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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Palace Capital Plc | LSE:PCA | London | Ordinary Share | GB00BF5SGF06 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.00 | -0.45% | 219.00 | 214.00 | 219.00 | 219.00 | 219.00 | 219.00 | 14 | 08:05:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 19.6M | -9.36M | -0.2493 | -8.78 | 82.63M |
Date | Subject | Author | Discuss |
---|---|---|---|
02/8/2023 10:52 | NRI less than 13m now and still have finance expense on debt over half of which is floating at c7% so why sit on 20m of cash getting c3-4%? perhaps there is a penalty for early payment? Anyhow even with reduced income looks like divi is still coverable at these levels. | nickrl | |
02/8/2023 10:11 | andy not their max potential entitlement. | baner | |
02/8/2023 09:53 | The management incentive plan is a bit misleading. Management get their bonus if they sell properties at a 30% discount to March valuation. | andy246 | |
02/8/2023 08:48 | The HQ flats are not really that important any longer - now that PC is debt free and these flats represent maybe 5-7% of the remaining assets. Maybe PC should accept a 10% discount on these flats and use the proceeds to buy back its shares at a 25% discount to the NAV - that makes a lot of sense. PC looks increasingly sound from a risk/reward point of view and it would not surprise if the management eventually get a well deserved maximum bonus - in which case there is a 50% upside in the share price from today´s level. Plus the dividend. Not bad in a 12-24 months perspective. | baner | |
02/8/2023 08:40 | Aren't PRS funds focused on affordable housing rather than high end city centre flats. I have said here before that PCA could rent them out and sell off one at a time. I have seen that strategy deployed in a slow market. Makes the development look more attractive to buyers as its "completed". Someone might make them a low ball offer for the remaining units on that basis | makinbuks | |
01/8/2023 20:21 | Appreciate that hindsight is 20/20, but PCA really should have sold the apartments at Hudson to a PRS fund. Leaving aside the more recent challenges in the U.K. market, such a sale structure would have unlocked a far faster recycling of capital. | pdosullivan | |
27/7/2023 10:48 | It is called market intelligence. | alders15 | |
27/7/2023 08:25 | Nickrl One must also consider that the management is expected to eliminate their own jobs, gradually liquidating the company they run. In that respect, i believe the fixed fees are not at all challenging, and the incentive scheme is well designed to meet the objectives of shareholders - lets hope mr Owen et al become exceptionally well paid here!!! | baner | |
26/7/2023 21:49 | Owen and the other execs only benefit under the new incentive plan if the property is sold above March's valuation otherwise they are on fees only. I appreciate those fees are pretty generous as well but shareholders will benefit more if they sell above Marchs valuation hence the incentive plan which was 97% supported. | nickrl | |
26/7/2023 20:31 | Alders, from my reading the company has achieved about book value. Slow progress in York mind. | konradpuss | |
26/7/2023 20:25 | Alders15 On what basis do you state ”there is far more opposition” How do you know ”he is selling properties cheaply”? If you can present buyers offering more for these properties, then i am absolutely positive mr Owen would be delighted - why should he not? | baner | |
26/7/2023 20:18 | The fact is that 40% did not vote and there is far more opposition to him than we imagine. He is selling properties cheaply as they have been very conservatively valued, so anyone thinking of over 300p per share is for the birds. | alders15 | |
26/7/2023 19:32 | I see 23% of voting shareholders were against relection of Steve Steven Owen!! Board notes he received less than 80% but clearly not going to do anything about it and Owen doesn't have to worry as his juicy incentive plan got voted through easily at 97%. | nickrl | |
26/7/2023 08:33 | nicklr it is buying back shares at a good discount to the NAV - thus increasing the pro forma value for those staying in. assume as an example 20m shares are bought back at 250p average - with NAV 304p. this will enhance the pro forma NAV to c. 350p already. add another 10m at, say 275p, and the pro forma will go to 425p - etcetera. the patient shareholder will thus be very well rewarded. | baner | |
26/7/2023 07:54 | @baner the BoDs have proposed a favourable incentive scheme for themselves to achieve that goal and they suggest majority of big shareholders are in support so im sure will be nodded through at AGM later. HQ looks like its slowed to a trickle going forward and could be harder to shift the last 18 than the commercial stuff given mortgage rates rise. Yes there losing rental income but there also redeeming the SONIA linked debt which is costing 7% so finance costs coming down as well as buying back shares. Whats the path to achieving 350p from the estimated 304 NTA? | nickrl | |
26/7/2023 07:20 | Excellent Update - going from strength to strength. NAV now in excess of 300p and will increase gradually from buy backs at a discount to this. There is a really good chance we will see 350p coming out in cash to patient shareholders - maybe within 18 months. Meanwhile, there is a good dividend, albeit this may reduce as a result of asset disposals. That is however a positive as further disposals takes us closer to the final pay out. Clearly the BOD totally focus on the best interest of shareholders here. | baner | |
23/7/2023 13:32 | 'flock together'. | konradpuss | |
23/7/2023 13:00 | "Birds of a feather" What does that mean Konradpuss? | alders15 | |
21/7/2023 10:52 | @konradpuss im no longer in here although ive noted how resilient its been over the last couple of months compared to others. Another irony the other thats held up is RLE seems having BoDs that take out a disproportionate amount compared mkt value does no harm! | nickrl | |
21/7/2023 10:06 | Nick, I am always surprised at how few folk go to AGM's. I am not a shareholder here any more, however if I was I would be going to the AGM. I know, I know, that the small shareholder (you might have a large holding) does not have any voting clout, however there is nothing like 'button holing' an CEO or finance director. | konradpuss | |
21/7/2023 08:44 | I wonder if Mark Kleinman is related to our old 'chum' Neil Sinclair? Birds of a feather and all that. | konradpuss | |
21/7/2023 08:27 | I have just noticed an article by Mark Kleinman, the City Editor of Sky News in City AM last week. He refers to the fact that Steven Owen's salary doubled as NAV shrunk together with a Boardroom exodus. He refers to alleged conflicts of interest and his financial incentives for the sale of the company's assets. He stands to earn an additional £1m, where he is already earning £221,000. He should abandon delusions of grandeur and focus on delivering for shareholders. When the CEO left, NAV was 390p. It is now 296p and the shares are languishing at only 233p, which is only slightly above what they were, when the shares were readmitted on October 2013. What a disaster this has been but as Abraham Lincoln said "You can only fool some of the people some of the time" In essence shareholders have been short changed and all the Chairman is focusing on is himself and what are these conflicts of interest? Conduct unbecoming of a listed company. | alders15 | |
20/6/2023 08:01 | Thanx Nick - this is probably close to the actual outcome and the divi is likely to be well covered - there should also be further potential to cut admin costs. Personally i believe there will also be some increase in the rental income from the retained properties - taking us a bit over 100%. But again, in large we are in agreement. And you are right, paying down the debt is indeed sensible and in that respect PC is in a good position - it does not take them much of further disposals to turn debt free. | baner |
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