Rdi Reit P.l.c Share Discussion Threads

[hugepants] 11/6/2019 10:51

Continuing to fall. Does Woodford's WEIF fund own shares in this?

[makinbuks] 11/6/2019 09:45

If it gets back to 50p will they do another share split?

[wunderbar] 07/6/2019 12:47

At just £1 I couldn't resist buying another tranch, genuinely believe there's some great value here - trading at 50% below nav with a 10%+ divi. No doubt the poison chalice of shopping centres/retail gloom is weighing on this share but this only accounts for 44% of portfolio. In my opinion market is completely ignoring RDI's other assets. The law of averages says this cannot continue falling indefinitely - saying that though it's been a hell of a long time since this stock had a decent run.

[tyranosaurus] 07/6/2019 08:10

My post 274 "these could drift down to £1"
They are now at £1, but xd 4p.
Still looks like we haven`t reached the bottom.

[hugepants] 29/5/2019 15:06

Yes its the shopping centres. The sooner they dispose of the Aviva portfolio the better. LTV at 45% is probably bit on the high side for comfort

[tyranosaurus] 29/5/2019 10:59

I thought my purchase at 124.65 was buying near the bottom but I was wrong.
Would like more but unable to see where the bottom is.
The shopping centres are the problem and I have seen Intu drop to half the value of the recent offer.
I have recently visited their Weston Favell shopping centre and only counted 5 small units vacant.

[wunderbar] 28/5/2019 15:54

Well this is certainly becoming farcical, for no good reason share price is down almost 7% today - I've subsequently topped up at 113p in the belief this drop is a freak anomaly. We're now trading at 45% discount to NAV (204p) with a dividend yield of almost 12%. Just a few weeks back Cromwell valued RDI @ c.185p - go figure!

With the share price hitting new lows you have to wonder if another predator will soon rear it's head - naturally offering less than Cromwell. One thing's for sure this sector is unloved big time at moment, market sentiment absolutely stinks - quite often the best time to buy.

[hugepants] 28/5/2019 15:20

Still this lot aren't as bad as the shower running HMSO who turned down a takeover approach 12 months ago. According to them the 635p offer "very significantly undervalued the company". Shares are now 280p!

[hugepants] 28/5/2019 13:38

6% down today. Not the best performer of the day.

[tyranosaurus] 21/5/2019 12:18

I reckon these could drift down to £1 as there appears to be no support.
I bought some at 124.65 but that`s not looking so good now.

[wunderbar] 01/5/2019 18:15

If this keeps dropping we'll all be wishing management accepted the 185p offer. Today share price tanked 4% and now stands at 121p being 6% lower than it was when Cromwell made their initial approach. Incidentally since the 5 for 1 share split in February the share price has fallen a staggering 25% - capital erosion at its finest. As we've already seen this weakness is an open invitation for predators to try and snap up the company on the cheap. If management fail to address this rapid erosion then it won't be long before another offer comes in at a much lower price. Now that would be farcical.

As for last weeks Interims I thought results were quite robust given market conditions. No surprise to see half year divi cut 40% due to Aviva loan issue. RDI hope to re-balance the shortfall in the full year dividend (income permitting). I was pleasantly surprised to see revised NAV of 204p (down 5%, was 214p). Considering negative sentiment towards retail/property stocks I was expecting a much lower valuation.

I do believe RDI's strategy is the right one, actively reducing exposure to retail and becoming more of a Beds, Sheds and Desks REIT. It is a (market) misconception that RDI's entire portfolio is exposed to retail sector hence share price getting battered, in fact retail accounts for 44% of portfolio - furthermore RDI are actively looking to make strategic disposals of c.£500m (£450m attributable to retail - including exiting Germany). If and when these disposals are actioned RDI's retail exposure will drop to 22% (assuming no re-investments).

Lastly, worth noting @ 121p RDI's dividend yield is now close to 10% with shares trading 40% below NAV. Today's share price seems unjustifiably low considering Cromwell offered c.185p only a few weeks back. Any further weakness and I'll consider topping up.

[tyranosaurus] 01/5/2019 09:10

I would have taken £1.85
Better than the £1.26 currently on offer
Who knows how far the shopping centres will drag the NAV down.
Dividend already reduced

[wunderbar] 30/4/2019 18:25

Quite a bit to say given events of last week, namely Cromwell's potential takeover offer expiring and subsequent Interim results. I'll start with the takeover - my thoughts are this was never a serious bid from the outset and the market knew it. We can only speculate as to the offer price as this has not been disclosed by either party. Media reports suggested a bid in region of 185p a share, this being 9% below NAV 204p. Some might say it was actually a generous offer representing a 30% premium on 129p. Fair comment but you have to put this into context - less than two months earlier share price was 162p following ill advised 5 for 1 share split, Cromwell just happened to make their offer the very same week share price hits a 10 year low (caused by overblown fears of Brexit / retail gloom). In other words an opportunistic and derisory offer which was rightly rejected.

[hugepants] 26/4/2019 15:21

repurchased here

[mister md] 25/4/2019 08:35

top up @ 130

[mister md] 23/4/2019 17:48

might await results first

[baracuda2] 23/4/2019 16:01

Really can't work out why the price should drop so much, the share price is way below NAV so the offer must have been low too. Time to buy a few more!

[tyranosaurus] 23/4/2019 15:30

I would like to know how much was on offer.
Were they just trying to get RDI on the cheap OR has RDI turned down a reasonable offer ?

[pejaten] 23/4/2019 15:27

You were right...

[pejaten] 23/4/2019 13:32

Maybe you are right, but would have thought that a deal must be close if they are still talking?

[tyranosaurus] 23/4/2019 09:00

Announcement one way or another after 5pm deadline.
Not very optimistic.

[micos] 15/4/2019 15:40

I presume the XD and Pay dates will be announced on 25 April or perhaps at the AGM if there is one.