U And I Share Discussion Threads

[epistrophy] 09/7/2019 14:22

Does anyone know how the debt is structured here? Is it mostly at the project level and non-recourse to the company?

[yf23_1] 05/7/2019 16:22

SP is ridiculous, so is this market with its fixation of supposed quality on sky high PEs.

[spob] 05/7/2019 10:41

these were cheap at 230p

buy into the fear

[scburbs] 05/7/2019 10:22

Disappointing to see this rising as I only had time for a couple of buys. Hopefully a good chance it will fall back below 130p again.

The retail exposure sounds higher than it is. The 48% referenced is 48% of the investment portfolio.

The investment portfolio of £176m is indicated to be 30% of gross assets.

If, as is quite possible, the retail in the investment portfolio falls 20% this is about 3% off gross asset and 5% off net assets. Not sure that level of exposure justifies the current lowly rating.

The development and trading portfolio has some retail exposure, but doesn't look that high and mainly a subsidiary part of larger residential or office developments. The development and trading profits are dependent upon economic conditions and clearly these are creating issues at the moment and is probably a bigger issue than the retail exposure.

[spectoacc] 04/7/2019 17:37

@Sky - thanks - and agreed, as is their debt, and general dodgy Fat Man Finance stuff. I feel like the discount is large enough now but every chance I'm wrong.

[skyship] 04/7/2019 16:43

Specto - I sincerely wish you better luck than me in my last foray here. As I stated in 1274 above, bought in at 164p on the same basis as you; but mercifully cut at 146p pretty soon thereafter. Their Retail exposure is surely a concern...

[asmodeus] 04/7/2019 12:23

Thanks spob.

[spob] 04/7/2019 11:18

This is about the value of future development projects and their impact on forward net asset value

Todays profits are not so important

Profits are always going to be volatile owing to the timing of various projects and obtaining planning permissions

This isn't a retail company selling x amount of products every week

[asmodeus] 04/7/2019 11:10

So presumably I'm mistaken. The profits haven't fallen from £48.2 million for 12 months to £6.2 miliion for 13 months after all. (Page 68 of report).

[spob] 04/7/2019 09:37

come on UAI

stop paying dividends

and use those same funds to start buying back the shares at this daft price

you know it makes sense

gives shareholders the maximum bang for their buck

[spob] 04/7/2019 09:33

Bought some more today, approx 128p

if it keeps falling, i will buy some more

[spectoacc] 04/7/2019 09:08

Seems the sort of Fat-Man Finance co he ought to be in.

However - am finally back in for a few, tho only small - have far too many property punts already. But everything has a price.

Major shareholders, out of interest (wonder who the seller is):

Aberforth Partners LLP
15,059,622
12.01%
28.02.19
FIL Limited
(Fidelity Worldwide Investment)
13,644,678
10.87%
18.12.18
J O Hambro Capital Management Ltd
13,812,876
11.01%
24.06.19
Prudential plc group of companies
6,481,075
5.16%
20.06.19
Standard Life Aberdeen plc
6,258,083
4.99%
17.04.18
BMO Global Asset Management (UK)
(F&C Asset Management)
5,875,946
4.71%
10.12.14
Threadneedle Asset Management
(Ameriprise Financial, Inc.)
5,722,553
4.68%
31.03.14
Ennismore Fund Management Ltd
5,149,730
4.12%
03.05.16
The Wellcome Trust Limited
5,108,153
4.08%
06.04.18

[hugepants] 04/7/2019 08:59

Is Woodford holding this!

[asmodeus] 03/7/2019 18:01

I have got their grossly-extravagant inch-thick report, and I do hope someone unlike me,has got one, has real ability to analyse it. and will post here. In the meantime, after going through 67 pages of the directors strolling about in their unifonm of "suit with open-neck white shirt, unless my beady-old eyes deceive me,on p.68, I read the figures "profit before tax, year ended 28th Feb. 2018 £48.2 milion. Profit before tax 13months ending 31st March 2019 £6.3 million ! And NAV fallen from 303p to 289p.

Also, I rem,ember being warned to watch out for "related party transactions", and these, on page 212 amount to £74,718000. (nearly £75 million). Can anyone here explain what these imply?

[spectoacc] 03/7/2019 13:39

Gone ex the 4.1p special last month tho, so NAV lower. It may also be lower on revaluations :)

Not in UAI but keeping eye on it - hard to choose between so many bargain property punts. Many "bargain" for a reason of course.

[hugepants] 03/7/2019 13:32

Discount now we'll over 50 per cent

[stupidboypike] 17/6/2019 08:16

However, the discount to NAV is approaching 50%. At some point ...

[solarno lopez] 17/6/2019 07:44

looking at their 2019 investor presentation I see a hefty 48% is retail based.


Gives me the shakes in the current climate.

[solarno lopez] 14/6/2019 16:32

hahah just like me

[stupidboypike] 14/6/2019 16:30

I keep watching. I'm sure I'm a buyer at some point, but when is the question?

Best regards SBP

[fozzie] 14/6/2019 15:01

I sold half yesterday and decided to sell the rest today booking a small loss after divis taken into account. From 240 very disappointing.

[skyship] 14/6/2019 14:58

Whoof - 138p! Happily decided to cut my position on Monday; was a mistake to buy back in! Wonder where the bottom might be?

Happy that another propco holding (ARTL) jumped today on a Tender offer; though sadly only a 4% allocation which I was toying whether to increase - but left too late - DOH!

[kenmitch] 09/6/2019 21:45

Thanks SKYSHIP.

I’ve had a look at their 2018 Annual Report and agree it makes impressive reading. Also like their progressive dividend policy. Main worry seems to be Brexit. As with some other shares I hold or am monitoring guess the share could motor if/when an OK Brexit deal.

[skyship] 08/6/2019 07:10

Hi Ken...

Thankfully my largest propco play has been RGL; though recently top-sliced due to possible equity issue. At 109p they are still on a 7.8% discount and 7.6% yield.

Current Best Buy might be my 2nd largest propco holding - Highcroft (HCFT). A bit of a MicroCap but at 900p offer an historically high 25.4% discount and 5.8% yield. Nice spread of regional properties, mainly Warehouse and Retail Warehouse. Do look at their 2018 Annual Report - impressive reading.

[kenmitch] 07/6/2019 21:09

Hi SKYSHIP

I also bought back at wrong time and cut the loss a few weeks ago. I haven’t seen it on any lists of Woodford’s holdings. But New River Reit which I don’t currently hold IS one of his larger holdings and hence recent share price fall.

Dividend is huge, though uncovered, and NRR maybe worth a look if further Woodford selling sends share even lower? Do you follow and if you do would welcome your thoughts, and on any potentially better alternatives. These days I’m keen on big dividend payers with potential for decent share price gain too.