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
  6.25 3.75% 173.00 170.50 179.50 173.00 169.50 169.50 32,908 10:37:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 25.3 13.2 14.0 12.3 162

Mckay Securities Share Discussion Threads

Showing 1351 to 1374 of 1475 messages
Chat Pages: 59  58  57  56  55  54  53  52  51  50  49  48  Older
DateSubjectAuthorDiscuss
11/1/2014
14:44
Smicker - do you not get 2.7p per share as a divi?
jrr774
11/1/2014
12:14
Alter ego, That seems to happen with selftrade but i cant see any sign of the tax reclaim with halifax when i look back at last years divis
smicker
11/1/2014
09:09
smicker, yes. initially the divi is paid net of tax but this is claimed back subsequently. Should happen automatically but give it a month or two.
alter ego
11/1/2014
00:20
I've just got the divi via halifax account but it is short of the amount expected. I always assumed it was corrected some time later as Selftrade do with B Land for me but i cant find the extra payment. Anyone else experienced this?
smicker
29/11/2013
21:01
what did it say skyship?
patviera
29/11/2013
09:16
UP on a BUY tip in the IC
skyship
20/11/2013
00:02
scburbs - they can't have exercised the break since the next date to do so was as stated Jan16 (£25m) and Dec17 (£5m) - I had that confirmed by the FD quite a while ago. But i can understand the confusion given the sentence you highlighted and the length of the notice.
nil desperandum
19/11/2013
23:24
Still seems unlikely. If the counter party bank had given notice that based on current market conditions they intend to break then that would make sense (perhaps to aid the MCKS's accounting given it was always likely they would break). It seems unlikely the notice period is really that long and that they have actually exercised the break.
scburbs
19/11/2013
23:14
Hmmm yes, badly worded I think. Take a look at note 7 sub-note 5. "5The counter party bank has given notice these breaks will be exercised." I too am surprised that the notice period is so long, but it is a very long dated swap so a lengthy notice period would be in order I guess.
nil desperandum
19/11/2013
22:55
You don't exercise a 2016/17 market value break in 2013. Rumour has it that things could change in the meantime! Something missing here. "Credit breaks were exercised by the counter party bank during the period in respect of £30.00 million of this notional sum, with expiries in 2016 and 2017." (this is a break not a notification of an intention to break).
scburbs
19/11/2013
22:26
No, they have indicated that they will break in Jan 2016 (£25m) and Dec 2017 (£5m). They may still offer to break earlier at reduced cost ... or the company may choose to hang on since the MTM's are heading in the right direction.
nil desperandum
19/11/2013
22:17
Instead they have broken at market value in 2013? There was never any chance of them breaking at par in 2014 as that would be silly given the size of the liabilities, but how can they break at market ahead of the option to break at par? Presumably the disclosure has been incomplete and they have been able to break at market sooner than expected? If they have notified the break now are they breaking at current market or the market position come the break date in 2016? If it is the later why would they exercise now?
scburbs
19/11/2013
22:09
the bank could break in 2014 at par but unsurprisingly really has chosen not too - shame ;-)
nil desperandum
19/11/2013
22:02
Good to get more information on the swaps, but what is going on with the break clauses? There was an option to break at par in 2014 and an option to break at market from 2016. Looks like positive news, but rather inconsistent with previous disclosures! "Provision is made within the terms of the financial instruments for the counterparty bank to terminate the instruments by invoking credit breaks, the first of which is in 2016. If such a credit break were exercised, a payment would be made between the parties dependent on market value at that time. The instruments also provide the counterparty bank with additional break options from 2014. Should these breaks be exercised, there would be no payment liability on the Group. The Group does not hold or issue derivative financial instruments for trading purposes."
scburbs
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
10:01
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
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