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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Rdi Reit P.l.c. | RDI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 121.20 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 121.20 |
| Top Posts |
|---|
Posted at 18/5/2021 16:39 by eithin Just in my cash account. Goodbye RDI. |
Posted at 08/3/2021 13:40 by grollfam RDI Reit will get higher competing offer, or an increased offer from Starwood...IF YOU STRIP OUT THE CASH OF 88.5P , THE ASSETS LEFT, SHEDS,COMMERCIAL, HOTELS & SERVICED OFFICES ARE BEING BOUGHT AT A MASSIVE DISCOUNT .. The Hedge funds have seen this & are buying at a higher price than currently offered .... |
Posted at 08/3/2021 13:06 by mister md Hi SKYSHIP, sorry for the late response - I had previously sold JUP and was looking to add it to my portfolio again. I also added SLI Standard Life Investments Property Income Trust for the attractive dividend. |
Posted at 26/2/2021 16:25 by wunderbar I have mixed emotions about this offer. Part of me is delighted to get the opportunity to exit this stock with a reasonable profit, more so because it represents 25% of my portfolio (far too high) and will allow me to diversify funds elsewhere. But part of me also thinks Starwood’s offer of 121p (£468m) is not fully reflecting the company’s true potential given the bid comes at a time when RDI are finally getting their act together having almost completed a transformation programme by ridding of retail assets, significantly reducing debt/LTV in past 12 months, and not forgetting they’re sitting on cash pile c.£100-120m.Last reported NAV was 151.5p (y/e 31 Aug 2020). Note RDI have made a number of disposals since year end results were published, including six UK retail parks for £156.9m in Sept 2020, therefore current NAV will be lower. Today’s RNS states “It should be noted that a revised valuation for the value of RDI REIT's property portfolio as at 28 February 2021 will be published pursuant to Rule 29 of the Takeover Code in the Scheme Document”. Will be interesting to see revised valuation - I reckon NAV c.130-135p which would imply Starwood are trying to buy the assets at a discount of 7-10% based on offer price 121p . Let's face it, you're not going to achieve a premium in this market. Will there be a counter offer? Hard to see this happening as Starwood already own nearly 30% of company. Having only acquired their stake last July c.95p I can't see them letting this slip through their fingers. If the deal goes through, which it likely will given the board are recommending it, I should imagine there'll be a certain degree of angst among long term shareholders due to the fact RDI turned down Cromwell’s bid of c.185p just two years ago, and arguably the company is in much better shape now than it was then. I dare say some will feel RDI is being taken out on the cheap at a time when Covid has distorted the company’s valuation. My saving grace was averaging down last year when the stock was in freefall (between 45-65p) which means I can exit without losing money. Whilst I don't think the offer fully reflects the company's future prospects I have come to the conclusion it's a fair offer nonetheless, especially when taking into account the dark days of May 2020 when share price hit all time low of 42p, which at the time meant I was sitting on a huge paper loss. With this in mind I'm grateful for an offer of 121p as this gives me satisfactory closure. I have now sold 75% of my holding and will keep the other 25% for another month or two just to see if anything interesting happens. But all things considered I'm relieved this stock is no longer a burden on my portfolio - just wish I could say the same about Imperial Brands (IMB), but that's another story. |
Posted at 09/2/2021 09:37 by nickrl RDI decides to an issue an RNS about West Orchards after the sale. Doesn't give much away only that its part of the strategy to divest themselves of shopping centres. NAV will be affected by 1.9m.Goes onto to say " The sale leaves just one remaining retail asset in the UK, St. George's shopping centre in Harrow, Greater London.......achievi So there looking for a buyer for that site as well lest hope they get a better price on that one. These are becoming a play on hotels and flexible offices both could be winners but im not yet convinced and see these dropping back further. |
Posted at 08/2/2021 11:13 by makinbuks I assume Santander forced the sale and being in breach of covenant RDI had to go along with it knowing it would do nothing for them. Presumably Santander were disappointed with the result as they would have been hoping for more than the estimate of £5.5m.The whole high street/shopping centre model needs reworking as the news of Boohoo buying all the Green brands without the outlets and then the demand to permanently end business rates, to rebalance the physical and online world, illustrates. |
Posted at 06/2/2021 19:29 by nickrl William interesting question and can see so no RNS or reference in last report as to there plan for this site. Looking at 2019 West Orchard accounts they note a covenant breach which was cured by RDI to the tune of 2.9m and this reduced the Sanatander loan to 7.5m which was repayable in Nov 21. Most of the liability was with RDI who had written off £18.4m that year as well and post year end another 6.4m was written off. Market value was assessed as 18m at 31/8/19 down from 26m from previous year.Not one of RDI finest investments although im still surprised it went for so low and im guessing all the cash has gone to Santander. Doesn't answer your question though! |
Posted at 05/2/2021 13:02 by grollfam Equity was largely written down to zero at 31 August. The bank loan was £7.6m, so Santander has taken a bigger haircut than RDI.The chilling thing is that this is an indicator of future UK shopping centre valuations Luckily very little Retail left in RDI... |
Posted at 22/8/2020 14:55 by cerrito Trying to get an understanding of what is going on ref RDI and Starwood.In the 2019 AR, RDI had 2 non exec directors who were both RDI people as well as 4 independent non execs as well as the exec directors and the chairman. RDI sell out to Starwood and one of the RDI directors(Prinsloo) stands down and is replaced by a Starwood director but the other RDI man (Wainer) stays on the board even though RDI has no shares. Does anyone understand what is going on? Biggs the question if Wainer is now an independent non exec and why Starwood are happy just to have one director. PS I have never had reason to come across Starwood and how they work but my gut feel is that them coming onto the share register is good news. Is that how you all see it? |
Posted at 15/5/2020 15:04 by wunderbar When I last posted on this bb back-end August last year I said 100p was ludicrously cheap and RDI remained my number one stock pick. A nice rise to 120-130p ensued and the company's outlook was steadily improving thanks to a more diversified portfolio focused on retail (actively reducing), hotels, serviced offices and industrial/distributREITS in particular have had the proverbial kicked out of them in past couple months. Whilst I've been buying into quite a few of these in recent days/weeks by far my biggest investment in this sector is RDI. During this period I've made a cluster of buys ranging from 45-65p hoping these will pay off handsomely in 3-5 years time on the basis the world has got back to normal - and if it is anyone buying this stock now could be looking at a future dividend yield of 10-15%. As for my average price this is now 110p so still a long way to go before I break even. Those of you who keep close eye on this stock might have noticed share price hit 41.5p yesterday (a new all time low, valuing the company at just £156m) before recovering by end of play. Thankfully, as I write RDI is up 15%, 7p @ 53p - quite frankly the stock was due a big bounce after falling 30% in past month. However given recent volatility I wouldn't rule out further erratic movements in the short term. Now for some very quick number crunching. Half year accounts (end Feb 2020) show portfolio valuation of £1.3bn, less £623m debt, plus £85m cash balance = £762m assets. Right now RDI is valued at £205m. In essence the market thinks RDI's assets are worth £557m less than figures quoted! Why? I guess key thing here is the portfolio was valued prior to Covid-19, in the ensuing economic chaos/lockdown all commercial valuations/rents have taken a big hit (justified or not remains to be seen). Whilst acknowledging likely reductions I think the market has been far too savage with RDI (for some reason more so than other less diversified REIT's). On the assumption lockdown is lifted within 6 months and factoring in significant fall in rental income this year, and not forgetting expected sale of retail assets in Germany I think there's a distinct possibility we could see share price bounce back to 80p-110p by end of year. I'll discuss the suspended dividend at a later date when I have more time noting this post is already too long! Let's hope some sanity returns soon. |
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