Town Centre Securities Share Discussion Threads

[castleford tiger] 15/3/2021 19:34

I keep topping up

[nickrl] 24/2/2021 09:56

TOWN responding well to HY results! https://www.londonstockexchange.com/news-article/TOWN/half-year-results/14876120 NAV surprisingly only down 0.8% paying an uncovered interim of 1.75p (3.25p). Haven't got time now to read the whole report but still feel their disposal of the retail pk assets was an adverse move on long term income and they still have 10 years to run on the 5.375% debenture but did use some of the proceeds to buy some back but just short of £100m o/s this will weigh on costs.

[spectoacc] 16/2/2021 10:27

Put on gardening leave with no new job announced, and no candidate lined up to replace him - seems very like a falling out. Question is, over what. Don't hold either, tho everything has its price.

[nickrl] 16/2/2021 10:24

Interesting you rarely see the use of the word "gardening leave" to explain someone's departure but when the CEO also gives a glowing report on the individual contribution thats invariably code for a falling out!. Company is dominated by the Ziffs so Dilley doesn't fit in? Looks like he only had 3218 shares so if there going to take it private he wouldn't make anything. Don't own these and even at 60% below NAV can only see another write down at year end on the portfolio they own.

[spectoacc] 16/2/2021 09:29

Gardening leave, hmm. "Mark Dilley commented: "I would like to thank Edward and the rest of the Board for their support and trust during my time with the Company. This is absolutely the right time for TCS to revisit its Board makeup and for me to consider the next stage in my career following the excellent and invaluable experience I have benefited from during my time at TC"

[peter27] 16/2/2021 09:24

Is this a dispute about his salary or something more sinister?

[inki] 19/1/2021 15:47

The Ziff family would loose the REIT status if they chose or were in a position to acquire the company personally

[nickrl] 19/1/2021 10:51

TOWN rent collection out today and they've collected 76% at the cash level for this qtr. https://www.londonstockexchange.com/news-article/TOWN/latest-rent-collections-and-notice-of-hy-results/14831524 There forecasting 83% at the cash level ytd or 87% with deferrals. 5% in exchange for improved lease terms and 8% is o/s no some of it can pay but won't brigade. I like the comment "Premier Inn, owned by Whitbread Plc, unexpectedly paid only half of their rent due for the latest quarter, leaving £0.1m unpaid, without any agreement" Well trailed in the mainstream press they were going to do this! They sold several income producing assets last year so income is down several million but costs aren't. At the cash level be surprised if they will cover operating costs and interest (the debenture at 5.75% is a real drain) so nothing left for divi but we will see when half year results released on 24 February 2021. The Ziff family could have taken this at a low price but haven't isn't a good omen either and whilst its on hefty discount to NAV the interims we show another stepdown.

[spob] 30/12/2020 12:33

Https://www.bbc.co.uk/sounds/play/m000nzr1 The Bottom Line (BBC podcast) Commercial Property Wars Released On: 05 Nov 2020 Commercial landlords and tenants are at odds over unpaid rents due to the pandemic. Many retail, hospitality and leisure businesses are suffering acutely. Most have landlords who collect rent for their premises. In turn, many landlords have to pay interest on their loans to the banks. The pandemic is upsetting that delicate financial balance. It's estimated that billions of pounds is owed to landlords in unpaid rents. Threats of legal action against tenants are hitting the headlines. Just who should take more of the financial hit - commercial landlords or their tenants? Guests Edward Ziff, Chair and CEO of Town Centre Securities, a property investment firm Mark Dixon, CEO of international Workplace Group, which rents, develops and sublets office space and Charlotte Heyes, director of the small pub chain, Common and Co.

[spob] 30/12/2020 07:22

Many companies have been taken private for well below TNAV in the past

[spob] 30/12/2020 07:19

Why would they need to find £75-100m they already own most of the shares

[castleford tiger] 29/12/2020 14:04

what is latest asset value per share 292 at end of June We get currently just over 5% ( based on price as was 95p) tiger

[inki] 29/12/2020 14:01

To take it private they would probably have to find £75M to £100M - and that would be taking it at a steal. Someone lending would be taking on the gearing effectively, into consideration as well.

[castleford tiger] 29/12/2020 13:54

be difficult shafting long term holders at these silly valuations

[spob] 29/12/2020 13:43

Would the ziffs consider taking this private ?

[inki] 29/12/2020 13:18

Castleford - quite so - Banks have bigger issues than with TCS - Gearing is one issue, yet the Asset Value to share price is still relevant. There is a diversification factor here which should help the company survive. It will prosper if the country does.

[castleford tiger] 29/12/2020 12:27

A sale of any part of the group more than sorts out the LTV Banks understand property issues and are more relaxed. There is potential 100% gain here this year and by spring it will be too late to buy tiger

[nickrl] 29/12/2020 12:09

hybrasil my sentiments exactly but market is doing usual Xmas to New Year leap aided by Brexit and Oxford Vaccine as well and im tempted with a spread bet but timing it is key as its cost money to keep them open.

[castleford tiger] 29/12/2020 12:04

no chance of this failing. I bought 90k at under 100p and all in the drawer tiger

[hybrasil] 29/12/2020 11:53

Its simply too highly geared for me. Look at their last report. They state there is december 2020 covenant and that there is a risk they may breach it. Remember Warner estates. They had lasted generations. This could go the same way

[playful] 29/12/2020 09:17

Nice to see a jump here

[its the oxman] 25/12/2020 13:01

Is this a buy now at 100p with Brexit done and things perking up possibly?

[speedsgh] 22/10/2020 14:06

COVID-19 Update - HTTPS://www.investegate.co.uk/town-centre-secs---town-/rns/covid-19-update/202010220700058363C/ ...Edward Ziff, Chairman and Chief Executive commented: "We continue to see a consistent and reassuring level of rent collection. To have maintained collection and deferred payment levels at 87% to date reflects the quality, uniqueness and diversified nature of our portfolio and the collaborative and strong relationships we have built in partnership with our tenants over many years. "I am also pleased with the significant and swift progress made on our disposal programme. £41.2m of sales since our June year end has allowed us to significantly reduce debt, lower the proportion of retail and leisure assets in our portfolio, increase financial headroom, and create greater flexibility for the future as we reset and reinvigorate the business."