Name Symbol Market Type
Raven Prop P LSE:RAVP London Preference Share
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  +0.00p +0.00% 132.00p 130.00p 134.00p 132.00p 131.50p 131.50p 22,320 08:00:47

Raven Prop P Discussion Threads

Showing 151 to 173 of 425 messages
Chat Pages: 17  16  15  14  13  12  11  10  9  8  7  6  Older
DateSubjectAuthorDiscuss
05/4/2019
16:52
Guys wonder if you know, I'm changing broker, can I get my Raven Pref in certificate form, so I can give to new broker I don't want to to sell then re-buy They are held in broker nominee account.
montyhedge
04/4/2019
13:37
Kenny I totally agree, thats why I filtered him.
montyhedge
04/4/2019
12:21
Another thruppence per share banked. I'll reinvest on the next mini-dip.
igbertsponk
03/4/2019
10:53
Looks very cheap to me in these times of low interest rates for a protracted period of years. A yield just below 9% is amazing - especially given the projections for each of 2019 and 2020 by Equity Development. As usual, DYOR.
kenny
20/3/2019
15:25
Future looking good.
montyhedge
20/3/2019
14:32
Edison usual paid for stuff. Essentially a re-hash of the results. htTps://www.edisongroup.com/publication/strong-operational-performance/23717
igbertsponk
20/3/2019
14:26
Quite a good summary on RAV and Prefs on Edison website today . Worth a read .
bench2
20/3/2019
10:15
Given the Anton Bilton and insiders holdings plus Woodford Barnett I think a 150p bid (8% yield ) will suffice to reduce the size of the pref . Once the size of the pref issue is reduced , the currency liability becomes less of a problem and holders can stay on board , but daily liquidity will be reduced . Barnett needs cash as he is stuck with unquoteds in a fund suffering redemptions . So Kenny is right just stay put and keep clipping the coupons .
bench2
19/3/2019
08:38
I don't - the point I was making was that the company would have to pay a very high price to secure 75% of the votes, perhaps 200p or close to a 6% yield. The alternative of a swap for ordinaries might, therefore, be considered preferable where the conversion offer could be at something like 150p and offer holders more flexibility e.g. to retain their RAVP rather than convert to ordinaries.
kenny
19/3/2019
07:01
Kenny how can you discount a sweeper clause taking out those that want to keep thier prefs if the board get 75% vote for redemption?
pogue
18/3/2019
14:22
I would suggest the following factors would also need to be taken into account: 1. Some of RAVP were subscribed at 142p (including by Woodford & Barnett). 2. The one and only voluntary conversion offer was made at an effective price of 150p. 3. Since the above events and following the Aviva preference debacle, the terms relating to RAVP were amended to ensure that any redemption must obtain 75% voting approval. Therefore, any offer is likely to be a voluntary conversion offer; as happened before. Therefore, a holder of RAVP can decline the offer if they wish to retain this high yielding preference share.
kenny
18/3/2019
13:43
The large holdings by members of the board clearly must have a self interested influence on any such decision .
holts
18/3/2019
12:24
bench2 - what price/effective conversion price do you expect the company to offer RAVP holders?
kenny
18/3/2019
11:49
The transition to rouble rents and assets is being matched by moving from U$ debt to rouble/euro debt to keep the blended interest rate down and match the liabilities in the same currency as the assets and income . I saw no problem of having a large fixed rate Sterling prior charge ( 12% Prefs ) when the rents were mainly hard currency , however the Board and Execs will soon realise that the cost of the 12% prefs and currency mismatch are too big a risk , and at 133p on a 9% yield I would expect them to buy in and cancel , or try to move to a rouble pref or offer to convert to Ords . Either way the days of this high coupon pref are numbered .
bench2
18/3/2019
11:47
They've done some quick work reacting to the dollar leases problem "Our exposure to US Dollar financing facilities has reduced from 92% at the beginning of the year to 34% of the Group's secured debt at 31 December 2018". Don't hang about this bunch. Sort out problems.
igbertsponk
18/3/2019
11:25
Results for 2018 confirm the big FX paper loss. More importantly for preference holders the company confirms that vacancies are being filled and rental rates are staring to look firmer. Looks like a very secure high yield investment because the coupon is covered by net operating profits and the class cannot be redeemed or converted unless in a class vote, at least 75% of RAVP holders (voting alone) consent to any redemption or swap for ordinaries.
kenny
18/3/2019
11:10
Big holders (Woodford and Invesco) won't let the Prefs be taken out as they're vital parts of their pension fund portfolios. Trade is good in Russia, just the US sanctions depressing the rouble. Once that blows over (it always does) there'll be a nice rebound.
igbertsponk
18/3/2019
10:48
Certainly buying the prefs back would be a quicker way in the long run to improve NAV as well as profit.
my retirement fund
18/3/2019
10:41
Given the big move in assets and rents towards Roubles and the mainly U$ Debt moving to rouble/euros to avoid too big an asset / liability mismatch , how long will the 12% Sterling Prefs last ? Even at 133p , this is an expensive prior charge at a 9% yield. Fine when collecting hard currency dollar rents , but I suspect the board will either want to buy this in or convert it to a rouble Pref or Ords .
bench2
18/3/2019
07:35
Decent results today. Offset of course by "annoying" rouble drop.
igbertsponk
10/3/2019
13:50
The company’s annual results for 2018, which are due in early March, will show a BIG loss, which is entirely due to the depreciation of the ruble against the US$ during 2018. This is of concern for the ordinary shareholders but of little concern to preference holders. Cash balances and underlying profits will be sufficient to sustain the coupon on the preference class for the foreseeable future. Of greater relevance for preference holders, is what the results and director’s report say about a) details of lettings/vacancies, and b) any comments about the trend in rental rates.
kenny
23/2/2019
00:44
The CBRE Moscow region big box Q4 2018 research report has now been amended and expanded and is well worth a read. Register on their site free - hxxps://cbre.rentnow.ru/en/ - and you can then download the report, under the research tab. I particularly liked this sentence: “In 2019 we expect, that rental rate may increase by 8-9% compared to the Q4 2018.” Therefore, CBRE have updated their 2019 rental growth forecast from 7-8% - see my post 74 above. From other research I have undertaken, I think rents and lettings are currently moving fast and this is the reason they have amended their forecast; within about 5 weeks of the previous forecast. I am quite happy with the revised forecast! As set out in more detail in my post 74 above, rents rising - for the first time in about 6 years - will have a material impact on the security of the coupon on the preference classes. Colliers have not yet issued their 2018 year-end research report but I am expecting it imminently - I will post once they do.
kenny
19/2/2019
09:51
You should have bet!
igbertsponk
Chat Pages: 17  16  15  14  13  12  11  10  9  8  7  6  Older
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