Picton Property Income Ld Share Discussion Threads

[envirovision] 28/6/2012 09:04

Grab year self a juicy 10% plus yield with a fully financed portfolio way out into the future

[yellowdog] 28/6/2012 07:34

S what about the £5m cost of the swaps?

[irenekent] 28/6/2012 07:18

At last-I'm in! Recommended by Chronic Investor in Feb at 41p.

[skyship] 28/6/2012 06:35

Well done Picton - up to 20yr year refinancing with AVIVA & CANADIAN LIFE. Set @ 2.1% margin, so starts @ 4.4% but will rise with interest rates:

[trustman] 30/5/2012 14:21

Anybody know timing of 2011 accounts?

[cwa1] 25/4/2012 06:19

NAV and Div release just out:-



Picton Property Income Limited ("Picton" or the "Company"), the internally managed Investment Company with an income focused approach to the UK commercial property market, announces its Net Asset Value and Interim Dividend as at 31 March 2012.
-- NAV per share 57 pence (December 2011: 60 pence).
-- Net Assets of GBP 196.1 million (December 2011: GBP 207.9 million).
-- 2.9% decrease in property portfolio valuation.
-- Completed the letting of 50 Farringdon Road, EC1.
-- Repayment of GBP 0.1 million of debt following asset sale.
-- Enhancement of Central London exposure through Angel Gate, EC1 acquisition.
-- Interim dividend declared of 1 pence per share.
Commenting, Nick Thompson, Chairman of Picton, said:

"In addition to managing our assets efficiently, our primary objective is to put in place new debt facilities during H1 2012 and this has been the focus of activity over the quarter. We have been encouraged by the feedback that has been received and the progress we have made in meeting this objective."

Michael Morris, Chief Executive of Picton Capital, said:

"Reflecting wider market conditions, our portfolio highlights have been Central London focused, having secured two new tenants at 50 Farringdon Road, completing the scheme. In addition, we have further enhanced our London exposure, which now represents just under a quarter of the portfolio by value, through the acquisition of two buildings at Angel Gate, consolidating our holdings at this asset."

[puku] 23/4/2012 17:41

hi - is the a REIT that I can get my tax back ?

[danny500] 20/4/2012 14:29

good news thanks for posting.

[speedsgh] 20/4/2012 14:23

Picton completes letting at 50 Farringdon road, EC1

[tiltonboy] 06/3/2012 10:48

SKYSHIP,

I'm fairly confident that they will maintain it. They will look to build dividend cover up when possible, so no possibility of an increase for some time.

[skyship] 06/3/2012 10:15

That over-valuation vis-a-vis IFD (Post No.83) has now unravelled, partly because PCTN stalled over the past month; but mostly because IFD broke out of its absurd under-valuation.

Tilts - at that meeting, did you get a feel for his commitment to retaining the 4p annual dividend?

[tiltonboy] 29/2/2012 11:46

Had a constructive meeting with Michael Morris. Nothing particularly major to come out of it.

[seekerofvalue] 24/2/2012 16:28

SKYSHIP, some Income ideas are written about in yesterday's Investors Chronicle article. PCTN gets a mention.

Income for your Isa

[sleepy] 20/2/2012 11:57

Tilts

Thank you

I expect you know the issues better than I do! Obviously the refinancing of the loan and the zeros. Will they need to take any other actions - raise equity, roll over/issue more zeros, sell property etc?

Last interim results shown 49% of eases expiring in less than 5 years. This cannot be helpful.

[cwa1] 20/2/2012 09:34

For the record:-

Pursuant to Listing Rule DTR3.1, Picton Property Income Limited announces that the following beneficial holding of ordinary shares were acquired by Mr Roger Lewis, Director of the Company, on 16 February 2012.

50,000 ordinary shares at 41.50p representing 0.0144% of the Company's issued share capital. The shares are registered under Hulton Pensions Limited. Mr Lewis is the beneficial holder of a total of 150,000 ordinary shares representing 0.0434% of the Company's issued share capital.

[tiltonboy] 16/2/2012 14:45

I did mention that to the PR company who rang me!

[skyship] 16/2/2012 14:26

TILTS - Yes, ask Michael Morris if he intends reimbursing IFD for the costs they incurred dealing with his ludicrous Merger proposal last year!!!

[speedsgh] 16/2/2012 13:26

New article in IC. Not sure if this is just available online or in latest issue of magazine as well. It's currently the headline article on the website homepage.

"Yield of 9 per cent too good to miss" -

[tiltonboy] 16/2/2012 13:17

I've got the company coming in to see me in a couple of weeks, so if there are any specific questions you want me to ask, let me know.

[sleepy] 13/2/2012 23:10

Thanks Tilts. I would agree with them, assuming PCTN can refinance. SLI seem too have got some fairly good terms in their refinancing recently but I think they will have found the process considerably easier than PCTN.

[cwa1] 13/2/2012 16:51

Thanks for that tiltonboy.

[tiltonboy] 13/2/2012 09:24

Oriel have initiated PCTN with an ADD recommendation. Sees material upside on completing debt refinancing.

[cwa1] 09/2/2012 09:14

Pursuant to Listing Rule DTR3.1, Picton Property Income Limited announces that the following beneficial holding of ordinary shares were acquired by Mr Trevor Ash, Director of the Company, on 6 February 2012.

50,000 ordinary shares at 42.89p representing 0.0144% of the Company's issued share capital. The shares are registered under Pritchard Stockbrokers. Mr Ash is the beneficial holder of a total of 150,000 ordinary shares representing 0.0434% of the Company's issued share capital.

Pursuant to Listing Rule DTR3.1.2, Picton Property Income Limited announces that the following beneficial holdings of ordinary shares were acquired by Mrs Joanne Morris, connected to persons discharging managerial responsibilities, on 6 February 2012:-

23,500 ordinary shares at 42.89p representing 0.0068% of the Company's issued share capital. The shares are registered under James Capel Nominees Limited. Mrs Morris is the beneficial holder of a total of 28,596 ordinary shares representing 0.0083% of the Company's issued share capital

Pursuant to Listing Rule DTR3.1.2, Picton Property Income Limited announces that the following beneficial holdings of ordinary shares were acquired by Mrs Elizabeth Thompson, connected to persons discharging managerial responsibilities, on 8February 2012:-

17,767 ordinary shares at 42p representing 0.0051% of the Company's issued share capital. The shares are registered under Pritchard Stockbrokers. Mrs Thompson is the beneficial holder of a total of 39,433 ordinary shares representing 0.0114% of the Company's issued share capital.

Pursuant to Listing Rule DTR3.1.2, Picton Property Income Limited announces that the following beneficial holdings of ordinary shares were acquired by Mr Andrew Dewhirst, person discharging managerial responsibilities, on 3 February 2012:-

6,964 ordinary shares at 42.89p representing 0.0020% of the Company's issued share capital. The shares are registered under Barclayshare Nominees Limited. Mr Dewhirst is the beneficial holder of a total of 11,964 ordinary shares representing 0.0034% of the Company's issued share capital.

[kramch] 03/2/2012 09:47

I'm warming to these guys, they seem to be quite pro-active. The article suggests a good presentational campaign to lenders.

The pie charts are useful, 50% in London and the South East. By type; a 1/3rd offices, 1/3rd industrial, 1/3 retail, retail warehouses and leisure.

Don't know about the quality, but I don't think ING bought any old rubbish as some funds did.

K.

[skyship] 03/2/2012 07:59

LG - just about to post that too. An early resolution of the debt restructuring would be good news here - it being the only concerning factor