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I read the article and agree,65p is a good start and I believe the future for first property is very good.
''I see decent investment upside to my 65p target price. Buy.''
AUM are up considerably ,and a notice that FPO will meet expectations.
It was nice to see the buying,and its good to re purchase you're own shares when on a discount, there is a argument against it when above or at NAV but in this instance it's a good move. A pro like Habib knows a bargain when he sees it.
The company has picked up 4.75m shares at 46p to put into treasury - this should hopefully mop up a big tranche of sellers and move the price upwards as it deserves. It's also timed nicely if it has a good end of year trading update (last years was on 10th April) with all the business win signs indicating it should be good one....
It�s a bullish move to buy so many shares,I consider Mr Habib to be very shrewd so hopefully he sees this as a good point to pick up shares before the March upwards.
First Property Group plc Director's Share Dealing in Company First Property Group plc (the "Company") (AIM: FPO) announces that it received notification on 29 March 2018 that on 28 March 2018 Mr. Ben Habib, Chief Executive Officer of the Company, acquired 50,000 ordinary shares of 1 pence each ("Ordinary Shares") in the Company at a price of 45.75p per Ordinary Share and on 29 March 2018 he acquired a further 100,000 Ordinary Shares at a price of 46.25p per Ordinary Share. The transactions took place on the London Stock Exchange. Following this notification, the total beneficial holding of Mr. Habib is now 16,850,000 Ordinary Shares representing 14.52% of the issued ordinary share capital of the Company. Now that is confidence - he thinks 46.25p is a bargain. Onwards and upwards. This, to me, epitomises the share you should put in your pension pot - strong yields, growth prospects and protection from Brexit.
Investors Chornicle (IC) - Simon Thompson - small cap buying opportunities - Simon, did a very good cover of FPO last week. 12% discount from NAV (when he was writing at 45p). That seems to have closed up nicely since the issue. Still, looks a very good company here. Well done all who have spotted this and are in on the rewards. I shall be doing additional research over the coming weeks. Good luck all, stay safe, speak soon.
Missed that opportunity at 44p - should have taken it. Onwards and upwards :)
Simon Thompson in IC,gave a very good write up about First property. Off memory,it spoke about good management,how the last property management deal was based on % of profit and that could give us quite a boost instead of a fee based deal. And the possibility of more deals to come. All in all a glowing write up,I'm still confident we will do well here as the management are such good property managers and know there stuff.
Considering the extra volatility in the markets lately FPO seems quite steady , maybe we are due a bit of a price revival. News has been quite as well, normally a deal or two a quarter here,but all quiet.
Creeping up last week or so after 6 months steady downwards movement. As always if your not into long term holding patience is the difficult part of this game we play. D.
I suppose being a multiple award winning property investment company helps to attract new money,fpo have a good track record. I notice one of the directors have invested recently,they must think this is cheap at this price like the rest of us wondering why the low price. Hopefully a good article or two in investors chronicle about the good results could put the price back on track,these should be reported on Thursday/Friday.
For a relatively small investment company we don't appear to have any problem attracting new money for new property funds. There is a lot to like about FPO we have a lot of irons in a lot of fires and all add to the revenue stream. I'm trying to build an across sector long term post brexit portfolio of small caps, hopefully minimally affected by the brexit aftermath, this for what it's worth is my commercial property fund pick. D.
Don't know if any of you had time to listen to the audio recording,but I remember he said if all the properties that he had already bid on were bought the cash would all be spent. Although he did go on to say that all the bids wouldn't be successful but I think it just clarified that they are always looking at property and bidding on suitable developments. Although he seemed to say they were going to focus more on growing the property funds rather than direct ownership and they were going to reduce the company ownership of fop fund .
Yes Swiss1 I history repeating itself a wee bit today. Some good posts on here today if doing nothing for the share price the interims at least roused some interest on the board with trade numbers and volumes up as well. It would be good if the trades and volumes could maintain today's level, for a wee while at least. I'm also in no rush to sell. D.
Oldbadger I see u were right in a possible retrace today, and am hoping the second part of the pattern bears fruit and we look forward to the growth over the next few months! A decent set of results and I guess expected by the market hence the lack of reaction. All looks good going forward, slow and steady.
"Growth in adjusted NAV, together with dividends paid, since 2006 has equated to 26% per annum on an annualised basis." No complaints about that.
Also the office property management deal could still be the company maker in my opinion because instead of a fee they are getting a profit share,but because of this the money coming in will be delayed compared to just having a straight forward fee like all the other property management deals. So that is a massive positive for me,also results on companies like this can take a few weeks to get into the market via investors chronicle,shares mag etc.
I agree, this is a slow burner and some comfort in that it was 20p about 10 yrs ago + ever rising dividends! I have always felt part of the problem is that Property companies tend to be priced around NAV rather than eps. This has always been an anomaly to me, as the true measure should be what eps the ongoing rental income is. The NAV is fine on the surface but is only what it's worth at the time - I used to work for a property company that went from �8 to 10p as the values fell, debt was higher than value - banks demanded etc. With FPO it is not a normal property company as it earns fee income on funds leveraging others money, and does it's own property + dabbles in opportunities as well ! This means it could be argued it should be valued more on the lines of an investment fund as some of it's income is received whether property values go up or down. However some is dependent upon value uplifts. It is a bit of a hybrid - which is why like it, but it does mean the share price tends to follow the NAV and ignores the PE ratio even if 7 or 8.
Yes , yet again someone else who has a good grasp on this on, I wouldn't sell even if it made 60p, the year end will be interesting, time to buy really if the SP remains around 50p
I like the fact that assets seem to be held at book value and market value seems to be about 21 million pound more. Also very good progress has been made and I like to think Mr Habib holds some cash because he tends to find opportunities to invest in value added projects quite often so I am not worried about this as I am sure it will be deployed in a worthwhile project soon. All looks very good to me,as said earlier 60p should be easy to achieve really,shouldnt be at 51p .
Yes I agree, hopeful for some improvement in 2018 but with any luck others will see the long term potential
Yes there was growth across all the fudamentals with more promised, but I was a tiny bit disappointed, I expected more. Nature of the Pi' beast me thinks' Initial market reaction seems positive but a day in the Pi' trenches can be a long day as you know. I was happy they had spent some cash my feeling is that a property investment company that hoards cash is not a confident investment company. D.
The results look positive and further growth predicted, how will the market respond to the RNS, the rise to 60p per share looks easy to achieve