Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Arrived safely in my dealing account today. Now, what to do with the proceeds? Oil looks oversold to me, but then so do quite a lot of sectors.
I take your point, mainly. But I bought these solely because I thought the owners would get fed up with the negative publicity about their pale male BoD and take the group private at a nice premium to the price I'd paid. I've held for a year, buying on four occasions, most recently only last month and, sure enough, they're offering a premium of ~50% over what I paid.
I never expected the full asset value, and am very happy with my nice effortless profit, all tax free in my SIPP.
Now, what to do with the proceeds?
There's always a danger in a PLC with just a 20% float and the other 80% tightly held in family trusts, that the majority will one day lift two fingers towards the minority.
The Freshwater trusts don't want income because it's highly taxed and they're all rich anyway, so the yield has always been low at 2%, when it could easily and justifiably have been 6%. The problem comes when optimists, such as this correspondent, take a view, that one day, the family will buy out the minority. We, quite reasonably, expect fair play and an offer close to NAV.
Instead, our patience is rewarded with an offer at a 33% discount to NAV of £120 per share. It's a "final" offer and comes with the express threat that the majority, if thwarted, "will seek other ways to take the company private". In other words, lock in the minority for evermore, with little chance of ever realising their capital value.
Looked at in overall financial terms, the company has a value of almost £2 billion. The minority's are is worth £400 million. The majority is offering them £260 million cash and are, effectively, going to walk away with an unearned, undeserved, £140 million of the minority investors money, waving two fingers at the rest of us.
If that isn't borderline market abuse, I'd like to know what is.
the gap has certainly closed. 50% jump on the day. Really very nice start to the weekend
It has made the gap up now....
at £52.70. Acceptable divi, covered several times,and at some point the gap between the market cap of £850m and the asset value of £1.95b must narrow, mustn't it?
In the mean time, I'm happy to add on a fairly regular basis, even if my holding (first started about two years ago) is 1-2% underwater at the moment.
Shareholders will be happy with another solid set of results. Asset value is up ,rentals well up ,and increased div-now around 1.8% is well covered. Astute management with increasing dollar exposure all at a huge discount to sound property backing makes this a reliable long term core holding.
You are right Bev88 this share is way below NAV and will always deliver if you can stomach the odd dip and at the AGM you know these guys will not sell out. And strong in USA
Wow- results are stunning,asset with value and earnings powering ahead way above my expectations. This outfit keeps on delivering !
Can I instead then ask you about this sore wisdom tooth of mine ?? :0)). Thanks for your input (not advice). At least in respect of these holdings, I think that our investment goals are similar. I'll take a look into Hansa Trust and PCA. Thanks again for your thoughts - I appreciate it. All the best.
Please bear in mind I am not qualified to advise(except in dentistry) but I don't think either is dear but maybe to wait for a slight dip. Otherwise I'm a fan of ITs and at a discount of 30% Hansa Trust stands out IMHO (again i've met the management). PCA might be woth a look in the property sphere. Good luck.
In your opinion, what would represent good entry points in terms of price, for MTVW and DJAN ie 'the dips' ? I've invested small amounts now into both but would like to build up more substantial holdings. Are there any other companies that you'd say are worth a look in trying to create a pension-like, low risk portfolio ? I'll look out for dates of the next AGMs. Thanks for the tip.
Spot on Plata-felt like words from my mouth. Some twenty or more years ago following following poor forays into property I decided to stick the residue with people who knew what they were doing at a considerable discount to assets where they had major skin in the game. Hence DJAN and MTVW have been my major share holdings to which I have added on dips.When attending AGMS,especially DJAN you meet some very shrewd characters. Good luck , but with these stocks you won't need too much.
Last week, I read this article which seemed to completely corroborate your posts. https://uk.finance.yahoo.com/news/2-stocks-d-buy-hold-153707907.html?.tsrc=applewf I'm a newbie to investing and first saw a comment of yours on ESP, where you also mentioned WJG. As I hold both, I wondered if we had similar investment aims. I recently sold a buy-to-let property and have needed to invest the proceeds in order to generate an income. I'm looking to create a 'pension like' portfolio. I am certainly going to follow you into both DJAN and MTVW. The comments that you have made on both have resonated completely. Thanks. Would you mind sharing other companies / trusts that you are invested in and most attracted to, particularly those that pay a reasonable or strongly growing dividend, without placing too much capital at risk ? Thanks again for pointing out these two relatively unknown gems.
The guy on the podcast misses the point . He might not be excited by a div of around 1.5%[albeit many times covered]. He should be excited however by the fantastic growth story of around 10% year on year from astutely managed assets with minimal borrowing with increasing dollar earning potential. As I have posted previously this is a gem below the radar of many .
Noticeably better results than other recently reporting property companies. This is no doubt helped by significant assets in USA. One day the market will reward this outfit with a rating they so clearly deserve based on asset value and solid performance over many years.
A purchase of over £330,000 today pushed shares back to year's high- still well below asset value!
Results ,would have liked to have seen a bigger hike in the dividend.
My twenty five years of following and believing in this management is being repaid in spades following today's fantastic results-regards to all those who have followed my previous input here.I'm looking forward to the champagne at AGM with other fortunate holders.
As well as a well managed UK property play at a substantial discount to asset value Daejan owns a considerable US portfolio. Add the low borrowings and huge management holding of stock , this company has diverse attractions with plenty of upside potential.
First Target 5800p
Got my payment today.
Sterling performance today with all the turbulence in the Ftse.Nice rise and Xd!
Simon Thomson in IC Great write up.Target price £58.00 Waiting for small rise tomorrow.
Divvy has been corrected to November, they must be listening to you people, as a follower I have added to my still half empty boots a few times over the past weeks. Hopefully see the share price moving up now.