Regional Reit Share Discussion Threads

[dartboard1] 22/2/2024 09:52

One positive is that the debt holders are letting them pay the dividend and haven't called it in ... so can't have breached covenants ... yet

[hedge fund harry] 22/2/2024 09:42

Inglis is still issuing positive trading updates then. If anyone in this sector deserves ridicule it's him.

[nickrl] 22/2/2024 09:30

@feuille yup to be fair they could have just left it as a simple divi announcement and agree they have provided info and acknowledge they still need to update on the bond. The occupancy paragraph isn’t relevant though if they said vacancy rate remains stable and gave a mid qtr state of the nation on leasing events that would be far more useful indicators. Anyhow it’s been sufficient to drag it off the bottom.

[feuille] 22/2/2024 09:00

They have just communicated quite a lot.

[nickrl] 22/2/2024 08:22

“The Company continues to explore actively a range of refinancing options for the £50m retail bonds and it looks forward to providing an update in due course” If the other disposals mentioned go through they should be well on way to raising the 50m but this suggests not. Anyhow never fear active occupant is up state of leases is what we need to know.

[skinny] 22/2/2024 08:09

And again, the market seems underwhelmed.

[tiltonboy] 22/2/2024 08:09

Judging by their (in)actions over the last year, I very doubt they do

[solarno lopez] 22/2/2024 08:07

They most certainly do

[feuille] 22/2/2024 08:05

I'm sure they understand it better than you.

[cc2014] 22/2/2024 07:31

ROFL. It's pretty clear to me the Board do not understand their own balance sheetDividend not cut

[skinny] 22/2/2024 07:11

The Company confirms that it will pay a dividend of 1.20 pence per share ("pps") for the period 1 October 2023 to 31 December 2023. The entire dividend will be paid as a REIT property income distribution ("PID").

The Company has introduced the option for shareholders to invest their dividend in a Dividend Reinvestment Plan ("DRIP"). More details can be found on the Company's website

[arbus5000] 22/2/2024 07:07

good update from RGL today.

[spectoacc] 22/2/2024 07:03

This is the good bit, the rest is bordering on terminal. For a moment I thought the section on occupancy was going to be about RGL's 20% voids:

"Sales

Total disposals in 2024 to date amounted to £5.0m (before costs), reflecting a net initial yield of 10.7% in-line with 31 December 2023 valuation. In addition, £22.2m of disposals are in solicitors' hands."

[rcturner2] 20/2/2024 16:04

They don't have to do one things with the bond.

Most likely they will pay down as much as they can and add the remainder on to an existing arrangement.

[bondey] 20/2/2024 14:37

There are plenty of good sterling bonds, including a few retail bonds yielding 11%+ so why would anyone accept RGL on c. 8% ???? In order to get bondholders to extend they will be looking 15+ possibly as high as 20%, which then kills the 3.5% cost of debt. The only way is to repay the bond in cash. Which they probably have in place already, if not close to it.

[wilcolator] 19/2/2024 23:27

Is a cut in divi with a sale of certain assets a possibility or is the divi done for the time being?

[hindsight] 19/2/2024 17:04

Some form of rights issue also open to bond holders too still seems most likely to me
It will get the LTV sub 50%

[hpcg] 19/2/2024 16:37

There shouldn't really be any discussion on the equity, only RGL1. RGL1 can get paid and the equity still be worth nothing in the long term in real terms even if it doesn't go bang. I don't know why the holding of Inglis is getting a mention, plenty of indebted companies have gone down with owner-execs holding 10, 20% or more of a company.

I think we can all agree that it won't be able to get away any remaining portion of the retail bond with a replacement. There is no interest rate that is not so low as to not look scary but high enough for the risk. Costs start to eat in if it is too small. Equity raise, clearly not. We won't know the cash situation until March, and even that will be backward looking.

The risk reward on the bond isn't sufficient for me. Any default and the individual assets fend for themselves (or something, I don't know) the senior will be just interested in getting their money back a.s.a.p., not least because they can lend it out at higher rates. They won't be pushing too hard on the selling price. There are plenty of other assets out there than can bounce 30% before the summer without having the risk of losing a substantial amount of money.

[arbus5000] 19/2/2024 15:22

thursday is the div announcement. If they dont cut, presumably they'll have arrangements for the bond in place.

[neilyb675] 19/2/2024 14:44

21.25 - 21.35 (GBX) at 14:31:30
on Market (LSE)

[skinny] 19/2/2024 11:39

This is over 2years old :-

[hindsight] 19/2/2024 11:39

spectoacc, there is zero chance retail will accept a 8% roll

[spectoacc] 19/2/2024 11:37

Well it won't be big in £ terms anymore ;)

"..The Inglis family has a holding of 2,514,365 Ordinary Shares in the Company representing 0.49% of the available share capital."


So only half a %, if that's still accurate, albeit selling 2.5m RGL would be an interesting task.

Not saying he'll actually go, nor sell - still expect something to be cobbled together re the bond, albeit RGL's ultimate destination is the same, barring economic boom.