Rugby Estates Share Discussion Threads

[ntv] 19/10/2006 23:10

starting to tick up again

[ntv] 15/10/2006 16:32

perhaps town centre like its properties otherwise pretty pointless buying a stake and using up their own cash which could be put to better use elsewhere

[byrdsong] 10/10/2006 18:19

Normally a premium to the price is paid to compensate existing shareholders (20%) for their loss of future growth with the company. Also there may be synergies that will drive the bottom line.

[makingheaps] 10/10/2006 17:25

My thoughts were in relation to the possibility of t/o. Why would this occur? Only because there is value in the company not recognised in the price. This either comes from development potential in the property portfolio or because there is something there that is not apparent from a straight comparison with NAV. Otherwise why would anyone buy the company for more than the value of the properties owned by it? If my assessment is right somebody might pay £5.50 for it???

[byrdsong] 10/10/2006 15:50

Making Heaps - no idea mate! I just follow the chart and been waiting like Nirvs for a t/o of old high. I went long earlier too.

[makingheaps] 10/10/2006 13:01

The results seemed impressive and there seem some good prospects in the pipeline. However is a premium of 46p or 10% over NAV justified? Should the business be valued in two parts: the property side on an asset basis and the management business on an earnings basis. If so the property portfolio might justify £4.12 per share being a 10% discount to NAV. The management arm is said to earn £1.1m in six months which is £800k post tax or 7.2p per share. Double that for the full year and take a PE of 10, gives a valuation of £1.45. Total £5.57. Can anyone confirm this view?

[nirvs] 10/10/2006 10:28

Excellent results, and outlook. This is a prime t/o candidate. Not seen such a long chart consolidation in a long time. a Break above the AT highs could lead to substantially higher prices IMHO. Could this rise be due to t/o speculation? We'll see...Long today at 500p

[ntv] 03/10/2006 19:52

talk of merger activity in the property sector makes this a prime candidate

[ntv] 27/9/2006 18:32

wonder wether town centre will bid for the company?

[makingheaps] 01/3/2006 18:25

Nice piece of business announced today. Investing a 4% stake and earning management fees.

[ntv] 25/11/2005 17:20

beginning to tick up again

[ntv] 21/11/2005 08:39

its olympic property fund should do well

[ntv] 20/11/2005 09:57

big article on res in ft because director had to sell to pay divorce settlement pity the ic article hadn't mentioned it
still looks cheap imho

[ntv] 18/11/2005 08:20

that 13% went somewhere and was part of a divorce settlement which was not stated in the article
also read carefully and the in the last results were publish there has been a significant increase in assets

[ntv] 18/11/2005 08:08

had been hoping the price would fall back here but no ,ic had to go recommend it

[worrier] 28/4/2005 21:34

Yes Scum, I do have a wide spread of shares, but look for a bit of stability for part of my holding and this is a safe bet to me. as ever dyor etc

[scumdog] 27/4/2005 02:52

Strange world isn't it?
BBs of loss making companies, not paying a dividend are a hive of activity yet the BB for a profitable company such as this has very few postings.
I think a lot of posters are out and out gamblers or traders rather than investors.
I'm going to look further into this company but initial impression is favourable.

[worrier] 10/1/2005 15:26

Any views on this share?
IMHO it would appear to be a well run company with a growing income stream and minimal downside risk. Any views?
Worrier

[linhur] 20/4/2004 09:47

Looks as though the share price is well up with events.Might be a time to topslice.
2003 was a time for consolidation.

[aderemi] 20/4/2004 08:50

Rugby Estates Plc ("Rugby" / "Group"/ "Company"), the property and asset
management group, focussed on London and the Western Quadrant, today announces
results for the year ended 31 January 2004.


Highlights:


* Pre-tax profits of £7.2 million (2003: £15.5 million, primarily
attributable to the exceptional sale of the Covent Garden Portfolio)

* Triple net assets per share increased to 299p (2003: 297p)

* Total dividend up by 10% for the eighth consecutive year to 4.69p per
share

* £25 million of disposals completed to capitalise on the continuing strong
investment market

* First acquisition made on behalf of the London Industrial Partnership

* Formation since the year-end of 'Iconic', a business partnership with
London & Newcastle Holdings Plc to exploit residential and mixed use
development opportunities.

Rugby Estates' shares were first listed on the London Stock Exchange on 8 April
1994, when NNNAPS were 127p and the share price was 115p. April 2004 therefore
marks our first ten years as a listed company. Over this period:

* we have carried out over £600 million of property transactions;
* we have realised £52 million of pre-tax profit;
* NNNAPS have grown by 135% to 299p;
* the share price has increased by 139% to 275p; and
* shareholders have received 65p in dividends.

With the Group's strong financial position and experienced management team we
are well placed to grow both our directly owned portfolio and our asset
management business. Accordingly your Board looks forward with confidence to the
next ten years of successful growth.

David Tye, Chairman, commented:

"We continue to seek interesting opportunities in both on and off market
transactions for the Group, LIP and CGLP. During the coming year we are planning
to increase both our directly held portfolio and our assets under management.
However, properties will only be acquired which present clear opportunities to
enhance rental and capital values - our business is not simply about
accumulating assets.

"With the Group's strong financial position and experienced management team, we
are well placed to grow both our directly owned portfolio and our asset
management business. We have now been a listed company for ten years and your
Board looks forward with confidence to the next ten years of successful growth."

[aderemi] 20/4/2004 08:50

Rugby Estates (RES: 260p)

Rugby Estates' decision to de-gear its investment portfolio, and join the growing ranks of property groups with asset-management divisions, looks well-timed. The company sold the majority of its Covent Garden office portfolio to the Covent Garden Limited Partnership two years ago and now generates fees from advising the £117m fund. The aim is to get new equity partners on board and raise the fund's value to £500m over the next few years. Rugby is also adviser to the London Industrial Partnership Limited, a joint-venture established with Merrill Lynch and the Bank of Scotland. Rugby's broker, Credit Suisse First Boston, estimates that fees from these asset-management activities should contribute around £1.8m to profits by 2006.

Having made further property disposals since its interim results in October, it is highly likely that Rugby will have no borrowings at its financial year-end, 31 January. This leaves it in a very strong position to take advantage of the current weakness in the London office market by doing deals at attractive prices. Although management has been patiently biding its time, it is likely that we will see the company hit the acquisition trail this year.

Despite Rugby's strong financial position, its shares are trading 15 per cent below triple net asset value. This measure of net assets takes into account tax payable on disposal of trading stock, marking debt to market value and the dilution effect if all share options are exercised. That valuation gap, which is broadly in line with the real-estate sector as a whole, looks harsh given that Rugby has a fast-growing asset management side. Add in the positive news flow that the sector is likely to get from the introduction of real-estate investment trusts next year, and this valuation anomaly is worth exploiting

[sammu] 24/6/2003 20:10

Busy on this board TOO.
The rebound is market and sector based, but also may have been influenced by the chairman's £600K share purchase on the 5th June.

I believe David Tye, the aforementioned chairman is on ITV tonight, in the London area, 10.30pm - London's Richest.


Sam

[voldemort] 13/6/2003 11:47

Anyone have any views, the volumes don't appear to justify near 20% over last month.

Whilst not complaining, am bemused.

Voldemort

He who cannot be named

[citytraderboy] 24/6/2001 22:04

Roland ,

Sounds interesting !

Look forward to hearing more...............!

Cheers ,

CTB.