Picton Property Income Ld Share Discussion Threads

[skyship] 03/2/2012 07:26

HP - difficulty finding a buyer I suspect!

[hugepants] 02/2/2012 21:10

LOL SKYSHIP. I think i'll sell you and buy some more PCTN.

[tiltonboy] 02/2/2012 15:25

Picked up another 100k IFD this morning at 32.25p. Somebody doesn't want to own them!

[skyship] 02/2/2012 14:48

Going back to Jan'11 IFD has still outperformed PCTN. But going back to the start of Jan'12, PCTN has substantially outperformed. A good switch perhaps – SELL PCTN @ 42.5p – BUY IFD @ 32.5p...

[cwa1] 26/1/2012 07:29

IMS, NAV and Dividend:-

[hugepants] 24/1/2012 15:23

40.5p - 40.75p. Its like a turbo-charged rocket now.
Next stop 41p.

[hugepants] 23/1/2012 14:16

Exciting stuff. That's the key 40p level reached. This could hit 40.25p anytime now.

[hugepants] 17/1/2012 15:33

...Picton Property Income Limited (LSE:PCTN), the income focused property investment company, announces that it has acquired two buildings at Angel Gate Office Village, City Road, London EC1 for a net consideration of £2.6 million, reflecting an initial yield of circa 11%. The consideration was paid from existing cash resources....

[hugepants] 16/1/2012 19:53

Not much interest in this dog.

Management Internalisation Update
11 January 2012


...The internalisation is expected to lead to cost savings of around £0.6 million per annum on a like for like basis...

[hugepants] 28/12/2011 11:03

PCTN is now yielding 11%. Whats the worst that can happen here. Wont the debt just be rolled over next year at a slightly higher rate of interest. Knocks profits a bit but wont yield still be say 9%-10%. Or is that optimistic? Its reassuring all the property is in the UK so no direct exposure to the euro.

[sleepy] 20/12/2011 09:40

Having changed the year-end looks like they are trying to get the refinancing in place by March 31 next

[asmodeus] 20/12/2011 08:46

Ah, I see, I must have been looking at the zero, not the ord. Will look again now.

[skyship] 20/12/2011 08:24

ASMO - "The ZDP Share's repayment date is the 31 October 2012 and the final capital entitlement is expected to be 76.6 pence per ZDP Share."

[asmodeus] 19/12/2011 18:56

But what about alleged wind-up in October etc., Skyship?

[skyship] 19/12/2011 17:22

ASMO - When IRET (now PCTN) acquired Rugby it issued Zeros (IREZ) as part of the deal. Not many issued & tightly held for their short life. They've never offered sufficient value to be a buy in the secondary market.

[asmodeus] 19/12/2011 16:56

I have just been looking at "splitsonline", and, somewhat to my surprise, found Picton listed there. (I hadn't realised it is a split-capital trust). They say there that it winds up on 31st October next year; is on a discount of 42% and thus a hurdle rate of -61.4%. All this doesn't seem to tie up with loans having to be repaid in Jan. 2013 etc. Please would someone be kind enough to explain, if possible?

[dendria] 14/12/2011 08:22

More director buys - from RNS 14 Dec 2011... On Fri 09 Dec 11 Mr Michael Morris acquired 25,000 ordinary shares at 38.25p and Mr Andrew Dewhirst acquired 5,000 ordinary shares at 38.12p.

[bolador] 25/11/2011 14:38

On the 18th Nov Mr Trevor Ash a director of the co bought 100000 shs of Picton at 40.89p. Hopefully he knew what he was doing although of course he could not act ahead of any refinancing news.
Difficult one this because presumably the banks could hold the co to ransom seeing as how short dated the borrowings are. Hopefully, again we will get some co news on progress rather than an unhappy bombshell later on !

[skyship] 25/11/2011 10:11

These are clearly being badly hit by the global bank de-leveraging. The debts for repayment in Jan'13 can be seen here on p26 in Note 10 to the Accounts:

[skyship] 23/11/2011 10:46

Ivy & Kramch

I've emailed you the report Simon sent us a few weeks back...

This weakness would presumably be resolved if they were able to
accomplish early refinancing, rather than waiting until next year.

[sleepy] 23/11/2011 09:14

Am travelling at present but will see what I can do when I get back on Friday.

[kramch] 23/11/2011 08:40

if anyone has an electronic copy I would appreciate one too;

[Received, many thanks], K

[simon gordon] 22/11/2011 22:02

Hi Ivy,

I don't have an electronic copy any more, maybe if one the guys on thread still have an electronic version they could send you a copy!