Shaftesbury Share Discussion Threads

[essentialinvestor] 29/12/2023 15:09

Hi Konrad, IF those properties require significant CAPEX, he may not want to commit additional capital?.

GPE may be a nice opportunity for the next 12 months imv.

There's an SHC bb btw.

[konradpuss] 29/12/2023 14:16

Essential, I wonder if you saw that Sammy Lee is currently selling a third of the Langham Estate. The price mentioned was circa £500 million.

O.K. he purchased the whole estate thirty odd years ago for £75 million.

It does have some retail however the majority is office!

He has spent as little as he could over the years so investment is now required.

As they say, watch what folk do, not what they say.

[essentialinvestor] 02/3/2023 14:02

Sold a few just under £4.18. New era beckons.


Decent 3/4 year risk/return?.

[nickrl] 01/3/2023 22:49

From CAPC results they have an overview of Shaftesbury Capital

4.9B assets estimating 192p NTA LTV 31% earliest debt expiry 2024

oh and still a lousy yield i suspect.

Anyhow the wildcard to me is if Shaftesburys Mortgage Bondholders redeem their bonds (2027 2.3% 2031 2.4%) the replacement funding aint going to be cheap. SONIA+1.5% increasing by 0.25% every 6mths to 3.25%. Given rise in interest rates i would be selling my bonds if i held any.

[essentialinvestor] 01/3/2023 13:52

CapCo now trading at a 1% premium to the conversion price - based on the
SHB share price at the time of this post.

[nickrl] 26/2/2023 17:19

@EI new company will be known as Shaftesbury Capital PLC listed from 7th March.

[essentialinvestor] 30/1/2023 14:10

Will start a new board if the merger completes, which is now looking likely?.

[hindsight] 30/1/2023 13:40

Going right way helped by sterling weakness. Though presume turnover is gross and not net RPI

The sustained recovery in footfall and trading previously reported continued into the important Christmas and New Year period. Whilst domestic visits to our villages were flat against December 2021, having been impacted by a series of rail strikes, footfall was buoyed by continued growth in international tourist numbers. Across our portfolio, our hospitality, retail and leisure occupiers have outperformed the wider West End, reporting turnover on average 42% ahead of 2021, a period which had been affected by the Omicron Covid variant, and 6% above 2019.

[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.

[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

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
----------------- ----------------------------- ---------