Mountview Estates Share Discussion Threads

[m_kerr] 20/2/2022 14:16

on vacant possession, on my calculation their portfolio is worth approx (worked out as £665m value in 2014, times 1.5 as 50% increase since then) £997m (though i've crunched my own numbers based on the latest averages being reported across each region which gave £1097m - happy to be corrected here) . bearing in mind these assets are in the books at £398m, you're potentially looking at a minimum 100%+ premium. at the current rate of vacancy, the whole portfolio can be expected to be vacant in approx 32 years. based on some income and modest compound growth along the way, looks like a good stable asset for a long income fund or insurer to acquire?

there are a number of moving parts here (like the fact they're down about 300 units from 5 years ago), but the attractions here seem very obvious for secure minimum mid single digit returns over a few decades. i can think of many worse ways to spend a spare £536m.

[jonwig] 11/2/2022 07:20

Comment on 2021 AGM -



"Following the 2021 AGM, and as it has done previously, the Company identified as far as possible those shareholders who did not support the various resolutions and attempted to engage with them to seek their views. Those shareholders did not wish to engage. The Company remains committed to shareholder engagement and we will continue to offer to have discussions with shareholders and will take into account their concerns and considerations in the future."

Really odd. Clearly the dissenting shareholders will get nowhere without engagement. But also maybe Mr Sinclair's idea of "engagement" is not the usual one.

[ntv] 13/12/2021 16:00

interesting large trades over recent days,
I wonder what that is all about

[konradpuss] 25/11/2021 20:55

As I have said previously our illustrious Chief Executive is the spitting image of the late great Benny Hill. Well done for finding that picture.

[jonwig] 25/11/2021 20:09

Here he is;

[konradpuss] 25/11/2021 20:01

I could see our illustrious Chief Executive at the helm of a yacht. Captain's hat on and firmly aground!

[jonwig] 25/11/2021 09:44

Technically, they haven't earned 500p as eps are 290p, but they've rather underpaid in earlier years.

Not a yacht, I'd guess, but I'm sure the major shareholders have been in consultation about tax planning.

[greatgiginthesky] 25/11/2021 09:37

Maybe someone wants a new yacht? Or just taking the opportunity to get some value out before the extra 1.25% dividend tax kicks in next year.

[ntv] 25/11/2021 09:24

nice dividend

[jonwig] 25/11/2021 08:58

H1 results:



"Exceptional cashflows" so exceptional dividend (500p) with 225p indicated for the final.

[konradpuss] 12/8/2021 17:31

TMFMayn, just the same as in the Report & Accounts - "there is one in place".

[coolen] 12/8/2021 15:25

What are the rebels seeking to achieve ?

[tmfmayn] 12/8/2021 06:30

Konradpuss, what was the response to the succession planning question at the AGM?

[jonwig] 11/8/2021 15:15

AGM voting:



The usual: independent votes against some NEDS and a promise to "engage" with outside shareholders.

Any trading comments or revolts to report?

[greatgiginthesky] 04/8/2021 19:33

Volume today 9,727. Never seen that before. Go figure.

[konradpuss] 22/7/2021 18:43

Well I think that question would go down like a lead balloon with Duncan.

The new non executive chairman is the one to ask.

He is very switched on and on their case it appears to me.

I will ask in any case although I usually leave it to others to ask questions.

[twells1] 22/7/2021 17:53

Konrad
If you are at the agm could you ask about succession planning. Is there a plan?

[konradpuss] 22/7/2021 17:21

NTV, I am, as usual, planning to be at the AGM.

[ntv] 22/7/2021 11:04

Could be an interesting AGM,Is anyone going ?

[konradpuss] 12/7/2021 17:47

Essential you should try and buy back in prior to the valuation in my humble.

[essentialinvestor] 12/7/2021 15:22

I sold last week, did not get the top price, will buy back in on
a bad day if available.

konrad, many thanks for bringing this to my attention, much appreciated.

[catsick] 12/7/2021 15:13

The report is on the website now, nothing of any real note in there, the bare minimum of info really, seems no interest to do another valuation...

[ntv] 09/7/2021 07:53

Despite todays announcement, neither doc is on their website

[jonwig] 07/7/2021 06:10

Interesting thing about the 2014 revaluation of the trading stock from book (£318m) to £666m is:

The Market Values are on the basis that the properties would be sold subject to any existing leases and tenancies. The valuer’s opinion of Market Value was primarily derived using comparable recent market transactions on arm’s length terms.
(2015 AR.)
So there was no assumption of a future uplift when the regulated tenancy expires.
£163/sh in 2014 - possibly near £200 now, as suggested above.

Why the sudden interest right now?

[strathroyal] 06/7/2021 22:16

Whilst the volume has been higher the last few days, nevertheless there has been no real volume and I for one can't see any sign of a takeover. Perhaps the prospect of a revaluation has got some investor(s) anticipating a substantial NAV increase. Wouldn't be a surprise considering that Note 4 of the accounts continues to suggest this.

The other possibility is that if we have now reached the stage where few of these tenancies are coming onto the market, then MTVW will start to throw off significant amounts of cash once the long term debt has been repaid. As the company is unlikely to be able to buy back shares, the prospect of special dividends arises.