Palace Capital Share Discussion Threads

[ntv] 02/4/2017 14:56

wondered if they had sold as there was again some large trades thursday as posted

[spectoacc] 01/4/2017 16:26

Good spot.

[eeza] 31/3/2017 17:41

Schroders reduced by ~300k to 13.37%.

[ntv] 30/3/2017 09:32

big trades going through, hopefully another buyback
seller finnished?

[skyship] 22/3/2017 11:23

spob - agreed, seems superfluous; though wouldn't want to criticise any PLC for excessive transparency!

[spob] 22/3/2017 09:13

not sure why an rns for this

this was known 2 months ago

it is just an application not an approval

[ntv] 22/3/2017 08:07

interesting planning application submitted today
along wait til work will actually start i guess as it will probably be 6 months before we hear anything

[mad foetus] 22/3/2017 08:05

More good news, this looks to be very accretive, but it may take the results to shift the share price

[ntv] 15/3/2017 08:24

the research is the easy stuff that we know already
it is a pointless waste of money
buying shares in at a large discount is not though it does make the market cap smaller that a lot of directors don't like to do as it kills off bragging rights at lunchtime.
but only if they are cancelled.
the other advantage is it saves dividends that in a company like this dividends exceed the borrowing costs of buying in the shares.
that is leverage for you but we all know that.

[spectoacc] 14/3/2017 15:26

Doesn't matter how many times Tommo tips it, or how much paid-for research - needs the overhang/seller to clear first. A few more buybacks would help.

[speedsgh] 14/3/2017 13:35

New Edison research note...

Another NAV-accretive disposal -

Valuation: Significant unrecognised value
Palace’s shares trade at c 16% below last reported EPRA NAV per share of 419p, and the company has made disposals in the last month at c 9p per share above the book value of the assets in total. With some earnings being retained and allowing for the share buyback announced on 13 March, we forecast EPRA NAV of 430p per share at 31 March 2017, the financial year-end, implying that the shares trade at a discount of 19%. This is well above the average of regional property investment peers, which trade at close to or above EPRA NAV. As illustrated on page 2, there appears to be scope for this gap to close, supported by the earnings yield. Possible catalysts include the full-year results and reinvestment of capital.

[spectoacc] 13/3/2017 08:58

Thanks @NTV.

@llev - agreed. UAI & BKG (& PSN) similar.

[skyship] 13/3/2017 08:54

Only adds 1.5p to the NAV; but importantly removes a potential tap...

[ntv] 13/3/2017 08:38

Schroders Plc 3,625,592 14.06
Polar Capital European Forager Fund Ltd 3,261,137 12.71
Henderson Global Investors 2,555,000 9.91
Quantum Partners LP 2,553,355 9.90
Stanley Harold Davis 1,565,287 6.07
Unicorn Asset Management Limited 1,299,240 5.04
Hargreave Hale Ltd 1,293,870 5.02
AXA Investment Managers SA 1,242,006 4.82

[llef] 13/3/2017 08:37

very well padded those directors chairs - "it is the intention of the Company to utilise the 500k shares held in treasury in order to satisfy awards of shares under the Company's long term incentive plan."

so thats over 2% of the market cap handed over to senior management on top of salaries, pension schemes, and possibly annual bonuses too.

they are running a property company in a 0% interest rate world - how hard can it be!!

[ntv] 13/3/2017 08:22

slater had less than that at the the last count so guessing polar

[spectoacc] 13/3/2017 08:21

We don't know who they bought back from - Slater?

[ntv] 13/3/2017 08:11

more to come?

[ntv] 13/3/2017 08:04

that is good news
20% discount to nett assets and saving on the final dividend etc
good use of cash while discount is large

[skyship] 13/3/2017 07:31

Excellent - those trades were buybacks - a very good move @ c20% discount:

[rhomboid] 12/3/2017 14:34

Thx for the link skyship, I don't disagree about it being a buy at these levels, my concern is that sector sentiment is poor so I'd rather be invested elsewhere for now but keep monitoring for any change in the weather.

[skyship] 12/3/2017 13:09

rhomboid - in the propco sector the major bellwethers tend to move en bloc as their share movements are controlled by institutional investment. In the secondary/tertiary sector (those by and large depicted in the Header on the CP+ thread - see below) the share movements far more reflect individual transactions and news releases.

In that Header you will see laggards turning to leaders and vice versa - the regular ebb and flow of stock-market life.

IMO PCA should be bought at these levels - if no position, watch closely for a cheap offer. They've been on offer at 352p for quite a few weeks.

[rhomboid] 11/3/2017 13:48

One of my niggles here is that the company has been very busy selling the story to PI's and very happy to RNS every portfolio transaction yet the shares have been becalmed, It seems that Slater selling down is at least part of the reason why. I'm not currently holding but it's high up my watchlist for when the sector becomes more popular than it's current 'fart in a lift' status. I'm hoping that the rerate is gradual enough for me to climb aboard without too much drama..

[skyship] 11/3/2017 10:11

Hopefully we'll get both a BUY & SELL "Holdings" RNS on Monday/Tuesday. Strange move to sell 530k down at 340p...

[ntv] 11/3/2017 08:02

slater investments more or less out now or polar capital selling down a few more ?