Tritax Eurobox Share Discussion Threads

[raj k] 13/7/2024 08:50

If a takeover offer for EBOX is accepted, typically what are the timescales for the deal to get done and shareholders to receive the proceed?

[williamcooper104] 12/7/2024 17:25

Yep but equally if things get sold below NAV but get sold v quickly then there's still plenty of cheap stuff to put the profits into The home run is getting a couple of consecutive hits

[makinbuks] 12/7/2024 15:53

Sorry, why not? Surely if they chose to wind down you realise the NAV early? I agree with you by the way that managers rush to raise money and launch funds when a sector is in fashion but have no real interest in performance if further cash cannot be raised

[ivor hunch] 12/7/2024 10:35

It seems to me that the danger comes from the fund managers who have decided not to wait for the discounts to narrow and interest rates to fall, but have decided to pull out of managing the funds altogether, be they REITs or infrastructure. I imagine that they feel they cannot expand the funds under management because of the big discounts so there is no prospect of increasing fees, so instead they are closing the funds, many of which have become too small to be viable from their viewpoint. So simply waiting for the discounts to narrow might not always work.

[williamcooper104] 10/7/2024 14:11

Similar play Around town junior perpetual bonds 8.57% running yield at 53c - so plenty of room for capital gains and a little less risky than common equity

[skyship] 10/7/2024 13:46

I know not addressed to me; but just to say:

# apart from the 2 Abrdn wind-down stocks - API & ASLI

I also hold. along with EBOX, the two other Euro REITS:

# CLI (63% discount & 8.5% yield) & SERE (39% discount & 8% yield)

Wait for the discounts to close in and enjoy great covered yields whilst you do so.

[farrugia] 10/7/2024 13:27

besides this one which ones do you think represent great value if i may ask?

[ivor hunch] 08/7/2024 08:45

I have also been lucky. I bought a reasonable holding some years ago when they stood at around 95p but I subsequently bought more to average down to 75p, So I might just about get my money back, but of course I have enjoyed good dividends over the entire period. I cannot help thinking that whoever takes them over will get a bargain over the long term.

[1knocker] 02/7/2024 22:52

I have been very lucky here. I bought a few months ago at 48, because on valuation and dividend it looked compelling. I have had one dividend, and will not be much bothered if the takeover interest comes to nothing. at least it will save me having to think where to reinvest the money!

The 64 thousand dollar question is where interest rates go. All the property companies SPs fall with falling valuations when interest rates are high. If interest rates are a lot lower a year hence, almost any takeover price paid now will seem a steal, and if they remain high we shall probably reckon we got a pretty good takeout price.

I appreciate that those who bought at higher prices than i was lucky enough to get will take a less relaxed view. I too am sitting on a number of other REITs bought at substantially higher prices than they stand today.

[williamcooper104] 02/7/2024 14:18

Ditto have loads so also not adding In the event of no bid probably will still add a little as no bid likely to put it into wind down

[hpcg] 02/7/2024 14:14

Shares were also north of 60 in January. No one would seriously have even thought of bidding at 66p.

[skinny] 02/7/2024 13:27

Meanwhile, pretty decent volume and a 12+ month high @66.70p

[spectoacc] 02/7/2024 13:17

"Bidding war" is Citywire hyperbole, but I see a much higher chance of a board-backed bid than posters above, even if I don't see it that far into the 70's - shares were nearer 50p before the rumour emerged. Can currently get a quote to sell 250k at mid (66.6p).

[wshak] 02/7/2024 11:30

Doubt that 78p has a 70% chance.

70% chance of bid, yes, but I'd put range at somewhere between 72p and NAV.

Doubt 72p would see a recommendation tho'.

[loglorry1] 02/7/2024 10:40

No bid, probably back at 55p say 30% chance. Bid at say 78p with 70% chance. Gives FV of 71.1p vs 65p today but even if bid agreed there may be some time value until it closes to consider.

Still perhaps a bit cheap here but I have loads so not adding.

[williamcooper104] 02/7/2024 10:07

I am full up It's tempting Though still always the chance that there's no bid - as happened with ASLI Suspect it's c70% likely we get a bid at at least not a disastrously cheap price

[raj k] 02/7/2024 09:23

Nice uptick in the share price this morning, the market is happy somewhat. Anyone considering buying anymore, would be some risk if for some crazy reason no deal was done. Am considering but inclined to add some more to API at monthly investment time.

[spectoacc] 02/7/2024 09:04

Happy to be a holder here. EBOX are playing ball, opening books to not just Brookfield, and Brookfield are keen. Price is an unknown but just can't see it being under 70p.

[essentialinvestor] 02/7/2024 08:55

The sector is rapidly consolidating and this offers ample opportunities, barring something leftfield hitting.

We also have a partial safety net of a post ZIRP environment where asset prices have already adjusted.

Arguably, both cyclical and secular tailwinds as a result.

[wshak] 02/7/2024 08:20

I'd have thought that is as easy as any deal out there to do.

Disgruntled shareholders looking to get their money back.

Assets priced at cycle lows, despite NAV much greater than market value.

Multiple parties interested.

The only way it doesn't get done is if management think all bids are at too much of a discount, or ignore long term value.

I'd support them on the former but not the latter, and I suspect most shareholders will feel the same.

[williamcooper104] 02/7/2024 08:18

Not sure - there always is in bank debt With private placements and public bonds there either isn't or it's only triggered if there's a change of control and a rating downgrade There's likely to be scope to put in junior/hold co debt without getting the rating downgraded

[loglorry1] 02/7/2024 08:14

Is there a change of control clause in the terms of the green loan?

[williamcooper104] 01/7/2024 23:36

The green bond and private placement debt might be capable of being sold with the company If so that's a very valuable asset that's not in the NAV

[williamcooper104] 01/7/2024 23:24

SGRO have of course a much cheaper cost of capital/min return expectations than Brookfield