Town Centre Securities Share Discussion Threads

[nickrl] 10/11/2021 10:25

Put out a trading update in advance of results on 24th Nov. NAV is forecast to have inched up 0.3% which is pretty good given the portfolio.

On the face of it things looking up as rent collection is at 96% with virtually the remainder deferred looks good but my take is the income stream has dropped back in this qtr again. Finance costs will virtually absorb half the cash but what might not be in here is what additional income they've generated out of citi parks and hotels which will be in the results but given they are to 30/6 maybe not that much but they are reporting good recovery so will benefit FY22. They have a good development portfolio although needs alot of CAPEX to realise but as U&I were taken out could they end up being of interest.

Not sure why its takes them 5mths to report though?

[nickrl] 09/11/2021 19:26

Castleford me thinks this one has lower to go and wouldn't be surprised if it doesn't need a cash raise.

[castleford tiger] 09/11/2021 18:26

120p a share

[castleford tiger] 01/11/2021 09:27

Thanks All

It would of been nice for the company to inform us!
Tiger

[aringadingding] 01/11/2021 09:06

inki - much appreciated

So U&I group has just been acquired at a 71% premium. I used to hold shares in that, which is annoying! Another recent acquisition was Daejan.

[inki] 01/11/2021 08:02

Castleford - the FCA has published a statement permitting a delay in the publication of audited annual financial reports from four to six months from the end of the financial year. This policy is intended to be temporary while the UK faces the extreme disruption of the coronavirus pandemic and its aftermath. Likewise Companies House is permitting a delaying in filing after the usual 6 months.
I believe the FCA is only concerned with the Financial Services Industry.

[playful] 30/10/2021 20:38

Within a week or two.

[castleford tiger] 29/10/2021 17:12

Playful

At present, under the Transparency Directive, companies have 4 months from their financial year end in which to publish audited financial statements.

So we have past 4 months now with no notice or update.

What is going on?

tiger

[playful] 26/10/2021 21:23

I’m standing firm! They take care of the little newspaper stand within the Merrion centre, so that’s good enough for me.

[aringadingding] 24/10/2021 11:24

Castle, well fair, yes. I can't really see a good reason either. If we go looking for reasons then we will probably find them... Like the fact lots of people left the UK in the pandemic, HS2 / Leeds decisions outstanding, the general attention investors are giving to property given interest rate outlook etc. etc. But really I think there is a lot of randomness in there. Certain factors have combined so that investors have not given this stock much attention, but at some point the opposite could happen, or some trigger could come along. For example a dividend. A dividend of 12p per share would be basically 10% yield on the current price. Property industry is cyclical as per the business cycle and share prices are cyclical on top of that I guess. Have to wait and see - fortune favours the patient.

[castleford tiger] 22/10/2021 00:46

I am only suggesting reasons. I hold 125 k as well and I am 50 k down but I like the business.
Just find it odd that we are not buying shares

[aringadingding] 21/10/2021 11:23

From June 2020 balance sheet: ( total liabilities - current assets ) / non-current assets = 56%... So not high. I can't see that covenant breaches would be a big deal for this company even if they did occur. Why would lenders make their lives or the company's lives difficult? If they try and squeeze out more margin at 56% LTV they will just trash their reputations.

I have stopped buying them because it's my largest shareholding already and I am not a net saver at the moment! Can't speak for anyone else!

[castleford tiger] 21/10/2021 09:49

Breach of covenants ?
Banks wanting better loan to value ratio.

If the shares are so cheap why have we stopped buying them?

[aringadingding] 21/10/2021 09:35

Castleford... Tbh none of those 3 things really seem like red lights to me. But my question would be... what could they really be not disclosing? Genuine question, would could there really be to come out of the woodwork? The discount to NAV per share is already vast, and rent collections have been fully disclosed throughout the last few years and are basically fine - in my simplistic view of the world, anyway.

[playful] 21/10/2021 06:44

At present, under the Transparency Directive, companies have 4 months from their financial year end in which to publish audited financial statements.

[castleford tiger] 21/10/2021 05:55

Playful agree but you have 3 months to report?
We are past that. No reason given.
Tiger

[playful] 20/10/2021 20:19

Red light.. Green light.. You have to know when to move!

[castleford tiger] 20/10/2021 17:29

Is there a problem looming?

Past the 3 month deadline.

I also note we have stopped buying the shares back?

Price slipped as well.

3 red lights

tiger

[nickrl] 19/10/2021 20:15

Year end results were released end of Sept 20 - where are this years already a month later?

[playful] 19/10/2021 18:09

I have met Edward and he is a good soul. I don't see too much downside from here.

[inki] 08/10/2021 10:40

Playful - buying before the results - you are obviously hopeful.

[playful] 08/10/2021 07:23

Had a nibble

[aringadingding] 23/8/2021 16:26

Hi all, anyone got any views on catalysts for price change? Sorry for generic post but seems to have been trading in a very unjustly low range of 130-145 since April!