Share Name Share Symbol Market Type Share ISIN Share Description
Real Est.Cred LSE:RECI London Ordinary Share GB00B0HW5366 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 166.00p 166.25p 170.50p - - - 0 06:42:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 9.1 12.0 13.8 120.88

Real Est.Cred Share Discussion Threads

Showing 1276 to 1298 of 1300 messages
Chat Pages: 52  51  50  49  48  47  46  45  44  43  42  41  Older
DateSubjectAuthorDiscuss
11/7/2017
11:24
Thanks Dave. Looks like the dividend is going to be re-set to 3p per quarter.
kenny
11/7/2017
10:44
Liberum; Event Real Estate Credit Investments (RECI) generated a NAV return of 1.0% in June 2016. NAV per share at 30 June was 163.6p after adjusting for a 3p dividend (May 2016: 165p per share). RECI funded £4.3m out of its £14.9m loan commitment to a UK housebuilder. £12m was also invested across two tranches of a refinanced bond secured against the UK's largest operator of holiday villages. Cash at the end of June was £3.8m and RECI raised gross proceeds of £23.5m at the start of July under the company's existing placing programme. Liberum view The manager continues to report a strong pipeline as market dynamics for established lenders have improved in the period since Brexit. RECI is now able to access higher returns at a much lower level of risk than in prior years. £70m has been committed to new loans and CMBS transactions since Brexit with a strong pipeline of new deals. RECI’s 2.8% premium compares to a 6.3% average premium for the real estate debt fund peer group. The company’s 6.6% dividend yield (based on 11.1p dividend for FY2017) is also 0.6% higher than the peer group average and should increase given the upcoming reduction in interest costs and total expense ratio from the refinancing of the preference shares.
davebowler
29/6/2017
17:11
My understanding is that a negotiated trade (NT) is between two parties? Trade types What is a negotiated trade? A negotiated trade is a trade conducted in an EU regulated market security that is not subject to pre-trade transparency on our markets and which is on terms that are no worse than those that could be achieved on the relevant Exchange order or quote book, (or where the share is not traded continuously, and is on terms that are no worse than those that could be achieved on a relevant venue with continuous trading), after taking into account any relevant trading, settlement and clearing costs.
skinny
29/6/2017
16:46
Skinny - the strange thing about that 1million trade is why buy through the market when you could presumably be part of the current placing...
skyship
29/6/2017
16:44
Never wrong to take a turn. As I'm 25% cash I've decided to run it for the dividends; though might well do similar should they climb back up to the 180p level.
skyship
29/6/2017
16:07
Well that depends if you want to split hairs on what they invest the extra in and any associated costs and also if the new investments produce a like or reduced income Sky.Given the recent rise ive decided to take a little off the table although im still leaving a chunk invested and of course may be tempted to add again on any pullback later.
my retirement fund
29/6/2017
14:53
A negotiated trade.
skinny
29/6/2017
14:50
MRF - actually neither of those are correct - it doesn't dilute and it doesn't weaken the dividend. New stock being issued at or at a premium to NAV; and plenty of investment opportunities for the new capital. This is all part of the Feb'17 placing programme. Interesting trade today - 1,000,000 shares @ 171p!
skyship
29/6/2017
10:50
XD the 3p divi today - payable 21st July
skyship
28/6/2017
08:16
Dilution and dividend weakened
my retirement fund
28/6/2017
08:02
Hmmmm - Proposed Placing of New Ordinary Shares
skinny
28/6/2017
07:41
Not really a suspicious small spike in price over last week or so .
holts
20/6/2017
11:49
Liberum; Capitalising on market opportunity Target price 168p | Published price 162p | *Corporate Client of Liberum RECI's NAV total return for FY2017 of 7.1% was in line with the prior year. The final dividend for the year has been increased by 11% to reflect income earned in the period and the refinancing of the preference shares could potentially increase the dividend yield to c.8%. The company has deployed a significant amount of capital recently in deals offering attractive risk-adjusted returns as market dynamics have improved. The shares trade on a 1.7% discount to NAV (6.6% premium for peer group) despite an excellent long-term track record and favourable outlook. BUY 7.1% NAV return RECI's NAV per share at 31 March 2017 was 163.2p per share (March 2016: 163.2p per share). We calculate a NAV total return of 7.1% for the year after adjusting for dividends paid of 11.6p. NAV has risen a further 1.1% in the two months to May 2017. RECI has today announced a final dividend for FY2017 of 3.0p per share (11% increase on the prior quarter). NAV summary 31 Mar 15 31 Mar 16 31 Mar 17 £m £m £m Bond portfolio 59.4 39.6 50.2 Loan portfolio 87.1 113.2 113.3 Cash 8.1 5.3 24.9 Preference share liability -41.7 -41.8 -41.9 Other net assets 5.2 2.5 -2.2 Net Assets 118.1 118.8 144.3 Shares Outstanding (Million) 72.8 72.8 88.4 NAV per share 162.3 163.2p 163.2p Dividends paid in the year 10.8p 10.8p 11.6p NAV total return* 12.3% 7.2% 7.1% Source: Company data, *Liberum estimates Market opportunity for established lenders The manager reports a reduction in competition in the lending market which has been amplified by the impact of Brexit. At the same time, demand from opportunistic buyers seeking an attractive entry point has increased. This has created an opportunity for established lenders to take advantage of favourable market dynamics. The segments of the market offering the best risk-adjusted return for the manager are senior loans to value-add assets and listed securities on large assets or portfolios of core/core+ income assets. The company has deployed a significant amount of capital in these segments following the £25m capital raise in March. Recent large transactions include a £20m senior loan commitment on a prime London residential redevelopment. The LTV is 40% and the expected IRR is 8%. Other recent loans include an £8.5m whole loan secured against a 125 room hotel in York. In the CMBS market, RECI invested £9.6m purchase in a new mezzanine CMBS bond issue secured against a fully let UK student housing portfolio (7.75% cash coupon; 70% LTV). We believe it is the Brookfield student housing CMBS. The £400m Brookfield portfolio comprises 13 assets with a total of 5,684 beds. Potential improvement from debt refinancing The upcoming maturity of the company's 8% preference shares offers the potential for significant cost savings. The preference shares are likely to be replaced with cheaper debt and the company's total expense ratio is also expected to reduce as the management fee is calculated on Adjusted NAV (NAV plus preference shares). Assuming the preference shares are refinanced with a 3% bank facility, we estimate the annualised increase in net income would be c.£2m (2.2p per share) including the benefit of the reduced management fee. Valuation We believe the current share rating represents a compelling opportunity to invest in a fund with an excellent NAV track record and at a point when the lending market is offering attractive risk-adjsuted returns. The repayment of the preference shares offers a further catalyst for an uptick in returns. RECI’s 1.7% discount compares to a 6.6% average premium for the real estate debt fund peer group. The company’s 6.8% dividend yield (based on 11.1p dividend for FY2017) is also 0.8% higher than the peer group average. We maintain our BUY rating.
davebowler
20/6/2017
10:07
Yes, looking forward to regaining the heady heights of 180p! No obvious reason they dropped, far better than cash in the bank.
deadly
17/6/2017
14:43
I know we're all here for the yield rather than capital gain; but sure nice to see them break North out of their 9month box: free stock charts from uk.advfn.com
skyship
16/6/2017
11:38
I suspect (hope) that the 3p/Qtr will henceforth be the norm. If so RECI is now on a 7.27% Yield @ 165p. A banker holding in uncertain times...
skyship
16/6/2017
10:01
Results out; divi increase. Hope it will continue as it should since: "......mindful of the redemption in September 2017 of all the Preference Shares, with their 8% per annum coupon, your Board is pleased to increase the fourth interim dividend by 11% to 3p (2.7p for the quarter ended 31 March 2016)"
deadly
06/6/2017
19:58
Skyship, you may well be right about the future price movement ; I have just sold out having had a roller coster ride since first buying shares in January 2007, although keeping my RECP for the final few months. Been lightening up on alot of my domestic UK shares....not getting a good vibration on the election doorstep and think UK in a for a very tough couple of years.
cerrito
25/5/2017
18:30
Can anyone throw any light on the two bizarre "Holdings" RNS's on 18th& 19th May?
skyship
19/5/2017
10:42
Real Estate Credit Investments Limited (LSE: RECI, RECP) will be announcing its results for the year ended 31 March 2017 on Friday 16 June 2017
johnroger
05/5/2017
09:19
Liberum; eal Estate Credit Investments' NAV rose 0.6p (0.4%) to 163.7p per share at 30 April 2017 (March 2017: 163.1p). During April, £12.4m was invested in two new bond issuances and the company also committed £20m to a senior facility secured against a residential development asset in central London. The loan to gross development ratio is under 50% and the expected IRR is in line with the company's target returns. The company made another £14.9m loan commitment in May which is a secured junior loan to an established UK housebuilder. Cash on the balance sheet at the end of April was £13m and this reduced to £8.5m following the initial drawdown of the loan to the housebuilder. A further £3m is expected to be drawn against existing loan commitments in the coming weeks. Liberum view RECI has been very active in the period since the capital raise in March. £36m was invested during March and April, and £35m of new commitments have also been made to two new loan investments. The company has experienced an increase in demand from potential borrowers in the aftermath of Brexit and the manager continues to report a strong deal pipeline. We calculate a NAV return of 7% over the 12 month period to March 2017. Returns should improve over the next year as most of the capital has been deployed and the upcoming repayment of the 8% preference shares should enable significant cost saving. The shares currently trade on a 1.0% discount to NAV and offer a 6.7% prospective dividend yield (compared to an average 3.2% premium and a 6.1% dividend yield for the peer group).
davebowler
05/5/2017
07:33
Factsheet for April - see newslink in Header: Manager Commentary #April NAV up 0.6p per share to 163.7p per share #In April RECI made a new £20 million loan commitment as part of an overall Cheyne transaction providing a senior facility secured against a high quality residential development asset in central London #RECI also purchased a total of £12.4 million of two new bond issuances. As at 30th April RECI’s bond portfolio was valued at £62.7 million #Following total investments in April, the cash balance at month end was £13.0 million (7% of GAV) #Since 30th April RECI has made another new loan commitment of £14.9 million which is a secured junior loan to an established UK homebuilder. Following the initial funding of this new investment, RECI’s cash balance as of 7th May was £8.5 million of which a further £3 million is expected to be drawn against existing loan commitments in the coming weeks #Cheyne’s deal pipeline remains strong, and RECI remains well placed now to take advantage of opportunities in both the loan and structured credit markets
skyship
28/4/2017
13:16
jimblack513: Buying a reit you are exposed to equity risk on real estate. buying reci you are exposed to debt secured on real estate. In a downturn, i would expect equity to be impacted first, however pricing on debt could be more expensive and therefore the mark to market of the reci existing debt would reduce. So i would say reci would be lower risk than REIT, up to the point where the decline in value may impact the reci debt (say property values are 50% down, both reci and reit are toasted..)
yieldsearch
Chat Pages: 52  51  50  49  48  47  46  45  44  43  42  41  Older
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