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Received mine in HL, 69p per share.
Hi all, received my payment HL Sipp and ISA but only 65p per share
It did mention 5 days after liquidation so I am taking that 5 working days.
So expecting Friday 19th onwards
Anyone had their funds returned to them yet?
Nice to see trading has finally finished and looking forward to the payout which hopefully will have a little interest added to the quoted 72p purches price (less fees etc). I believe we should all receive this on 15th December. Already planned my reinvestments elsewhere,
I hold these in 2 ISAs and a SIPP.
I checked with HL, IWEB and II, for the ISAs the payment of 69p will be made into the ISAs and SIPP, the shares will be removed from the ISA accounts into trading accounts or certificates (if no trading account) but will remain in the SIPP.
Tried to buy some more and to make a small amount in a few days as I got a quote of 0.67908p
but for upto only 1500 shares, 68.5p for over 1500 so not worth it when stamp duty and trading costs taken into account, thought this is too good to be true.
Mine was in my account yesterday
I have just spotted a corporate action stating these will no longer able to be held within an ISA if sold as planned and the funds will be moved into the trading account. I only found this by accident and panic sold the remaining lot so as to keep it in the ISA wrapper. It was just under the 69p. This might have been an expensive mistake.
So now I have a lump of cash needing a home. I have used some to top up SREI and CLI. A bit of a panic buy but at least I know them.
As for the dividend, its due today not the end of last month. In fact its a good job because that's allowed me to spot the ISA issue
Thanks Terry,
I will hold fire until the middle of the month.
From memory the vote is on the 11/1/24 and if passed 69p per share will be distributed 4 days latter, I assume there will be a small additional amount to come at a later date.
Just wondering if anyone has seen any update about the final payment date which was originally planned for the end of 2023 ? I have investment plans for the monies and don't want to sell early at a discounted value.
Has anyone received their November dividend payment from this stock yet? Mine's not come through and was meant to yesterday.
Is there any info on when shareholders will see the cash from the sale. The original release said they were targeting the end of the year. We are nearly there, but I haven't seen any update.
Thanks, thought I was probably missing something.
Tiff I'm afraid not - The board has sold the entire property portfolio at a 10% discount to the NAV @ c. 72p per share. On this basis the best you can hope for is 72p (minus any dividends and costs) between now the and closure of the company. With a bit of luck the sale cash is earning decent interest
My first post, so here goes. And the first point is that the hold I have rated these as is what I want to question.
I have some EPIC, bit disappointed management have thrown the towel in, but I have a question. Most valuations still seem to say about 80p per share NAV. Share price in the market is 68.8 today.
Does that mean the payout 'by the end of the year' will be about 80p per share less any dividends paid between now and then and any expenses that can be rounded up and charged to shareholders, or is the 68.8p likely to be the maximum?
I have been musing what to do with these since the announcement. I was going to hold on until the process finished and collect the cash to give me time to decide where to reinvest it.
Some shares have dropped more than the relative gain by holding on so as the holdings are with different brokers I sold a chunk and recycled into UKW, Trig and NG.
Most a dipped so I'm hoping there might be a small gain plus divis. I shall miss the monthly income albeit it's dissappearing anyway. I'm not sure if the last payment is November or December as the wind up is the 29th from memory so maybe there won't be a Dec divi.
I still have the remaining shares with the other broker that will need a new home soon. I don't want to be buying into a Santa rally but having cash available for feb/Mar might be handy.
Of course Mr Market might change things further and persuade me to sell more early if the other shares drop more than the potential gain from holding.
Yes - the shares will disappear and you cash balance will increase by the proceeds from the takeover.
If the proposed deal is approved and the company is sold, what actually happens to the shares held in our accounts? Do those shares automatically get replaced with equivalent cash?
Not sure if I should be holding on to them until the bitter end or thinking about selling up sooner...
You are forgetting debt. The last half year balance sheet showed debt net of cash of £63 million. There were also other payables and receivables.
I am in a similar situation to Simon paid with averaging 78P had dividends yes but still in a loss and even more so if you account for inflation.
The RNS says Following the announcement of its Strategic Review on 16 March 2023, the Board of Ediston Property Investment Company plc (the "Company") is pleased to announce that the Company has entered into an agreement for the sale (the "Disposal") of the entirety of the EPIC Group's property portfolio (the "Property Portfolio") to RI UK 1 Limited (the "Purchaser"), a wholly owned subsidiary of Realty Income, for cash consideration of £200.8 million, prior to agreed deductions of approximately £4.0 million (in aggregate, the "Consideration").
Ok so its bad enough that £4 million immediately disappears so shouldn’t that leave £196 million but then they say after completion they expect to have £152.2 million so using simple arithmetic £200.8 million minus £152.2 million equals £48.6 million so where the hell is that going ?
£48.6 million where is it going
As per usual with anything to do with money and the markets, money just vanishes and the shareholder who has loyally stuck by the company losses out.
So that is likely to be 72p minus any dividends. Plus some big expenses if the sale doesn't happen. I expect it will get the vote passed as the bigger holders can force it through.
From the circular :-
If Shareholders subsequently approve a liquidation of the Company on or around 31 December 2023, the estimated amount per Share available for distribution to Shareholders in the liquidation (taking into account the estimated costs of liquidation, service provider termination costs and estimated net income in the period following Completion) is expected to be materially the same as the Estimated Net Assets per Share of 72.0 pence, unless and to the extent that any dividends are paid in the period between Completion and liquidation.
In the event that Completion does not occur because the Resolution is not passed at the General Meeting the Company will be liable to pay the Purchaser’s costs up to approximately £1.46 million pursuant to the Cost Cover Agreement, and, in any event, the Company will have to pay its own abort costs which are expected to be approximately £1.3 million. In addition, the market’s perception of a failed transaction could result in a negative impact on the market price of the Ordinary Shares and the Company’s financial condition, results of operations and prospects.
Simon - Statement says :'The Board intends to maintain the current level of dividend, with monthly dividend payments, until the return of capital to Shareholders.' so I think that answers one of your questions.
Like others, disappointed in the EPIC Management... Don't see the "BENIFIT" to shareholders in selling out at a 11% discount to NAV when the market is depressed... especially when its still making over 10% HLM...
Probably something else going on in the background... maybe Realty Income is held by some of the bigger share holders so they wont loose out!?
Personally don't think its a good deal for us investors... merger with sim. sized REIT would more than likely been the better option, but the management would then have had a bum fight over who runs the new combined entity