Summit Properties Share Price (SMTP)

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Share Name Share Symbol Market Type Share ISIN Share Description
Summit Properties Limited LSE:SMTP London Ordinary Share GG00BJ4FZW09 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 0.60 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.45 0.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 77.28 334.22 56.60 1.1 274
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.60 EUR
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Countryside Properties (CSP), Crest Nicholson (CRST), Onthemarket (OTMP), Hunters Property (HUNT)

Summit Properties (SMTP) Latest News

Summit Properties News

Date Time Source Headline
17/3/202007:00UKREGAIM Cancellation - Summit Properties Limited
12/3/202017:30UKREGFTSE Russell Summit Properties
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Summit Properties Investors    Summit Properties Takeover Rumours

Summit Properties (SMTP) Discussions and Chat

Summit Properties Forums and Chat

Date Time Title Posts
05/3/202109:49Summit Properties96

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DateSubject
07/3/2021
08:20		Summit Properties Daily Update: Summit Properties Limited is listed in the Real Estate sector of the London Stock Exchange with ticker SMTP. The last closing price for Summit Properties was 0.60 €.
Summit Properties Limited has a 4 week average price of 0.00 € and a 12 week average price of 0.00 €.
The 1 year high share price is 1.36 € while the 1 year low share price is currently 0.58 €.
There are currently 457,280,204 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Summit Properties Limited is £274,368,122.40.
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05/3/2021
09:49		bowerdean: Yesterday I received an email from Tom L-K attaching letter from Chris Le Page, Director of Summit. The Board have discussed my concerns with their legal advisers and a precis of the letter is as follows: At the time of the delisting, Summit made a tender offer in strict accordance with Take Over Panel rules; there was no legal requirement for the tender offer. If you didn't participate in the tender that's not Summit's fault. Summit initiated a Matched Bargain facility. As Summit still has a bond quoted in Luxembourg, ordinary shareholders will continue to receive all company information on their website, over & above what is legally required. Summit has returned Euros 215m to shareholders. Summit has no current intention of share buybacks. Summit has no control over the majority shareholder, being a separate legal entity, should it wish to buy in the market. As was fully explained in the Circular for delisting etc, where there is a dominant shareholder it is inevitable that there will be limited liquidity in trading and therefore no surprise that there is a disconnect between share price and NAV. The only crumb of hope I take away from this is the fact that the majority shareholder, Unifinter which is 100% owned by Summit Real Estate, quoted in Tel Aviv might at some stage decide to buy out the minority or alternatively, in time to come, it could refloat Summit Properties on the market as it has done before. With the benefit of hindsight one should have been pursuing the ultimate parent compamy Summit Real Estate in Tel Aviv, not Summit Properties in Guernsey as I imagine that's where the major decisions are taken. If you want someone else to blame for the current situation, how about Mark Barnett, Neil Woodford's trusty lieutenant for many years? The decision to delist was strongly influenced by his putting his ( Invesco's) 27% stake in Summit up for sale. That is when Unifinter stepped in and paid Euro 1.45 for it and initiated the tender offer at the same price, thereby ending up with most of the company.
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19/1/2021
15:27		phbatbjco: As mentioned, I contacted Tom this afternoon and he asked if I would email him my queries. So here is the text of my email to him just now. He said he is going to pass on my comments to the directors, so we will wait and see if there is a response or not. The email was as follows:- "Dear Tom, Many thanks for taking my call earlier this afternoon. As I mentioned, I am becoming increasingly concerned about my holding in the company to the extent that I do not feel as a minority shareholder I am being treated fairly. I would therefore be grateful if you would undertake to appraise the management of my concerns and answer my queries as follows:- 1.0. Although I have tried to find contact details for the directors of the company this has not been possible. I wanted to hear from them what their proposals were with regard to the minority shareholders. I myself, primarily as a result of a family illness, was unable to respond to the offer last year. 2.0. My understanding of UK company law - and I appreciate that this company operates under Guernsey law - is that if minority shareholders do not accept the terms of an offer they are bought out at the highest offer made at that time. At the moment, according to the financial accounts the net assets of the company are somewhat north of €2.2 whereas the shares appear to be traded on Asset Match at about 30p each. Clearly not acceptable. 3.0. There is a principal in UK company law that minority shareholders should not be oppressed. Is this the case in Guernsey law? 4.0. Again in UK company law a shareholder is entitled to a copy of the share register. You mentioned that you thought this was probably the case in Guernsey law as well. If so, I would expect to be able to obtain a copy of the register at either no cost or nominal cost. I think that dealt with the matters we discussed on the telephone and as I mentioned, although my shareholding is not particularly large it does run to quite a few thousand and there is the principle that minority shareholders such as myself should not be run roughshod over. Please would you acknowledge this email and I look forward to the points above being answered." All the best Phil
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17/1/2021
08:48		phbatbjco: Many thanks for taking the time to reply. You appear to be in a very similar circumstance to myself. In August 2020 I also contacted Tom Lancaster-King and having spoken to him I thought that although he was a perfectly nice and polite chap he was pretty ineffectual. His reply to me was as follows:- "Thank you for your telephone call this afternoon. I am replying to your enquiry in our capacity as Company Secretary to Summit Properties Limited. As you are aware the Company recently delisted from AIM. Details of the delisting and tender offer including shareholder circulars can be found on our website at hxxps://www.summit-properties.com/news.html. Any news items released by the Company shall be posted to the website. At this time I can inform you that the Company intends to publish its Q2 2020 Key Performance Indicators (“KPIs”) by the end of August. These will be published on the Company’s website and via the Luxembourg stock exchange. Furthermore, we anticipate the release of the Company’s half-yearly report and accounts in September 2020. As with the KPIs these will be released via the Company’s website and Luxembourg exchange. In addition, we will shortly be giving notice to shareholders of the 2020 annual general meeting. The Company also publishes its news releases via the Luxembourg stock exchange, on which its corporate bonds are listed, which may be of interest to you. Here is the link to the Company's page on the Luxembourg exchange website at hxxps://www.bourse.lu/issuer/SummitProp/88008. You mentioned that you have viewed the Asset Match website. As discussed, the buy/offer prices displayed here do not reflect the net asset value of shares in the Company. Please refer to the forthcoming publications of the KPIs and half-year report for further information. Should you have any specific questions, please do not hesitate to contact me directly. Kind regards, Tom" Rather embarrassingly, I am a chartered accountant and I run my own SIPP and I’m usually very much on the ball. But as I say due to family circumstances - a serious illness – I missed the deadline and the significance of then becoming stuck where we are. I’m not sure where we stand as minority shareholders here. But given that my holding is worth a few thousand I’m quite happy to take up the cudgels if necessary. My main reason for contacting Tom Lancaster – King was because I was having difficulty trying to contact the directors of the company who seem to have been remarkably silent and uncontactable. I wanted to ask them what their plans were for the company and also how they were proposing to deal with the minority shareholders. In a normal UK situation, minority shareholders who have not accepted an offer are bought out at the highest price at which the offer eventually took place. However I’m not sure that this company is dealt with under UK company law. There is also legislation in force to stop minority shareholders being oppressed. Anyway, not sure how the minority shareholders can get together to push our case. Also, not sure how for instance you and I can make contact if we wish to as there isn't a private messaging service here as far as I know. Once again many thanks for taking the time to reply.
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16/1/2021
14:05		bowerdean: I am in the same position and following the Tender offer in March last year and the subsequent buying in the market by Liberum on behalf of the majority shareholder, I was alerted by Liberum that they were about to buy a further tranche of shares, presumably to mop up all minority shareholders and to have my order ready. The order never materialised or was pulled due to market conditions ( the coronavirus pandemic was just beginning to send markets sharply lower). Like you I have seen the price trade recently at 30p compared to what I think is a current NAV of about 2.08 Euros ( see their Q3 unaudited figures to 30/9/20. I suggest you email Tom Lancaster-King@wearecarey.com who are the company secretaries. I have spoken to him and emailed him to tell him how I thought the minority holders had been badly let down and had a polite reply back saying that he would pass on my comments to the Board and that they would be in touch. That was on 8th December and nobody has been in touch, but the more people who contact him the better, I would think.
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01/6/2020
08:31		davebowler: AS a matter of interest- Liberum; Sirius Real Estate FY 2020 maintains strong track record Mkt Cap £824m | Prem/(disc) 9.5% | Div yield 3.9% Event Sirius Real Estate's EPRA NAV at 31 March 2020 was €0.806 per share (March 2019: €0.7482) which represents a 12.5% NAV total return over the prior 12 months (H1: 8.3%, H2: 3.9%). The NAV performance was driven by a 9.9% like-for-like revaluation gain over the year (c.6% like-for-like after adjusting for capex). The valuation uplift is due to a combination of yield shift (26 bps of yield compression) and organic rental growth. The EPRA net initial yield on the portfolio is unchanged at 6.3%. The valuation of the portfolio was supported by the completion of the sale of five properties to the Titanium JV with AXA. The sale price was at a 19% premium to the prior carrying value. Annualised rental income rose by 6.1% on a like-for-like basis over the period despite a number of large move-outs. This was predominantly driven by a 4.1% increase in average rental rates. Like-for-like occupancy rose to 87% from 85%. Sirius Real Estate has reported strong cash collection in Q2 2020 with April rent and service charge collection at 98.8% of normal levels. Payments in May were in line with April. A small number of tenants have requested payment deferrals. The strong operating performance led to a 14.4% increase in adjusted EPS to 5.24 cents per share. The total dividend for FY 2020 has increased 6.3% to 3.57 cents per share. The higher dividend is also based on a lower payout ratio (65% in FY 2020 vs. 70% in FY 2019). The net LTV ratio at March 2020 was 32.8%, comfortably within the target of 40%. Interest cover on the group's debt facilities is 11.0x (10.1x in FY 2019). Sirius also has significant flexibility with €121m of cash (€97m unrestricted) and €119m of unencumbered assets. Liberum view Today's results demonstrate continued strong operational performance across the portfolio. The company has achieved a material increase in both portfolio occupancy and the average rate per sqm over the last five years. Significant upside remains given the potential for asset management improvements across the portfolio. The average value per sqm of €775 is well below replacement cost and offers scope for further growth. The value-add properties represent 57% of the portfolio and have a vacancy rate of 19.9% (vs. 4.7% for the mature assets). The company's capex investment programme is delivering significant gains and there is considerable potential to increase this across the portfolio. Approximately 47% of the vacant space in the portfolio is going through the capex investment programme.
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22/2/2020
10:17		bowerdean: Contrast Summit's behaviour to that of Daejan. Yesterday the family controlled company announced that it was taking the company private by offering to take minority shareholders out at a 58% premium to the average price over the last 6 months; whilst still below asset value, it at least looks like a reasonable and gentlemanly way to behave, unlike the very underhand tactics of the Summit board. I see that since the Tender was announced, Unifinter have increased their stake to over 98%. Surely they should at least now put the remaining few minority shareholders out of their misery by taking them out at Euro 1.45 and avoid the highly unsatisfactory situation of a messy post tender matched bargain facility?
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21/2/2020
15:26		alpal2: After discussion with Liberum, I emailed both directors of Summit and Liberum saying they shoud be ashamed of themselves for coming up with the 'worst possible solution for minority shareholders.' Like many, I have been forced to liquidate my position at €1-41. With Unifinetr holding 82% of shares, the minorities owned about 80million shares. The benefit of this scam / scheme to Unifinter and directors is therefore NAV €2 less payout €1-45; i.e €0-50 per share or a mere €40 million total. Not a bad payday for forcibly getting rid of pesky minorities.
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17/2/2020
10:30		davebowler: Liberum; Mkt Cap £527m | Prem/(disc) -29.8% | Div yield 1.4% Event Summit Properties is proposing a tender offer and cancellation of its AIM listing. Under the tender offer the company would purchase up to c.148m shares (33.3% of issued share capital) at a price of €1.45 per share. The price represents a 1.8% premium to the closing price on 14 February 2020 and would return €215m of capital. Unifinter and the board will vote in favour of both the tender offer and cancellation of the company's AIM listing, which represents c.82.1% of the issued shares. Unifinter will also tender its whole entitlement under the tender offer, which amounts to 121.7m shares. Shareholders will be able to vote on the proposals at the General Meeting on 3 March 2020 and further information is expected tomorrow.
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17/2/2020
07:28		alpal2: Tender offer: What's going on? I was expecting imminent dividends of 1.5c which seem to have disappeared. Tender offer at 1.8% [Wow!] premium. No, an offer to buy at a discount since they will keep the dividends. I hope someone can provide clarity. Unifinter owns 82% of SMTP, so why not just buy out in toto all other 18% shareholders. Also, with delisting I cannot hold the shares in my ISA; so much for the 'seconday market'. This looks like a scam, smells like a scam. Is it a scam?
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14/10/2019
10:46		davebowler: Amazing that there was no effect on the share price. Institutional shareholder wanting to exit? 11 October 2019 Summit Properties Limited (the "Company") Transaction in Own Shares Summit Properties Limited announces that pursuant to the general authority to make market purchases of its own ordinary shares of no par value ("Ordinary Shares"), granted by shareholders of the Company on 10 July 2019, the Company repurchased for cancellation 7,800,000 Ordinary Shares at a purchase price of EUR1.28 per Ordinary Share on 10 October 2019.
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