Town Centre Share Discussion Threads

[the big dog] 15/11/2007 16:09

I agree - sadly!

See Mapeley or even Hammerson.

The sector had got giddy, no doubt, but there shouldn't be much more downside now.

[chairman2] 15/11/2007 15:47

Thanks Nick

trouble is I'm holding these and disinclined to sell!!

or switch

[nickcduk] 15/11/2007 15:40

The rest of the sector is trading on a much larger discount to NAV than TCSC is at present. Its the aggressive share buyback program around the mid 370's that is propping up the current share price. I agree specialist REIT should get a better rating than generalist players but there is little discrimination at present. PHP with its excellent long term tenant profile and steady growth prospects is trading on a 40%+ discount to NAV. Its yielding more than 5% as well. Others in the sector are on even better yields and bigger discounts than that.

[chairman2] 15/11/2007 15:26

Specialist REITs are the way to go it says her

meeting shortly will confirm status

but anyone on here attending EGM?

[chairman2] 10/9/2007 10:04

Nick

what you say adds up but I think your implication is not right.
Town Centre asset Value is more recent than its peer group and
has the advantage over Hammerson and BLAND in Leeds especially
of a prime property portfolio.

There is no reason to be anything other than conservative in
valuations in a family-controlled company where the
directors benefit from a generous option policy and the
company consistently buys back shares over and above that to
increase the NAV per share for everyone.

[nickcduk] 08/9/2007 22:03

NAV figure was a little disappointing. Even with REIT conversion the discount to NAV is on the generous side compared to its peers. Dividend and earnings are below its peer group and it is exposed greater to secondary locations that others. I think the shares will fall back unless TSCS launch an aggressive share buyback on market.

[ladywormer] 08/9/2007 11:17

I too was surprised about the REIT but the Ziff's must have given it a lot of thought. Do you know if shareholders in other REIT's have had much higher payouts?

[chairman2] 07/9/2007 23:35

I had convinced myself tha the Ziff Family would never go the REIT route

But it sure will simplify the balance sheet - surprised not more comment here of elsewhere

No one is following property co's - so it must be worth a look for a contrarian like me

[linhur] 07/9/2007 21:38

Final results look ok but look like company in the wrong sector at the moment.
Surprised going to be a REIT with the 10% shareholding rule. Perhaps it does not apply to "concert parties".

regards
linhur

[chairman2] 13/8/2007 16:29

Another month slips by

[derek m] 16/7/2007 14:26

Manrobert. Thanks for the info! Looks as if the share price is not too impressed!
Cheers! Derek

[manrobert] 16/7/2007 14:18

derek.m.hi its on the ben bailey site.only mentioned it on this board because town centre have been buying ben bailey shares over last few months and i think in all they had 400,000 so they will make a profit on their investment.

[derek m] 16/7/2007 13:29

MANROBERT. Can't find this anywhere in the news! Where did you find it? Derek

[manrobert] 16/7/2007 08:42

some good news for town centre shareholders and also myself.ben bailey announced a£7 a share cash offer this morning.

[inki] 15/7/2007 18:18

timmbo
This stock is not for market timing- unless you are trading small quantities
The property market is in a lull - and most shares have followed the same graph
this is why the companies are buying in shares - for the future.
Look at the Land Securities graph by comparison over the past 12 months.
Look at British Land buying in shares.

[timmbo] 13/7/2007 16:50

looking way back in the chart my guess would be 400 - 410ish for support, if that fails.........

[chairman2] 09/7/2007 10:45

when does anyone expect this share price to stop falling?

or to put it another way - whats the current discount to asset value?

[inki] 05/7/2007 21:44

A REIT must be highly unlikely as the Ziff family holding is increasing in percentage terms as shares are bought back in and canceled.
WATCHING reits is quite non-committal. and only re-iterates what was said in the annual report.
As Linhur said, there is a control issue which the Ziff family are not going to relinquish. The developments are longer term plans and the funding (loans re-issued) are long term. Hence the share price is not of concern to anyone correctly holding this stock.

[linhur] 04/7/2007 19:06

I had a long conversation with the chairman after the last AGM re REIT.They were going to watch REITS very carefully before deciding.The general performance of companies turning into REITS has been poor in 2007 but this might be due to higher interests/ property prices stagnating.

I think for someone like TCSC it might be better to wait as there can be complications for developers and TCSC have some big developments in the pipeline.It would also have a bearing on the family control as there are only a small number of Ziffs.

[manrobert] 13/6/2007 17:31

another 85000 ben bailey shares bt.hmm.

[manrobert] 13/6/2007 09:19

cheers fozzie.assume you mean that your share club bt ben bailey.

[fozzie] 13/6/2007 09:16

My share club bought these a few months back. I wasnt at the meeting but will ask next week why we bought exactly.

[manrobert] 13/6/2007 08:56

been reading all your recent posts with interest.i have held these shares in the past but do not hold at present but have followed them for many years.i do have a holding in the yorkshire builders Ben Bailey who have put the company up for sale and are being advised by Rothschilds and i am intriguieded to see that Town centre have recently increased their stake to over 2%.would be interested to hear any views on town center interest.