Palace Capital Share Discussion Threads

[nickrl] 17/2/2021 23:01

baner yeah he rates it so much that he's put his hand in his pocket to buy shares not once in two years at least. Then he doesn't have to as the share performance scheme fills his coffers every year and no doubt the BoDs will be coerced into recalibrating the scheme so it continues to. Perhaps Gyllenhammar will shake things up.

[baner] 17/2/2021 21:00

konradpuss - u r absolutely right - he is taking several hundred thousand pounds out of the company for delivering WHAT to shareholders? a 45% discount to NAV! he raised a massive amount of new Equity at 350p-ish in recent years, what is he saying to these investors? "pay me £1m and i will take the shares down to 100p"? since 2016 the NAV per share is down significantly and in a longer term perspective the bulk of the increase in NAV/share comes from the poor investors who sinclair convinced to put fresh money into Palace at 350p-ish per share - NOT from sinclair doing good investments.

[hugepants] 17/2/2021 20:28

Is Sinclair really that bad. Apart from vandalising the share price a few years ago with the discounted placing what else has he done wrong?

[baner] 17/2/2021 16:27

Pants; and/or exit time for sinclair..........no doubt the share price will fly if so!

[hugepants] 17/2/2021 16:06

big vote of confidence

[skyship] 17/2/2021 15:50

Well, Gyllenhammar seems fairly relaxed as on Monday he added another c500,000 to take his holding up to 2.367m (5.14%). Looking at the trades it would seem he paid 190.5p.

I don't fully comprehend why he would want to get into bed with that sh*t Sinclair; though I do admit that the 44% discount to the 347p NAV (Sept'20) does provide a fairly large safety-net.

[spectoacc] 17/2/2021 06:47

Agree on NAV.

Hudson Quarter in York is near the station, isn't anywhere near the Uni (even St John), but might it attract some London commuters? Lack of garden space might be the deterrent.

They'll sell, but doesn't seem to be happening quickly.

[nickrl] 16/2/2021 22:14

Konrad its Hudson Quarter, Hudson yard is a more impressive development in New York! Anyhow i approached PCA over sales at Hudson Qtr when i noticed the number of sales went down between qtrs. Sinclair emailed to say they were jumped with people who had reserved wanting a discount and he says they won't be giving them away. There's a fair few showing on webpages but doesn't mean they aren't shifting them. From recollection they will cover the loan if they sell about 50%.

There voids are up a fair bit as well.

The reduced dividend is covered currently but there NAV is bound to drop further as they have minimal industrials to counter the rest of the portfolio.

[konradpuss] 16/2/2021 20:59

It looks to me that Hudsons Yard is the 'crunch' in the short term.

If the residential units continue to sell, all well and good. If not these fellows have a development loan that will need to be repaid - don't they ever learn only develop with cash.

If the remaining units sell it pushes down their borrowings and then there is most of the vacant commercial space still to let which will help income once let.

York is great for student - shame they did not do a student halls development.

The remainder of the portfolio is 'wallpaper' to me. No stand outs. The company thinks the regions will be beneficiaries of COVID in respect of offices - I am not sure.

I think it is still a wait and see for me currently.

I will look at the remainder of the properties when I have more time.

[baner] 16/2/2021 20:30

you are sadly probably right - it seems lazy institutions prefer to vote with their feet and walk away with huge losses, in lieu of acting responsibly in situations like this one.

[konradpuss] 16/2/2021 19:31

Only if Peter ups his stake and starts a proactive campaign otherwise who else will do such?

[baner] 16/2/2021 18:44

i do not think the departure of mr Sinclair is too far away - what defence can he provide for his failure - and please consider that he has raised VERY substantial new capital at prices per share of approx 350p - i doubt the underwriters are impressed!

you are most likely right re the relation between Stanley and Neil - however none of them has a large holding in the company, and none is much respected by the shareholders today, one must assume. so bibi Stan and Neil - the sooner the better!

[konradpuss] 16/2/2021 18:35

baner, but when?

I will do a little work on how far off I feel the current NAV is to reality.

I guess Stanley is 'as thick as thieves' with Neil.

[baner] 16/2/2021 18:14

count down on Neil Sinclair - there is no way he will be able to protect his position in PC - to have the shares trade at 50-55% of the NAV is nothing but a declaration of mistrust by the "market" towards the BOD and its management team - put a £ in the hands of mr Sinclair, and it turns into........50 pence. adieu Neil!

[konradpuss] 15/2/2021 21:25

baner, the hope is that Peter ups his stake.

He usually does 'the let's do this' consensually, however in this case, not a chance.

I just wonder what the 'real world' NAV is?

There has been so little price discovery of late.

I am not a shareholder yet however pondering.

[baner] 15/2/2021 21:15

larger shareholders are clearly fed up listening to Neil Sinclair´s speaches re his own brilliance, while the share price continue to slide. now not far from 50% down on the NAV as well as the latest fund raising price. it is time to send him out, liquidate the company in an orderly manner and distribute 300p+ to all shareholders pro rata. it can only be a matter of time until shareholders instruct the BOD accordingly.

[spectoacc] 15/2/2021 16:06

Some decent trades through today, but all look to be sells, in a very strong FTSE.

[2wild] 14/2/2021 12:24

Top 8 trades 1/10/2020: 6 totaling 599,352 at 187.5p, 150K at 187.33p and 25K at 187p.

[baner] 10/2/2021 21:27

i am not sure why Palace shareholders should support Sinclair and Davies if there is a sound proposal looking after the best interest of all shareholders - which is clearly not what the said gentlemen are doing!? no doubt it would enhance the value of the Palace shares if they sell properties at full market, and use proceeds to buy back their own shares at a 40-50% discount to the underlying NAV - it is amazing Sinclair is not doing this. surely he understand the potential benefit to all shareholders, and yet he obviously ignore this possibility - how can he, and his BOD, defend this stance?

[konradpuss] 31/1/2021 14:04

Thank you Skyship.

Usually Gyllenhammar organises one of his fellows in the U.K. to eventually join the board to 'straighten out' things!

I think with Sinclair involved plus Stanley Davies, it will be difficult to obtain board control or even one board representative.

I guess Gyllenhammar, if he obtained control, would sell enough to leave the remaining costing 'shirt bottoms'.

I have not invested as yet.

[skyship] 31/1/2021 13:35

PCA were trading at c190p when Gyllenhammar bought his 3% on 1st Oct'20. No mention of price; and now too late to see any trades. Though I suspect the trade didn't present; otherwise someone would have posted the trade price.

[konradpuss] 31/1/2021 10:54

By the way I am for my sins an RICS member and I totally agree with him.

Do you know what price per share Peter Gyllenhammar paid?

[spectoacc] 31/1/2021 10:22

That's brilliant.