The Local Shopping Reit Share Discussion Threads

[tiltonboy] 05/12/2017 17:06

A Meat Loaf auction:

Lot 138 - 190k v 190k
Lot 144 - 216k v 140/150
Lot 153 - didn't sell

[skyship] 05/12/2017 09:35

I'd second that - 35p from 31p would actually represent a very acceptable 13% premium!

[hillofwad] 05/12/2017 09:32

I didn't only because the share price moved up over the period I had allocated funds to do so Its a bit like treading water Still think somebody ought to wrap this all up at 35p and everybody can go home happy

[frazboy] 05/12/2017 09:25

hillofwad - have you bought back in here? I know you were considering doing so.

[gfrae] 05/12/2017 08:28

And their office is a stone's throw from LSR.

[hillofwad] 04/12/2017 22:28

This company is effectively son of Local Shop. Well financed and active investors in similar stock.

They know the portfolio intimately as the individuals were instrumental in purchasing the individual properties in the first place. You can take it as read if there were any jewels remaining in the crown they would have plucked them


I don't think anyone can assume that even if the rump of the portfolio is better quality than those which have been appearing in the auctions that they can be shifted without discount

[tiltonboy] 28/11/2017 22:45

Will have to take a close look at Acuitus lots as there is definitely one in there (Lot 50)

[tiltonboy] 28/11/2017 22:05

They will all be re-sales, nothing to do with us IMHO

[strathroyal] 28/11/2017 21:55

A further 3 properties in Scotland are in the FPA auction on 05/12/17. Additionally I see that they have a number of the Welsh properties up for sale with beresford adams and 1 with Raw-Rees so still a decent bit of activity.

[skyship] 16/11/2017 11:40

SteMis - as they appear to have been mainly selling the less attractive properties, I would hope that your "maybe what they've got left is better quality?" is a fair reflection of where we now stand. The Update next month may cover that point.

[stemis] 16/11/2017 11:09

By 'last accounts' I meant the interims at 31 March 2017...

[tiltonboy] 16/11/2017 10:18

Since the 2016 year end, they have sold in excess of £20m of assets at 1.9% discount to NAV...

[stemis] 15/11/2017 23:53

Since the last accounts they've sold property valued at £11.8m for £10.9m after costs. If they applied that discount to the rest of the property, NAV would drop to about 37p. I'm not saying they will, maybe what they've got left is better quality?

[tiltonboy] 15/11/2017 17:48

It would be nice to see a "clump" of properties go. They are on record as saying that they want to retain properties with a tighter geographic concentration. To this end, they have sold all of the East Anglian properties, much of Wales, as well as taking a knife to properties north of Watford.

Whilst they have sold quite a bit in Scotland, it does appear that the Edinburgh portfolio might be pretty much intact. It would be nice to see those go as a mini portfolio...and hopefully at a decent price.

There doesn't seem to be any reason why these properties have been retained, and it would now take a huge chunk out of outstanding stock.

The figures, and an update to the roadmap are only four weeks away, so hopefully it won't make a fool of me.

Hopefully the NAV is still north of 40p.

[skyship] 15/11/2017 17:31

Those 3 properties with Allsops should bring in another £400k.

HoW - agreed, seems somewhat strange that they haven't listed more for the December sales with Allsops, Acuitus or Pugh...

[hillofwad] 15/11/2017 08:15

I wonder if they are in the throes of shifting a package of properties as the number of properties finding their way to auction has reduced to a trickle

[redhill9] 13/11/2017 17:40

tiltonboy, apologies you are quite right. All the information is easily available, I wasn't thinking.

[strathroyal] 13/11/2017 11:22

I've noted a further 3 properties are in the Allsop auction for early December (138/144/153), nothing with Pugh.

[tiltonboy] 08/11/2017 17:41

A simple bit of homework would tell you how much debt they have got, but if you can't be bothered to work it out for yourself:

End Sep 2016 - Net debt £39.54m

Announcement today that they have realised in excess of £20m from sales (say £20.54m), leaves net debt at £19m.

[gfrae] 08/11/2017 16:34

Hopefully not too much,if they have been repaying debt,which from memory they are able to do under the terms of the loans.

[tiltonboy] 08/11/2017 16:20

redhill,

They will still have net debt.

[hindsight] 08/11/2017 15:58

Issue for me is have they sold the properties where market price and carrying value is closest first or last, as the sales discount seems to have widened on this last announcement

[redhill9] 08/11/2017 15:18

Has anyone been keeping track of (approximately) how much cash LSR should now have in the balance sheet compared to the value of residual properties and debt? The proportion of cash within the NAV must now be substantial and makes the discount even more appealing.

[frazboy] 08/11/2017 13:54

i'm happy to take the credit badtime!