Ucp Share Discussion Threads

[horndean eagle] 16/3/2012 08:19

More chunky trades yesterday. Share price responding nicely. Once all this overhang is mopped up Nectrus ongoing buying will start to have a marked impact.

[horndean eagle] 15/3/2012 08:31

Another huge set of trades went through a couple of days ago around 30. Should provide a floor around the current level.

[sailing john] 20/2/2012 11:59

scburbs "Brookfield - very substantial"
I prefer "chuffing enormous" with $150bn under management!
Good to know they think 30p is a bargain.
I don't really follow Indian macros but I heard some good news on inflation/interest rate forecasts recently
GL all - SJ

[scburbs] 20/2/2012 11:05

Brookfield are a very substantial real estate investor. This is good news IMV (who was the seller still to be annouced). Letting update showing steady progress with the G2 asset moving into the 60%+ let stage (up c.3% over the last few months).

"Unitech Corporate Parks Plc ("UCP" or "the Company") has received notification that on 15 February 2012 Trilon International Inc. ("Trilon") acquired 25,055,483 ordinary shares of 1p each in UCP ("Ordinary Shares") representing 6.96% of the Company's issued share capital. Trilon is a wholly-owned subsidiary of Brookfield Asset Management Inc.

Following this transaction, Trilon holds a total of 34,805,483 Ordinary Shares, representing 9.67% of the issued share capital."

[horndean eagle] 19/2/2012 11:08

Interesting trades. Only holder with a position of that size is Nectrus. They could simply be shifting their position from one place to another. Nice to see recent strength. Disposals will be the trigger for a re-rating rather than any continued strength in lettings. Nectrus chipping away at the overhang. Steady as she goes.

[whibbled] 17/2/2012 18:44

'LATE REPORTED' PURCHASES ??

Reported after close on Friday 17-Feb-12 (lse)......


Date______Time___Price__Volume_________Bid __Ask__Value

15-Feb-12 16:15:30 29.88 24,655,483 Buy* 28.50 29.00 7.367M

15-Feb-12 16:14:16 30.00 25,055,483 Buy* 28.50 29.00 7.517M


OK, Which of you guys invested your £15M bonus payout?

[scburbs] 16/2/2012 08:30

"NEW DELHI - India's headline inflation slipped to a more than two-year low last month, official data showed on Tuesday, giving the central bank scope to cut interest rates to counter weakening economic growth.

The Wholesale Price Index (WPI) fell to 6.55 percent in January from a year earlier, the lowest in 26 months, thanks mainly to falling prices of food and vegetables."

[horndean eagle] 06/2/2012 11:06

I think the director purchases will count towards their obligations. They are reluctant enough to buy at all so the board have probably given them some leeway on the matter. Not too concerned personally about the arrangement. It still serves its purpose of clearing the overhang.

[praipus] 06/2/2012 10:34

More holding RNS

[scburbs] 06/2/2012 10:21

cgequityinvest, Certainly they would not count legally, unless there was some agreement for them to be included which is quite possible.

As the director in question is Ajay Chandra(!) I do not believe the purchases are really akin to Director purchases (albeit clearly AC is a director).

They are either purchases as part of the Nectrus obligation or they are more akin to additional purchases by Unitech's management (which is what the Nectrus purchases are as well). The latter would probably be more positive than Director purchases as it would imply that the Unitech individuals are prepared to purchase more than they are already obliged to.

[cgequityinvest] 06/2/2012 10:12

I can't see how the Fairway purchases are counted towards the obligation - they are a separate legal entity with no obligations towards UCP.

These are akin to director purchases which could suggest some confidence in the prospects for UCP.

[scburbs] 06/2/2012 10:06

Are Fairway's purchases are being counted towards the Nectrus obligation or are they "real" purchases? Any thoughts?

[cgequityinvest] 30/1/2012 09:24

Interesting to see Nectrus back in the market. Previously when buying they have bought in batches. Prior to todays transaction they held 24m shares bought at an average of 24p.

Their buying patterns have been:

April/May 09 = bought 1.3m shs
Oct 09 = bought 10.4m shs
Dec 09/Jan10 = bought 4.5m shs
Aug 11/Oct 11 = bought 8m shs

Mgment fees are running at circa £4.7m per annum and my reading of the interim accounts (Note 6) is that Nectrus are committed to investing all of this in shares. To date in the current financial year ending March 2012 they have spent circa £1.9m on shares. What has never been clear is what agreement is in place (if any) on timing, i.e. when they have to buy shares.

However based on previous buying patterns I would expect further purchases over the next few weeks.

[vlain] 30/1/2012 09:08

Nectrus back again!

[cgequityinvest] 20/1/2012 12:49

Other good news today is the Vodafone tax ruling which I think has probably caused a few foreign firms to think about doing business in India.

[scburbs] 20/1/2012 08:46

As expected, Indian interest rate expectations are now showing expected falls in 2012. Good news for UCP's build out costs. This assumes no more Western liquidity measures leaking into Asia (e.g ECB actions).

"India's inflation rate fell sharply in December to 7.5% from 9.1% in the previous month, partly due to an easing in the rate of food price rises.

This is the first time inflation has fallen below 9% in almost two years.

Despite the fall, analysts said the central bank was unlikely to cut interest rates, which currently stand at 8.5%, next week."



"SINGAPORE: Interest rates in India may be slashed by 125 basis points during the 2012-13 financial year, thanks to lower inflation below 7 per cent, Credit Suisse Ag said in its latest forecast made here today.

"We are looking at the first rate reduction of 25 basis points by April and a total of 125 basis points reduction in repo rates during fiscal 2012-13," bank director Robert Prior-Wandesforde told reporters at the bank's 2012 Global Outlook Media Roundtable held in Singapore today."

[horndean eagle] 04/1/2012 14:43

Key here is a little stability in world markets. If that carries on then a disposal of G2 shouldn't be too difficult to get away. If we manage that we should get a cash return from the disposal way in excess of the current market cap. I imagine any potential sale news will get mooted before officially announced. Hope to make a killing during that process. Get your google alerts setup nice and early!

[whibbled] 04/1/2012 11:03

Investors Chronical

"Stars of India" article....

[horndean eagle] 21/12/2011 07:38

Happy enough with results. Steady as she goes.

[scburbs] 12/12/2011 14:06

Further signs that the interest rate cycle may be about to turn which will help build out costs (but less positive for tenant demand!). I would expect rate cuts to start early next year (assuming 16th December is no change - difficult to see another rise), although HSBC clearly think it might take longer to work through inflationary risks.

However, it is always important to remember that inflation impacts lag the interest rate cycle and current conditions are undoubtably weak so clear reasons to cut IMV.

"India's industrial output has tumbled for the first time in more than two years, highlighting the vulnerability of the world's emerging market growth engines to the eurozone crisis and sending the rupee to an all-time low.

Industrial production dropped 5.1 per cent in October from a year earlier, official data showed on Monday, as high interest rates, worsening global economic uncertainties and political paralysis at home hurt the overall economy.

...

Analysts said the sharp fall in output will add to the pressure on the Reserve Bank of India to ease its monetary policy at its meeting on December 16 and to shift its stance from combating record high inflation to stimulating waning economic growth.

"Obviously you'd expect the government to do something too to stimulate investment but we have very little hope that anything will be done on their side so the onus will fall on the RBI to do something," said Anubhuti Sahay, an economist at Standard Chartered.

India's economy grew by an annualised 6.9 per cent for the quarter ending September 30, the slowest rate for more than two years, weighed on by almost two years of progressive monetary tightening, a retreat of foreign capital and a weakening local currency."

[scburbs] 25/11/2011 08:23

Solid leasing progress continues. The weak currency should be helping the tenant (export) market, although it might put back the reversal of the interest rate cycle and isn't helping the sterling value.

"The Board is pleased to announce further increases in tenant take up through the entry into committed leases and pre-lease commitments. As at 21 November 2011, the total committed space (comprising committed leases and pre-lease commitments) amounted to 5.7m sq ft, an increase of 0.5m sq ft since 30 September 2011."

[whibbled] 26/10/2011 15:47

RNS - SC Fund Management

SC Fund Management
Shareholders Statement Following UCP EGM
RNS Number : 8980Q
SC Fund Management LLC
26 October 2011

Statement of Certain Unitech Corporate Parks Requisitioning Shareholders Following Recent Extraordinary General Meeting

While we are disappointed that Sanjay Pandit was not elected to the Unitech Corporate Parks Board of Directors, we are gratified that his candidacy received nearly 40% of the votes cast, along with the support of respected proxy advisory services. We plan to remain committed and vigilant UCP shareholders and, among other things, to maintain the website established in connection with the meeting ( where we will be periodically posting observations and questions. Note that some of the material on the website is intended for, and should be considered by, only investors meeting certain qualifications.

In the aftermath of the EGM and the release of the FY 2011 financial statements, we have a number of questions:

1. At the AGM, Mr. Adams implied disfavour for the strategy of selling certain company assets at NAV and using the proceeds to repurchase shares at significant discounts to NAV because such a strategy would conflict with the company's "purpose" which is to develop property. Are we to understand then, that the company ascribes a higher value to pursuing its "purpose" than it does to maximizing NAV per share? Put another way, given that the company's shares trade at around 50% of reported NAV, and that UCP employs low double-digit discount rates in arriving at that NAV, what does the company's Board of Directors estimate UCP's cost of capital to be? Does the Board acknowledge that investments whose return is lower than the cost of capital are destructive of shareholder value? Is the Board prepared to destroy shareholder value in pursuit of the company's "purpose"?

2. Mr. Adams also implied that funds may have been transferred between SPVs. Has this in fact happened? If so, in what magnitude and to and from which SPVs? To the extent that different parties have different economic interests in the various SPVs, how were the relative interests of the parties adjusted to accommodate these flows of funds? Why did the company recently cease providing individual SPV NAVs? Will it provide such information in the future, disaggregated into cash, debt and property?

3. Does the company intend to make public the presentation which we understand it shared with certain shareholders prior to the EGM?

4. In FY 2011, the company reported £4.4 million in "share of joint venture and other expenses", up from £2.6 million in 2010. What accounts for this increase? What is the breakdown of this expense? In particular, what portion of this expense would likely be borne by buyers of the SPVs, and what portion is in the nature of "other expenses"?

5. In light of the company's proposed automatic winding up date of December 2014, and of Unitech's stated intention of monetizing its investment in the SPVs well before then, what is the company's plan for realizing the value of its assets?

6. We note that the company has not scheduled a conference call in conjunction with the release of its year-end results. Will such a call be held? If not, why not?

Contact:
Peter M. Collery
+ 1 [phone]

[whibbled] 21/10/2011 17:47

AGM and EGM Statement

The Board of UCP announces that at the Company's Annual General Meeting held earlier today, each of the resolutions was duly passed. The Company also announces that the resolutions proposed at the Extraordinary General Meeting by a group of shareholders, which the Board recommended shareholders vote against, were rejected on a poll.

[scburbs] 17/10/2011 16:06

Does this title make it sound like ISS/Glass Lewis have independently decided to provide their views? I doubt they have weighed in, more likely they have been instructed by one side only and then issued a report agreeing with the instructing party!

"Proxy Firms Weigh In On Upcoming Unitech Corporate Parks Meetings"