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
  0.50 0.34% 146.50 3,859 16:35:22
Bid Price Offer Price High Price Low Price Open Price
143.00 155.00 143.00 143.00 143.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 18.70 -0.58 -1.10 78
Last Trade Time Trade Type Trade Size Trade Price Currency
17:39:28 O 205 143.863 GBX

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18/3/202211:59:::: TOWN CENTRE SECURITIES ::::289
02/3/201623:21*** Town Centre Securities ***-

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Town Centre Securities Daily Update: Town Centre Securities Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker TOWN. The last closing price for Town Centre Securities was 146p.
Town Centre Securities Plc has a 4 week average price of 142p and a 12 week average price of 132p.
The 1 year high share price is 170p while the 1 year low share price is currently 119.50p.
There are currently 53,161,950 shares in issue and the average daily traded volume is 12,350 shares. The market capitalisation of Town Centre Securities Plc is £77,882,256.75.
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.
nickrl: aringadingding i'd say we are way off getting back to an 11p divi here. They've been selling down income producing properties for last 18mths so NRI has been dropping but at least the rent is rolling in now. There costs have crept up a fair bit as well. The reversion feels optimistic in the current environment. Anyhow property revaluation has come to the rescue which was better than some of its peers have done. The development opportunities are maybe what keeps the price up but they've been on the radar for years and is the current environment conducive to moving any of them forward.
aringadingding: Great results. Good growth in NAV per share. Interim dividend of 2.5p to be paid. This compares to an interim dividend of 3.25p in 2017, that is, during a period of 8yrs, in each of which years a total annual dividend of 10-12p/shre was declared. A resumption of a dividend of 11p would be a 7.3% forward dividend yield on 150p/shre. Further share buybacks will be EPS and NAV/shre accretive. This is my biggest shareholding. Family owned, massive discount to NAV, well run, good yield.
nickrl: TOWN should have moved in and hoovered up any shares on offer
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.
aringadingding: Does anybody have any views on who exactly, out there somewhere, is prepared to sell so many shares to the company at recently prevailing prices? Must be about £200k in recent weeks (I am guessing there based off RNS emails I recall). I can't see TOWN on hxxps://, which might potentially have explained it. Castleford Tiger, do you have any views on this?
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.
inki: nickrl - it is logical Liberum have a positive view on Town, as brokers to the company. The share buy back proposal enables the brokers to earn their 'salary'. Whether the share buy back will be effective, when this traded so rarely, with few shares not held by family or institutions. Either way, the company has valuable assets hardly reflected in the share price.
galles: 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
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. HTTPS://
Town Centre Securities share price data is direct from the London Stock Exchange
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