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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Rugby Est It | LSE:RUGB | London | Ordinary Share | GB00B1VVM685 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 63.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 63.00 | GBX |
Rugby Est It (RUGB) Share Charts1 Year Rugby Est It Chart |
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1 Month Rugby Est It Chart |
Intraday Rugby Est It Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 01/5/2010 | 20:45 | Rugby REIT | 108 |
| 08/7/2008 | 22:09 | Rugby Estates Investment Trust | 10 |
| 17/11/2003 | 16:02 | vote in this poll to wond up the aussies | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 01/5/2010 17:26 by topvest Well, I've decided to take the ZDP shares. At the moment, you get 63p cash, c60p if you take ordinary shares and 65p if you take the ZDP shares. Would have preferred to take the ordinary shares, but didn't really seem to make sense given the current price. 77p on the ZDP's in October 2012 looks a good deal. May even sell the ZDP's in the market if they sell at a premium and are listed. Many ZDP's are selling at a premium at the moment. |
Posted at 17/4/2010 19:13 by topvest Yes, it's not a great deal; I prefer Rugby as an asset manager to ING! Nevertless, I think I will roll-forward my investment and take shares in the ING vehicle, unless the share price reduction means its cheaper to take cash and re-invest in the shares. At least they offer a reasonably good yield and an average to good quality property income trust to hold for a few years. This trust doesn't look as good as the F&C trusts for example, but worth holding I think. |
Posted at 15/4/2010 21:50 by purplebox Yes, IRET's results were at best 'average' - also, those taking the 1.206 IRET share option will miss the dividend declared today (Ex Div 5th May).This offer is not very generous - in fact it's quite mean. |
Posted at 30/3/2010 07:54 by purplebox Final Results.Highlights: · Profit after tax £9.3 million (2008*: £20.1 million loss) · Revenue profit £1.2 million (2008*: £1.2 million) · Net asset value per share up 23% to 79p (2008*: 64p) · Portfolio valued at £68.3 million (2008*: £60.3 million) -capital growth 14% · Portfolio return of 22%, compared with IPD benchmark return of 3% . REIT Plc ranked equivalent to 4th of 286 funds measured by IPD · Contracted annual rental income £4.6 million · Estimated rental value £5.1 million · 30 new leases, lease renewals and rent reviews completed during the year · Voids 9% at year end Commenting on the results, Philip Kendall, Chairman, said: "REIT Plc has significantly outperformed over the year delivering capital growth on its portfolio of 14%, a total portfolio return of 22% and growth in net assets per share of 23%. Portfolio performance was ranked equivalent to fourth out of its peer group of 268 funds for the year reflecting the quality of our portfolio and the ability of Rugby Asset Management, our Property Adviser, to successfully manage the assets through a challenging period. "A strategic review by the Board concluded that a near term exit for shareholders should be explored in order to maximise value for shareholders. This conclusion was reached in light of the Group's overall lack of scale and the fact that the Company's shares continue to trade at a significant discount to net asset value." "On 15 February 2010, your Board announced that it was in preliminary discussions with ING UK Real Estate Investment Trust Limited which may or may not lead to a formal offer being made to the shareholders of REIT Plc. These discussions have progressed and the Board expects to update shareholders as to their outcome shortly. At this stage however, there remains no certainty that any offer will be forthcoming, nor as to the terms on which any offer might be made." So - the strategic review concluded that the shareholders will get a 'near term exit'. IMO, IRET will announce a bid which will be endorsed by the BOD. But NAV is now 79.0p (in line with expectations) so the 62.0p cash/65.0p shares that was trailed in the press last month now definitely seems too low. |
Posted at 15/2/2010 07:29 by purplebox Confirmation of talks from both IRET and RUGB.Also, RUBG say property valuation up 7.5% in quarter to 31st December. "Separately, and further to the announcement on 1 February 2010 regarding the ongoing strategic review being undertaken by the Company, the Board of Rugby REIT announces that CB Richard Ellis Limited has completed its external valuation of the Group's property portfolio as at 31 December 2009, valuing the portfolio at £68.3 million on a market value basis. This represents a like-for-like increase of 7.5 per cent. compared to the valuation as at 31 October 2009 (£63.5 million)." My rough calculations now puts the NAV in the region of 80.0p - an increase of around 8.0p due to this new valuation. |
Posted at 14/2/2010 19:35 by purplebox qwazi - Can't fault most your logic (other than I would argue that with Rugby Estates PLC backing they could be viable at the present size), but I do think a price of 62.0p is too low. If the NAV is restated at around 80.0p next month (72.0p + 10%) a cash offer of 62.0p is a 22% discount. Assuming that most (but not Terra) would go for a share swap, then perhaps the issue is really the highest achievable price that IRET's current holders see as good value - perhaps 70.0p rather than 65.0p. The BOD's recommendation will be key here - a hostile bid might be difficult. But, only newspaper reporting at present. Lets see what tomorrow brings. |
Posted at 14/2/2010 16:39 by purplebox What makes this interesting is that the original investors at 100.0p have seen a steady decline since they bought in - hence some (about 30%) of the shares are now owned by Terra (Laxey et al) who bought most of them at fire sale prices in March last year.We have a stark difference between Terra who bought cheaply and are now looking to take a good profit, and the original investors who are looking to get their money back. If ING are going to bid at 62.0p I would expect Terra to be more than happy, but it would still be an opportunistic bid IMO. As you point out a REIT with no dividend is a bit like a pub with no beer - except that RUGB paid 2% to HMRC on it's purchases to gain access to REIT status! The RUGB business model sounded good but they started at entirely the wrong time in the cycle. If they were starting today it would be very attractive but unfortunately their not. Interesting times ahead here. |
Posted at 14/2/2010 14:40 by purplebox topvest - 14 Feb'10 - 13:15 - 59 of 62I disagree, if you are exchanging your shares (@65p) into a similar vehicle that pays a robust dividend. But is it best value for the shareholders - I mean apart from Terra? The NAV was 72.0p based on a September 31st property valuation and the BOD have promised a revised valuation to 31st December soon. I'd guess that the NAV will increase. The final results are due next month. Reading the 'defence document' produced at the time of the Terra bid last year the BOD included the following statement: "Further to its previously stated intention, the Board is seeking to carry out a capital reduction which, if successful, would enable the Board to pay a dividend to REIT Shareholders by the end of the first half of 2010." Why can't RUGB continue as a going concern? I'm I missing something here? |
Posted at 14/2/2010 11:20 by topvest Well I think that offer works for me; I will take the shares in ING Real Estate if it looks sensible. The days of this investment estate, Rugby Estates and 012 are all numbered in my opinion.Rugby is returning capital, and has just sold its Covent Garden portfolio. 012 is controlled by Perloff and Utilico and so it is very likely that a transaction is near. This REIT is effectively "in play" due to the large Terra Catalyst holding. The upside on ING is that at least it returns 1p/quarter in dividends on a 50p share price. |
Posted at 27/8/2009 17:18 by affc21 Rugby Estates Investment Trust's portfolio outperforms IPD09:55 | 27.08.09 By David Doyle Rugby Estates Investment Trust outperformed the IPD All Property Monthly Index in the first half of the year with a portfolio valuation decline of just 5.3%. The IPD Index has fallen by 13.2% over the same period. The REIT's portfolio fell by £3.2m compared with a decline of £7.3m for the same period in 2008. Philip Kendall, chairman, said: 'The group is generating a positive revenue profit and cash flow from its property rental business. The group's financing is sound and gearing is low.' Rugby's valuation declined contributed to a pre-tax loss £2.2m compared with £6m for the same period in 2008. The business has a conservative gearing level of 56%. Rugby's £57.1m portfolio comprises 34 properties with an average lot size of £1.7m and rental income of £4.5m. Rugby's share price rose by 3.5p in trading this morning to 34p. |
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