Public Services Properties Share Discussion Threads

[monis] 22/8/2012 09:43

With a present market cap of approx £15m these surely look very undervalued, don't they?! feedback useful...

[monis] 22/8/2012 09:32

This is from a section from the rns from 4/7/12. dyor.
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9. Unaudited pro-forma statement of net assets of the continuing Group
A consolidated pro-forma statement of net assets of the Company has been prepared, for inclusion in the circular to shareholders, assuming that the Transaction took place on 31 December 2011. The statement includes a summary of the audited consolidated net assets of the Company at 31 December 2011 and reflects the assets and liabilities being transferred to the European Care Group and other transaction-related adjustments.

The pro-forma statement shows a reduction in Company net assets from GBP114 million as at 31 December 2011 to GBP71 million immediately post-Transaction. This reduction is largely due to the fact that, for accounting purposes, the Board has valued the Consideration Shares and the Loan Note at a nominal value of GBP1,000, reflecting the significant level of debt post-Transaction which will be greater than the independently assessed valuation of the business. The unaudited pro-forma statement of net assets also reflects the unwinding of outstanding inter-company balances between the Sale Companies and other Group companies.

[monis] 22/8/2012 09:19

If we have £71m of net assets we are surely highly undervalued imo. Can someone on here confirm that there are no other debts or anything else that we should know about.

[loverat] 22/8/2012 08:52

I have found this but does not say much except what PSPI is left with?





Investment summary

PSPI has announced a proposal to combine the majority of its UK portfolio with the assets of its sole UK tenant, European Care Group, in a non-cash transaction. With irrevocable commitments from 72% of shareholders this should be approved at the general meeting on 24 July. Around £33m of group net assets (27 care home properties, £155m aggregate gross assets) are being transferred to the new company, in which PSPI will hold a 20% stake. The proforma balance sheet leaves PSPI with £71m of net assets; 10 UK properties valued at c £51m and holdings in Germany, Switzerland and the US.

[monis] 22/8/2012 08:42

Not sure if it's accurate or not as you have to dyor but if you google public service properties on the second page there is something from edison imo.

[loverat] 22/8/2012 08:34

MONIS

I have been looking out for that but not come across one yet. I thought they said that they were going to produce a revised note at some point after the deal had been completed. I think the broker is Edison anyway.

[monis] 22/8/2012 08:30

Does anybody know if there has been a revised brokers note since the company news in early July?

[monis] 22/8/2012 08:26

I think you may be able to buy 10,000 now for 16p but 20,000 will cost 17.5p now imo.

[loverat] 22/8/2012 08:18

Yes - seems to be some positive momentum here at present.

I guess the initial trigger being that the overhang has probably gone. Now some folks realising this could be very undervalued - even allowing for the rise yesterday.

[monis] 22/8/2012 08:15

Looks like they now want 17p for 10,000. Hard to buy for the ask price like it was yesterday.

[monis] 22/8/2012 08:05

Looks like we could be continuing the upward trend from yesterday.

[davidosh] 21/8/2012 17:49

You are starting to sound like a broken record/ dvd yourself Hangers ! Probably time to relax on that debacle as there is a lot going on that might ultimately surprise you.

[monis] 21/8/2012 17:35

mr hangman you have just been filtered!

[mr hangman] 21/8/2012 17:23

Got to be very careful with some of these directors of AIM companies,
There was this company that supplied DVD's/CD's to supermarkets, the
things there were saying..

[davidosh] 21/8/2012 17:19

The directors are of course supposed to act in the interests of all shareholders and not just the largest one. I cannot see how they would be able to recommend an offer below 30p at the very least!

[kimboy2] 21/8/2012 16:32

Monis
NAV is probably 50-60p and the share price is 14-15p. They are trying to sell the assets.

I am putting one and one together and asking how the management can maximise their income.

[monis] 21/8/2012 16:24

4th top gainer so far today.

[monis] 21/8/2012 16:19

kimboy- please explain?

[kimboy2] 21/8/2012 16:18

Wouldn't surprise me if there is some sort of MBO in the offing.

[monis] 21/8/2012 15:43

15.63p approx to buy 20,000 now imo.

[davidosh] 21/8/2012 14:49

I could only pick up two lots of 5000 at 13p then 14p which was not quite what I wanted. I rather think a sale of some assets at half decent prices should move this up fairly rapidly. Results are next month and I want to arrange a meeting with the chairman following those if others are interested.

[monis] 21/8/2012 13:54

They want 15p now for just 3,000 shares. imo dyor.

[monis] 21/8/2012 12:24

Looks like they want above the asking price for any decent quantities. imo dyor.

[loverat] 21/8/2012 12:13

An extract from the post on TMF.


PSPI is left with the following assets:

1. UK: £51m - 41% LTV
2. Germany: E58m - 40% LTV
3. Switzerland: £11m – 66% LTV (PSPI would like to dispose of their Swiss assets)
4. US: £16m – 81% LTV

Our results are released on 20th September. Our net asset value is 64p plus 20% of EC (figures depend on half-year valuations)

[loverat] 21/8/2012 12:00

goliard

There was mention of a figure here. Folks will continue to have their views - positive and negative and whether they believe the value or not.

In my view at a market cap of 12m or so, there should be some value here in the near term. Much depends on your timescale, trading strategy and whether you are bothered about dividends etc.

By far the best coverage on TMF.