Value And Indexed Property Income Trust Plc

0.50 (0.24%)
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
  0.50 0.24% 213.00 13,736 16:35:25
Bid Price Offer Price High Price Low Price Open Price
212.00 214.00 211.00 211.00 211.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trusts 26.57 24.26 55.70 382.41 92.54
Last Trade Time Trade Type Trade Size Trade Price Currency
14:58:45 O 1,000 213.76 GBX

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Date Time Title Posts
29/12/202216:32Value and Indexed Property Income Trust PLC54
02/9/201312:42VIP financial services - growth in 2014-
01/5/200912:38Vistaprint - VPrewards SCAM!6

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Posted at 25/10/2022 20:48 by spectoacc
I think they'll be hit from all sides.

The "V" is surely going to crater, albeit it'll take time. I don't see banks calling in loans tho, it'll be relaxed covenants all the way. But will imperil dividend payouts.

I envisage rent collection becoming more tricky - how can it not? There's already been some relief on supposedly baked-in rises elsewhere.

If we get as far as voids, then it's only 3/6 months to Empty Rates. Worse, if tenants have gone pop & there's no dilaps, there'll be capital spend. So it isn't just the loss of income - there's an a cash cost. And there'll barely be a secondary market to get out.

None of this feels imminent, but can see it happening well within the next 12 months. How can we not have a bad recession? Who's bailing us out? Not the consumer, not govnt, not (for the first time in a long time) the BoE. All are going the other way - consumer being strangled by fuel price/mortgage payments, govnt putting up taxes & cutting spending (proportionally), BoE going QT & raising rates. It's a stagflationary bust.

Or as Roubini memorably put it last week - it'll be the worst of the GFC and the worst of the 70's, both at once :)

I've come full circle on REITs - I thought they'd be a decent bond proxy, a safe port in +10% inflation what with having real assets, and that with LTVs being so much lower than going into the GFC, there'd be unlikely to be any serious problems.

Instead, they have indeed acted like bonds (by falling off a cliff), the inflation play has acted in reverse - Industrial did +41% in 12 months when inflation was a few %. And turns out the LTVs on just about all of them could create an existential danger, if things get bad enough.

The only positives are 1. It may not happen (gas prices, Ukraine, finding a couple of hundred billion down the back of the sofa?); 2. There's a lot in the prices already (tho less after today's daft rally - which I hope continues, particularly on EBOX so I can sell).

As to what to buy instead - anything that didn't rise strongly in 14 years of ZIRP. Good luck finding that tho. And anything with genuine inflation protection, not the total fraud of "inflation-protected" which turns out to be 3% or 4% capped. Removal of govnt fuel cap from April is going to keep inflation higher for longer - it may even peak then, somewhere above 11%, depending on gas prices.

Posted at 25/10/2022 19:38 by topvest
Key thing I have been looking at is rental yield, interest cost and whether this is fixed and LTV versus covenant levels. Most property companies are OK on the first two unless thay have a revolving credit facility expiring. The one that is scary is LTV as most property companies are 30-40% leveraged. Some will be in trouble if interest rates cause hefty property write-down's. VIP looks reasonably well positioned from what I can see.
Posted at 26/9/2022 13:36 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 09/8/2022 10:08 by skyship
Yes, VIP made to look rather stupid with CTPT's NAV Update and buyback statement this morning. CTPT now 88p versus VIP's last big sales down to 77p!
Posted at 24/7/2022 14:50 by spectoacc
@topvest - rare we disagree, CTPT by far my largest holding & have no VIP ;)

As to strategy change - IMO VIP have just decided to spend the cash on buying back their own shares, rather than hold CTPT. So in that, they agree with @topvest.

But I see something a little Mandy Rice-Davies in it.. And as @Skyship says, they're booking what seems to be a rather pointless loss to do it.

Posted at 23/7/2022 13:11 by cynicalsteve
Having read the VIP and CTPT threads I've sold VIP and bought CTPT. I'm baffled and worried by what VIP has been doing recently. As part of their new investment strategy (which I liked by the way) they were buyers of CTPT until May but from July they have been big sellers. Have they changed strategy again? Is there confusion or disagreement about what the strategy is? I'm not a buyer of VIP until there is some clarity (and a bigger discount!!!).
Posted at 07/7/2022 20:59 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 06/7/2022 22:40 by rambutan2
From mon. So BREI the sole remaining Reit holding. Also confirming that longer term fixed property debt now costing above 4%:

Quarterly Update to 30 June 2022

VIP has now completed the transition to a direct property investment trust approved by Shareholders on 7 January 2021. Since then, 18 properties with long, index-linked leases have been bought for GBP87 million and 6 properties sold for GBP11 million. VIP has just exchanged contracts for the purchase of an indexed M&S Simply Food store in East Anglia for GBP11 million and is now fully invested. UK direct property comprises 94% of the portfolio, with 6% in one property equity.

VIP's balance sheet has also been transformed since 7 January 2021, with interest rates cut and debt maturities lengthened. The fixed interest rate payable on borrowings, which now total GBP50 million, has been cut from 6.7% to 3.8%, and the average debt maturity extended from 4.6 years to 8.8 years. Since 31 March 2022, the Company has repaid early its 93/8% 2026 Debenture at a cost of GBP26.2 million and borrowed a further GBP13 million from an existing lender at a net fixed rate of 4.2% until March 2033. The current Loan to Value Ratio is 29% (the Company's normal range is 25% - 50%) with further fixed rate borrowing under negotiation.

The Annual General Meeting of the Company will be held on Friday, 8 July 2022 at 12.30pm at the offices of Shepherd & Wedderburn LLP, 1 Exchange Crescent, Conference Square, Edinburgh EH3 8UL.

Posted at 08/6/2022 16:09 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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