Palace Capital Share Discussion Threads

[cwa1] 27/2/2018 15:57

27 February 2018

Palace Capital Plc

("Palace Capital" or the "Company")

Publication of Prospectus

Notification of proposed admission to the Official List and cancellation of trading on AIM

[ntv] 13/2/2018 17:42

310p will do me on the offer

[hugepants] 13/2/2018 12:25

nicely?

This outfit looks quite good value at a 20% discount to NAV and a 5.5% yield. I also hold RLE which is similarly priced and RGL which has a bigger yield but a smaller discount.

[ntv] 13/2/2018 11:15

slipping away nicely now

[ntv] 12/2/2018 08:12

if they knocked it down 6 months ago they could have saved another £375k !!

[davebowler] 09/2/2018 14:00

2 Feb RNS
Sale of three residential properties

Palace Capital plc, the property investment company that focuses on commercial property predominantly outside London, announces that it has sold three terraced houses which formed part of the recently acquired RT Warren (Investments) Ltd ("RT Warren") portfolio.

The recent corporate acquisition of RT Warren, completed in early October 2017 for GBP53.5 million, comprised 21 commercial properties and 65 residential properties. In the Company's interim results statement issued on 4 December 2017, the Directors of the Company stated it was their intention to sell the residential properties as they are not core to Palace Capital's business.

An approach was received to buy three of the houses located at The Alders, Heston in the London Borough of Hounslow and the sale of the freeholds of these three houses has now been completed for an aggregate sum of GBP1.23 million, which is 14% above book value. The properties currently produce a gross income of GBP40,800 per annum.

The Directors have decided to retain two of the other residential properties in the RT Warren portfolio, located in Banbury, for strategic reasons. Leading agents have now been instructed to market the 60 remaining residential properties as a single portfolio and offers are being invited in excess of GBP20 million.

Neil Sinclair, Chief Executive of Palace Capital, commented: "This small sale is a continuation of our policy to recycle our capital and progress our decision to sell non-core assets. The Company has a strong track record in this approach and it is our intention to reinvest the funds raised in higher income producing properties."

Date: 1 February 2018

[davebowler] 09/2/2018 13:56

Gets a mention here -
Extract-

Accounting for the recent deal, analysts
at Edison forecast an EPRVA NAV
of 392p for end March 2018. At the current
price of 334p the shares therefore
trade at a 15% discount. It should also
be noted that this valuation does not
include any upside potential from the
acquired assets.

[cwa1] 22/1/2018 07:29

22 January 2018

Palace Capital PLC

("Palace Capital" or the "Company")

Palace Capital's sales programme continues

Palace Capital, the property investment company that focuses on commercial property outside London, today announces that it has sold 138 Molesey Avenue, West Molesey, Surrey for GBP595,000 to a private investor.

This industrial building comprises 5,536 sq ft and was acquired by Palace Capital as part of the GBP32 million PIH Portfolio in August 2014. It is let until June 2021 at a rental of GBP40,000 per annum exclusive. The sale price was at a premium of 10% to book value as at 30 September 2017.

In addition, the Company has now completed the sale of the former Polestar building at Marsh Barton Exeter for GBP3.29m to Travis Perkins. This sale was announced in the Company's interim results on 4 December 2017 and also achieved a 10% premium to book value as at 30 September 2017.

Neil Sinclair, Chief Executive of Palace Capital, commented: "Although not a large sale in terms of our overall portfolio, the disposal of the West Molesey property further demonstrates our strategy of disposing of small properties or those where little value added can be achieved. This is part of our agreed strategy to actively manage our asset base, constantly seeking to retain and invest in better performing properties. We are also pleased to have completed the disposal of the Polestar building in Exeter as this had presented a number of management challenges since we acquired it as part of the Quintain portfolio in 2013."

[ntv] 21/1/2018 10:27

by paying the first quarterly in April, shareholders will lose a months income this year as this makes the first payment 4 months after the final and not 3 months as it would be if it was actually paid quarterly following on.
so existing shareholders would have to take into a/c their dividend will 11/12 of stated figure when rebased on an annual basis
will obviously be the full amount next year
these figures would be based on no increase in the dividend

[cwa1] 19/1/2018 08:07

Conviction purchase sizing?

he Board of Palace Capital has been notified that Stanley Davis, Non-Executive Chairman of the Company, on 18 January 2018, purchased 100,000 ordinary shares of 10 pence each in the Company ("Ordinary Shares") at a price of 330 pence per Ordinary Share. As a result of this purchase, Mr Davis interest in the Company is 1,665,287 Ordinary Shares, which represents approximately 3.63 per cent. of the voting rights over the Company's share capital.

[ntv] 14/1/2018 20:38

i won't be voting for him to be re-elected that is for sure at the next AGM. i hope other persons will follow suit
share price got to move 20% now just to get back where we were a months ago

[steve3sandal] 14/1/2018 20:15

I did quite like the portfolio before for which credit was given to management and at 430p NAV I was quite happy. Disappointed at every turn with subsequent events and feedback. Previously Palace were quite active on the PI presentation circuit with Share Soc and Mello. I hope they have something better to say next time they leave the office to talk to us, else they will be skinned by Q. Any views how they might fund the substantial York development? More equity must be out leaving a JV, debt or sale off, none of which will really help the share price

[davebowler] 14/1/2018 18:25

I agree -shafting shareholders is totally unreasonable and using red tape as an excuse makes it worse.

[skyship] 14/1/2018 17:38

PRE-EMPTION is these days a very dirty word in the Investor Lexicon - & PCA did it in spades by placing shares at 340p versus the pre-acquisition NAV of c430p!

They also disguised through omission the fact that new shareholders were also given a 9p dividend which they hadn't earned; so the actual placing price was even lower - 331p.

They destroyed shareholder value.

Take a look at NRR, EPIC & RGL to see great deals where stock was placed at close to NAV, at NAV or even at a premium to NAV.

Sinclair even had the unmitigated gall to say to me that the low level of permitted shareholder participation via the rights element, was due to EU legislation not permitting a higher level. Total and utter cr*p!!!

[ntv] 14/1/2018 09:43

Not much of cracking deal for small shareholders who have watched the share price faLloyd 20% going to take a long time to convince holders they won'the get diluted again.buy a for results and dividend and then dump. Still management can justify the purchase all they like but is all in the falling nett a set value. Makes them a shorting target as well now. Still no news on Hudson house the supposed £14m development with no income

[poacher45] 13/1/2018 10:21

Hi Skyship we share several holdings in several property shares. I think you are being too hard on the Palace directors over the past few years they have bought several properties and successfully turned them around. They have some exiting projects just about to start. As they said this latest project is a very big step. What would you rather them do issue more equity which they did or take on a large amount of debt or not bother to expand at all and just let the company stagnate. No pain no gain.

[llef] 05/12/2017 10:26

mm, it seems to me, that the benefits of the increased scale will actually accrue to the directors and management, as their compensation is increased to "reflect the complexity of running a bigger company"!

[cwa1] 04/12/2017 14:42

FWIW Edison have issued a note this morning(might need to be registered):-



Snippet(don't shoot the messenger!!)

Valuation: Attractively priced with upside potential
With a fully covered prospective yield of 5.7% and a 15% discount to FY18e NAV per share, Palace shares appear to have factored in the near-term dilution from the recent capital increase but not the potential benefits to emerge from the acquisition and increased scale.

[igbertsponk] 04/12/2017 14:02

Think you're all getting rather excited.
They can't restate the NAV properly (certainly not to pass the auditors) without revaluing the newly acquired assets, which they won't want to do until they've had a good look at them.

[skyship] 04/12/2017 13:32

Of course; but that crucial information should be stated under the subsequent events.

[contrarian joe] 04/12/2017 12:20

Skyship,wouldn't the accounts have been completed before acquisition!!

[skyship] 04/12/2017 11:08

Total obfuscation - an appalling statement. Nowhere does it state the actual NAV of c385p post the massively diluting effect of the 340p placing and the 9p dividend to the new placees - this last unearned as it was for the 6months ended before the placing. Ie the true placing was at 331p - NOT 340p.

At 340p the discount is a mere 12%.

Given the BoD's now poor reputation, that discount is likely to increase through a further fall in the share price

[steve3sandal] 04/12/2017 09:50

CWa this is a slightly misleading headline. NAV was substantially diluted by the recent heavily discounted fund raise. Not got my notes with me, just didn’t want anyone thinking this is on. £1 discount.

[ntv] 14/11/2017 14:59

you now buy well below open offer price, on its way to test support level at 320 ?