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Share Name Share Symbol Market Type Share ISIN Share Description
Secure Income Reit Plc LSE:SIR London Ordinary Share GB00BLMQ9L68 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  14.00 5.83% 254.00 252.00 259.50 261.00 249.00 250.50 656,393 16:35:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 132.7 154.5 47.5 5.3 823

Secure Income Reit Share Discussion Threads

Showing 126 to 150 of 150 messages
Chat Pages: 6  5  4  3  2  1
DateSubjectAuthorDiscuss
23/5/2020
07:48
Think you could be spot on there mate, I recently got a 100 Whitbread shares, and thinking about buying much more
dcurry1
22/5/2020
11:28
 The Rights Issue to raise GBP980 million (net of expenses) is designed to provide the balance sheet strength necessary to support continued investment in Whitbread's strategy whilst its budget-branded and independent competitors are expected to be weakened by the COVID-19 pandemic. I wonder if Whitbread would be interested in adding 500 hotels with minimal outlay and effectively eliminating Travelodge at the same time ?
bondholder
19/5/2020
13:51
Thanks for the details.If the Travelodge management/PE owners overplay their hand things could work out badly for the secured lenders. A brand without hotels is not going to service half a billion pounds in debt. In addition TL have big expansion plans. Shafting your premises capital providers is not going to help future funding costs. There is a strong incentive to get most owners onboard a consenting deal rather than a cram down.
bondholder
19/5/2020
10:14
"Landlord threatens to sue Travelodge" [Thought it would be SIR] "Travelodge has been warned that it could face court action if it pushes ahead with a restructuring to cut rents. CPGG, the landlord the brought a legal challenge against DEB last year, has accused the hotel chain of penalising landlords while beefiting from govnt support... ...TL, owned by hedge funds GoldenTree AM, Avenue Capital, and Goldman Sachs, has furloughed staff and been granted business rates relief. In a letter...TL has warned...unless waive up to £146m in rent...CVA...to slash rents and leave sites. Landlords have been blocked from taking legal action by the govnt, which has issued a temp ban on statutory demands. CPGG says TL should not pursue a CVA and that a key ruling from the Debenhams case - which found that tenants could not protect their best properties from being taken back by landlords in a CVA - could be a stumbling block". (Any mistakes mine). So not a slam dunk, but interesting to see CPCG, SIR etc are on the same page. No one's going to let TL's locust owners get away lightly. As said above, I'd be right behind SIR if they took a short-term hit to avoid being screwed over by TL. Would be a precedent followed in the future by others.
adae
19/5/2020
09:59
Interesting.What was the basis for the article suggesting a CVA might fail?
bondholder
17/5/2020
16:21
Interesting article on front of Sunday Times Business section, saying Travelodge CVA may not work/may get challenged. Also pointing out they've furloughed staff/taken advantage of the govnt schemes, but leaving landlords high & dry.
adae
15/5/2020
13:15
250p wasn't the best averaging price, only 3 days ago, and since it's effectively all the management, not sure what that says about the Travelodge uncertainty.
adae
15/5/2020
12:20
Insiders buying, maybe they think SIR can get back the sites pretty quickly and lend to another operator?
redponza
14/5/2020
19:33
I hope Travelodge will be their EMI - PE has had it far too easy for far too long. Buy, gear, gear up some more, strip out costs, re-float for a killing. Let SIR take the sites back, rent them on to new occupiers. Worst-case would be a CVA or pre-pack which sees the vultures still in control, but the arrears escaped from.
adae
14/5/2020
18:17
Travelodge says its shareholders are sharing the burden of a collapse in revenues that could top £350m, based on analysts' forecasts of a 50 per cent fall in sales for the industry. In reality, owners are not providing extra cash without strings. They are offering £60m in loans and writing down the value of assets. That's not quite Lombard's definition of burden-sharing. From FT.Who wants to fund a company with half a billion in secured debt and no assets to speak of other than the brand which is pledged to the bondholders/banks?
bondholder
13/5/2020
16:28
Lol valid point! (Didn't they sell much of the healthcare side?). The assets aren't going anywhere, Covid isn't sticking around for ever, but - as of right now, they do look awful. Can you socially distance in a rollercoaster queue?
adae
13/5/2020
16:11
They just need people to re-start taking typical British weekends. A trip to Alton Towers, staying in a Travelodge, catching a show at Manchester Arena and ending up in some kind of a healthcare facility... and everything will fall into place. In seriousness I could be a buyer in the 180-200p range
belgraviaboy
13/5/2020
15:44
Averaged just above 232p. Expect to do so again on any Travelodge news.
adae
13/5/2020
09:28
I'd love - love - the PE boys to lose their shirts on Travelodge. Am 100% behind SIR in standing up to them. Yes, may cost us a few % of rent roll, but IMO that can be justified when - as you say - the alternative may be to set a precedent.
adae
13/5/2020
09:25
That article reveals that Goldmans/GT/Avenue are threatening a bankruptcy card to effectively walk away from rents. If the landlords stand united and firm,, this can be blocked. SIR and the group rep. for other 81 landlords are now willing to forfeit the March rent and take a haircut of 20% on April until Dec. 2020. Those rent cuts would be deferrals until some later date [2021] when if Travelodge complies with contractual obligations the deferral would become write offs. But this looks to me like a negotiating position rather than a realistic expectation of what Travelodge is going to pony up. A further dilemna may be whatever 'precedent' any settlement may foment wrt future negotiations with the other stricken tenants - about 65% of SIR rents come from those, Travelodge [28%] included. Oh well, at least there is movement in negotiations and seems to be solidarity amongst landlords who are preparing for a £500k lawsuit should negotiations fail. + "....landlords had received a number of unsolicited approaches from other budget hotel operators that were interested in taking on the leases."
2sporrans
13/5/2020
07:53
Article in the FT about Travelodge looking at a(nother) CVA
belgraviaboy
05/5/2020
09:20
Bought in. The one concern - does the govnt banning repossession proceedings affect the Travelodge negotiations? GoldenTree, Avenue, & Goldman got a real cheek, would love to see them lose the asset. Am sure there's plenty of Newco budget hotels would love them, post-coronavirus. I'd happily take say a year without the income in SIR. Paid £2.62, would have preferred the £1.80 low, but better than the c.£3.50 they bounced to :-)
adae
03/5/2020
12:03
Good question about alternative uses for [Travelodge] assets bb. It begs an extended version of your penultimate question: What might the assets be worth in a Post CV19 world? I mean, there won't be a return to 2019 circumstances; the whole game will move on somewhat, including the macroeconomic environment. Anyway, seems like emergency CV19 legislation in UK may block SIR from taking over the assets or render such an endeavour prohibitively expensive: https://tinyurl.com/y7d7zalk [Travelodge are shouting for 80% rent reduction until end of 2020, 50% off for 2021.] Still, Politicos frequently change their tunes. And like you say, the potential for a capital injection from Travelodge's 3 main shareholders should not be overlooked: GoldenTree Asset Management, Avenue Capital Group and Goldman Sachs Avenue Capital seems to be a private equity fund with a vulture fund bias. Not sure what GoldenTree is apart from being an asset management co. set up 20 years ago, HQ New York + London, Singapore offices. The trio at least look unlikely to face insolvency issues, on the face of it. So basically all 3 are American which I guess while it makes the situation that bit less tractable, might help wrt UK political 'adjustment'; not that I'm holding my breath. It does look to me, fwliw, that while considerable rent deferral/rescheduling is in order, the case for any cancellation is shaky.
2sporrans
01/5/2020
12:20
All a bit grim for SIR at the moment. That said I think Merlin are trying to get a $500m bond issue away - but that does not mean they will use it for rents. However, the owners have plenty invested here and I can't see them wanting to see it go up in smoke. Travelodge needs an equity injection - SIR have rightly said they are not just going to waive 80% of the rent until the end of '21. GS and co need to anti up to get any rent consessions. The other question is what are these assets worth in a CV19 world? If SIR are forced to take control of the assets who else could put them to use?
belgraviaboy
01/5/2020
11:01
SIR's rent comes in the great main from just 3 Tenants; about 87% comes from: Merlin Entertainments Limited ~31% Ramsay Health Care Limited ~30% Travelodge Hotels Limited ~26% Clearly Merlin is under the cosh as is Travelodge and some of the lesser tenants. This statement from Merlin, though 4 weeks ago, is well worth a read: https://tinyurl.com/y77hh9y6 Ramsey should bear up ok; enough to keep up the rents, though it too is on reduced fee earning business and forward guidence on hold: https://tinyurl.com/y9wmfjkb Travelodge still operating a skeleton service Guess a lot will depend upon extent/continuity of Gov't support: https://tinyurl.com/ydbv98ae So all in all pretty grim on the rental prospects going forward. For how long is the main issue and great unknown. SIR has over £200mn of 'headroom' thanks to cash reserve and has credit lines it can tap for more but guess the divi could well take a haircut in Q2, Q3....maybe Q4 into 2021.... 280p share price equates to 6% yield if the 4.2p/qtr divi holds.
2sporrans
23/4/2020
08:17
Well that statement worked wonders. Perhaps silence was better after all.
andyj
21/4/2020
18:56
Do you think rent on Manchester Arena rent will be paid next time? To name one....
belgraviaboy
21/4/2020
15:20
Share price will now just drift down in news vacuum. Come on SIR, get a grip.
scallywagkid
21/4/2020
15:18
And still we PI's wait! Clear statement of intent on 06 April not fulfilled. A brief line to clarify divi status / intent in light of Travelodge is hardly beyond the wit of the Board. Poor PR.
scallywagkid
20/4/2020
11:22
So, where's the confirmation of 4.2p divi. RNS? Instead there's an update on Travelodge and the 6.4% oF SIR rental income from it withheld and no communication received as to a work around proposal. Hmmm.
2sporrans
Chat Pages: 6  5  4  3  2  1
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