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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Prospect EP. | LSE:PEJR | London | Ordinary Share | IM00B1FW6C18 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.455 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.455 | GBX |
Prospect EP. (PEJR) Share Charts1 Year Prospect EP. Chart |
|
1 Month Prospect EP. Chart |
Intraday Prospect EP. Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 23/11/2009 | 17:41 | Japan REIT | 326 |
| 14/11/2006 | 08:44 | New Flotation - REIT | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 06/10/2009 10:20 by rbcrbc You're welcomeIt is in the half-yearly report: |
Posted at 06/10/2009 09:07 by rbcrbc First capital distribution of 3p per share to be paid on 15 October 2009 |
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 24/10/2008 22:16 by joan of arc If this company is as stuffed as the share price says why don't they just wind it up and give us a few pennies back? Or do they just plan to spend the last £5m on themselves? |
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 05/9/2008 11:05 by jonwig Err, not really, Jack.£ has dropped about 20% against Yen (230 to 190) over the past year. J-REIT index has dropped by 10% (= 20% fall in NAV thanks to gearing) over the past week! But share price has hardly moved. Looking at trades recently (buy minus sell): 26/08 ... (12k) 27/08 ... (26k) 28/08 ... (35k) 29/08 .... 159k 01/09 ..... 92k 02/09 ...... 7k 03/09 ......54k 04/09 ..... 34k I know that reporting of buy/sell is suspect, but in the case of PEJR it looks pretty reliable. And it also suggests MMs might be getting short of stock if this persists much longer. |
Posted at 05/9/2008 10:37 by jonwig The PEJR NAV was 27.42p last week. I think it will be another 20% lower now (10% fall in the index), so 22p, say.Why isn't the share price tracking NAV at present? Because, I suggest, there's some buying going on. Also, the 7p pa dividend was suggested when the £ was 20% higher than it is now: a maintained Yen payment would translate into a £ payment of over 8p, assuming the gearing hasn't been reduced further. (I'm not, actually, completely confident they will maintain the payout.) |
Posted at 25/6/2008 13:16 by the analyst The way that REITS and this fund are undervalued reminds me very much of the time back in 2003/2004 when Split Cap Investment Trusts were undervalued due to their gearing, cross-selling, debt, write-downs etc. The big institutions were forced to sell giving ridiculous valuations to the Split Caps.I managed to buy Split caps, where their assets in FTSE 250 companies alone were worth double or treble the Market cap. I even bought one at 0.5p per share that had solid assets of 7p per share. Many of the Split caps were paying dividends of over 30% pa at that time. So, what interests me here is how low the price can go before climbing back up? I guess the answer is when the last of the forced big sellers is out. I wonder if we are close to that time? All the REIT share prices still look to be in a downtrend to me, rather than having bottomed (will put up the charts in my next post), but they still look to be incredible value for money now. Perhaps drip feeding into them would be a prudent investment tactic The other question is whether to buy a fund like this or whether to do more research and cherry pick the best of the REITs out there. Perhaps using the PEJR portfolio as an initial base to narrow down the selections. Would this method cut out the 1% management fees and rewards bonuses that are associated with PEJR and therefore represent better value? Also, which would be the best REITS to buy? - those that are not associated with property development, but with buying and renting? Those with the lowest gearing? Those with the highest gearing? I'm not sure now is the right time to be buying for getting maximum value, but it's certainly the right time to be researching these REITS to buy in whent hey ahve bottomed, imo. |
Posted at 12/6/2008 13:49 by wolstencroft Joan of arc: I am, to be honest, not confident of anything at the moment thinking that this is one of the most uncertain times since 1997 or so when investing during the asian crisis. I have no idea if we are entering a period of stagflation or general recession with commensurate deflation. However, I think that yen exposure and yield are very desirable assets in a balanced portfolio, and thus my investment in PEJR. Likewise I have bought into canadian oil trusts in my SIPP believing that oil exposue, especially with a yield, is desirable.As ISA eluded, if one tried to buy the underlying holdings in quantity the share price of them would probably rise dramatically; thus PEJR despite on it being on no underlying discount to the share prices is a good longer term bet with some liquidity. |
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