Town Centre Securities Share Discussion Threads

[castleford tiger] 02/7/2021 13:03

none for a week very slow

[irishmatt] 02/7/2021 11:07

They don't seem to be getting any quicker at it surprisingly

[castleford tiger] 26/6/2021 16:44

to buy circa 3.5m shares by November is close on 40k a day.
First 3 days only bought 31k.

Not easy to buy but it will push price up to narrow the gap.

Hence I too have been adding from the 110 days and I will all the way up to 200p

[trepid] 18/6/2021 15:02

Matt, agree with you that steady buying could force mms to up the bid price. It will be interesting to watch their tactics.

Nomad, agree with you also that the Concert Party may well have an ulterior motive.

Meanwhile, happy to hold.

[irishmatt] 18/6/2021 13:39

Given size of buyback I think the positives outweigh the negatives on the liquidity point. Lack of liquidity with forced buying could be a good thing share price wise for continued holders

[nomad54] 18/6/2021 12:00

Could this be a way the Concert Party holding 51.3% can increase their controlling interest, and subsequently buy the company taking it private ?

[nomad54] 18/6/2021 11:57

buyback - infers excess cash flow, over potential growth in acquiring new investments.
buyback - infers a reduction in debt is a cost that can be borne by the P & L.
buyback - reduces liquidity in shares available in the market.
buyback does hopefully increase a share price - depending upon the market's view of the entity.

[trepid] 18/6/2021 11:40

In theory, share buybacks seem a good thing but they reduce the number of shares in issue. In the case of TOWN, this is the opposite of what is needed to improve liquidity, increase the current low level of trading, and reduce a bid/offer spread so large that it must surely deter potential investors.

[irishmatt] 17/6/2021 15:14

Great news on the buyback

[nickrl] 22/4/2021 11:00

TOWN rental update is reasonable given its retail/leisure portfolio being city centre centric at 80% with another 12% deferred but when its coming isn't made clear. On NAV this one is still around 50% below even with recent run up but they sold some of the income producing retail and my take with the hefty interest charge on the debenture they will struggle to move the dividend any higher unless they sell more family silver. Ziffs could have taken out for a lot less six months ago so unlikely they are going to move now.

I guess the development opportunities they hold may make this a target if the cities look like they are back in vogue.

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

I keep topping up

[nickrl] 24/2/2021 09:56

TOWN responding well to HY results!



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.



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

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