Palace Capital Share Discussion Threads

[alders15] 27/3/2023 12:51

Unlikely to be the case.

He announced because he went through the 11% threshold due to the share buyback.

[nickrl] 22/3/2023 21:08

he had more shares than his previous RNS so i take that as an increase

[konradpuss] 22/3/2023 20:49

He (Peter) issued an RNS so I guess he bought some. The company bought back what they bought back. The two, in my humble are unconnected. He was however buying more of the company per share if the company was buying back.

[alders15] 22/3/2023 13:33

I do not think he has bought any. The number of shares in issue have reduced.

[nickrl] 21/3/2023 17:44

Peter Gyllenhammar has made a modest stake increase

[cwa1] 15/3/2023 07:03

Dividend Declaration

Palace Capital announces that it will pay a quarterly dividend, in respect of the three months ended

31 December 2022, of 3.75 pence per ordinary share.

The dividend will be paid on 14 April 2023 to shareholders on the register as at 24 March 2023. The ex-dividend date will be 23 March 2023. The entire dividend will be paid as a Property Income Distribution.

The Company intends to provide a trading update in April in relation to the year ending 31 March 2023, ahead of its full year results for the same period, which are expected to be announced on or around Thursday 15 June 2023, with the date to be confirmed in due course.

[alders15] 09/3/2023 22:20

If last year is anything to go by, we should be getting a Trading Update next month. I am keen to see the dividend at least maintained. Personally I am disappointed that the cash accumulated at the end of the last financial year was not reinvested in attractive opportunities to grow the income and therefore the dividend. A golden opportunity missed in my view but we are where we are.

[makinbuks] 07/3/2023 16:42

Alders, the selling down of assets has been paused in the current market conditions. Nevertheless I tend to agree with you that the previous management left the company in a secure position

[nickrl] 07/3/2023 14:10

@Alders my gripe remains that Sinclair and the FD received far too much compensation and they shouldn't have gone if that was the price but it was a couple of the big shareholders that forced the issue not a small time investor like me. Hope you looked at the incentive scheme the pair of them were on they were more than rewarded against achieving those outcomes by the way and they were already running asset sales themselves to get LTV down. As i acknowledge HQ is good investment and its free cash from whatever's left on the books.

[alders15] 07/3/2023 13:24

Nickl You are being a little unfair on the former management. I had a quick look at the results announced last June. They sold 14 buildings at a profit of £5m, made a development profit at Hudson Quarter of £3.8m, sold 80 apartments at York, paid off the bank and accumulated £30m in cash and reduced the LTV to 28%. Sorry but those people took the right decisions and more than paid for themselves. Looking back not pleased that they have gone. Selling assets in a downturn is not good business as there are a shortage of buyers who are not bargain hunters.

[nickrl] 04/3/2023 17:59

The big London centric propcos are holding their own with lettings and managing void rates although most look like they've put on hold anymore new capex unless they have a substantial pre let.

Anyhow PCA have diminishing NRI due to asset sales and whilst they've knocked debt down too much of it is floating at SONIA+2% so i doubt they can afford a divi rise but at least the recurring 1.4m paid to Sinclair and co wont repeat this year. Should get a trading update in next month and we can see how HQ sales are going as everyone is free cash now which can be applied to one of the expensive loans freely.

Be 3mths before we see finals based on last year so reckon NAV 250-270 most likely so current share price is pretty reasonable based on other reits discounts currently.

[spectoacc] 04/3/2023 12:50

Lol @konradpuss.

Agree with your office comments. I doubt valuers are yet cutting them enough.

[konradpuss] 04/3/2023 09:31

poacher now calm down.

What I am saying is I have not looked in detail in respect of that building.

My comments have been general in respect of offices - EPC ratings, structural obsolescence and the type of buildings occupiers what post pandemic.

I might no nothing, however unfortunately I am a valuation surveyor - non practicing thank God!

[poacher45] 04/3/2023 08:56

So in other words after criticizing palace you now admit to knowing absolutely nothing. Just like the other idiot who wanted to slash the prices of the flats so they could all have been sold in 6 months. Palace has a lot of good properties and is sitting well below its asset value paying a good dividend which is set to increase.

[konradpuss] 03/3/2023 17:47

poacher, I really do not know enough to value the offices at Hudson Quarter. No expert me!

[jbarcroftr] 03/3/2023 11:42

In my days in Leeds Park place was 100% prime

[poacher45] 03/3/2023 11:37

konradpusss That is just one project it perhaps was a mistake but then the Directors did not know about Covid and the Ukraine war. As you are an expert perhaps you would like to give us a valuation on Hudson Quarter. The office block is now almost all rented out and despite somebody on here wanting the flats to be sold off at a discount they are selling at full price.

[alders15] 03/3/2023 10:58

Konradpuss. I go to Leeds regularly. Forget the existing building. It has planning for a refurbishment and extension. On new space, rents now exceed £40.00 psf and this will continue to rise in the months ahead.

Great opportunity here so if this property is sold close to its valuation of £5.3m the buyer will be getting a bargain.

[konradpuss] 02/3/2023 21:32

Alders, rising rents? Well you are very optimistic. What is the current EPC rating of said building? My guess D.

I think you should take a train to Leeds and have a good look at the building and the Leeds office market in general.

Old Chinese proverb says:- "He who gets out and looks around sees more clearly".

[alders15] 02/3/2023 21:19

Not at all. It has planning for refurb and extension. With rising rents on new space, it is a matter of time before the proposed scheme will be viable.

[konradpuss] 02/3/2023 19:25

Alders, from a quick search on line there seems like truck loads of office space available in Leeds. Not all prime mind.

I have said it before, the office market generally is currently a slow motion train crash.

[alders15] 02/3/2023 13:54

The writedown of £5m notwithstanding the cladding is quite ridiculous. I visit Leeds often and there is an underlying shortage of prime office space which is why rents are rising.

[baner] 20/2/2023 11:30

Bank house has been significantly written down in the latest valuation. There are also a number of good assets in PC, let´s keep this balanced. And York has indeed sold rather well and also received a good rent for the Office space let so far.

[balcony] 19/2/2023 12:19

Catabrit-Palace put in plans in July to extend Bank House.

[spectoacc] 18/2/2023 19:43

Thanks @Catabrit. Agree re REITs unfortunately - there's plenty of good stuff, but then some remarkably bad/iffy stuff where they basically seem to have had money that needed spending, and have spent it like it isn't their own (which of course, it isn't).