Uk Commercial Property R... Share Discussion Threads

[cc2014] 22/3/2023 14:06

It's a hugely painful chart and another 5p loss or so will mean a 50% reduction in the share price since the top in May 22. That's some sight to behold and shows just how crazy things got.

[hugepants] 22/3/2023 13:21

Should have kept my mouth shut about 50p.

[cc2014] 22/3/2023 08:53

Breached 50p earlier. Low volume but low volume of buyers as well as sellers.

[panshanger1] 22/3/2023 08:33

New 52 week low

[spectoacc] 13/3/2023 06:52

Never YET been under 50p @HP. Fraction of a penny from it on Friday.

[hugepants] 12/3/2023 20:05

Good luck with that! According to Google Finance this stock floated in 2006 and in all that time the share price has never closed below 50p. And if you think the current 4% interest rate is high well it was 5% in 2006.

[2wild] 12/3/2023 19:15

12 month hi 96.6 P. With 10-year UK gilts hovering around 3.7%, 6-month money moving towards 5% and falling that asset values. Would need to see a 50% fall from that high, 48.3 p, before considering getting back in here.

[skyship] 12/3/2023 12:01

Re Phoenix. Surely having their funds valued at just 50p in the £ is just plain stupid; and certainly not very fair for their investment fund clients.

[nickrl] 12/3/2023 10:10

@specto i always thought that but with Phoenix holding so much makes share price more volatile.

[spectoacc] 12/3/2023 08:31

Phoenix have absolutely no interesting in liquidating UKCM, it's their vehicle, so why would they? IMO it's run with them in mind, not PI's.

Still - everything has its price.

[giltedge1] 11/3/2023 20:25

Yes I agree looking back was a bit of mixed messages, suggested liquidating but no investor, appetite. I had just bought at 0.60 & liquidating at 0.90 seemed attractive at the time but no appetite amongst investors to force. So then had to hold, & wrote good value considering large discount & modern buildings etc. Todays update was more about long term performance, dismal compared to a General Investment Trust, which in the same period has tripled.

23/9/2022
17:13 Hello Steve,
Just rechecked June NAV 2022 announcement. It is happening now, if not mistaken!, Someone needs to get on the phone to Phoenix & directors' ASAP. In no ones interests to wallow at 50% discount, can you check for me. Share would jump to 90p if passed. see below.

[skyship] 11/3/2023 16:35

"I advised back in September to pull the plug & liquidate, but outvoted."

???

Your posts said "Either way looks a winner from these levels"; and then you said buying more at 57p! And you still hold...

[giltedge1] 11/3/2023 15:40

I think this is lowest price since they listed is it 2008?, so no-one in profit?, or if they are must be an alchemist?, I advised back in September to pull the plug & liquidate, but outvoted. There is an opportunity cost investing here a good general trust would be up 3 - 4 times since 2008. Luckily my smallest holding.

[spectoacc] 10/3/2023 10:52

Not sure about intra-day Covid lows - probably touching them here, but maybe we should add back the Special they paid.

No reason this should be the bottom, & management is poor bordering on very poor (zero LTV for the huge Covid bounce, growing LTV now, 2yr hotel development project taken on right at the top of the market for c.5% of the NAV, before cost over-runs, unwilling to talk much to PIs).

But the divi should stay, & the increasing LTV isn't going to be terminal IMO. I'm wagering they're a touch below FV here, albeit no reason they should stop at FV on the way down.

Without the poor management & the poor decisions, they'd be a different beast due to a generally good quality historic portfolio. Heck, the Leeds hotel may work out, just that it was madness to take that on - open-ended, no rent for the foreseeable, and via increased borrowing - when they did.

[hugepants] 10/3/2023 09:55

I keep adding. And it keeps inching lower. Below the COVID lows now?

[spectoacc] 10/3/2023 09:16

Nibbled a few at 51.18p, a trade rather than calling the bottom.

[skyship] 09/3/2023 15:17

EI - Nick did so a couple of days ago!

[spectoacc] 09/3/2023 13:56

Forgot about that Special, they could have used the cash for the inevitable cost overruns on the 2yr Leeds hotel development - not that they'll tell us who's responsible for any cost overruns.

[essentialinvestor] 09/3/2023 13:45

Nick, will start a new board for Shaftesbury Capital (SHC) if no-one else wants to.

[nickrl] 09/3/2023 13:42

@cc2014 HMSO cash divi was pointless but the scrip issue has been a good earner.

Re others divis not many can raise them any further that's for sure and the likes RGL ought to cut but they wont.

There certainly wont be a special here again and BoDs probably ruing the fact they paid it last year but maybe Phoenix lent on them. Assuming voids are keeping an even keel the recent big lets will help them close up the gap on divi cover here.

[essentialinvestor] 09/3/2023 12:09

Anyone tempted ?, Asking for a friend ;

[spectoacc] 09/3/2023 12:08

Thanks @llef, hadn't seen that.

I'd still like to know about rent-frees! And the EPC cost. And the prospect of getting the 28,000sqft unit away.

[nickrl] 09/3/2023 11:42

several are pushing lows this morning presumably because Powell was so hawkish yesterday?

[llef] 09/3/2023 11:42

SpectoAcc re post 320 and "So what was the premium over the passing rent, or even over ERV? "

I believe that some of that information was contained in the "net asset value" Rns released on 1st feb, namely..

"The Company has recently signed two new lettings at its largest asset, Ventura Park, Radlett, at a collective new rent of £2.0 million pa, £800,000 pa above the previous rent. This equates to a 69% increase and is 63% ahead of ERV 12 months ago."

I agree that they could have included this info in the release dated 21st feb.