Raven Prop P Discussion Threads

[igbertsponk] 31/8/2021 11:53

The eco stuff with the solar panels etc is good to see. More and more funds are turning green so wouldn't be able to invest in a "dirty" company.

[my retirement fund] 31/8/2021 11:51

I couldn't agree more, and to think there are some investors who dont seem to care about this shocking treatment of its shareholders funds. To say "stop winging move on" beggars belief, and with such attitudes, is it any wonder the share price is down the toilet!

[kenny] 31/8/2021 11:30

I note that the company bore the entire legal and transaction costs of the buyout of the Invesco shareholdings. This cost £1.254m but surely most or all of this cost should be borne by the joint venture - because the JV is the main beneficiary of the transactions.

The company whilst having a 50% interest in the joint venture put up £51m in cash, while the directors invested only ordinary shares and zero cash.

It is not reasonable for the company to bear 100% of the cost of the JV and only benefit to the tune of 50%.

Once again, a case of the directors benefitting themselves to the detriment of all other shareholders.

We need institutions to object to this and for the directors to reimburse the company for their half of the costs - ideally by the time the full year 2021 results are presented.

[kenny] 31/8/2021 10:07

I am relieved to see that the results contain no mention of seeking purchases of more warehouses. Prices are rising so this is not a time to purchase. However, the primary reason is the obvious fact the company's gearing is already very high - not least because of the debt taken on by the company to finance the joint venture.

[igbertsponk] 31/8/2021 08:18

Equity Development update:-

An attractive total return outlook is underpinned by the prospect of further underlying NAV growth from a near ideally placed portfolio. Despite that the shares are 46% below end June NAV/share, supported by a 7.4% prospective yield. That discount should narrow if the second half sees some stabilisation of the political backdrop and firmer RUB/GBP. As an alternative, the Cumulative Preference Shares provide exposure to the core property case and an assured 10.7% yield.

[cwa1] 31/8/2021 07:21

Equity Development update:-



An attractive total return outlook is underpinned by the prospect of further underlying NAV growth from a near ideally placed portfolio. Despite that the shares are 46% below end June NAV/share, supported by a 7.4% prospective yield. That discount should narrow if the second half sees some stabilisation of the political backdrop and firmer RUB/GBP. As an alternative, the Cumulative Preference Shares provide exposure to the core property case and an assured 10.7% yield.

[spectoacc] 31/8/2021 06:26

Occupancy in particular is good.

[igbertsponk] 31/8/2021 06:11

Cracking results today. NAV per Ord share up from 40 to 50p!Occupancy and rents up, all good!

[rayg5] 27/8/2021 10:58

In the past it usually needed a rouble crisis to get this to 110 bid. I continue to be gobsmacked.

[waterfall city] 21/8/2021 09:55

Just reading about the placing and JV, yes buying at 90p there's a good profit to sell into, What a pity PIs couldnt participate like Duke does with its placements.

[kenny] 19/8/2021 10:11

Waterfall City - all of what you state is probably correct but the over-riding factor for now and probably some time to come, is the large overhang from the placing.

See post 1070 above for further commentary.

[spectoacc] 19/8/2021 08:15

Think that's the wrong link @famellous ;)

[ramellous] 19/8/2021 08:13

Let’s look inside a Russian warehouse.

[rayg5] 18/8/2021 14:51

I figure some institutional investors are prohibited from investing in Russia. That's a plausible explanation for the discount, isnt it?

[montyhedge] 18/8/2021 14:04

Sergo the old Slough Estates with industrial property, warehouses are booming, with online etc. Hopefully same in Russia, we all know if this was Sergo 12% Pref these would be trading at 225p, but of course 115p for Raven 12%, investors are scared of Russia. But he who dares Rodney, lol.

[igbertsponk] 18/8/2021 13:01

Inching back up which is a relief.

[montyhedge] 17/8/2021 08:31

Heard that argument for the last ten years, in the meantime collect a superb 12p dividend.

[waterfall city] 16/8/2021 16:46

For me the risk is the high debt and gearing, the nav on the ordinaries has been eroded by high property expenses and the rouble pound exchange rate. A rising nav is needed for the prefs to trade higher.

[kenny] 16/8/2021 00:16

Colliers report for H1 2021 shows that Moscow warehouse rents increased by 5% in the first half.

Download the full report from this page:

[holts] 15/8/2021 08:50

Oil is an economic plank in Russia , it won't drop out of producing as such as say Nicola Sturgeon now wants to. As others try to switch away from oil there will still be a demand and Russia will be happy to fill any gap

[rayg5] 15/8/2021 06:57

Yes, Zangdook, you're right about the 'competent leader'. He is not to the west's liking but Russians take a different view.

[rayg5] 15/8/2021 05:49

So there is a rising perception of risk here. Nonetheless the prefs are an important income source for the directors and, as is constantly being said, they have always paid out regardless

[rayg5] 15/8/2021 05:22

The diplomatic temperature is rising after Russia denies a visa renewal to a respected BBC Moscow correspondent. The question is whether this affects the internal Russian economy. Russia normally just stands firm against western sanctions and diplomatic tit- for-tat. As for oil, I don't believe it can rise further as global warming bites. Oil is of course a key economic driver in Russia.