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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Regional Reit Limited | RGL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.15 | 0.74% | 20.45 | 16:35:08 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 20.60 | 20.15 | 20.65 | 20.45 | 20.30 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 22/02/2024 | Interim | GBP | 0.012 | 29/02/2024 | 01/03/2024 | 05/04/2024 |
| 09/11/2023 | Interim | GBP | 0.012 | 16/11/2023 | 17/11/2023 | 12/01/2024 |
| 12/09/2023 | Interim | GBP | 0.012 | 21/09/2023 | 22/09/2023 | 19/10/2023 |
| 24/05/2023 | Interim | GBP | 0.0165 | 01/06/2023 | 02/06/2023 | 04/08/2023 |
| 23/02/2023 | Interim | GBP | 0.0165 | 02/03/2023 | 03/03/2023 | 06/04/2023 |
| 10/11/2022 | Interim | GBP | 0.0165 | 17/11/2022 | 18/11/2022 | 12/01/2023 |
| 24/08/2022 | Interim | GBP | 0.0165 | 01/09/2022 | 02/09/2022 | 14/10/2022 |
| 25/05/2022 | Interim | GBP | 0.0165 | 01/06/2022 | 06/06/2022 | 15/07/2022 |
| 24/02/2022 | Interim | GBP | 0.017 | 03/03/2022 | 04/03/2022 | 08/04/2022 |
| 11/11/2021 | Interim | GBP | 0.016 | 18/11/2021 | 19/11/2021 | 12/01/2022 |
| 26/08/2021 | Interim | GBP | 0.016 | 09/09/2021 | 10/09/2021 | 15/10/2021 |
| 19/05/2021 | Interim | GBP | 0.016 | 27/05/2021 | 28/05/2021 | 16/07/2021 |
| 25/02/2021 | Interim | GBP | 0.015 | 04/03/2021 | 05/03/2021 | 09/04/2021 |
| 12/11/2020 | Interim | GBP | 0.015 | 19/11/2020 | 20/11/2020 | 08/01/2021 |
| 26/08/2020 | Interim | GBP | 0.015 | 03/09/2020 | 04/09/2020 | 16/10/2020 |
| 21/05/2020 | Interim | GBP | 0.019 | 04/06/2020 | 05/06/2020 | 17/07/2020 |
| 27/02/2020 | Interim | GBP | 0.0255 | 05/03/2020 | 06/03/2020 | 09/04/2020 |
| 14/11/2019 | Interim | GBP | 0.019 | 21/11/2019 | 22/11/2019 | 19/12/2019 |
| 24/06/2019 | Interim | GBP | 0.019 | 05/09/2019 | 06/09/2019 | 15/10/2019 |
| 23/05/2019 | Interim | GBP | 0.019 | 06/06/2019 | 07/06/2019 | 12/07/2019 |
| Top Posts |
|---|
Posted at 13/3/2024 07:36 by farrugia i don't understand - why didn't they stop the dividend? Or is there something that restricts them from stopping dividends? Paying the dividend surely hasn't helped. Can a REIT stop dividends in case of a crisis? This needs the dividends to stop for a couple of years to get back on its feet. |
Posted at 12/3/2024 12:09 by hpcg Farrugle - I'm not sure there is value at 10p in a rights issue; rights will be available to buy for very little IMO, and the share price might trade below the imputed completed value anyway. I would rather buy at 14p on the way up after a clear out of the entirety of the people that put the company in this position, and only then if I trusted the dominant controlling party.The problem the company will have is that the type of institution / fund that chases high dividends, equity income garbage, is on the wrong end of redemptions, probably permanently. They are busy taking money out of the market, not putting it back in. So it will likely have to be special situations and hedge funds. That negotiation will be a lot harder than with the muppet that is desperate to avoid having to announce to unit holders that the high dividend yielder trumpeted for the previous few years is now a doughnut. It looks like Old Mutual, GLG, Unicorn, M&G, Blackrock and Chelverton are on the line, but they come in at just over 15%. The more I look the more intractable the problem. The only solution is perhaps to pay the bond in shares. That would have to be an extremely attractive rate because voting against, and thus for admin might otherwise be a better solution for bond holders, who would almost certainly get out whole in nominal terms. In which case buy in at the rate bondholders get as there will be ample available for purchase at that price. |
Posted at 12/3/2024 09:36 by spectoacc You'd hope they had things pretty much sewn up before they allowed the (paid for) Edison note to come out. But it's RGL, so possibly not.I still say the Singaporean owners of LSPIM may be doing a CAL on RGL. That's the only explanation I can see. "Last year ARA Asset Management bought Regional REIT’s asset manager London & Scottish Property Investment Management. The Singaporean giant has been supporting the business and its access to capital." If no underwriter, RGL are toast. Even with an underwriter, the LTV post-RI, if taken up in full, is c.45%, ie too high in a structurally challenged sector. £60m of disposals and it's still 40%. CAL redux. And I'd almost feel sorry for RGL shareholders if this is the game. |
Posted at 12/3/2024 09:25 by cc2014 I'm a little confused here guys that there is a thought process that thinks anyone is prepared to underwrite this.The current pitch is: "Please give us £75m so we can pay a dividend of £6m to the existing shareholders and pay off the retail bond of £50m. We are going to use the remaining cash to continue paying dividends at the existing rate of £24m a year" I mean wtf but who is going to put anything into a rights issue on that basis (apart from some posters on ADVFN who no doubt have been adding all the way down from 80p) I remain of the view that the Board do not know how to manage the balance sheet and I would imagine the Board will be forced to cancel the dividend very shortly. I also remain of the view that the retail bond is not going to get repaid at par (or if it does it takes so long that the opportunity cost of investing the money elsewhere is such that it's still a really bad deal for holders). RGL will walk all over that retail bond because it's highly likely there is no dominant large institutional holder to stop it. |
Posted at 23/2/2024 10:19 by arbus5000 agreed with RCT and thank you for turning the conversation around. There are plenty of nay-sayers on here, and even broken clocks can be right twice a day!To me, issue with RGL was short term illiquidity versus insolvency, and they have made very good progress towards that w.r.t funding the retail bond maturity. The geographical diversification makes generalisations difficult. Economic growth and trends are less likely to be uniform across the country. Although less employees work at offices, this concept is not dead yet, with most offering hybrid working patterms, and this varies by sector. As I understand it, most of RGL's offices are out of town, which is not necessarily a bad thing. For the vacant lots, there is potentional for conversion into industrial, student housing or flats and 'last mile' warehouses. As stated, the decision to retain the dividend suggests that the bond maturity is almost covered. RGL is not averse to cutting the dividend either. RGL is cutting it fine, and it is a very difficult market, however, their strategy here does make sense. If overall cost of debt is 3.5%, and initial yields are at 9%, why have a fire sale of properties at the bottom of the market to reduce LTV to 0%? Bringing LTV down to 40-45% over the next 18 months would be ideal. |
Posted at 13/2/2024 17:26 by grahamg8 RGL1 debt for RGL equity? I don't think so. The attraction of a bond is to have a reasonably secure income without growth, shares on the other hand have a tendency to return less in the form of dividends but hopefully make up for it with capital growth. And in RGL's case the main downside is risk of a wipe out. The bonds are still more secure, but a tad shaky. If the risk takers don't want to buy the shares then the risk averse bond holders certainly won't want to be lumbered with them. |
Posted at 13/2/2024 07:29 by arbus5000 they can 'junk' the dividend:* its perfectly acceptable to offer a scrip dividend, and offer a more generous amount of shares than a cash dividend - with the shareholder free to chose. Hammerson did this earlier. * Dividends can be suspended for up to 1 year (from the end of the accounting period), so in effect, longer than a year. Many reits suspended dividends during covid. * it can pay less than 90% of income yet remain a REIT, but will have to pay corporation tax on the amounts it did not pay out. |
Posted at 06/2/2024 11:00 by cc2014 A copy of my post from the weekendWith regard to RGL as I and others have written before, the balance sheet is in a bad place but worse the actions of the directors and Board are not helping it. At 55% LTV the dividend should have been binned last time, yet it's not even clear they will bin it this time. This creates a feeling of lack of credibility over balance sheet management and inevitably will lend to all debt being renewed at a higher coupon that would have been necessary had appropriate action taken place. To be blunt the lack of credibility around the directors has been apparent for years as evidenced over the persistently wide discount to NAV when compared with peers. In the end what price to roll the retail bond? The ENQ and IPF bonds are trading around 10-11% yield and they are far safer bets that RGL. That puts this in the range of around 15%, but I'm not even sure that's enough for an unsecured bond at the bottom of the stack in both time and subordination. There's another problem too in that at 15% retail investors walk away as the risk becomes crystallised in the coupon. If the retail bond is reset at 15% and the dividend is reset to zero what price the equity? Something beginning with a 1 rather than a 2? (and finally as I know someone is going to assert that they don't need to roll all of the £50m retail bond, if they were going to do that they'd be buying them back in the market now at well below par rather than waiting to redeem them later in the year) The situation is becoming binary now. Either sell some assets quick and get the LTV down and the share price may rally or it's continual pain for shareholders as the balance sheet becomes more and more stretched as every day goes by. Good luck to all holders. I don't think it's going bust but there could be very many years with no dividend. |
Posted at 04/2/2024 09:32 by cc2014 @grahamg8Regrettably if you post anything negative on advfn 95% you will get shot down. It's human nature that those long with money invested will want to defend their positions whether they believe what they write or not. With regard to RGL as I and others have written before, the balance sheet is in a bad place but worse the actions of the directors and Board are not helping it. At 55% LTV the dividend should have been binned last time, yet it's not even clear they will bin it this time. This creates a feeling of lack of credibility over balance sheet management and inevitably will lend to all debt being renewed at a higher coupon that would have been necessary had appropriate action taken place. To be blunt the lack of credibility around the directors has been apparent for years as evidenced over the persistently wide discount to NAV when compared with peers. In the end what price to roll the retail bond? The ENQ and IPF bonds are trading around 10-11% yield and they are far safer bets that RGL. That puts this in the range of around 15%, but I'm not even sure that's enough for an unsecured bond at the bottom of the stack in both time and subordination. There's another problem too in that at 15% retail investors walk away as the risk becomes crystallised in the coupon. If the retail bond is reset at 15% and the dividend is reset to zero what price the equity? Something beginning with a 1 rather than a 2? (and finally as I know someone is going to assert that they don't need to roll all of the £50m retail bond, if they were going to do that they'd be buying them back in the market now at well below par rather than waiting to redeem them later in the year) The only hope for RGL shareholders is that somehow an asset is sold close to NAV and preferably one with not much debt on it. Good luck to all holders. I don't think it's going bust but there could be very many years with no dividend. |
Posted at 02/2/2024 18:45 by grahamg8 RGL seems to be trying to defy gravity.From the Q3 update "In the near term, the Board remains focused upon a controlled disposal programme, to reduce the LTV back to the Company's long-term target of 40%, whilst maintaining the quarterly dividend.". The 40% target is repeated for the YE RNS today. Take the figures as gospel:Portfolio £700.7m, LTV 55.1% , so borrowing is £386.09m. To achieve a 40% target by asset sales would mean (700.7-X)x0.40=386.0 The latest dividend of 1.20p would cost £24.76mpa with 515.74m shares in issue. So to maintain the dividend over 2024 would mean 'finding' £6.18m. This assumes operating and admin costs fall in direct proportion to the value of each disposal, highly unlikely. The only way to at least partly square the circle is for only the vacant properties to be sold, so no income would be lost. But there just aren't enough of these, and the chances of vacant properties being sold at book seems pretty remote to me. There is one more sleight of hand that can be thrust on shareholders, and that is if 'maintaining the quarterly dividend' actually means maintaining a quarterly dividend no matter how miserly. Technically correct a dividend of 4 x 0.001pps is maintaining a quarterly dividend. This would save the requisite amount from the lower rental income surplus available to distribute. I'm also pretty edgy about the debt itself remaining duration of 3.5y interest rate of 3.5%. Have the board actually noticed that interest rates have gone up and they are only dropping very slowly? Our ultra low interest environment is over; refinancing is going to cost a lot more and 3.5 years is scarily close, starting in August 2024 in just 6 months time. The coupon on RGL1 is 4.5% and that is nowhere high enough to tempt new investors, or encourage a roll-over by existing bond holders. 8% sounds more realistic, and if all coming in the form of a bond would cost an extra £1.75mpa in interest, all to be taken out of the pool of funds available for RGL shareholder dividends. The fall in the share price today says the market doesn't believe the narrative, and neither do I. |
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