Wichford Share Discussion Threads

[mctmct] 01/2/2010 08:28

Standstill agreement. Good news, or neutral?

[ted1806] 20/1/2010 12:19

Can only be good news

RNS Number : 8457F
Wichford plc
20 January 2010



Wichford P.L.C.

("Wichford" or the "Company")




Acquisitions




20 January 2010




Wichford P.L.C., the property investment company, announces three acquisitions in the UK, located in Bristol, Gillingham and Uxbridge, for a total of £23,337,000.




Crescent Centre, Bristol




Wichford P.L.C. has acquired the Crescent Centre, Temple Back, Bristol from Henderson Global Investors for £14,000,000.




The multi-let 1970s office building totals 88,053 sq ft. with 48 car parking spaces. The largest tenant is Her Majesty's Revenue & Customs and the Employment Tribunals. Government occupiers make up 86.5% of the passing rent.




The current income is £1,167,959 with two small suites empty and available to rent. The purchase price reflects a net initial yield of 7.89%.




This property, which has a weighted average unexpired lease term ("WAULT") of 8.8 years, is expected to be pledged to the Zeta portfolio and will not directly impact the WAULT calculations of the Gamma or Delta facilities.



Once this acquisition is pledged to the Zeta facility it will release funds held as collateral from properties that were sold or released from this facility to assist with the WAULT on the Delta and Gamma facilities. This acquisition therefore forms part of the overall strategy for the improvement of the Delta and Gamma WAULT.




DSA Driving Centres, Uxbridge and Gillingham




Wichford has also exchanged contracts on two pre-let DSA Driving Centres in Gillingham and Uxbridge for a total acquisition price of £9,337,000. In both cases, practical completion is scheduled to take place before the end of May 2010.




The two properties are both let on forty year leases to the Driving Standards Agency. Gillingham and Uxbridge have tenant break options in year fifteen and twenty respectively.




The total initial income is £585,000 giving a blended net initial yield of 5.92% based on the purchase price.




These two acquisitions both assist in raising the WAULT of Wichford's UK portfolio and it is intended that both properties will be pledged to the Delta Facility subject to practical completion and the Security Trustee accepting the properties as substitute properties.




For further details, please contact,




Wichford P.L.C.



Philippe de Nicolay
00 33 1 40 74 42 79






Wichford Property Management Ltd



Philip Cooper
020 7495 7111

Stephen Oakenfull
020 7811 0100





Citigate Dewe Rogerson
020 7638 9571

George Cazenove


Kate Lehane







Notes to editors




Wichford P.L.C. (UK Listed: WICH) is a property investment company, with a portfolio focused on investment property occupied exclusively by Central and State Government bodies. Approximately a quarter of the portfolio comprises public sector rented properties in France, Germany and the Netherlands.





This information is provided by RNS
The company news service from the London Stock Exchange

END

[gac141] 19/1/2010 13:38

Only a matter of time. WICH may see a sustained rise once the finances are sorted. It would not surprise me to see this go to 20+ over the next 3 months.

[supersturrock] 19/1/2010 12:25

Yes, I keep reading about how commercial property values are rebounding strongly but it seems to be just prime stuff. Presumably, government offices dont fall into that category.

[masurenguy] 19/1/2010 12:08

European commercial property rebounds

[gac141] 15/1/2010 18:03

The Board of Assura notes the recent increase in its share price and confirms
that it is in preliminary discussions which may or may not lead to an offer
being made for the Company. Discussions are at a very early stage and there can
be no certainty that an offer will be forthcoming.

[hybrasil] 15/1/2010 16:45

when you see offers coming in for assura you start to get a little happy

[quazie12] 31/12/2009 12:19

santori

lets hope so. the vbg loan facility matures in January, days away. Who really knows how much the company have achieved or how much equity injection will be required. The assets are def under water (see front cover of prospectus).

The banks will for sure be negotiating from a position of strength. whether they leave much on the table for Wich is anyone's guess. Strong tenants or not, when you have fcucked with the banks they screw you back. Wich had a profit model that sailed very close to the wind and my hope is that this is sorted and works for them. January is going to be a big month. The RI was their only saviour. Personally I think someof the BOD should fall on their swords on this.

Fingers crossed January announcement is positive. If so it will be onwards and upwards from here I reckon. If not who knows.

q

[gac141] 30/12/2009 20:00

Commercial property shares set to boom-

BBC just had specialist on property on and say this is the sector , not retail,that is the most exciting for 2010.

Watch Wich transform.

[utsushi] 27/12/2009 09:51

Clearly the premium to NAV and the modest prospective EPS growth is holding the share price back, along with sector worries, a very slow recovery in commercial property prices, continued debt overhang, and the prospect of higher interest rates in 2010.

The company is making good progress with it's balance sheet, is on the right track, and it's time will come, but perhaps not right now.

[patviera] 24/12/2009 15:57

mctmct....just ciref buying..part of corovest restructure...their stake going into ciref which is partly owned by ciref i think.

[mctmct] 24/12/2009 14:18

19.23% of the shares changed hands yesterday! Does anyone here know any more about this?

[patviera] 17/12/2009 15:22

2.5m crossed

[lord gnome] 17/12/2009 13:27

That also means that someone just sold 5 million. Depends on who is doing the buying and who is doing the selling.

[masurenguy] 17/12/2009 12:38

Tend to agree - a 5m Buy @9.35p costs £467k which is serious money in a sub 10p stock.

[gac141] 17/12/2009 11:54

Someone just bought 5m shares. Now that shows confidence. Maybe the loan renegotiation is sorted?

[asher] 12/12/2009 09:41

Basic earnings per share is the number of shares issued. Diluted earnings per share is the number of shares issued plus any options, warrants etc which have yet to be converted into shares, which when converted into shares would increase the number of shares issued.

[mre] 11/12/2009 11:05

The date for the new shares trading on the LSE was 25th September. Possibly, as this was so near to year end, they are allowed to use the old number of shares?

[lord gnome] 11/12/2009 07:34

Good point mre, you are correct. Buried deep in the accounts is the following item:

"9. Earnings per share
Basic earnings per share for the year ended 30 September 2009 is based on the
loss attributable to equity shareholders of GBP75.4 million (2008: loss of
GBP130.4 million) and a weighted average number of Ordinary Shares outstanding
during the year ended 30 September 2009 of 147,791,602 (2008: 132,726,728).
Details of the additional shares issued during the year are contained in note
18.

Diluted earnings per share are the same as basic earnings per share."

Clearly diluted earnings per share are not the same as basic earnings per share and the accounts are therefore misleading. For some reason they have used the fully diluted number of shares to calculate the NAV but not the EPS.

[mre] 10/12/2009 22:21

quazie12, Lord Gnome,
Re post 522, note that there are now 1,062,095,584 shares. Therefore a profit of 6.1MM equates to 0.6p EPS (not 6p). If it were 6p I would certainly be very happy ;-)

[nick rubens] 09/12/2009 14:51

jotoha2 The UK is heading for a big recession. This is the worst govn't/public debt problem I have ever seen and it will be the worst subsequent effect i have ever lived through on the economy whichever way it gets tackled.

Apologies to wich shareholders/traders for getting off topic in a sense.

[jotoha2] 08/12/2009 21:10

Nick you are right to be cynical , this sector has another 2 years in the dark house , far better oppo elsewhere , its a sleeping dog.