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VIP Value And Indexed Property Income Trust Plc

-1.00 (-0.53%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Value And Indexed Property Income Trust Plc LSE:VIP London Ordinary Share GB0008484718 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.00 -0.53% 189.25 6,266 16:35:29
Bid Price Offer Price High Price Low Price Open Price
186.50 192.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investment Advice -14.41M -23.9M -0.5500 -3.46 82.66M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:05:43 O 525 188.125 GBX

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Date Time Title Posts
29/11/202318:13Value and Indexed Property Income Trust PLC81
02/9/201311:42VIP financial services - growth in 2014-
01/5/200911:38Vistaprint - VPrewards SCAM!6

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Posted at 10/12/2023 08:20 by Value And Indexed Proper... Daily Update
Value And Indexed Property Income Trust Plc is listed in the Investment Advice sector of the London Stock Exchange with ticker VIP. The last closing price for Value And Indexed Proper... was 190.25p.
Value And Indexed Proper... currently has 43,447,217 shares in issue. The market capitalisation of Value And Indexed Proper... is £82,658,330.
Value And Indexed Proper... has a price to earnings ratio (PE ratio) of -3.46.
This morning VIP shares opened at -
Posted at 28/11/2023 17:37 by jellypbean
You can see in the numbers in the annual report.

However basically it's 0.6% of gross assets that go to the investment manager (OLIM), via a company that is a subsidiary of VIP (required for regulatory reasons (AFAIK).

On top of that there are expenses at the VIP company level that come to a bit less than the management charges. These include fees for the board, secretariat etc. I'll admit there is a reasonably sized 'other' in there as far as I can remember.

Of course for management fees, gross assets are 40-50% higher than net assets, so that 0.6% becomes 0.8-0.9% of NAV.

The above is consistent with the KID published on HL which says management costs 0.88% and other costs 0.6%.

Then the KID will also include interest costs. I think they've got about 7 years fixed debt at 3.5% ish. To me this is a big positive, so why it would be included as a cost I don't know.

There is also portfolio transaction costs on the KID. There have been quite a lot of these recently as the trust had restructured to property only, so I expect these might reduce going forward?

I also noted that the NAV is given with debt at par, though you can see somewhere in the report that if it's valued at fair it will be a bit higher (I tend to look at fair for ITs, though most normally show both).

Any how, these numbers are from memory, so check annual report for details, and compared to KID to see how one becomes the other.

Main thing I don't really get with this is the tax treatment, as this isn't a REIT (I have it in an ISA).

Chair is Prof. John Kay, who was instrumental in tranforming the finances of one of the richest Oxford Uni colleges (with a large property portfolio) whilst he was chair of economics there. So that seems a positive to me.

Oh yes, there is a mandate to return investors cash at NAV minus costs in 2026, if they want FWIW.
Posted at 16/11/2023 17:21 by lindowcross
and a VIP disclosure document, explains clearly and succintly! ;

The AIFM is Value and Indexed Property Income Services Limited (“VIS” or the “AIFM”), a
private limited company incorporated in Scotland with registered number SC467598, whose
registered office is c/o Maven Capital Partners UK LLP, Kintyre House, 205 West George
Street, Glasgow, G2 2LW. VIS is authorised and regulated by the FCA.
The Company has appointed VIS as its AIFM with responsibility, inter alia, for portfolio
management and risk management of the assets of the Company. VIS does delegate some of
its portfolio management responsibilities to a third party portfolio manager.
The AIFM is also responsible for ensuring compliance with the AIFMD. As described
elsewhere in this document, the AIFM has delegated certain functions with respect to its
duties to third parties in accordance with the delegation requirements of AIFMD.
Notwithstanding any delegation the AIFM shall remain liable to the Company for the proper
performance of the portfolio management and risk management.
Delegated management functions
The AIFM has delegated the responsibility for the management of the equity and property
portfolios to OLIM Property Limited (the “Investment Manager”). The Investment Manager
will be responsible to the AIFM in regard to the management of the investment of the assets
of the Company in accordance with its investment objectives and policies, subject always to
the supervision and direction of the AIFM.
The AIFM receives a fee for the provision of its services as agreed by the parties
Posted at 16/11/2023 16:03 by spectoacc
Or another way to look at it - LXI are charged c.£14m (by my estimate) by Alvarium for management. It's long-lease assets, there's relatively little actual day-to-day management, and I fail to see how it requires more than a handful of full-time employees to run. It isn't knocking on doors collecting rents, or doing frequent re-gears, or arranging lots of CapEx.

Since all out-of-pocket expenses are also charged to the co, the management fee is free money. On a £2.3bn portfolio like LXI's, should you grudge them a mere £14m a year? Definitely - there's c.£200m pa coming in in rent, and they get to swipe £14m of it, year in, year out, irrespective of performance.

VIP have slightly more managing to do, but why should it cost 12% of your (shareholder)'s rent, on top of all the other expenses? They could do the job for a fifth of that: a couple of people on £100k pa, or 4 part-timers on £50k/£100k pro rata.

The fund management industry are great at picking pockets, via small-sounding charges that are actually large and cumulative. REITs are no different.
Posted at 16/11/2023 15:48 by spectoacc
Just under 1%...of what? NAV?

Market cap c.£75m

Total assets c.£153m.

Discount to NAV c.27% (I think - they were quiet on the NAV per shares last RNS).

I've made the point many times elsewhere - charging a % on assets actually needs assessing against what's being taken from income every year. It's a sector problem, not VIP-specific, but I reckon they get c.£9m/year in rents, and charge more than 10% of that in management fee. An even higher % if looking at the bottom line, ie rent after costs ex AMC.

@Lindowcross - HL & others tend to calculate the annual charge by including the stamp duty paid on purchases I think, hence the much higher figure than the AMC for the REITs.
Posted at 27/10/2023 07:31 by riskvsreward
But risk-free 6.2% in NS&I possibly on its downward way while the VIP indexed yield on its way up over the long term? Not calling it the bottom but may be fair or good value at its current price.
Posted at 31/8/2023 15:48 by jellypbean
There was some chat on here last year regarding VIPs holding of CTPT, and having to sell it at a loss (CTPTs shares went to a discount, but then so did VIPs, and they were then able to buy VIP shares back to some extent

Looking back, this related to the debentures, which they bought back early in mid 2022. Having the debentures meant they needed to have some equity holdings, which they could only dispose of when debentures were paid off.

It's in the 2022 half year report.

Anyway, I did have some CTPT back then (sold after the London Metric offer), and have a decent chunk of VIP as a core holding.

Half wondering if there would be any (tax) advantages for VIP to convert to a REIT, I don't think it is one currently?
Posted at 26/9/2022 12:36 by spectoacc
As with all the REITs! Did think the other day, "maybe VIP did right in selling down CTPT after all", but you've only got to look at their own share price to have doubts about that.

I note the last share repurchase was at 248p on 1st September - in common with many, they seemed to like buying their own shares when they're high, less so when they're low.
Posted at 07/7/2022 19:59 by spectoacc
Assume they invested spare cash in BREI, then when they need some for property purchases they sell down, but it's a rapid way to lose money when BREI/CTPT is so illiquid.

If they sold say half their stake, it would sit on CTPT's share price for many weeks, & say 10p off in that time. I'd be cursing not being able to buy as many as I have already at the lower prices.

VIP clearly aren't shrewd, & CTPT is clearly good value at the price they've started selling at. HODL.
Posted at 08/6/2022 15:09 by skyship
With the BREI share price sliding I'm intrigued as to VIP's plans for their current holding of 14.5m shares (6.024%) bought since end March at an average price of perhaps 93p, perhaps a tad more.

There is talk of further rationalisation in our sector, but VIP is half the size of BREI, so it has to be unlikely that they could make a move themselves. Not impossible of course, they could drum up equity and debt support to take a shot at, say, a 10% NAV discount, so c115p. If they lose out to a counter-bidder then to the loser the spoils with a £3.5m+ trading profit on their holding.

The well-timed sale of all their other REIT holdings banked a nice profit; whilst providing the cash for their BREI raid. The size of their holding is too large for a marketable trade; so IMO there is more to this than meets the eye.

They could be acting as facilitator for a 3rd party; one whose name would have driven the price higher. VIP's name has had no such effect as the Market sees it as an investment decision rather than a bid prelude. I'm not so sure.

Whatever is afoot, if anything, BREI at a 29.4% discount has to be a good value buy.
Posted at 22/3/2018 07:19 by johnma
VIPERA PLC Statement regarding a Possible Offer The Boards of Directors of Vipera plc ("Vipera") and Sella Open Fintech Platform S.p.A. ("SOFP") announce that following recent discussions, SOFP is contemplating making an offer for the entire issued and to be issued ordinary share capital of Vipera (the "Possible Offer"). The Boards of Directors of Vipera and SOFP would like to emphasise that at this stage there can be no assurances that such an offer will be made. Vipera shareholders are strongly advised to take no action at this moment.As a consequence of this announcement, an 'offer period' has commenced in respect of Vipera in accordance with the Code.SOFP has been formed by Banca Sella Holding S.p.A. to act as the holding company of its new innovative fintech business, of which Vipera is intended to form an important part. In addition to the proposed acquisitions of Vipera and a private Italian financial software company, which has developed supply chain finance software and systems, certain businesses and assets are being transferred to SOFP by other Gruppo Sella companies.SOFP's objective is to become a leading provider for fintechs. It intends to integrate parts of the operations of the businesses it is acquiring to create an open platform and provide services to be used by banks and financial service companies outside Gruppo Sella, as well as its own clients.Gruppo Sella is a family owned banking and financial services group with a deep-rooted history of welcoming innovation and embracing technological change.The new platform requires the aggregation of a range of skills to provide 'Banking as a Platform' and 'Platform as a Service' linking businesses and banks to deliver a range of fintech services including e-payment solutions, merchant services and supply chain finance. This open banking solution helps banks to satisfy their Payment Services Directive 2 compliance obligations. Vipera's management and knowhow, which includes expertise in mobile payments, card control, coupon and loyalty programmes, digital wallets and fraud detection, are expected to make an important contribution to SOFP's ongoing business.Banca Sella Holding S.p.A., which has been working together with Vipera on the development of new fintech services for several months, holds 40 million Vipera ordinary shares representing approximately 12.5 per cent. of its issued ordinary share capital. It is anticipated that the Possible Offer, if made, would be for cash consideration at a price of 7.5p per Vipera ordinary share ("Vipera Share"). This values the whole of the issued ordinary share capital of Vipera at £24.03 million and represents a premium of 20 per cent. to the mid-market price of a Vipera Share at close of business on 21 March 2018 (6.25p).It is proposed that subject to certain approvals, certain members of Vipera's management team would exchange all or part of their holdings of Vipera Shares for shares in SOFP (the "Management Share Exchange"). Vipera shareholders who are not members of Vipera's management team will not be offered the opportunity to exchange all or part of their Vipera Shares for shares in SOFP.The expected participants in the Management Share Exchange hold approximately 146 million Vipera Shares representing about 45.5% of Vipera's issued ordinary share capital. Under the proposed terms of the Management Share Exchange, the participants are expected receive 0.01676 new SOFP shares for every Vipera Share held in respect of approximately 75 per cent. of their holdings of Vipera Shares and SOFP expects them to accept the Possible Offer in respect of the remainder. The participants in the Management Share Exchange and other subscribers for new SOFP shares are expected to sign a SOFP shareholders agreement subject to (and upon) the Possible Offer becoming unconditional. It is anticipated that the SOFP shareholders agreement, which is being drafted and has not yet been agreed, will contain minority shareholder protections and non-competition restrictions and will provide that the new SOFP shares held by directors/employees will be acquired for reduced consideration if the holder is dismissed from employment with SOFP for 'just cause' (such as competing with SOFP Group). The SOFP shareholders' agreement is also expected to provide for a lock-in period during which sales of SOFP shares are restricted and to provide for the parties to co-operate following its expiry to procure a realisation opportunity such as a public flotation or the sale of SOFP shares (to Banca Sella Holding S.p.A. or a third party) at fair value.If the Possible Offer was to be made at a price of 7.5p per Vipera Share and the Management Share Exchange was proposed on the terms shown above, the independent directors of Vipera, as so advised by London Bridge Capital Partners LLP, expect to recommend Vipera shareholders to accept the Proposed Offer and vote in favour of the Management Share Exchange. In giving advice to the independent directors of Vipera, London Bridge Capital Partners LLP has had regard to their commercial assessments.If an offer is made, Vipera Shares will be acquired by SOFP fully paid, or credited as fully paid, and free from all liens, equities, charges, equitable interests, encumbrances, rights of pre-emptions and other third party rights and/or interests of any nature whatsoever and together with all rights attaching to them, now and in the future, including voting rights and the right to receive and retain all dividends, interests and other distributions (if any) declared made or paid after the date of this announcement. SOFP retains the right to reduce the offer consideration by the amount of any dividend (or other distribution) which is paid or becomes payable by Vipera to its shareholders, unless, and to the extent that, Vipera Shareholders are entitled to receive and retain all or part of a specified dividend (or other distribution) in addition to the offer consideration; and if SOFP exercises the right to reduce the offer consideration by all or part of the amount of a dividend (or other distribution) that has not been paid, Vipera Shareholders will be entitled to receive and retain that dividend (or other distribution). As Vipera has a deficit of distributable reserves, no dividends are anticipated for the foreseeable future.In accordance with Rule 2.6(a) of the Code, SOFP must, by not later than 5.00 p.m. on 19 April 2018, either announce a firm intention to make an offer for Vipera in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel on Takeovers and Mergers (the "Takeover Panel") in accordance with Rule 2.6(c) of the Code.The relevant deadline will cease to apply to SOFP if another offeror announces, prior to the relevant deadline, a firm intention to make an offer for Vipera. In such circumstances, SOFP will be required to clarify its intentions in accordance with Rule 2.6(d) of the Code.The attention of shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.A further announcement will be made as and when appropriate.Rule 2.9 of the CodeIn accordance with Rule 2.9 of the Code, Vipera confirms that, as of the date of the announcement, it has in issue 320,429,725 ordinary shares of 1 pence each. The International Securities Identification Number of the ordinary shares is GB00B5M62J37. In addition, Vipera has 13,310,735 deferred shares of 24p each ("Deferred Shares") also still in issue which are non-voting and are of negligible value. If is not expected that an offer will be made by SOFP to the holders of Deferred Shares. For further in
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