Town Centre Securities Share Discussion Threads

[nickrl] 30/11/2021 22:32

Castleford i did read that comment but thought they've sorted that out OK but not connecting it with the results so thanks for update.

[castleford tiger] 30/11/2021 22:02

After the year end, the Company breached a financial covenant on its Handelsbanken facility for the covenant reporting period from 6 July 2021 to 5 October 2021. The Company had made the bank aware prior to formally reporting this breach. On 24 November 2021 the bank confirmed in writing to the Company that it had waived its right to take any action as a consequence of this breach.

At the time of the breach, the Company had drawndown GBP6.3m out of a total facility of GBP35m. At the date of this report, the total amounts drawndown were GBP2.6m.

And this no doubt was the cause of the delay.
Watch them change auditors!!
Tiger

[nickrl] 30/11/2021 10:03

TOWN finally broke cover on annual results this morning.

NTA unchanged at 284p which is surprising although there are some big positive and negative swings in the portfolio ie Scotland down 17.4% albeit v.small part of portfolio although in reality as this FY end June 21 due to ridiculous time to produce results its legacy from lockdowns.

Another 1.75p divi for 3.5p total which is covered by 0.6p earnings although at the cash operating level they are making a loss. This is largely down to the car park operation being well down although it looks like they've utilised furlough to mitigate some running costs so recovering car park income won't all flow to the bottom line.

There are cautionary statements about being able to cover a dividend in future and the need to sell more assets.

This remains overleveraged albeit they've shaved off 5% to get LTV down to 51.3% but that 5.375% 106m (99.5m o/s) 2031 debenture remains a deadweight on interest costs.

This will tread water unless someone is interested in it although individual developments may appeal who would want the whole lot?

At least Chairman Ziff took the opportunity to rant about JD Sports must be taking tips from Perloff at PNS.

[castleford tiger] 26/11/2021 20:06

Jak
I tend to agree with you and expressed this view.
I am sure any shareholder can contact the company. I have been here for 10 years but bought the majority at under 100p when fear was running the world.
I am a long term holder with a very good holding now worth a small fortune.
I also run a business and understand that things do go wrong that sit outside of the directors control.
Often brought about by a change of people etc.
I hope they hurry up as I want to trade and no can’t
Tiger

[playful] 25/11/2021 16:17

Thank you!

[castleford tiger] 25/11/2021 12:30

ok
All is well.

Company are very annoyed that the date was missed. Its just nothing more than a delay outside their control.

To give me chapter and verse I had to be made an insider so I am unable to give more information.

The company hopes by next week at the latest

[castleford tiger] 25/11/2021 10:51

nickrl

I would get a faster response from NRR as Will Hobman is a good friend.

[nickrl] 25/11/2021 10:24

NRR's update this morning is reasonably positive although much of the earnings boost is down to stabilisation and reversal of provisions but barring anymore covid reversals it looks sustainable income stream now. NAV was down more than forecast with a big hit on their old shopping centre portfolio and less on core shopping centres so expect TOWN to take a 10-15% hit on retail but development sites could offset this.

Anyhow lest see what the FD says.........

[aringadingding] 25/11/2021 09:01

Tiger, Look forward to any update following the call back, thank you. The FD is new so they might just have just struggled to manage the timing of the work required.

[castleford tiger] 25/11/2021 09:00

FD calling me back this morning.

I have a pretty big stake built up here and the PR is shocking

Tiger

[inki] 25/11/2021 08:21

Galles - a more dramatic announcement generally gets leaked to the City insiders, and some movement in the prices trickle through.That said, I would prefer to be wrong.

[galles] 25/11/2021 00:46

Here is to hoping Nick! :)

[nickrl] 24/11/2021 22:23

Galles thanks for posting had missed that one and im surprised there not required to put out an RNS or maybe they will have a more dramatic announcement!

[galles] 24/11/2021 21:24

Yeah, I really hoped I was the one who missed it. Alas it's them. Just as well they provided a positive update, otherwise the uncertainty would not have helped the share price, particularly in this current climate where a slight negative would cause a crash

[castleford tiger] 24/11/2021 17:55

Its poor Galles...........months late then they miss the date again

andrew

[galles] 24/11/2021 17:37

Thought they'd be announcing the results on 24th Nov? That's today...

[nickrl] 17/11/2021 20:29

Tole thanks for the link although im not so sure the outcome will be as positive as they forecast. My take is the NAV will fall again although i concur that the car parking income should be improved but given these were results to end of June full reopening was only a few months so that won't show up till next HY.

[tole] 17/11/2021 17:04

https://masterinvestor.co.uk/equities/town-centre-securities-a-temporary-profits-blip-shows-up-good-buying-opportunity/

[nickrl] 10/11/2021 19:12

aringadingding I couldn't get any on ii through the day even if i dropped it down to 500 but guess thats the advantage of having L2 with a illiquid stock

[aringadingding] 10/11/2021 17:52

As of now on the LSE website, the last trade was at 1628hrs, volume of 2, price of 122p, venue of publication: ECHO, MIC: SINT.

I don't know what all of that means but it does seem odd. Any thoughts on that would be interesting.

[aringadingding] 10/11/2021 16:25

I don't see the rush to issue financial statements. Particularly given that the rent collection trading updates have been so clear and frequent (and positive) in the last 6mths. If they have a deadline then might as well wait for it.

It was indeed odd that the price dipped to 120 at the close last night, particularly given the release was today. This share does seem to be slow to update in ISA valuations and only comes through at the right value with AJ Bell a while after the close. Large bid/offer spread maybe related. Anyway stranger things have happened.

peter27 I agree with your sentiment around succession but family ownership is still a good thing.

Overall I can't really see any reason at all for the massive discount to net asset value per share which at June 2020 was 285p, which is still 2.2x current price of 131p, and think this stock has great prospects. It's my largest holding. All simply my opinion.

[inki] 10/11/2021 12:27

nickrl
The most likely delay was in agreeing 'valuations' with the external valuers.

[peter27] 10/11/2021 12:22

This has been a family business for 80years. Only a takeover target when retirement looms and there is no succession.