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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Property FD Mgt | LSE:PFM | London | Ordinary Share | GB0031581449 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6520B Property Fund Management plc 05 August 2004 FOR IMMEDIATE RELEASE 5th August 2004 Property Fund Management PLC ("PFM") Trading Statement Current trading As indicated in the preliminary results statement of 26th May 2004, the delay in launching the new Euroind High Income Fund ("EHI") will have a significant impact on the results of PFM for the year ending 31st December 2004. As a consequence the full financial effect of EHI's acquisition programme will not be realised until the second half of the current financial year ending 31st December 2004 and during the 12 months to 31st December 2005, rather than during the first six months of 2004 which was originally anticipated. As a result, the Directors expect that PFM will make a loss for the six months ended 30th June 2004. Change in business model As well as the delays to EHI, there has also been a significant change to PFM's business model. In the listing particulars for PFM dated 16th May 2002, it was stated that the requirement for "seed capital" or co-investment by PFM in its new funds "will typically be limited to a maximum of 1 per cent. of the target equity for the relevant fund." Since listing, the Directors believe that market expectations have changed and typically investors in property funds now require the manager to co-invest larger amounts which can, in some cases, represent up to 5 per cent. of the target equity. In EHI, out of a total equity size of approximately Euro300m (when completed), PFM will have been required to invest a total of some Euro7.5m, representing 2.5 per cent. Additionally the recent Industrial Investment Partnership, launched by PFM in the UK, saw a requirement for 5 per cent. co-investment equity. The Directors believe that levels of co-investment of this scale will generally be required in the future for new funds. Although PFM has funded its co-investment requirements from internal resources to date, as a consequence of these changes it is clear that PFM requires a stronger capital base to maximise the opportunities available to it and to accelerate further the growth in its funds under management. The Board is therefore considering the alternatives available for raising further equity for PFM and discussions are in hand with third parties willing to underwrite such an equity issue. It is the Board's intention that shareholders will be offered the opportunity to participate fully in any such equity issue pro rata to their existing shareholdings. Progress on new and existing funds At the first closing the EHI Fund attracted a group of leading European institutional investors who committed Euro193m of equity. The fund has exchanged contracts to acquire Euro74.5m of industrial estates for the fund, initially in Denmark and the Netherlands, with a further Euro200m of estates under offer for acquisition in all four target countries including Germany and France. It is anticipated that the fund will attract total equity of Euro300m providing purchase power of Euro700m. Demand from investors has been strong for the second closing which it is planned will provide the balance of Euro107m of equity. The Board is also pleased to report that heads of terms are agreed for a Central European Industrial Fund that will invest in Poland, Hungary and the Czech Republic, from PFM's office in Warsaw. The fund is now planned to be Euro450m, with equity and debt, rather than Euro150m which was originally envisaged. An initial pipeline of Euro100m of property investments is currently under negotiation. Following the first closing, which will be concluded with a single investor, PFM intends to open the Central European Industrial Fund to a wider group of investors. The co-investment requirement from PFM for this initiative is a maximum of Euro5m, representing approximately 3 per cent. of equity. The strength in performance of UK funds has continued with returns on equity for the year to March 2004 at 22.7 per cent. and 22.5 per cent. respectively for IPII and The Industrial Trust. Ends. ENQUIRIES Property Fund Management PLC John Sims (Chief Executive) 020 7535 1818 Baron Phillips Associates Baron Phillips 020 7920 3161 This information is provided by RNS The company news service from the London Stock Exchange END TSTGIGDIBGGGGSU
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