased (perhaps a very small amount) but indications are that it will not be reduced. Highlights: The external valuation of the portfolio secured an £8.49 million (3.9%) increase in value Income retention from the portfolio remains an important priority and over the period, eight out of twelve tenants remained in occupation at lease break or expiry. This maintained a high tenant retention rate and secured annual rents totalling £1.14 million; 8.1% ahead of our valuers' estimated market rental value. New income was generated over the period with two new leases at a combined contracted annual rent of £0.18 million, which was 12.1% ahead of estimated market rental value. Over recent periods, valuation gains have come mainly from our London office portfolio. However, over the last six months performance has been more balanced with our London and South East office properties increasing in value by 4.8% and 2.9% respectively, and our industrial properties increasing by 4.8%. At 30thSeptember 2013, the initial yield of the portfolio was 5.6% increasing to 6.8% on contracted rents once letting incentives expire. The potential reversionary yield was 7.2%
alanji
16/11/2013
18:37
Telegraph today talks about commercial property having further to go; all bodes well for mcks
janeann
11/11/2013
22:52
Rue likes.
ruethewhirl
05/11/2013
12:05
What - new lettings with no rent free period ?? Whatever next ! ( maybe they just forgot to mention it)
housemartin2
05/11/2013
08:57
yes, I thought of this as a rather pedestrian holding with a decent yield but it's getting a bit more exciting than I expected.
alter ego
05/11/2013
08:10
Tha market liked the news today - surprised such a mark up in price but all very positive imho
janeann
16/10/2013
09:01
As I am now very overweight (thanks to the recent rises) I have done a bit more research. Obviously the swap liability is hanging heavily over the co. My understanding is: Bank option to terminate with no payment in 2014 Earliest bank option to terminate with full payment: £25m - 2016 £5m - 2017 £75m - 2022 At March the swap liability on the £75m was £30.8m or 67pps. The liability on the other £30m was 21pps. The bank is likely to exercise its option in 2016 (£25m) and 2017 (£5m). By that time long term rates are likely to have increased so the liability may well be much reduced – as at 12 July the liability had decreased by 16pps – so the nav is now 170pps, before swap add back. On a pessimistic view, if 15pps is payable in 2016, the adjusted nav at 31 March would be 223pps. With the share price at 182p, an 18% discount. With the dividend at 8.5p the yield is just under 5% and with the adjusted eps of 11.8p there is a fair chance it will increase. The swap rates increase in the current year and next year and refinancing in 2016/17 is likely to be more expensive but hopefully the new acquisitions, lettings and lease renewals will cover this. I have decided to hold until the Nov interims, subject to moves in the share price
alanji
11/10/2013
20:59
Lord Gnome sold 20/- at 177 got 160/ left in isa on 182 offer in 20/- and will sell into 5p rises as think we are worth 200p so that way i will get a 195ish avge
patviera
11/10/2013
10:23
Looks like you've got your price patviera. I'll hold for a while or two yet. That chart is starting to look very horny.
lord gnome
09/10/2013
20:47
cos i bought at 120p cos the nav is 220p rates arent going up for a while so we still got derivative loss never wrong to take a profit sell 20pct at 175 and on 5p rises? got 180/- so will have to sell on blue,,,easier that way thoughts?
patviera
09/10/2013
20:41
tempted to sell at 175 any views?
patviera
09/10/2013
20:38
chart breakthrough pending ?
coolen
09/10/2013
10:23
Another large purchase just gone through 57,880 at £1.7185, likewise not me unfortunately !
yupawiese2010
05/9/2013
13:52
Looking strong today and someone has just paid 159 for a mere 94800 shares; not me unfortunately!
janeann
18/7/2013
07:50
Yes, I liked that bit. Normally I'd ignore the M2M because it won't materialise, but the counterparties do have a couple of calls which could force M2M - hence this is a real potential saving. If no call, or no penalty then very significant upside!!
nil desperandum
18/7/2013
07:37
Bit of "a steady as she goes" trading statement with some minor lease renewals, a small acquisition at 11.1% initial yield and a marginal deterioration in voids but the best was saved to last: an improvement of 16p in the net tangible asset value [from 157 to 173pps I make it]
jimbo3352
31/5/2013
13:40
Looks like it wants to move higher irrespective of the issues above....
ivancampo
30/5/2013
16:34
PCTN and SREI took the funding from the insurance companies but they had to pay out to close the swaps. Not sure MCKS will be in a position to do so. These swaps currently have 20 years and 25 years to go. Rates will likely be higher in 3 years but even then you are looking at circa £25m to close them out. That crystalises the losses on the swaps and bring NAV down sharply. Suddenly the discount doesn't look that attractive.
horndean eagle
30/5/2013
15:08
Lord Gnome - Can you give examples of companies financing at lower margin rates than 300bp? MCKS will have to pay margin rates of this order on top of the swaps they are tied in to. It won't be 300bp above base rate or gilt yields. An insurance company may lend all in at circa 5% for 10 years. In the meantime MCKS will have to pay the counterparty they have the swap with the difference between that rate and whatever the base rate is at the time. Its why they highlighted the problem in the statement.
horndean eagle
30/5/2013
14:15
I don't agree HD. Other propcos have been refinancing at much lower rates than previously. They have been locking in current low rates. Deals have been struck with insurance companies who have been only too willing to advance money secured against property at 50% gearing. Take a look at SREI and PCTN.
lord gnome
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