Picton Property Income Ld Share Discussion Threads

[tiltonboy] 29/1/2013 07:57

Alan and ND,

Point taken re price v commission saving.

The MM is highly unlikely to have taken them on his book, more likely he has the seller in his pocket, and will take stock off him when needed.

[alanji] 29/1/2013 07:51

Tilts - because I only have an online broker! I paid 36.6.
I appreciate the point about active trading but surely 1m (and maybe more) is a hell of a lot to take onto their book?

[soi] 29/1/2013 07:23

After having watched for a while, bought some yesterday, 36.6

May buy more another time.

[nil desperandum] 28/1/2013 21:18

online quote was 36.36/36.63 in 1m either way through internet broker when I bought... not worth paying my real broker to try to improve on that.

[tiltonboy] 28/1/2013 19:24

Perhaps they are looking to make a real turn out of it. When there is active two-way business, like at the moment, they can make decent money. Not certain why people were paying more than 36.5p!

[mister md] 28/1/2013 18:35

I sold my ALPH today to buy PCTN

[alanji] 28/1/2013 17:14

I have sold my SREI and topped up PCTN to max allocation.
Tilts (or anyone) - any idea why 1m would be available to buy or sell and why do not mm's do a cross trade for a small turn?

[nil desperandum] 28/1/2013 16:44

you could easily trade 1m either way online and on a very tight spread. Great liquidity.

[tiltonboy] 28/1/2013 16:32

I went on the bid a couple of times today 36.5p and got shovelled in immediately. Obviously a fair bit of stock around.

[jaws6] 28/1/2013 16:31

yes,but no link to put here .I have read note and looks ok.
They have said they visited all central London property , A more detailed report on Picton will be released in due course.so will be nice to see full report when comes .

EDit

[skyship] 28/1/2013 16:26

jaws - do you mean another in addition to Oriel?

[jaws6] 28/1/2013 13:46

skyship
Just seen another buy note here today .
discount of 28% to nav

[jaws6] 28/1/2013 08:56

note out today -pctn

[cwa1] 28/1/2013 08:24

Covered dividend. Growing income. Central London values continuing to improve. Largely unaffected NAV. Encouraging level of activity. Debt reduction.....all in all, pretty satisfactory reading IMHO.

[skyship] 28/1/2013 07:31

Yes, all quite reassuring. NAV fall less than I feared:
=======================================================
Quarterly Highlights:

-- Net Assets of GBP174.5 million (30 September 2012: GBP180.2 million)
-- NAV/EPRA NAV per share of 51 pence (30 September 2012: 52 pence)
-- 1.4% decrease in underlying property portfolio valuation (30 Sep'12: -1.3%)
-- Debt reduction of GBP8.9 million, through amortisation and ZDP

Refinancing:

-- Improvement in net rental income through letting activity equivalent to GBP0.3 million per annum
-- Appointment of non executive director and investment director in January 2013
-- Dividend of 0.75 pence declared (30 September 2012: 0.75 pence)

[flying pig] 28/1/2013 07:15

Announcement this morning
Interim - dividend at .75p,
modest asset fall 51p
respectable lettings and asset management
rental income increase 300k
new non-exec (what value to Picton?)
new exec
overall steady as she goes.

[skyship] 24/1/2013 18:19

...and that's another 500k gone @ 36.25p. The seller continues, but it's all being absorbed.

[skyship] 24/1/2013 11:10

SREI today reported a "Like for like" direct portfolio decline (pre-Capex) of c2.7% in Q4'12. A similar result for us would reduce our NAV to c49p.

48p/49p....we would still be on a 25% NAV discount, so the 36p should hold IMO.

[cwa1] 22/1/2013 15:04

Indeed SKY, the "other people's money" syndrome that seems to pervade the investment management industry is one of the reasons I decided to look after my own savings many years ago. I certainly haven't regretted it-but without some rather strange fund manager's decisions along the way I certainly wouldn't have done nearly as well, so it's an ill wind all that....

[skyship] 22/1/2013 14:50

Quite right - 16th May. Lloyds reduce from 20.0m to 16.58m (4.8%).



Remembering their woeful selling of SREI at that time, perhaps they have learnt to sell when there is a buyer, rather than trash the price and then see a 20% recovery when they have exhausted! Still, the investment manager works for a bank, so he most likely still trousered a 25%+ bonus for his troubles - its only "Other People's Money" after all.

[cwa1] 22/1/2013 14:37

Happy enough with that. Lets us pick up a few at what will hopefully look like sensible prices when looking back. Don't see many holdings announcements, last one was Lloyds reducing back in May I believe. IF it is then there's probably a LONG way to go if they do intend to clear out. Time will tell.

[skyship] 22/1/2013 14:29

Been a substantial seller around for quite some time. When he eventually finishes then I would expect these to rise back to the 40p level, ie a 7.5% yield.

[cwa1] 22/1/2013 14:20

Picked up a few more off the book at 36.25p Certainly doesn't seem to be a shortage of them at around this price.

[cwa1] 22/1/2013 10:56

Morning All

Just re-entered here this morning for first time in a little while ahead of what will hopefully be a steady IMS and a solid 8% ongoing yield. Good fortune to all holders.

FWIW, 250K available inside spread online, so no shortage of stock currently....

[eeza] 22/1/2013 10:30

Seller must surely be running out by now.