Share Name Share Symbol Market Type Share ISIN Share Description
Value And Indexed Property Income Trust Plc LSE:VIN London Ordinary Share GB0008484718 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 221.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
221.00 224.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.93 2.78 5.35 41.3 101
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 221.00 GBX

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Date Time Title Posts
02/4/202110:05Value and Income Trust192
04/11/201012:08Like cheap Inv. Trust?25

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Value And Indexed Proper... Daily Update: Value And Indexed Property 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 Indexed Proper... was 221p.
Value And Indexed Property Income Trust Plc has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 221p while the 1 year low share price is currently 148p.
There are currently 45,489,989 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Value And Indexed Property Income Trust Plc is £100,532,875.69.
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.
topvest: Some very odd price movements in the market today. My best stocks are up strongly whereas the general market is down strongly as are investment vehicles. All very odd indeed. Can't remember seeing such volatility on my own portfolio.
spectoacc: Oakshott back in the market, at good prices: Price(s) Volume(s) 159.50p 10,000 169.044149p 53,976 176.0926p 36,558
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.
topvest: Impossible to easily reconcile the investment property valuation numbers in the interims and I am a Chartered Accountant of 30 years standing. Very very poor transparency and disclosure on the numbers. Firstly its not clear which numbers include a property revaluation and which don't. Secondly the IFRS 16 adjustment is sometimes included in the quoted number and sometimes not as there is a matching leasehold liability. Thirdly there is no movement note on investment properties. Awful. Overall though, I think the revaluation deficit was c£3m which is a c4% reduction. They need to focus on better numbers disclosure. Nowhere near as good as their write-up on the property market which is a good read. On a more positive front this activity is encouraging: "Purchases We invested GBP5.5m plus costs over the six months at a net initial yield of 6.1% in three freehold index-linked Co-op convenience stores in Barton Upon Humber, Cleethorpes and Kirriemuir. All three supermarkets have index-linked leases and a weighted average unexpired lease length of 13 years. These three properties were valued at end-September at 1.4% above their total purchase price excluding costs. These supermarkets with RPI-linked leases to the undoubted covenant of the Co-operative Group Limited should produce attractive long-term real returns at low risk from an initial yield over 8 points above index-linked gilts, with favourable capped and collared RPI indexation on one and uncapped RPI indexation on two. The Co-op have a 6% market share in food retailing, with a very strong position in local and convenience shopping in over 3,700 stores which have performed exceptionally well during the pandemic. They should have no difficulty in meeting their RPI-linked rental payments on these properties. Sales Contracts were exchanged in September and October, with completion fixed for early in 2021, for the sale of two properties, the bingo hall in Manchester and the roadside property in Horsham held on a 36 year lease, for GBP4.75m in total, 18.8% above their GBP4.0m end-September valuation totals."
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.].
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.
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.
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.
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