Shaftesbury Share Discussion Threads

[konradpuss] 24/12/2022 10:24

I would be very surprised if the CMA decided to investigate.

[nickrl] 24/12/2022 10:14

CMA will make a decision on whether to refer merger with CAPC to a full investigation on 22/2/23.

https://assets.publishing.service.gov.uk/media/63a3246c8fa8f53918b62d1d/Capco_Shaftesbury_-_Notice_commencement_Initial_Period.pdf

[essentialinvestor] 08/12/2022 16:29

At the time of this post the SHB share price premium on the merger terms is gone.

First time since the deal announcement.

[essentialinvestor] 08/12/2022 15:27

Added a small amount.

[essentialinvestor] 30/11/2022 13:38

Konrad, reads fairly well?, all be it 2023 will be a tough year.

[konradpuss] 29/11/2022 20:34

nickrl, I know I have always been 'down' on Bickell however I wish him the best and hope he never appears on the board of a quoted property co. again.

He can go and sprinkle words liked tended and curated on his vegetable patch in his hopefully long and permanent retirement.

[essentialinvestor] 29/11/2022 16:17

Merger premium over Capco terms has opened up again a tad, caused by the delay I'm assuming.

[essentialinvestor] 29/11/2022 15:02

Capco gearing is relatively low.

[nickrl] 29/11/2022 14:14

@giltedge gets rid of Bicknell seems to be the only positive the directors will tell you otherwise of course but feels like a capco takeover in all but name

[giltedge1] 29/11/2022 12:31

Going great on there own, positive NAV, Shops, Offices, Flats thriving. Understand have to renegotiate debt on merger, add to costs. Can someone explain the benefits of the merger?. I would invest as a stand alone Company but not merged with CAPC.

[nickrl] 29/11/2022 10:05

results out with NTA up and divi up a fair whack but still a lousy yield. they've already spent 13m on the proposed merger which now has been pushed back to Q123 whilst CMA decide. no debt issues to concern them for years although post merger it may look a lot different.

as i say yield at 2.75% makes it pointless for me but lets see what the new entities policy is on divis.

[essentialinvestor] 21/11/2022 18:17

Https://www.theguardian.com/business/2022/nov/21/uk-restaurants-bankrupt-faster-rate-covid-closures


Given their portfolio profile is this risk underestimated.

[nickrl] 01/11/2022 22:32

@konradpuss at least Bicknell is exit stage left once the merger completes

[konradpuss] 01/11/2022 21:37

Let's face it, the portfolio is great, however I think it has gone ex growth for a while. How much of a reversion is left? Not much in my humble.

Yields, due to interest rates are moving out. I have not looked at their debt profile of late, however banks are twitchy.

The thing that annoys me is the use of the word 'curated'. I bet Bickell dreamed that one up to increase his salary!

No real numbers so it is difficult to form a strong opinion.

Agree, this is pre Truss.

[nickrl] 01/11/2022 20:34

It is a good update but have to remember most of the reporting period was before Kamakaze unleashed chaos on the UK so not an indicator of where its headed but with reduced level of pound ought to keep tourists flowing. Still have lousy yield even at these depressed share price levels so will have to see what the merged entity with CAPC looks like.

[hindsight] 01/11/2022 19:45

Any views on trading update Korandpuss / nickrl

At least the debt is longer term than some

Total
facility
Year of maturity Facility type GBPm
----------------- ----------------------------- ---------
2023 Revolving credit facility(1) 100
2027 Bonds 290
2029 Term loan 135
2030 Term loan 130
2031 Bonds 285
2035 Term loan 120
----------------- ----------------------------- ---------

[konradpuss] 14/10/2022 20:30

Essential, my call was more on the fundamentals of the company not the stock market.

The market has helped my call more than the fundamentals although these are catching up.

My view is we might be near the bottom of the market, although this might be too soon to call.

The bottom of the market will be when folk sell good shares that have gone way down just to hold cash.

I think the war will be over in the Spring - Ukraine winning and energy prices and inflation way down.

I might be well wrong, however it is a nice thought.

[nickrl] 14/10/2022 20:20

CAPC pretty well mirror image graph over the last 3 months so not giving anything away if the merger still goes ahead.

[essentialinvestor] 14/10/2022 20:10

Konrad, given your price target is about 10% away and the SHB price at
the time you gave that view - that's pretty much a hit. Well done.

[konradpuss] 14/10/2022 19:31

£2 (well say £2.95) might just happen with 'strong and stable' Liz at the helm.

[konradpuss] 26/9/2022 18:11

Essential, anything with a £2 in front of it would be a surprise and probably buy.

[nickrl] 26/9/2022 17:25

For sure one benefit out of this maelstrom should be a further boost to overseas tourism with not only £ well down against dollar but plenty of other currencies including the Yuan so at least their tenants should stay put even if other parts of the economy are suffering.

[essentialinvestor] 26/9/2022 14:44

We might yet get in to the £2's - Konrad !!.