Share Name Share Symbol Market Type Share ISIN Share Description
Value And Income Trust Plc LSE:VIN London Ordinary Share GB0008484718 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00 -0.63% 156.75 8,426 16:35:10
Bid Price Offer Price High Price Low Price Open Price
150.50 163.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.51 5.21 10.92 14.4 71
Last Trade Time Trade Type Trade Size Trade Price Currency
15:06:42 O 1,549 161.3438 GBX

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Date Time Title Posts
16/10/202016:58Value and Income Trust151
04/11/201012:08Like cheap Inv. Trust?25

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Value And Income Daily Update: Value And Income Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker VIN. The last closing price for Value And Income was 157.75p.
Value And Income Trust Plc has a 4 week average price of 150p and a 12 week average price of 150p.
The 1 year high share price is 288p while the 1 year low share price is currently 150p.
There are currently 45,595,588 shares in issue and the average daily traded volume is 32,254 shares. The market capitalisation of Value And Income Trust Plc is £71,471,084.19.
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.
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: Https:// 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.].
spectoacc: Missed that, but isn't it all a little bizarre? The sudden exit. The votes against at the AGM. Now he's back as a non-exec - why not an exec? How can he be non-exec of VIN, yet Chairman of OLIM, which manages the property? Or is that why he's non-exec? Is he representing his 24% shareholding, or OLIM? Need to look back through the property holdings but there's at least a few worrying ones.
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.
charlesdb: I remember when Directors of Royal Bank of Scotland made share purchases when the shares in RBS plunged. Like a fool I thought things couldn't be too bad and the shares would recover. So I followed the Directors. I lost a packet. Since then I have never trusted Director's share purchases, because often the action is taken to boost confidence in the company. No doubt VIN shares, on a big discount will recover eventually on a 10 year timescale; but currently I feel they are speculative because of the property holdings. Some of the Directors have family shareholdings so it makes sense for them to buy for the very long term, when the price is on it's back - although a second Coronavius wave is still a possibility - but I still feel that long leases and inflation linking which is mentioned in their statement is an over optimistic assessment and stretched credibility, so income will fall at some point. If you are patient, yes, there is money to be made, depending on your age and timescale. However, if one needs income now, I feel there are better places to put the money; but certainly not in property.
topvest: Yes, a very interesting read in the Annual Report. The share portfolio at £90m looks defensively positioned. The £70m property portfolio looks OK, but they are not being as open as some on 1. Rent collection and 2. The impact of insolvencies. Adelie Foods (8% of rent) has already gone into administration and is not carrying on trading per the administrators proposals. Stonegate Pubs (16% of rental income) is the highest risk as Tenpin (9%) has done an equity raise. It's definitely significant that James Ferguson, John Kay and Dominic Neary have made meaningful share purchases though since the results. They are high quality directors. I am tempted to Add. Might wait for the September property valuation first though!
spectoacc: Yet to change view from Post 111 - if anything, it's getting more murky. Everything has a price but VIN isn't at mine yet.
ygor705: Probably inevitable that VIN would receive a bit of a hammering on the back of its property portfolio. With a spread of mainly large cap equity holdings, I would expect the overall equity portfolio to be down between 20 and 25%. As there is no so-called 'gating' applicable to investment trusts it is the share price that has to take the strain of any rush to the property exit door. IMO this means that the share price (wherever it does end up) will over compensate for the problems. One to keep an eye on.
spectoacc: Must admit I'd taken VIN off my watchlist after selling, wonder at what point it's a long again. Need to dig through their dodgy holdings and property tenants. Edit, and now possibly out of date: 33% UK property, and a Top 10 of: ULVR - GSK - BP - VOD - BEZ - LGEN - PNN - SXS - CRDA A few divi-cutters in there already, and a few more to come, but not that bad a defensive set IMO. If anyone remembers the comm prop tenants to save me looking... I recall they did some selling & buying recently. Edit #2 - this is what I was thinking of: "We bought three new properties over the year with RPI-linked rent reviews: an industrial/ warehouse in Aylesford, Kent just off the M20, and two bingo halls in Bradford and Manchester, at a purchase price of £8.8 million and an average net initial yield on purchase of 6.6%; their average unexpired lease length was 19 years. We sold two pubs in Lancaster in view of covenant concerns as well as short-leased retail properties in Bedford, Oxford and Sevenoaks at a sale price of £10.3 million (5% above valuation) with a net initial yield of 7.3%, falling to below 6.0% on their current rental values. The property portfolio was fully invested at the year end." Good news to ditch the pubs, less so to buy two bingo halls - wonder how secure the covenants are. At last AR, VIN owned: 11 pubs/restaurants 4 Industrials 3 Leisure (in addition to pub/restaurants) 2 petrol stations 2 "Other" 2 supermarkets, but annoyingly the lowest rental stream of the lot. That's in order of rental income, from £1.2m pa for the pubs/restaurants, to £226k for the supermarkets. All-in-all, not great, depending on your view of how long the Covid-19 disruption lasts (a long time, in my view).
ygor705: Looking at the Hargreaves 10 year charts, the biggest share price discount to NAV has been c.25% and the lowest c.5%. It is difficult to be precise, but I'd estimate the average over that period to be around 17% ie skewed more towards the bigger discount end. The recent refinancing is good news as far as I'm concerned but the timing suggests that VIN are expecting interest rates to go up otherwise why execute so early? VIN is already paying a dividend at a higher rate than its earnings but I don't see any imminent issues on that front. The share price is fairly close to average long term discount at the moment with no particularly good company news in prospect. That said, it will be probably be market performance that drives performance over the next 15 months. Most of the property portfolio is in the secondary retail/commercial which looks less vulnerable to internet interference. I remain happy to hold.
Value And Income share price data is direct from the London Stock Exchange
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