Town Centre Share Discussion Threads

[jonwig] 20/2/2012 17:12

IC tip last Friday.
Didn't really add to what's already known.

[inki] 20/2/2012 16:31

What a lot of movement, from apparently little volume.

[soi] 07/2/2012 08:33

Good to see a small rise after so long on a down trend.

[sscrabble] 06/2/2012 15:36

Maybe the question is why was there such a big fall ?

[retsius] 06/2/2012 14:59

Why todays rise?

[jonwig] 30/1/2012 11:12

My thoughts exactly!

I bought some last month and again this morning. Performance during 2008-09 (no divi cut, no fundraising) is reassuring, and Leeds is one of the most vibrant cities in the UK for retail.

[sscrabble] 30/1/2012 10:42

NAV of £3 and 10p divi - surely they are undervalued at this price ?

[jammy00] 09/12/2011 17:01

There is something wrong Mr Ziff.

After an Interim management statement which produced no news
no purchases or sales, major letting or anything else much
save the news of a renegotiation of bank facilities that (if)
will be replaced with far more expensive alternatives

then an AGM so somulescent it did not wake anyone up - even
the directors.

then there are no shares in treasury because there are no
buy backs or any other mechanism to reduced the discount to NAV....

The continued dive lower in the share price tells you
the maarket doew not rate management or like what is
going on (nothing is going on) nut I expect the xmas
bonus will be paid to staff even if there is not much
to celebrate.

[seekerofvalue] 26/10/2011 20:40

I started researching these today and find the discount to NAV and yield puzzling. This is either a deep value long-term play or a trap for bulls of the stock. I also would have expected larger buys by Directors at these level than the measely sum purchased earlier this month.

[jammy00] 13/10/2011 13:52

looks ominously
lik a H&S formation being created?

[soi] 06/10/2011 14:19

No idea, down 6% on an up day for the markets on very little volume

[sscrabble] 06/10/2011 10:42

Even more bonkers now - what is going on ??

[sscrabble] 06/10/2011 10:42

Even more bonkers now - what is going on ??

[jammy00] 28/9/2011 20:26

whats the catalyst?

[windass] 13/9/2011 14:26

43% discount to NAV clearly bonkers

[chairman2] 03/7/2011 23:04

Buybacks really are the cocn of the century

they never work

[sscrabble] 01/7/2011 16:40

buying in shares made the price drop ?

[sscrabble] 17/5/2011 12:28

Dull !! But we do not mind dull.

17 May 2011

TOWN CENTRE SECURITIES PLC

("TCS" or "the Company")

Interim Management Statement

Town Centre Securities PLC, the Leeds based property investment and development company, presents its Interim Management Statement covering the period from 1 January 2011 to 16 May 2011 ("the period").

Overview

During the period the Company has continued to focus on the management of its existing portfolio of investment properties and car parks. Our performance overall remains consistent with that reported at the time of our half year results and is in line with our expectations for the year as a whole.

Our principal success during the period has been the lettings at Urban Exchange in Manchester. Marks & Spencer have entered into an agreement to lease 19,000 sq ft for an Outlet store and Pure Gym (a 24 hour gym operator) have entered into an agreement to lease 19,000 sq ft on the lower ground floor. We anticipate that both tenants will be trading by September. Following the opening of Go Outdoors in April, we now have only one unit, (7,000 sq ft) unoccupied and we hope it will be let before the end of the calendar year.

Our void level now stands at 2.97% which is the lowest level in TCS's recent history and has reduced from 4.6% at 31 December 2010. Inevitably the future void level will be dependent upon lease renewals being successfully completed during 2011/12 and unforeseen voids due to tenant failures and administrations.

Asset Management

We actively manage our assets and consistent with the half year results there has been a year on year increase in the rent roll on a like-for-like basis of 1.8%.

Rent collection was again very strong with 99% of our March quarter day rents collected within five days of the due date. The broad spread of our tenants (TCS has only six tenants with two leases, two tenants with three leases and one with four), and our focus on the value for money retail sector, has continued to stand us in good stead.

Our performance remains consistent with the first half of the financial year and we are encouraged by the strong performance of the business when set against a backdrop of relatively poor retail performance figures nationally. The tenant market remains challenging and we closely monitor tenant performance.

We continue to progress our plans for the ongoing refurbishment of the Merrion Centre. We have recently entered into a number of agreements which will enable us to refurbish the remainder of the Merrion Street elevation of the Centre and add KFC and Coral to our tenant line up. Responding to the commencement in February 2011 of the construction of the Leeds Arena, a 13,500 capacity concert and events venue located immediately adjacent to the Merrion Centre, we are advancing our plans for the refurbishment of the multi-storey car park and the creation of additional retail/leisure units at ground floor level.

Financial performance

As at 16 May 2011, the Company had net debt of £138.9m, (31 December 2010 £144.6m) comprising £106.0m of 5.375% debenture stock repayable in 2031, and £32.9m of bank loans.

TCS has two term loan facilities, together £85m, with maturity dates from 2012 to 2014, and £15m of overdraft and money market facility. There is significant headroom in our facilities and we continue to operate comfortably within our loan to value and interest cover covenants. We are in discussions to seek to extend the term of our bank debt and expect these discussions to conclude in advance of the publication of our results in September. We have also hedged an element of our floating rate debt to protect our exposure to future rate increases.

Acquisitions and Disposals

During the period we disposed of a single property in Derby let to Currys. The disposal proceeds amounted to £5.0m (6.4% net initial yield) and this resulted in a profit on disposal of £200,000. The proceeds of the disposal have been used to reduce borrowings.

We have continued to look for opportunities to grow our property portfolio and car parking business. So far, available opportunities have not met our criteria for property acquisitions where we can create value. This relies on identifying properly priced opportunities with value now rather than the promise of value in the future.

Car Parking

Year on year, car parking revenues are stable despite increased competition, particularly from former development sites. The Merrion Centre car park operation now under our management is performing in line with expectations.

Edward Ziff, Chairman, commenting, said:

"I am delighted to report the excellent letting progress at Urban Exchange in Manchester. We are incredibly pleased to have been able to let a building of this magnitude thereby creating a successful scheme in the midst of a challenging economic climate.

"Town Centre Securities has continued to perform strongly since the half year end. This performance demonstrates further our strong asset management capabilities and the importance of retaining our focus on the value for money retail sector."

[chairman2] 15/5/2011 18:14

car parking cash flow seems to be the critical metric

hows trading in Merrion centre etc??

[chairman2] 07/3/2011 20:04

hey ho another four months gone

share price modestly responding to unscary figures

50th anniversary of listing in 2011 - whisper it
could we get a special divi to celebrate???

[keifer derrin] 07/3/2011 17:12

agreed - I like this share - nothing scary going on, compared to some others i've got....long may it continue

[sscrabble] 07/3/2011 16:19

doing good here !!

[chairman2] 29/11/2010 17:19

week after interim statement
perhaps there has been some value hedge fund
identifying an opportunity

[dr know] 29/11/2010 16:12

A bit of action on a generally bad day.