Urban&civic Share Discussion Threads

[strathroyal] 07/5/2015 14:37

Results scheduled for 27th May

[djbilywiz] 07/5/2015 14:03

Results due end of May?

[daneswooddynamo] 27/2/2015 17:01

continues to be very cheap imo

[sirhedgealot] 27/2/2015 16:52

One to look into, could be a nice move at some point.

[1nf3rn0] 27/2/2015 08:37

Sounds like a very reasonably priced acquisition announced this morning

[daneswooddynamo] 20/1/2015 10:37

watch out watch out there's a buyer about

[puku] 30/12/2014 23:30

edging up nicely

[puku] 24/12/2014 13:28

surprised there aren't more followers in this one, especially those that like property companies. It had cash of £163 m at end Sep. Eps for 9 mths was 20.8p with only 4 mnths from Terrace Hill. On a cheap P/E even ignoring the cash. Lots of big developments on the way.

[daneswooddynamo] 06/12/2014 17:44

i think they should trade at a less modest premium to nav (!) but "far too cheap" i would not disagree with

[stevie blunder] 06/12/2014 15:29

Bought a few of these on results day. I think they should trade at a modest premium to NAV rather than a discount.

I found the presentation easier to understand than the RNS:



Pleased to see that Investors Chronicle on Friday says they are "far too cheap" and retain their Buy.

[speedsgh] 02/12/2014 14:23

Preliminary results -

Positive looking results + very upbeat. Especially welcome the early return to the dividend list...

Immediate Commencement of Dividend Payments
Given all round progress and incremental project receipts, the Board recommends immediate commencement of dividend payments. Final proposed dividend of 1.5p for 2014 (and what would have been 2.5p for the full year) satisfies the longstanding promise made by Terrace Hill to return to the dividend list and is 12 months ahead and above indications made in May.

[daneswooddynamo] 18/11/2014 17:06

well it's pre-let to them so presumably there would be penalty payments. I don't know the area but sounds as though there would be good local use of it as many shoppers go further afield. But i think it's relatively insignificant in terms of the main investment case for U&C which is basically now its two massive housebuilding developments

good to see the steady share price rise over last week or so

[cashpo1nt] 18/11/2014 16:22

re Herne Bay we have to hope that this new store is not one that Sainsburys will want to axe. Tesco have abandoned one already built, we hear and large out-of-town stores are no longer flavour of the century!

[strathroyal] 07/11/2014 12:12

Whilst I agree that property deveopers trade at a discount, as daneswoody says, this company going forward is going to be a significant housebuilder. Housebuilders on the other hand trading at premiums to their NAV and I think on that basis that these shares are undervaled by around 30%-40%.

[speedsgh] 06/11/2014 14:41

jonwig - my error. now corrected. thanks.

[jonwig] 06/11/2014 14:32

speedsgh - thanks, I need to research then post!!

But "EPS of 224.2p" ... earnings per share?

[speedsgh] 06/11/2014 13:16

hi jonwig - Appreciate your comments. As you say EPRA NAV to 31/3/14 was 263.2p. However this was pre-merger. See POST BALANCE SHEET TRANSACTION + associated NOTE 11 in the same Interims.

As per my #5 above, I have calculated IFRS NAV of 224.2p per share as of 22 May (merger completion) using info contained in the Interims. Maybe somewhat useless as it is IFRS NAV. However I don't think we have had a published or forecast EPRA NAV since the last 263.2p as of 31/3/14 (pre-merger).

Nonetheless we don't have long to wait to discover updated figures. My guess is that it is partly these that Mr Market is waiting for.

[daneswooddynamo] 06/11/2014 12:26

basically these are now a play on their two massive alconbury and rugby developments with thousands of homes. Not many housebuilders trading around nav currently

[jonwig] 06/11/2014 12:13

speedsgh - the interim report at 31/03 says

Pre-acquisition EPRA Net Asset Value (NAV) at 31 March 2014 of 263.2 pence per share.

You have 224.2p in post #5. I must admit I'm not "up to speed" on this, though.

Property developers tend to be at a discount and pay out a lot less than pure renters, of course.

[speedsgh] 06/11/2014 11:48

Company's current issued share capital is 140,497,109.

From interim results -

Post balance sheet transaction

"...The effect of this transaction will be to increase the [IFRS] net asset value of the group from £50.8 million at 31 March 2014 to a net asset value on a pro-forma basis of £315.0 million on the completion of the transaction on 22 May 2014."

So EPS based on IFRS NAV as of 22 May was 224.2p against a current share price of 227p.

I suppose the market is waiting for confirmation that post-merger the NAV is moving in the right direction. Final results next month should shed light on that.

Also worth noting that, whilst it is the stated intention of the company to pay a progressive dividend, they are only targeting a "first dividend of approximately one per cent. of the Placing Price [225p] after a full year of trading, being the year ending 30 September 2015*

* This is a target only and not a profit forecast. There can be no assurance that this target will be met or that the Company will make any distributions at all."

See

That amounts to enough uncertainty to keep a lid on the share price for the time being. Aimho.

EDIT - I am of course aware that EPRA NAV is the more important measure but no guidance has been given on this since the merger afaics.

[daneswooddynamo] 05/11/2014 22:55

been buying a lot of these seems very cheap compared to other property plays

[speedsgh] 05/11/2014 14:18

Final results due on 2/12 -

[james111] 30/5/2014 14:58

Just found a bunch of these in my account, was a little confused how they got there lol
thanks for this board I now realise its my old terrace hill shares.
good luck to any other holders

[jbarcroftr] 27/5/2014 18:51

I am happy to wait for FTSE 250 entry and then give the funds time to buy in as they must

[1nf3rn0] 24/5/2014 11:44

Urban&Civic plc is a new company formed from the merger of Urban&Civic and Terrace Hill Group plc

Alconbury Weald

Sitting on the transport spine of the country, within the crucible of the Greater Cambridge and Peterborough economy, Alconbury Weald will transform a 1420 acre largely brownfield and gated site into a unique and inspiring place for working, living, learning and leisure.

Working with partners and the local communities around the site, Urban&Civic will deliver a high quality low carbon Enterprise Campus - creating 8000 jobs. Plans for the site also include provision of 5000 homes of mixed size, price and tenure; 700 acres of green open space; and investment in a range of transport, energy and community facilities to support both the new residents and the surrounding town and villages.

The project will be rolled out over twenty years, in a way that maximises economic, social and environmental gain to the local area and minimises impacts. Keeping partners and neighbours informed, involved and up to date with some of the complex planning processes and development phasing behind a scheme of this scale is a key part of how Urban&Civic work.

Rugby

The transformation of a large part of the former Rugby Radio Station site into a new Sustainable Urban Extension for Rugby is set to begin this autumn following the formal issue of outline planning permission by the Borough Council today (Thursday 22 May).

Building upon BT's legacy of global communications, over the last 15 years the Rugby Radio Station Limited Partnership (RRSLP) has promoted a high-quality, sustainable and deliverable plan for the Radio Station land west of the A5. Comprehensive consultation directly shaped the proposals for the site and the Borough Council embraced the Radio Station as a cornerstone of its strategy for properly-planned expansion.

The Planning Committee members voted in January (8 January) to support the plans for the Radio Station, subject to satisfactory planning conditions and completion of a Section106 agreement. The conditions and obligations, which have now been agreed by both the Borough Council and Warwickshire County Council, secure a comprehensive package of measures including the delivery of 3 primary schools, 1 secondary school, a new health centre, the strategic link road on site as well as a series of highway improvements off site.

Following the grant of outline planning permission, RRSLP's development partner Urban&Civic will take forward the proposals and anticipates initial ecological work starting on site later this autumn. The build out of the scheme will be phased over 20 years with specific thresholds determining the triggers for delivering essential infrastructure, such as schools and transport connections.

Neil McLeod of Aviva Investors, said: "Rugby has always been ahead of the game in planning for and shaping its growth and future success. We are really pleased that outline planning consent has been granted for the Sustainable Urban Extension. Alongside Urban&Civic we can't wait to get going and strengthen our close working relationship with all those who have an interest in this unique site."

Graeme Paton of BT, said: "The Radio Station site has been a big part of BT's history. It has played a leading role in global communications and we are delighted that it will continue to signal the growth of Rugby in its new guise as a Strategic Urban Extension. With Urban&Civic involved we know it will be in good hands and that the site's proud history will be reflected in its exciting future."

The outline planning permission includes up to 6,200 new homes together with commercial space, schools, green space, heritage and the full range of supportive development set out in the submitted Masterplan.

Urban & Civic (U&C) are a strategic land development business. U&C were selected as Preferred Development Partner for the SUE by RRSLP in early 2013 following an extensive competition. Over the last year, U&C have been leading the professional team, on behalf of RRSLP, through the planning application process. U&C will be managing the delivery of the project going forward and will acquire a 50% interest.