Town Centre Securities Share Discussion Threads

[battlebus2] 05/12/2023 15:00

Likely a buyer will step in or some other form of M&A.

[nickrl] 05/12/2023 13:51

Managed to find 13% of shareholders who were interested and as a result it can no longer be classified as a REIT.

[londonbus] 20/11/2023 17:31

@castlefordtiger


Yes: hxxps://s3-eu-west-1.amazonaws.com/tcs-plc-uploads/tcs-plc/files/556e8ea9fc_2022-07-18-09-24-28.pdf


Now, we know the value of the portfolio will have declined since 2022 - but not that much.


I'm holding and will buy again after the tender off has gone through and the share price has fallen back.

[castleford tiger] 18/11/2023 22:29

Was it 185 p last time?

[bouleversee] 18/11/2023 18:00

I won't be taking up their ludicrous and opportunistic tender offer which would leave me with a loss of around 50% after holding for many years. I shall hang on in the hope/expectation of a Hotel Chocolat type offer. I intended to buy those while they were low but never got round to it. For all we know they may have had an offer already. The UK market is generally low at the moment but won't stay that way for ever. It wouldn't surprise me if the share price rose above the tender price before the meeting to approve the offer takes place. Has anyone seen anything in the press about this offer? Haven't seen anything in The Times but I suppose that could be because it hasn't been approved yet.

[spob] 08/11/2023 22:21

If someone offered to buy TOWN for 145p

I am sure the board would decline

[spob] 08/11/2023 22:15

.
They can stick their tender offer where the sun does not shine

A tender offer should be much closer to NTA per share (around 284p)


This derisory offer is 49% below NTA

[nickrl] 08/11/2023 18:48

@igoe its not a t/o here just a tender offer for 15% of shares.

[igoe104] 08/11/2023 17:36

Can't believe there is no posts on a company thats had a takeover proposal for holders.What's happened to all these PIs are they hiding behind their cash pile. 🤷

[1tx] 18/10/2023 17:03

Thanks for posting interview info cfro.Comments by Edward that the Merrion Centre may not be a forever investment were interesting.

[nickrl] 18/10/2023 14:54

They dont need a London office in Mayfair though Sinclair must be an advisor!

[battlebus2] 18/10/2023 13:57

He’s a class act and shareholder friendly. Will get a listen.

[cfro] 18/10/2023 11:28

Don't know if any of you holders have heard this very candid interview with Edward Ziff:

[battlebus2] 18/10/2023 08:01

Results as I expected. Loss per share of 60p due mostly to downgrade of valuations like I said earlier. NAV still 291p and the business is doing well. Dividend maintained. Happy to hold.

[londonbus] 27/9/2023 20:20

Can't see anything floating round.

Price still falling....

[epistrophy] 26/9/2023 12:10

Are there concerns with the concrete in the Merrion Centre? Anyone dug into this?

[nickrl] 15/9/2023 13:45

@1tx finals due next month may shine a better light on where things are. Certainly paying debenture will help on finance costs as rental income not sufficient to cover base costs of running the business but guess the value is in the development sites.

Good bit of detective work on Braime as nothing obvious in reports and accounts.

[1tx] 15/9/2023 10:58

Higher interest rates will affect TOWN to the extent that increasing rates are damaging property values;however they will not cause material increased costs as almost all current borrowing is now covered by the outstanding balance of the 5.375% TCS First Mortgage Debenture 2031.For the first time in years its rates are competitive!

Whilst TOWN is trading at a huge discount to book NAV.The problem I can't really work out easily is if the company is able to make a worthwhile profit at net rental income level.Its costs/overheads seem to be considerable and little is left to pay a sustainable property based income.Perhaps the development part of the portfolio is a drag on profitability & increases costs.Without a return to previous dividend levels I think an increase in valuation is unlikely.

Incidently I noticed that an associated outpost of the TOWN empire listed Braime Group PLC;a specialist engineering group whose HQ is an impressive brick building on Hunslet Road,Leeds is reporting record profits.TOWN own 15% of voting shares(BMTO) & over 20% of the more numerous non voting shares (BMT).Their holding is worth around £5m.TOWNs shares are held under a nominee account.

[battlebus2] 15/9/2023 10:12

So far 🤞

[castleford tiger] 15/9/2023 08:50

Commercial is not falling in value

[battlebus2] 13/9/2023 17:36

As is most of the market.

[londonbus] 13/9/2023 16:54

Yep - the discount gives a "Margin of Safety"

Price down again.

[battlebus2] 12/9/2023 18:53

Disposals have helped LTV though as you say increasing rates is a worry as is property prices falling. Rates should be near peak imho and our NAV is still way off so this allows for both.

[keane16] 12/9/2023 09:13

Rise in rates not a huge worry here?

[londonbus] 06/9/2023 20:35

@castleford tiger

The small cap nature of TOWN makes it unattractive for traders - which provides a further discount. They'd be more interested in the likes of British Land.


Suits me - will keep buying.