Town Centre Share Discussion Threads

[jonwig] 04/3/2013 14:40

I think, looking to the future, these new developments will lift rents across the city - that's what they are hoping for, anyway. (Though the lease renewal of Merrion House to the Council will probably not be at a materially higher rent.)

[inki] 04/3/2013 13:59

Jonwig - the comment is poorly represented. At the same time as highlighting the advantage of a Leeds property bias, the valuation of the properties have had to be written down !

[jonwig] 03/3/2013 20:01

Leeds property:

[inki] 27/2/2013 22:07

The market movement is relevant to the volume 'available' for trade.
This share is subject to too few buyers and too few sellers on many occasions, hence resulting in a non realistic price for long term followers.

[manrobert] 27/2/2013 18:23

yeah i thought of selling when 212 was on offer.

[jonwig] 27/2/2013 16:58

Yes - I think ST at Investors Chronicle has something to answer for here - too many blind followers of too many tips!

I must say, if I'd been a bit sharper on my toes, I'd have sold around 210p. No way is this going to race ahead of the market in secondary propcos.

[manrobert] 27/2/2013 16:52

wow.quite a dramatic fall 2 minites the closebefore

[chairman20] 19/2/2013 14:21

The "Old man" is still clearly crucial in what happens to TC

my explanation for the spike up is the fact that the
company came out of a 'close period' with
the half yearly results announcement and insiders
(directors and employees) are free to go into the market.

This may be nothing more sinsiter than the co. buying of
several hundred thousand shares for the stock options plans.
Clumsily done that would move the share price.

[blondeamon] 18/2/2013 19:01

I did but spob reported it and got deleted. Some people just need to go outside a forum sometimes and look what real life looks like.

[inki] 18/2/2013 18:30

blondeamon - can you post the tip you referred to - I have been unable to track it - Many thanks

[blondeamon] 18/2/2013 15:25

Simon Thompson tipped this today on his famous bargain shares portfolio, whenever he tips something it moves like crazy.

[inki] 18/2/2013 15:03

Chairman20 do you find the Ziff family situation
difficult or just the shares in a closely held company.
These shares can move on very little volume, however 8% move is unusual.

[spob] 18/2/2013 12:31

I warned you blondeamon

[jonwig] 18/2/2013 12:19

Even: ????

Can't be corporate action, surely!

[chairman20] 13/2/2013 15:33

deeply unfashionable - this one
tied to a read of the Ziff family situation
which I find difficult

[jonwig] 13/2/2013 08:21

7.2p, 286p, 97.9% on my key numbers. Statement and numbers very much as last half, and the half before!

I've a number of these second-line propcos, which are at least providing a reasonable yield (sometimes from an uncovered dividend) until stuff improves.
They're missing out on the great equity rally, though!

[chairman20] 12/2/2013 14:39

deeply unfashionable out of London property so values
are being walked down to keep some air of reality.

specifically:

The Leed situation making Merrion Centre look rather
tired and second tier for all the optimism

[jonwig] 12/2/2013 10:24

H1 results tomorrow.
History on some key metrics (ueps=underlying eps, t-nav=triple nav, occup=occupancy):

ueps t-nav occup
FY 30/06/12 13.6p 294p 97.0%
H1 31/12/11 7.6p 314p 97.2%
FY 30/06/11 15.1p 341p 96.9%

Unfortunately I can't see anything to reverse the NAV decline, though it should have slowed. At least the share price is at a 36% discount.

[chairman20] 23/11/2012 19:41

good points jw

putting our two heads together ould Fortress have its eye on
the Car Parks? Sheltering thye taxable income stream (paying no
tax) is just what the financial engineers likie doing - so
maybe they hope to force a divestment

as for the family when the old man dies perhaps???

[jonwig] 23/11/2012 15:07

Twice this year (August and today) Fortress Finance have increased their holding: it's now 2,265,275 (4.26%).

No other institution has a notifiable interest. Fortress tend towards activism, but they'll have a pretty solid family interest to overcome if they try anything here.

Ch20 - car parks have been a segment since before 2006 and managed to supply some decent cash flow during the credit crunch. I was told at the AGM that they are pursuing growth here. (Sorry, forgot to mention this.)

[chairman20] 20/11/2012 15:10

Thanks Jonwig

it is not going to set the world on fire - is it?

The Ziff family situation is still probably the
biggest strategic motivator affecting the Group.

The diversification into Car Parks is an oddity -
especially in the production of cash income - I
think they kinda backed themselves into this
and possibly even quite like it as a sort of half
way diversification - but no doubt another
investor would divest it or spin it out as non core.

[jonwig] 20/11/2012 14:28

AGM (in Merrion House) was brief with about 20 present, plus the six directors. Most of the 20 were either staff or connected persons and they all seemed to know each other.

There were no questions apart from mine:

1) You mention the wide discount to NAV. Have you considered ways to bring about a narrowing of this?

We give it a lot of thought, and have a share buyback facility in place should we want to use it. This would no doubt move the share price, but we feel it would provoke some institutions to sell down and hence have no net impact. Currently we feel cash is best conserved given the possibilities for acquisitions.

2) A change in legislation is under consideration which would allow REITs to invest in other REITs and not be taxed on PID income received. Have you any comment to make on this?

Currently we wouldn't consider such an investment. At some point there might be a compelling case, but at present we are more concerned to manage our own property portfolio.

3) Can you comment on the new developments in Leeds being made by Land Securities and Hammerson?

These are prestige projects which Leeds has been missing. Arrival of some big names (John Lewis, etc.) would give rise to a general hardening of rents in the city, which would benefit us. We also have focus on developing our car parks.

The remark was also made about two key performance points: low vacancies at 3% and prompt rent collection at 98% of dues. They are also focussed on the areas they know well (Leeds, Manchester, Glasgow, Edinburgh) and have no ambitions toward diversification.

I came away with some confidence that I was invested in a sound company with no debt problems (the main debt is the 2032 debenture) and a decent yield of 6%, and no significant threats.
I'll add to my holding if there are dips in the share price, which sometimes happens.

[chairman20] 24/10/2012 13:23

something paltry arrived I am sure - perhaps the non-PID bit