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RLE Real Estate Investors Plc

0.00 (0.00%)
22 Feb 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Real Estate Investors Plc LSE:RLE London Ordinary Share GB00B45XLP34 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 32.75 32.00 33.50 32.75 32.75 32.75 56,344 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Operators-nonres Bldgs 13.29M 10.93M 0.0633 5.17 56.54M
Real Estate Investors Plc is listed in the Operators-nonres Bldgs sector of the London Stock Exchange with ticker RLE. The last closing price for Real Estate Investors was 32.75p. Over the last year, Real Estate Investors shares have traded in a share price range of 27.50p to 33.25p.

Real Estate Investors currently has 172,651,577 shares in issue. The market capitalisation of Real Estate Investors is £56.54 million. Real Estate Investors has a price to earnings ratio (PE ratio) of 5.17.

Real Estate Investors Share Discussion Threads

Showing 2001 to 2024 of 2025 messages
Chat Pages: 81  80  79  78  77  76  75  74  73  72  71  70  Older
I guess the question is what the potential upside is of holding through the divestment process versus cashing out now and redeploying funds to other opportunities.

How are people thinking about that?

Depends if you think it will take 3 years as to the Rns stating it could take that long to divest .
The Quadrant, Redditch now up on Bond Wolfe site in its component parts
So if I’m up c. 10% on RLE, would you cash out now or hold on through the wind-down?
@meanreverter - suspect anyone not reading my posts on here's first thought would be "How much were they paying themselves??".

When you look at base salary (total cost to co inc NI) & bonus scheme - my God. Compare that to market cap.

Definitely the right thing to wind up sub-scale RLE. Difficult to see it as worth chasing if the money's going to be coming back over an uncertain 3 years tho.

RLE advise in todays trading update

"Given the ongoing substantial discount between the share price and NAV, combined with a lack of liquidity in its shares, the Board has concluded that it will conduct an orderly strategic sale of the Company's portfolio over the next 3 years with the objective of maximising the return of capital to shareholders (the "Disposal Strategy"). To achieve this outcome, assets will be sold individually, as smaller portfolios or as a whole portfolio sale, with the initial priority to repay the Company's debt"

and then you've got this

"To support the Disposal Strategy and the return of capital to shareholders, the Company is implementing a new Shorter Term Incentive Plan ("STIP"). The STIP will replace the existing Long Term Incentive Plan ("LTIP"), help to retain Paul Bassi, Chief Executive Officer and Marcus Daly, Finance Director (the "Executives"), and the wider management team and incentivise them to achieve an orderly and timely disposal of the Company's assets to maximise the capital return to shareholders"

There is upside as Bassis/Daly taking a paycut and previous LTIP awards reduced or cancelled. The STIP gives them 10% of any profit over the the valuation at 31/12/23 if they sell with 12mths 7.5% if it takes longer.

Hardly a surprise they dont cover the divi now and with the looming refi they would surely have to cut divi.

My first impression of the sell-off plan, with the accompanying revision of the management's remuneration structure, is that the board has been reading the grumbles of investors posting on this BB. Even so, the new payoff terms for the directors seem more generous than some of us would have liked.
To be fair they have been whittling it down below 40% so you would have thought they would be in a relatively good position on financing a debt c £60m but maybe not if they are breaking up the Market Centre Crewe !

Portfolio heading down below £150m I wonder at what level it becomes easily manageable for Bhasi to have a pop

@hilofwad they do have debt cliff looming so sales will go imv
If it doesn't go private maybe a merger with someone like Palace but then it comes down to a question of control and the role of Bond Wolfe

The portfolio really isn't very exciting I think Bhasi os just slimming it down to size where he can strike confortably

Maybe there is a 20% drink in it

Having Christopher Mills on the share register is a help
Should be a TU soon. See what else they have sold
Well sales continue steadily including 2 of the shops at the Market Centre Crewe

Bond Wolfe scooping some decent selling fees

Thats going to leave a real pig's ear of the rump at Crewe

Maybe the idea is to leave the company bite size for the Bhasi family to pick up and stick the portfolio in house at Bond Wolfe and save all the extra management costs of REI ?

There realy is little point in it existing?

I wonder what gat ahthe lwest price Bhasi would ahve to pay to take it private 36p ?

I've been biding my time :-)
Almost a couple of months for someone to take the landmark 2000th post. My kind of board ;-)
2023 Q3 Dividend Declaration

Real Estate Investors Plc (AIM: RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT) with a portfolio of commercial property across all sectors, is pleased to announce that it will pay a Q3 dividend of 0.625 pence per share for the period 1 July 2023 to 30 September 2023. The payment will be made on 19 January 2024 to all shareholders on the register as at 22 December 2023.

The ex-dividend date will be 21 December 2023. This dividend will be a Property Income Distribution (PID).

"So you beg the question what is the point of RLE except to provide fees for Bond Wolfe and the Directors salaries"

Ever thus with RLE.

They've got several Jun 24 loans to deal with although given drip drip of sales there probably not at the values last reported. 35p would be reasonable premia to todays price but doubt Bassi would pay that.
Dash to cash.

They are shifting most of the reatil stock at Walsall and Leamington
They also have got Castlegate House Dudley away

Not content to bastrdise the Market Centre Crewe.

They are even selling a ground floor shop in West Plazaa which leaves an untidy rump and devaluing the asset

The portfolio is rapidly heading towards a bitesize £100m of ragtag properties . There is no selective purchasing going on

So you beg the question what is the point of RLE except to provide fees for Bond Wolfe and the Directors salaries

All gearing up for an m all cash offer from the Bassis ? What's the least they can get away with 35p?

Kingston House, West Bromwich showing as "under offer"

Looks like they are taking down for it, as it was previously up for £3.375m!

Unit 3 Barracks Road also showing as "under offer"

Talk in press of Wilko creditors inc landlords getting 4p in the pound.

Re £2m extra interest cost - wouldn't it be nice if £2m was saved by not paying the two in charge such huge amounts (inc pension, benefits etc). Major shareholders shouldn't also require major remuneration IMO.

Hoping Harwood/Mills does something about it eventually, but has had a few misses lately.

Not a holder, but would be good to see.

Some positives from RLE in that they are getting 4.5% on cash unlike the idiots at EPIC who had ten times as much cash sat getting nothing for months. They also provide data on where they have lost rental income very few others do. The bigger issue here is clock is ticking down on the debt and whilst sales are eating away at it 50m ish needs rolling in less than 9mths and given the family silver is being disposed of what margin are they going to have to pay here - 2%+ probably so overall around 7%. That will add 2m+ to interest costs such that divi will need to be cut by 30% and possibly more with disposals still ongoing let alone the loss of Wilko (9th biggest tenant)- that forced them to mention Crewe!! but no need to worry we have national retailers interested in the unit already.
"To be fair, they've done well to bring LTV from 50% to 35% without destroying the NAV,"
Yes they have. Yet the fact they are continuing in this vein suggests that further deterioration in value and voids are expected .

There are a number of properties in the folio which wouldn't sell without a significant haircut to BV

One can only guess what effect on the value of Crewe with not only the loss of Wilko
buy also the value of the others once they start selling bits piecemeal

Porrfolio Shortlyt to dip under £150m You have to question the whole set up for the size?

Maybe Bassi takes it private at 35p a share

Chat Pages: 81  80  79  78  77  76  75  74  73  72  71  70  Older

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