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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Value And Indexed Property Income Trust Plc | VIN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 221.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 221.00 |
| Top Posts |
|---|
Posted at 02/4/2021 09:40 by ygor705 £15m of high yielding debenture disappeared on Wednesday which probably accounts for some of the large amount of cash being carried by VIN at February report day. This is definitely moving in the direction of being a property play on U.K. second liners. No bad thing in my view but there looks to be a lot of structural work to be done on the portfolio over the coming 12 months. |
Posted at 10/11/2020 20:41 by 2wild Lol yes 25% discount.Sold out today at 180p following near 20% recent rise and 1p spread. Added to MNG on a 10% covered dividend . |
Posted at 07/11/2020 08:14 by spectoacc Interesting digging, thanks @topvest. Not sure why you're not getting any downticks for those tho, think I must have been harder on Woodford :)Comments: 1. The bingo hall & short leasehold roadside sales are a superb bit of dealing - hats off to them, I'd have predicted 18% down not 18% up. Small beer, but excellent. 2. Agree re lack of clarity on accounts, but not just that: outright obfuscation. 3. To add to that: "These three properties were valued at end-September at 1.4% above their total purchase price excluding costs." Um, so costs aren't relevant? 5% stamp duty at the top end, and 5-6% overall generally the costs figure. So they're 3.6%+ down so far, not 1.4% up. You want to be paying 5% below "valuation" just to account for costs. What they've said may be strictly correct, but it's misleading. How many know how large a bite the costs take on purchase. 4. The Oakshott shenanigans - we still don't know what's going on/went on, and he's a major shareholder 5. Now add the OLIM shenanigans - since when does a fee-earning equity manager resign. And as you say - what happens next. 6. What are VIN worth as a property co - REITs are on equivalent discounts atm, tho whether VIN would be an LXI or an AIRE is relevant. |
Posted at 06/11/2020 12:06 by spectoacc Not sure how they're managing those rent collection stats, but fair play to them if true.Divi perhaps not getting cut then, but certainly not going anywhere for a long time. |
Posted at 06/11/2020 10:37 by topvest I didn't read it that way. Read it with this:The conclusion of the review of our investment policy is that we will make modest use of the power to distribute from capital reserves in the short term, but thereafter we will aim to rebuild the cover for the dividend. This will be assisted by the refinancing of the 11% Debenture Stock at a net interest rate of 3.17%, as detailed in the 2020 Annual Report, but will mainly be achieved by an increase in the property portfolio which is producing a high and reliable yield as reflected in the property report in the Interim Report, with 96% of rents collected over the past six months, 100% over the past quarter, and a robust capital performance. |
Posted at 06/11/2020 07:43 by spectoacc "The conclusion of the review of our investment policy is that we will make modest use of the power to distribute from capital reserves in the short term, but thereafter we will aim to rebuild the cover for the dividend."That's saying they're going to cut the divi, unless I'm misreading it? |
Posted at 15/10/2020 16:25 by charlesdb Too many pubs. Absolutely. Imagine you were CEO of a pub chain, suffering under the cosh of Covid. Would you agree to inflation linked rent reviews? Not a chance in my opinion. Same applies to leisure. The property market will have to undergo changes but The Board of VIN either don't seem to understand, or are not being honest with shareholders. I believe the latter. Solid covenants don't mean that the tenants are naive. VIN are highly geared which is great if you can more than cover the borrowings with rent receipts and have money over to pay shareholders dividends. i think VIN may be in trouble on their property portfolio, but let's see. It's an interesting case study. |
Posted at 14/10/2020 08:53 by spectoacc Back to retest support for the 4th time.Have a tiny residual holding in VIN, & keep eye on it to one day buy again in size, but agree with your points @topvest. However, far from convinced their property is going to be as good going forward. Scanning back through the 2020 Report - page 22 here: they have 11 pubs & 4 leisure, out of 26 assets. In value terms, pubs roughly equals industrials, with Leisure another 50% of that. All the covenants are good, the tenants solid (eg Greene King, MAB, Shepherd Neame) but - just no. The "Leisure" could more accurately be described as "Bowling" [Edit - see below] (but at least isn't cinemas), & the closest they get to retail is a bunch of Co-ops. But that's too many pubs in this market IMO. [Edit - half the Leisure is actually bingo, other half is bowling. And can argue a fair bit in price already on this discount. But there'll surely be some hefty NAV downgrades to come on the property side, more so if there's some pub CVA's.]. |
Posted at 16/8/2020 14:05 by charlesdb "Leverage may be used where it is believed that the assets funded by borrowed monies will generate a return in excess of the cost of borrowing.As a proportion of the assets are invested in commercial property an external valuer, Savills plc (or another appropriately qualified valuer) will independently revalue the properties in the portfolio every six months on or around 31 March and 30 September respectively." The above are quotes from the latest disclosure document. Leverage: "Will the income of the trust, in this age of dividend cuts and rent arrears be sufficient to cover interest from borrowings. Property valuations: Will the estimates offer a true valuation of the property assets. Do Savills really know the true valuation ? How reliable will the valuations be? Too many danger signs for me, cynic that I am. As I still have a few shares in VIN, after selling the bulk of them last month after using up my CGT allowance, I shall watch and wait with interest; but as an income stock, which is why I held this IT in the first place, the problems are compounded by the problems of the property holdings imo. The prospects of this company have now become highly speculative. |
Posted at 05/7/2020 11:19 by ceaserxzy Has this trust stopped paying the June quarter dividend? There is no news about either the dividend cancellation or a dividend declaration which was due in June. |
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