Tritax Big Box Reit Share Discussion Threads

[speedsgh] 02/5/2024 16:17

~ Q1 div of 1.825p declared. Whole amount to be paid as a PID.
~ BBOX/UKCM merger approved. It is currently expected that UKCM shareholders will have been issued with new BBOX shares prior to record date for BBOX Q1 div payment.

Dividend Declaration -

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared an interim dividend in respect of the period from 1 January 2024 to 31 March 2024 of 1.825 pence per ordinary share, payable on or around 7 June 2024 to shareholders on the BBOX share register on 24 May 2024. The ex-dividend date will be 23 May 2024.

In accordance with the Company's dividend policy, the first, second and third quarter dividend payments will each represent 25% of the previous financial year's annual dividend which, for the year ended 31 December 2023 amounted to 7.30 pence per ordinary share. The level of the fourth quarter dividend will be used to determine any potential dividend progression, with an overall aim to achieve a pay-out ratio in excess of 90% of Adjusted earnings.

This dividend will be a Property Income Distribution ("PID").

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BBOX and UKCM announced on 1 May 2024 and 2 May 2024, respectively, that BBOX had received the requisite approvals from BBOX Shareholders and UKCM had received the requisite approvals from UKCM Shareholders in connection with the Combination.

Completion of the Combination remains subject to the satisfaction or (where applicable) waiver of the remaining Conditions and further terms set out in Part 4 of the Scheme Document, including the Court sanctioning the Scheme at the Sanction Hearing. The Sanction Hearing will take place on 16 May 2024 and it is expected the Scheme will become Effective on the same date, resulting in the issue of the New BBOX Shares to UKCM Shareholders by 8.00 a.m. on 17 May 2024. Applications have been made by BBOX for the New BBOX Shares to be admitted to the premium listing segment of the Official List and to trading on the Main Market at or shortly after 8.00 a.m. on 17 May 2024.

Accordingly, it is currently expected that UKCM Shareholders will have been issued with the New BBOX Shares prior to the record date of the BBOX Q1 Interim Dividend, being 24 May 2024. All UKCM Shareholders will therefore be entitled to the BBOX Q1 Interim Dividend, provided that they are on the BBOX share register on 24 May 2024.

[nickrl] 01/5/2024 20:46

BBOX shareholders voted overwhelming for merger so with Phoenix already pledged on UKCM this ones sure a done deal.

[petersinthemarket] 01/5/2024 12:52

Times article is behind a pay wall.

[scruff1] 21/4/2024 08:51

We will find out in a couple of weeks

[williamcooper104] 20/4/2024 15:43

Yep the criticism of the merger is all good for us holding BBOX

[scruff1] 07/4/2024 09:44

graham - indeed he is. I thought one of the largest investors was already on the board

[tnt99] 06/4/2024 21:33

Should see a big update soon on the merger

[grahamburn] 06/4/2024 20:36

scruff......NOT the CEO.....Chairman disagreed, while one of largest shareholders is joining Trirax board

[scruff1] 06/4/2024 18:08

I agree with you. Was just wondering with the CEO and a largish holder expressing reservations and probably others whether there could be movement. I would prefer you not to be proven wrong - it would have been a waste of time and money and look what has happened to SHED thus far

[speedsgh] 06/4/2024 16:16

Unlikely to unravel imo in view of support from Phoenix & abrdn but happy to be proven wrong.

[scruff1] 06/4/2024 08:59

Article in today's Citywire. TRY fund manager says the merger with BBOX should be re considered. TRY hold 3.5% of UKCM. Will it unravel????

[scruff1] 04/4/2024 14:36

Shouldnt all these rule 8 disclosures have been made by now? Anyone know ?

[cwa1] 03/4/2024 10:05

Barclays raises Tritax Big Box price target to 190 (165) pence - 'overweight'

[scruff1] 29/3/2024 10:47

LondonMetric Property (LMP) has ruled out making an offer for UK Commercial Property (UKCM) after a report that it was considering one.

The report came after UKCM chair Peter Pereira Gray voiced criticism of the proposed all-share merger with Tritax Big Box (BBOX), and was refuted by LondonMetric in a statement.

‘LondonMetric notes the comments made by the chairman of UKCM in the 21 March 2024 announcement of the all-share combination with Tritax Big Box Reit plc,’ it said.

‘However, having only recently completed its merger with LXi Reit on 6 March 2024, LondonMetric is not currently in a position to pursue an offer for UKCM.’

LondonMetric also noted the irrevocable support by Phoenix Life, UKCM’s leading 43% shareholder for the merger, which is backed by a majority of UKCM’s independent directors.

The announcement greatly increases the likelihood of Big Box securing the £900m investment trust, meaning UKCM’s manager Abrdn will retain the assets as it also owns Tritax.

[williamcooper104] 26/3/2024 17:08

Cohens and Streer - big US reit fund manager - poped up on the shareholder register at 4% - so not a small position

[scruff1] 26/3/2024 06:08

Article in Citywire this am. Its hard to see this merger not going ahead despite UKCMs ceo being opposed.

sub scale funds have three options: merge, sell or liquidate.

[skinny] 25/3/2024 10:47

FWIW :- Berenberg raises Tritax Big Box price target to 175 (155) pence - 'buy'

[scruff1] 23/3/2024 06:04

The alternatives to growth are stagnation or decline. It depends how its manged but Im in favour so far as I like the forward looking entrepreneurial have a go spirit it shows and to date I dont think the management have done much wrong.

[williamcooper104] 22/3/2024 09:39

The alternative to not doing the deal would of course be to not develop in 2024 and 2025 and wait until the share price recovered to raise equity Of course that puts you in a bind in that by not developing there's less chance of a premium rating and the equity tap turned on There's still execution risk of course but if they do pull it of then I think we can chalk it up as good management

[williamcooper104] 22/3/2024 03:22

I actually quite like it The logistics assets have great reversion potential And the rest is basically a backdoor rights issue - giving all the funding requires for the 2024 and 25 development pipeline The rest isn't a good fit for BBOX - but doesn't look like dross - so they ought to be able to sell it - possible indigestion on a few offices

[nickrl] 21/3/2024 22:05

@skinny thx for that link very informative others haven't been as proactive to produce an overview of a proposed combined entity

[alter ego] 21/3/2024 09:48

thx Skinny