Town Centre Securities Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Town Centre Securities Plc LSE:TOWN London Ordinary Share GB0003062816 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 137.50 5,000 01:00:00
Bid Price Offer Price High Price Low Price Open Price
134.00 141.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 29.72 11.01 21.00 654.76 72.23
Last Trade Time Trade Type Trade Size Trade Price Currency
09:38:05 O 5,000 139.40 GBX

Town Centre Securities (TOWN) Latest News

Town Centre Securities (TOWN) Discussions and Chat

Town Centre Securities Forums and Chat

Date Time Title Posts
16/4/202323:20:::: TOWN CENTRE SECURITIES ::::335
02/3/201623:21*** Town Centre Securities ***-

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Town Centre Securities (TOWN) Most Recent Trades

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Town Centre Securities (TOWN) Top Chat Posts

Top Posts
Posted at 16/4/2023 23:20 by boystown
So what's the PTBV here now - around 0.43 with a c.3% yield? So why the depressed price if they keep selling stuff above book?

And what's the endgame; i.e. what will it take to achieve a reasonable rating (i.e. beyond a generalised sector recovery)?

Or is it a complete value trap with the Ziffs at 55%?

Posted at 10/8/2022 21:04 by spob
offer price is around 180

so not much to earn

none the less

all irrelevant in the grand scheme of things

just waiting for the figures in september and thereafter

i'll be surprised if this remains listed for much longer

absurd discount to true NAV

Posted at 18/7/2022 17:56 by nickrl
Master Investors applauds TOWNs buyback approach


Posted at 15/7/2022 11:40 by bondholder
Nobody is being forced to sell at the offer price. Surprising that the share price reacted so little to the car park sale announcement the other day!!
Posted at 14/7/2022 09:47 by spob
Your Parking Space entrepreneurs toast £120m sale to Flowbird

The company's sale will trigger a substantial payout to Town Centre Securities, the London-listed property company which owns a minority stake, Sky News understands.
Mark Kleinman

City editor @MarkKleinmanSky

Monday 11 July 2022 21:22

Your Parking Space

A pair of entrepreneurs who founded an online parking platform nearly a decade ago are close to becoming multimillionaires as they finalise a deal to sell the company for £120m.

Sky News has learnt that Harrison Woods and Charles Cridland, who set up Your Parking Space in 2013 to enable motorists to generate revenue from their driveways, are close to concluding a deal with Flowbird, a giant US rival.

Sources suggested the deal could be announced as soon as Tuesday morning.

If completed, it will crystallise big paydays for the co-founders, both of whom are in their 30s, as well as Pelican Capital, a private equity firm which invested in the company in 2020.

It will also crystallise a £25m windfall for Town Centre Securities (TCS), the London-listed property company which owns a stake of approximately 20% in Your Parking Space.

The payout for TCS is likely to necessitate a stock exchange announcement because the company has a market valuation of only £70m.

Flowbird describes itself as a smart mobility company which operates in 80 countries and processes 350 million transactions annually.
More from Business

The deal will be notable because it will come as many early-stage British companies are finding securing funding increasingly difficult against a dire backdrop for listed and private technology valuations.

Klarna, the buy now, pay later credit provider, confirmed a weekend report by Sky News that it had raised $800m at a post-money valuation of $6.7bn - a huge slump from its $45.6bn pre-money valuation just two years ago.

On Monday evening, Your Parking Space and TCS both declined to comment.

Posted at 13/7/2022 09:08 by nickrl
TOWN maybe in for a windfall from its stake in "Your Parking Space" to the tune of £20m although not sure what its got in the books for it.

Posted at 18/3/2022 11:59 by aringadingding
nickrl, Well there is the management cost base but also the value management add by development opportunities. I guess the idea is they balance each other out and so the NAV/shre is a valid data point.

If they sold all their assets, paid the debt, and gave the cash to shareholders, the shareholders would get the NAV/shre. That's obvious but I find it an important point. With family owned companies you kind of never know when they might sell out to a fund or similar, which would be pretty much the same thing.

You might have a point re. dividends resuming, I was just observing the prior interim div levels really.

If they sell assets, take the cash and buy shares that are well below NAV/shre, then that is effectively a double whammy effect of a) theoretically moving share price towards NAV/shre simply by selling assets (as above) and b) increasing the intrinsic NAV/shre by reducing #shres more than NAV is reduced.

I expect you realise all of that but anyway... Seems very cheap to me.

Posted at 04/3/2022 16:06 by aringadingding
Indeed. At least when the general share price movements of today are added, we can call the last couple of weeks a proper market crash! I shall be staying invested and hoping the Russian people get rid of Putin and the west adopts clean energy all the faster (neither really related to TOWN but nonetheless).

Actually if there was any impact on TOWN of the war in Ukraine you could say the main impact would be inflation, which is a good thing for property and leveraged real assets generally.

Posted at 11/12/2021 22:36 by aringadingding
Castle, a belated thanks for the info and thoughts on the results delay. These things happen. Delays, covenant breaches, comments from banks being needed.

Liberum obviously need to stay in the company's good books as house broker but they are still a broker who can crunch numbers, see there potentially great value there... so they say so.

I think we just need to wait. Maybe like 2 years but a 50% share price rise in 2 years is worth having (very rough numbers there). As cashflow returns then I expect healthy dividends will be the catalyst for people to realise the NAV/shre is true. Or the company could just sell some assets at their balance sheet value (as they have a few times in recent years) and the multiple of NAV/shre to share price would widen further as a result. Not that they really need to.

Posted at 26/9/2019 14:33 by speedsgh
Even though it was written back in March 2018, the following Maynard Paton article is an excellent, highly informative, almost forensic analysis of TOWN at that point and much of it holds true today. A highly useful starting point for undertaking investment research on the company.

I note that at the time of writing the shares were trading at 281p which represented a 25% discount to the company's 375p NAV (as at 31/12/2017). Today the shares are trading at c185p which represents a 48% discount to the company's latest published NAV of 354p (as at 30/6/2019). There is also a very interesting graph (extracted from SharePad) which shows that the TOWN share price has pretty much consistently traded at a discount to NAV over the past 15-20yrs, albeit rarely as deep as the current discount.


Town Centre Securities share price data is direct from the London Stock Exchange
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