Paq Intl Share Discussion Threads

[ntv] 31/5/2004 19:33

agree looking good now and well above dk's proposed offer
goes xd on wednesday

[simonevans] 26/5/2004 21:47

Excellent news. Can't see a takeover at the original price given this sort of performance. I'd rather hold this one for the long term. Now looks very good.

[soysoy] 26/5/2004 13:20

i bought a 1000 though comdirect this max i could have

[rambutan2] 26/5/2004 11:37

well, we guessed this was coming and its worth a posting...

Property Acquisition and Management Limited (the 'Company')

Trading update and dividend announcement

In accordance with its normal quarterly practice, the Company's property
portfolio has been valued as at 31 March 2004 by DTZ Debenham Tie Leung ('DTZ').
This valuation has resulted in a significant uplift in the value of the
Company's property portfolio. DTZ have advised that the open market value of
the Company's property portfolio as at 31 March 2004 is £208.9 million (£193.8
million as at 31 December 2003). This represents an uplift from 31 December
2003 of £12.5 million, after allowing for purchases, sales and capital
expenditure, which would equate to an increase in the triple net asset value per ordinary share of around 14.66p to 115.23p. Basic net asset value per ordinary share has increased by around 16.18p to 134.72p.

Trading continues to be positive and the Board currently expects to report a
further improvement in the value of the Company's property portfolio when it
announces its interim results in respect of the period to 30 June 2004.

The Board has today resolved to declare an interim dividend of 2p per share
which will be payable to Ordinary Shareholders on 15 July 2004 to those Ordinary Shareholders on the register as at 4 June 2004.

[ntv] 26/5/2004 08:37

good trading statement and good divi

[paulkent] 26/5/2004 08:27

how nice..good new net asset value ...may be some pretty solid progress likely for a bit...reckon the bidder will have to come back at at least 90p or more now..maybe over £1...

[paulkent] 24/5/2004 10:08

another little tick up...wonder if its jsut a buy whichll be shown late..or if the bidders back!..or both!!

[ntv] 15/5/2004 22:04

positive comment in ic

[ntv] 29/4/2004 20:43

share price still creeping up slowly

[ntv] 29/4/2004 20:42

well industrial land should be wort at least £7.5M(100 acres) ,housing land £200k an acre
the way we have to look at it as shareholders if the divi is given a decent hike we will get a decent rise in the shareprice and we will still get to see the benefits of the land sales over the next few years
if channel hotels come up with a decent offer ,they will get to see it in full
land deals are the key to the future here

[rambutan2] 27/4/2004 10:42

if all goes well, perhaps a multiple.

[paulkent] 27/4/2004 10:00

how much d'ya reckon ntv?

[ntv] 27/4/2004 09:50

lol we probably will, simon don't we always!!
that landbank is worth a lot more than year end value

[paulkent] 27/4/2004 00:01

simon...do u not think the statement of the directors is so positive as to make it almost impossible for them to agree to anything around current share price??.

[simonevans] 26/4/2004 22:07

good results. wish i shared your optimism though - still think that we are likely to be fleeced! 80p tops.

[ntv] 26/4/2004 21:58

all that land profit to come over the next 4 years

[ntv] 26/4/2004 21:51

could increase the divi to 5 or 6p ,this would be excellent news for t shareholders
the management would still get substantial money from land sales to reduce debt and fund developement
with a big divi the share would be rerated and then trade much closer to asset value ,a bit like the best one in the sector PHP
otherwise i think channel hotels might get a bargin
suppose the dividend announcement will come around the time of the bid if it is not an agreed one
STILL SERIOUSLY CHEAP

[paulkent] 26/4/2004 17:09

sorry..on re reading i see the bidder cant come back till june UNLESS its an agreed bid...which it was previously at 75p before they fell foul of the rules...so presumably the Board would no longer agree at 75p...in fact, these results show how daft it was to agree to 75p in the first place!!!!...looking at the growth on portfolio in the last year alone, and now that theyve reduced gearing, i reckon the next agreed bid would need to be nearer 100p...?.and the net asset value was at yr end wasnt it?..ignores prop growth since then..i reckon a nice divi is on the way too...seems so secure on the downside unless the property market as a whole takes a bath, with great upside re discount to nav and bid prospects..heck, its not often you find a share you can buy below the price at which someones ALREADY bid six months ago!!!

[rambutan2] 26/4/2004 12:14

and having now read they look ACE. will be v disappointed if board dont make a real effort not to get taken over. the upbeat tone of the report reads like that are at least trying to open a few eyes to the potential they see. imho if left to their own devices this one could be a very profitable investment over the next 5 years + and one i would be most happy to hold.

[paulkent] 26/4/2004 12:09

..and presumably that bidder from december who bid 75p will be back with another bid soon now hes allowed?..and presumably higher than 75p now that net assets are easily over 100p?..

[paulkent] 26/4/2004 12:03

see what you mean..look VERY good...can only see this going one way

[rambutan2] 26/4/2004 11:43

results out. and look good.

[rambutan2] 29/3/2004 11:45

from the pattern of their sells, i think that theyve given up and are just waiting for the inevitable. most disappointing.

[ntv] 29/3/2004 09:40

because of its stucture having zdp and cnv prfs this co is totally undervalued
come on collins stewart you are neglecting shareholders

[rambutan2] 28/3/2004 18:20

would have to agree with that. what we need is a surprise bidder to get that price heading north. otherwise, its just a sitting duck for a 75-80p takeout.