Landsec looking to resi development. Could this be a target? |
anyone have a current view here? |
Likely a buyer will step in or some other form of M&A. |
Managed to find 13% of shareholders who were interested and as a result it can no longer be classified as a REIT. |
@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. |
Was it 185 p last time? |
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. |
If someone offered to buy TOWN for 145p
I am sure the board would decline |
.
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 |
@igoe its not a t/o here just a tender offer for 15% of shares. |
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. 🤷 |
Thanks for posting interview info cfro.Comments by Edward that the Merrion Centre may not be a forever investment were interesting. |
They dont need a London office in Mayfair though Sinclair must be an advisor! |
He’s a class act and shareholder friendly. Will get a listen. |
Don't know if any of you holders have heard this very candid interview with Edward Ziff: |
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. |
Can't see anything floating round.
Price still falling.... |
Are there concerns with the concrete in the Merrion Centre? Anyone dug into this? |
@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. |
 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. |
So far 🤞 |
Commercial is not falling in value |
As is most of the market. |
Yep - the discount gives a "Margin of Safety"
Price down again. |
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. |
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