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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Prospect EP. | PEJR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.455 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.455 | 0.455 |
| Top Posts |
|---|
Posted at 06/10/2009 10:20 by rbcrbc You're welcomeIt is in the half-yearly report: |
Posted at 23/1/2009 10:32 by mobox1 Although REITS have been decimated due to the lack of available finance in the current banking crisis, the news yesterday that the Bank of Japan "would buy corporate bonds and accept real estate investment trust (REIT) debt as collateral" is a significant development. If the fear of bankruptcy can subside and allow people to concentrate more the dividend opportunities in a strong currency, prices should rise substantially. The REIT Tse rising by 2.2% today against heavy falls in the Nikkei shows that re-evaluation is beginning and if you're a high risk investor, I think the PEJR valuation is low. |
Posted at 21/1/2009 16:42 by wolstencroft Likewise I have lost on property shares, having diversified into them partly to protect me against GBP weakness!! I think few of us realised how geared these are. PEJR was itself geared to approx 100% and many of the funds they invested in were probably 50% geared, that means a 100p investment exposues us to 200p of REITs and 300p of property. If property values are deemed to fall 30% then that means the REITS will halve (assets fall from 300p to 200p less 100p debt makes 100p share price), and our investment here from 200p of gross asset value to 100p (as the underlying investments have halved). take off 100p of debts in the company and the shares are worthless. The same has happened to the banks and any other company dependent on debt. Gearing so beloved of MBAs has killed many.The shares will thus probably never recover to their highs as the debt will never be replaced, so even if property rises 50% (so REITs double, and PEJR NAV triples/quadruples) and they gear-up on the way the maximum share price will be about 30-40p IMHO. So 50p of that 100p is lost forever. The other problem is fund charges now that NAV of the fund is so small, admin charges will eat up proportionately more. I hope the fund manager remains honorable and continues to manage the fund. |
Posted at 20/10/2008 23:56 by wolstencroft sort of goes like this....Assets 100p Gearing 50p NAV/Share price 50p underlying asset holdings (=shares in portfolio) drop 25% Assets 75p Gearing 50p NAV/SP 25p margin call (margin allowed is 50%) to sell 25p worth of shares in the portfolio Assets 50p gearing 25p NAV/SP 25p but this causes shares in portfolio to drop a further 33% because they are illiquid Assets 33p gearing 25p NAV/SP 8p still on a margin call to sell assets,17p worth sold to bring gearing down to manageable levels Assets 16p gearing 8p NAV/SP 8p shares in portfolio drop a further 25% assets 12p gearing 8p NAV/SP 4p at this stage the manager ring-fences the 4p of NAV and sells 8p worth of shares because the margin call is to sell 6p worth of shares or otherwise fund the account, they can do some funding but this would come from the dividend reserve so they transfer some shares into their offshore account where the dividend reserve is, using that reserve to fund the purchase, and the bank manager offering them margin tells them they cant leverage anymore as it clear that they are considering not honoring the margin call if they end up with negative assets in the subsidiaries which hold the margined assets. assets 4p gearing 0p NAV/SP 4p |
Posted at 14/10/2008 10:43 by wolstencroft I was just looking as ADVFN reported trades on the asset holdings - perhaps ADVFN is misreporting but the average holding for PEJR seems to be down about 10% today probably because PEJR is having to sell them down. |
Posted at 30/8/2008 08:15 by jonwig Some thoughts about the dividend.The admission document gave a target payout of 7p/sh based on 101m shares. There are now 131m shares in issue, after a placing in May at 44p. A 7p dividend would now cost £9.2m. Net recurring revenues to 31/12/07 were £4.2m (realised gains stripped out) and they paid 6.5p, ie. £6.6m for the year. Of course, we don't know how their rate of investment was spread over the year, nor how their interest charges will fall. There's a reasonable chance that they will pay 3.5p at H1 stage (results due September) because: revenues will probably be higher if they are now fully invested, they can pay dividends out of capital (it's in the prospectus), and/or realised gains, when they floated, £1 = Y240; now £1 is Y200, so a 7p payout in Nov 2006 would equate to 8.4p at today's rates. Set against that, I've been looking at their largest holdings, and four of them have given distribution guidance for the next HY period in their accounts. three of these show a fall (Y per share, forecast in bkts): 8975 FC Residential ... 8963 TGR Inv ............ 9800 (9018) 8970 Jap Single Res ... 10,498 (9,250) 8966 Crescendo ........ 8980 LCP Inv .......... 15,637 (11,100) 8969 Prospect Res ...... 8,820 (9,039) Of course, there might be a cultural thing in Japan about being overly conservative in forecasting! Anyway, we should know before too long. |
Posted at 26/8/2008 11:15 by jonwig NAV of 31.46p on 21/08. If dividend of 6.5p can be maintained, that would be a yield of 20%.Since dividend comes from a rental stream which I'd assume is pretty secure, the exchange rate might be a determinant. But only adversely significant if the Pound were to strengthen much against the Yen. EDIT: in fact, £1 = Y201, down from Y218 at the beginning of the month. An 8% fall equating to a 7p dividend if the exchange rate movement translates across. J-REIT index has fallen recently. |
Posted at 25/6/2008 00:38 by the analyst Joan, you asked about dividends - I took a quick look at one of their portfolio that has been hit badly recently - LaSalle Japan REIT Inc. (JSX: 8974)This is the chart. It looks similar to the PEJR chart: On the dividend front, this page may help answer your question It says that the cash distribution per unit for the period 1st November to April 30th 2008 is 13,807 yen however, the forecast cash distribution for the same period next year is stated as 8,500 yen, which is around 40% lower. I don't know if this type of forecast dividend cutting applies to all of the REITS in the PEJR portfolio. I would imagine some are better and some may be worse. I need to look at more of the REITS in the portfolio, but just from that, it indicates that they expect dividends to be slashed massively next year. I'll take a look when I get time, but it might help if someone else also checks to see if that is the case - I may have got it completely wrong... |
Posted at 23/6/2008 16:52 by joan of arc This continues on its downward spiral. Given that the nominal dividend yield on this is becoming ridiculous has anyone any idea if the companies in which they are invested are likely to default on their dividend payments to PEJR?Would they also have the English disease of falling land and house prices and might this bring them in turn into risk with their banking covenants? |
Posted at 12/6/2008 16:42 by wolstencroft My guess per shareNAV 42p GAV 84p (gearing 100%) Average Dividend yield on assets 8% = 6.7p (see ) Less fees of 1% of GAV = 0.84p Interest = 42p of debt times 2% = 0.8p Other fees = circa 0.25p Tax should probably be 0 as this is dividend income but to be honest I dont know Earnings: 4.8p per share, which if paid out gives a fully covered dividend yield in excess of 11% |
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