Share Name Share Symbol Market Type Share ISIN Share Description
Off-plan Fund LSE:OPF London Ordinary Share JE00B5NFKB77 ORD SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 6.50p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -0.5 -13.7 - 0.14

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Date Time Title Posts
24/11/201017:0090 Pence of a house for 9p, seller gone.!!!!!!!!!!!!!386
22/7/200811:23Offplan with Charts & News2

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topinfo: Performance The unaudited net asset value ("NAV") of the Fund at 31 March 2009 was GBP9.1 million (30 September 2008: GBP9.1 million). The NAV per ordinary share has increased to 81.9p at period end from 81.2p at 30 September 2008, largely due to the revaluation of the investment properties at The Heart in Walton, described in note 5 to the financial statements. In respect of the Fund's share price in March 2009 we commented on the significant discount to NAV per share and there has been little improvement in the intervening period.
borchardt: Positive results with a realistic outlook. Given that it is now unlikely that a vote to wind company up and return cash to shareholders will take place it is now evident that there should be a higher than normal discount to NAV for this stock. On a long term basis a well funded company like this will benefit greatly when the market improves - on a 3 to 5 year basis and subject to prudent management we could easily see a share price of 150p. Short term these results should improve the share price and so long as there are no more distressed sellers we should be able to reach 25-30p
relishing: They are very surprised the share price is so low relative to the NAV: "Performance The audited net asset value ('NAV') of the Fund at 30 September 2008 was £9.1 million (2007: £9.5 million). The NAV per ordinary share has reduced to 81.2p at year-end from 85.1p at 30 September 2007, largely due to the Fund exiting the Liverpool development and the write-off of attributable recognised profit. Whilst this asset value performance is reasonable against the extremely difficult economic backdrop, the Fund's share price performance has been poor. It fell 27 per cent. from 74.3p to 54.5p during the financial year (implying a widening discount of 33 per cent. to NAV per share) and since the year-end has fallen further sharply, touching a low of 8.5p before recovering and settling recently around 12.5p. Much of this recent fall appears to be as a result of one of the Fund's largest shareholders apparently willing to sell at any level to dispose of its entire holding. Given the historic low levels of liquidity in the Fund's shares, the low share price is not surprising but the discount to NAV is now stark. Shares in residential property funds are unlikely to be rated favourably in the prevailing climate and the Fund is arguably too small to generate much analysis in the market, but the Board and Manager are surprised at the size of the discount to NAV and that the introduction of an annual continuation vote at last year's annual general meeting ('AGM') has not had a more positive impact on the discount."
tara7: We will just have to wait and see, but as i see it the upside is huge up to 90p and with a yes vote the downside is a min of 3 times todays share price. !!!
tara7: Yes, However the real gem is Canon house, this cash has been written off by the market, but not by me or you. If the lot comes good we get back 5 times todays share price. Looking at the downside i fail to get under 40p.
tara7: Yep, to me the directors do not want to rip off shareholders, and all what we have read from them seems ok. I am of the view the shares are this low due to sellers wanting cash, the company itself is doing fine and has loads of property and cash way above todays share price. Fail to see why we should not trust them to do the best for us.
barnetpeter: This is the critical part from last years results: Against these measures of asset performance it is therefore disappointing to report that the share price during the period fell 11.6% from 84.0p to 74.3p, a level around which it remains today. The fall occurred in the last 2 months of the period and the price has not moved in very little trading since the year end. Lack of liquidity in the stock remains a key driver in this widening discount. Your Board remain extremely cognisant of this problem. As I reported last year we have investigated means with which to address the issue. We were therefore pleased to report the issue of a further 20 per cent. in issued share capital to Elsina Limited, a company owned by the trustees for the Tchenguiz family and advised by the Consensus Business Group (CBG), in April last year at 95p per share. Disappointingly, and somewhat surprisingly, this had no positive impact on liquidity or the share price. Therefore, following an extensive round of shareholder meetings last November and consultation with the Manager, the Board has decided to put forward a resolution to this year's AGM to consider an amendment to the Fund's articles of association which will, if passed, introduce an annual continuation vote at each AGM with effect from 2009. Shareholders will have an opportunity each year to decide whether the Fund should continue with its present investment policy or commence an orderly realisation of the property portfolio. The Board anticipate that this measure should have a positive impact on liquidity and the share price discount over time.
tara7: The french investors have been dumping the shares they hold since July last year, and the MM may still have stock. The results on Fri will in my view show property and cash way above todays share price up to 5.3 times.!!!!!!! Some of that is at risk re the Canon site, but one still has around 45p of value and no debt. If Canon also comes good, [very high prop in my view] one is looking to get back 85p plus.
randsys: I can't help thinking that if there is 85p up for grabs why isn't the share price much higher? To me the risk is in the pricing. If not, why is the price not much much higher? What's the catch? And there must be one otherwise the price would be much higher surely? 12.5p for 85p of cash - too good to be true IMHO, there must be something you're not telling us?
tara7: Wins dropped the bid after they got 10k back in to match part of yesterdays 25k buy at 15p. This share will in my view do well, cash in bank , and property way, above share price. Plus the big shareholders are bound to vote to close it down to get cash back, that could be 85p plus. At the least it should be half that in my view. This year is the first year shareholders can vote to sell up, who is going to say no, when they can get a 300-600% rise in the stock they own by voting yes.!!!!!!!!!
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