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To provide Shareholders with both stable income returns, as well as capital growth through investment in German real estate, with a focus on residential properties in Berlin and secondary German cities.
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Started: tickhilltim, 30 Apr 2024 11:43
Last post: Chalumaux, 30 Apr 2024 14:42
Is their a continuation vote due in a year or so?
More of the jam tomorrow stuff.
What have these idiots been doing.Now stating that only 6% of the portfolios can be sold because of restrictions in their debt facilities they are in advance discussions with Natixis to change this.Another few months to get something completed so more condos can be sold.
Why have they waited so long? Incompetent or self-serving or both.Even now the sales targets are far too slow.Several years before debt paid down on their numbers.sack the lot of them.
Started: beardozer, 16 Mar 2024 13:30
Last post: beardozer, 16 Mar 2024 13:30
...after Russia invades Europe.
Started: tickhilltim, 15 Mar 2024 15:47
Last post: tickhilltim, 15 Mar 2024 15:47
Someone panicking?
A revised management contract was agreed for 12 months in June 2023.And what have the Property Advisers achieved in that time? Sweet FA.
Surely,they should be chucked out? Do the Board have the guts to do that? Surely they should be interviewing alternative candidates ? Or are they all in it together to hide their mutual inadequacies and protecting their fee stream and the existing contract will just be rolled over.The Biard has a fiduciary duty to shareholders.Lets be seeing it.
Shareholders deserve better.
Started: tickhilltim, 13 Mar 2024 14:21
Last post: tickhilltim, 13 Mar 2024 14:21
As if by magic…..
And who believes that falling out of the EPRA index is the only reason for a 30% share fall?
Might it be because shareholders consider the Board is lazy and inept? Or that the Managers and Directors are just lining their pockets without providing adequate value to shareholders.If the Board had any backbone they would change the managers at the next opportunity.If Institutional shareholders had any joint imagination they would get the whole business sold at one go.The Board and current advisers are highly unlikely to go down an immediate full business sale route as it will cut off their fees.In theory,the primary duty of care of the Directors is to shareholders.One wonders if the current mob understand their legal responsibilities.
Started: tickhilltim, 12 Mar 2024 16:27
Last post: tickhilltim, 12 Mar 2024 16:27
Share price is down 30% in last month.What do we hear from the Board and its advisers.Sweet FA.Maybe soon we will get an excited announcement that they have sold a flat.Cannot believe that Insitutional Investors have not demanded change to make these useless folks earn their money.
Started: unhooked, 11 Mar 2024 19:52
Last post: unhooked, 11 Mar 2024 19:52
... is a tricky business! I thought we were near there last week, when I bought in at 155p. The Update of 07/02/24 didn't read too bad to me - a 'strong' rental market and signs of a 'recovery' in the investment market, we were told. Yet here we are 2 weeks later with the share price down another 13%.... in fact now even below the dark days of 2015 when PSDL was in its infancy. I am really surprised.
But then this isn't the only over-indebted specialist investment trust getting punished lately. We are being discouraged from investing in anything which isn't large, plain vanilla & with lots of cash. What a bl**dy market!
Started: tickhilltim, 28 Feb 2024 08:44
Last post: tickhilltim, 28 Feb 2024 08:44
Let’s hope the new CEO at QSix concentrates on getting a serious disposal programme in place bearing in mind the huge fees shareholders have paid for feeble performance to date.Sale of the whole business would be preferable but that would cut off their annual income.Bit of a conflict.Board needs to grow a pair.
Started: tickhilltim, 7 Feb 2024 07:41
Last post: tickhilltim, 7 Feb 2024 07:41
Has the portfolio finally been marked to market? This board is always slow to get it.Finally,they have worked out that single condominium sales are more lucrative and easier than whole building disposals.And that ,after operational expense prudence,pay down of debt is the only route to go before even thinking about any distributions to shareholders.Still think they should take on proper investment bankers to sell the business as a whole before shareholder value is too drained by all the fees being taken out of the business by ineffective advisers and managers.
Started: tickhilltim, 17 Oct 2023 10:23
Last post: tickhilltim, 17 Oct 2023 10:23
Yet another fine mess.About time there were some personnel changes here.Board is clearly not up to the job.Where are the institutions to get in some quality NEDs to cut heads and costs?
Started: tickhilltim, 27 Sep 2023 09:28
Last post: tickhilltim, 27 Sep 2023 09:28
As grim as expected.Board still fixed on the spurious argument that properties can be sold at major discounts to NAV because the share price is less than 50% of NAV.The deflated share price reflects the fact that the market believes the portfolio is still overvalued.PSDL is a distressed seller ,as are many others.The priority of proceeds from asset sales ,after ensuring adequate cash liquidity,should be to reduce debt. And improve LTV.Nonsense to make any distribution to shareholders until then.Or even float the idea.This company needs to batten down the hatches and be patient or be taken over/ sold asap.
Started: tickhilltim, 8 Aug 2023 08:59
Last post: tickhilltim, 8 Aug 2023 08:59
So,it is ok to sell assets at a discount to carry value because the share price is significantly below NTA? Have you ever heard of such brainless logic? Unless proceeds are applied purely to buy back shares when they are at an even greater discount.Not for divis etc etc.Which way is the share price going to go when this sort of woolly thinking is being spouted? Not upwards for sure.Either the board sits tight until the recession is over or it should get shareholders out in full asap.
Started: tickhilltim, 8 Aug 2023 08:48
Last post: tickhilltim, 8 Aug 2023 08:48
Portfolio down valued by 12%+.Is this enough? No mention of debt.On assumption only minimal reduction LTV now in 45-50% range? Best statement is the outlook section: “ Given that the company’s share price remains at a material discount to NTA,disposals at a discount to carry value are under consideration.Any surplus cash generated over amounts required to reinstate dividends on a sustainable basis will be returned to shareholders or used to reduce debt levels”. IMHO a reflection of the muppets who run this business.If assets have to be sold at less than the carry value it means they are still overvalued in the funds books,surely? Why make this statement publicly? Looks desperate.And surely significant cash inflows should be used to de- risk the fund by paying down debt,otherwise leverage ratios will come under pressure.Where are the institutional shareholders? Board needs to be gutted and some commercial nous added.Selling the whole business at NTA should be the starting point…..whatever the real NTA is.DYOR
Started: tickhilltim, 5 Jul 2023 13:51
Last post: tickhilltim, 5 Jul 2023 13:51
Value will be revised next month.reduction of 10-20%? maybe more? Kitchen- sink approach? Directors not been selling assets because the discounts considered too high.Maybe reality is sinking in.If you want to sell in a buyers market you have to be realistic.Proper independent valuation of what properties would sell for now is required.And it will save face is assets are sold at book value.Debt LTV now at 40%.( from 34%).Well below 67.5% covenant ,but not as conservative as board is suggesting,particularly if valuations continue to fall.DYOR.
Last post: baldmark, 29 Mar 2023 16:58
Unfortunately it's not at all difficult to make a loss on German residential real estate at the moment. Take a look at Vonovia for example. The situation with Deutche Bank and it's knock on effect on lending isn't helping sentiment either. Possibly oversold but not at all unique.
Yeh it's difficult making a loss on Berlin real estate, but somehow these guys managed it.
Very disappointing numbers.And sentiment.Feels as if the true NAV is well- below the book figure.
...don't make for good reading, esp with the divi suspended.
Mr Market no likey...
Started: tickhilltim, 6 Jan 2023 10:49
Last post: tickhilltim, 21 Mar 2023 08:43
In the trading update of the 7 Feb the chairman stated that there will be no further acquisitions pending an improvement in market conditions and a narrowing of the company’s discount to EPRA NTA.This is typical of the mindset of the cardboard cutouts appointed by fund managers to be the boards on closed end funds.They should be looking for acquisitions from distressed sellers as long as the price hits defined parameters,not saying never.Also,again typical.They will wait for the discount to narrow before buying in shares ,thus costing more and reducing the benefit for existing shareholders.Buybacks reduce the fees for the manager,of course.Again typical of NEDs who are too scared to challenge the managers and just want to have an easy life.Shameful.
Never fails to amaze me.
Trading at such a low p/b. They can sell property 20pct below market and buy back shares and increase shareholder value.
Why can't they just liquidate some and buy back.
You are not going to make those sort of gains using cash to buy and rent property
Surely at these levels the directors should be buying in shares ? Or is there no room left? I wrote to the company pr people but did not get a reply.
Started: jonathb, 11 Dec 2022 16:15
Last post: jonathb, 11 Dec 2022 16:15
?
Started: KoR_Wraith, 20 Oct 2021 11:06
Last post: KoR_Wraith, 20 Oct 2021 11:11
Apologies - looks like I misread the RNS, rather Goldman's holding has switched from 5.25% in 8.A holdings to 5.18% in 8.B 1 + 8.B 2 holdings!
Looks to be that this year's share repurchase program has been almost entirely swallowed up by Goldman Sach's offloading their 5% stake in the company. Makes me wonder if the share repurchase and Goldman sell-off were planned in tandem...
In any case, with Goldman no longer off-loading the SP has crept higher this week, hopefully some short term upside to follow.
Started: Redtom, 20 Jul 2021 16:58
Last post: Redtom, 20 Jul 2021 16:58
Not too long to go until the Company releases its latest NAV which should show a bit uplift given the lifting of the Berlin rent controls. With the new value being something like 550p per share, I think an SP of 450-475p is quite likely
At 280s this really looks like a good investment, along with SRE. Property always seems to come up trumps and we have added to our holding in this. SRE will be added to shortly along with WKOF which looks cheap. WPCT keeps us thinking it may be worth adding to. Our biggest holding FFWD is well down and with a NAV of around 12p the 7p price looks a steal as well.
WE USE IG BUT THEIR SPREADS ARE PRETTY WIDE.
WE ARE GOING TO LOOK AT BUYNG SHARES, IF THEY QUOTE THE MARKET MAKERS PRICE AND NOT THE ONE THEY USE FOR SPREADS.
NOT SURE HOW MUCH WEEKENDS BUSINESS THEY DO BUT AGAIN A TERRIFIC WIDE SPREAD FOR WEEKENDS
ADM ARE ARE OUR MAIN DEALER AND THEY TRY TO GET YOU THE BEST PRICE FOR SHARES AND
OPTIONS. RECOMMEND ADM
Started: harrygasco, 25 Jul 2018 19:36
Last post: harrygasco, 25 Jul 2018 19:36
You can trade all the small companies without any problem with IG. You can either trade on quote or it can go on the order book. They charge £5 per trade and you can also trade options. There appears to be many brokers better than Barclays. Looking forward to the imminent trading update.
Thanks for your response
RE YOUR QUERY WITH BARCLAYS.
WE HAVE SEEN BARCLAYS MENTIONED IN A FEW CHATS REGARDS VARIOUS SMALL AND AIM COMPANIES PLUS I.Ts.
MOST PEOPLE COMPLAIN THEY ARE UNABLE TO BUY THROUGH BARCLAYS OR BARCLAYS SAY THEY DO NOT DEAL IN THEM. WHATEVER THE REASON BARCLAYS APPEAR TO BE A POOR BROKER, PROBABLY ONLY INTERESTED IN EASY BUCKS WITH WELL TRADED COMPANIES IS OUR GUESS.
WE USE ADM BROKERAGE AND ALL OUR BUYS/SELLS IN ANY QUOTED COMPANY BIG OR SMALL GOES THROUGH IN SECONDS. VERY SMALL STOCKS WERE IT IS A PHONE CALL TO A DEALER USUALLY TAKES 2 MINS. WE PAY £12 PER TRADE FOR THIS SERVICE AND WE CAN DEAL OPTIONS AS WELL. MAY PAY YOU TO LOOK AROUND FOR ANOTHER BROKER. IF YOU DO CHANGE THEY WILL TRANSFER YOUR STOCK FROM BARCLAYS FREE OF CHARGE, IF THEY DO NOT, LOOK AGAIN.
Started: harrygasco, 27 Apr 2018 08:52
Last post: harrygasco, 27 Apr 2018 08:52
Fantastic annual results.
Thanks for your response. I anticipated the same with Barclays. I am not convinced that they have not messed up in some way Thanks