Terra Catalyst Share Discussion Threads

[fozzie] 13/11/2009 07:47

What effect if any will the ims this morning have on the tcf share price? The 41p offer does look a complete undervaluation of reit especially now the nav has risen to 72p. I own shares in neither but am looking to buy here shortly. Fingers burned this week with keif and dont want a repeat performance.

[crawford] 04/11/2009 16:05

Rugby Estates sells two industrial properties
11:53 | 04.11.09

By Laura Chesters

Rugby Estates has sold two industrial properties for £5m to clients of CBRE Investors as part of its planned disposals intended to return money to shareholders.

The properties, which were valued at £4.57m as at 31 July 2009, are located in Cranleigh in Surrey and Acton, in London.

Rugby said that the disposals were the latest step in the company's strategy to concentrate on its asset management business and to return capital to shareholders.

The company intends to return further capital to shareholders of not less than 40p a share within the next few months.

David Tye, chairman at Rugby, said: "The two fully let industrial properties were sold at a significant premium to the last reported valuation.

"The subsequent return of capital will bring the cumulative amount returned to shareholders since the announcement of this initiative in December 2008 to at least 102.5p a share currently issued ordinary share."



Read more:

[topvest] 23/10/2009 14:03

Just bought some today. Looking very good on pulling off another bargain on Rugby Estates Investment Trust plc. I own shares in Rugby, but with nearly 40% it looks ominous. Not happy from a Rugby perspective as this was a good company, so thought I would buy in from the other side. Spazio could also turn out to be an absolute bargain if property prices have really turned.

[mangal] 16/10/2009 16:32

The graph is looking good- not much resistance; more to come, I think.

[crawford] 16/10/2009 12:38

I'll have another nibble here when it's quiet :-)

[ydderf] 16/10/2009 06:00

TCF is so cheap its almost embarrassing.....problem is it takes a little analytic skill to understand the accounts and what they indicate about real NAV as opposed to statutory NAV - the latest heist of Rugby is brilliant abd will have another big impact on real NAV as it works through, not one for traders though thank dog

[crawford] 14/10/2009 16:11

I hope SAF follows :-)

[ydderf] 14/10/2009 16:02

nothing here since my post on the 22nd September......but TCF has now hoovered up most of Rugby reit at a tastiferous discount while the commercial proeprty auction rooms in London are now standing room only and tightening yields. No doubt penny punters and cfd salami slicers will wait until they are told that the commercial property market has bottomed by constantly behind the curve analists, before buying - by which time TCF will probably be 90p

[ydderf] 22/9/2009 16:12

i see what you mean, yes they combined with Laxey etc, seem to have enough to delist, but may prefer to work with incumbent management first....thats what i conclude anyway, but dyor etc

[crawford] 22/9/2009 15:38

the reason why I was asking was in the pdf you sent:

"the Board of Spazio may decide that it is in the best interests of the current Spazio shareholders if the Company de-lists from AIM, thus providing potential uplift from the removal of the discount"

[ydderf] 21/9/2009 14:36

Robert Ware runs it so I suspect not.......

[crawford] 21/9/2009 14:18

Freddy,
is there a chance of delisting here to realise value?

[ydderf] 11/9/2009 13:35

nav around 148p according to a 'see through' appraisal. Too cheap by far in these markets, but I see no interest here.......up to now!

[mangal] 25/2/2008 17:52

Floated today, 25Feb2008 - maybe worth tucking a few away if you believe the Commercial property market has bottomed.


Extract from 4 Dec 09 Intrims regarding NAV:

"As at 30th September, 2009 the "look-through" NAV of TCF has been estimated to be 138 pence which represents a premium of 165% over the closing mark-to-market NAV at that date. The "look through" NAV of TCF's portfolio is calculated with reference to the NAVs of the underlying holdings, as opposed to the mark-to-market NAV which is calculated with reference to the share prices of the underlying holdings. Clearly the investment in Spazio accounts for a significant portion of the difference between the "look through" NAV and the mark-to-market NAV."
....
"Investors should note that the investment in Spazio (which comprises over half the TCF portfolio) is currently held at the market price despite the very low free float of the company (less than 10%) following the bid which concluded on 13th July, 2009. If the board of Spazio decides at some point to delist the company, then the directors of Terra Catalyst Fund will have to decide what value should be attributed to the stake in the company. This may lead to periodic future adjustments to the stated NAVs (see section on Investment Carrying Values below). The NAV of Spazio was substantially in excess of the market price of the stock throughout the reporting period."