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To deliver an attractive total return to shareholders with a strong focus on income, from investing in UK commercial property, predominantly in the office and industrial sectors in major regional centres and urban areas outside of the M25 motorway.
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There is an alternative. A members voluntary winding up; better than a creditor's voluntary winding up. Time to act now and kick out the BoD. They've been given every opportunity to try and resolve a problem of their making (the last portfolio acquisition should have been financed by an equity raise not medium-term debt). It's now time to save value for the members; an orderly wind down rather than a fire-sale
@Krust. its not thou is it? 700+ in investments assets + the other assets (900m FY22) vs 500+ in liabilites.
Last reported FY(22) equity was 400m with a nav per share of +- 78p
Yes, the bond thing is not ideal, but we're still in a business that annually generates 35m in dividends alone.
saying its virtually worthless is a bit of an overstatement imo
Strangely there are a lot of buys today. Someone sees a recovery.
You might not like it,but voting against an equity raising would guarantee shareholders would lose everything.
An orderly win down cannot happen unless the bond is refinanced.No time. Equity value is retainable with decent breathing space.
Once the equity raising rumour is out there unless the company comments they would be creating a false market in the shares.Forced to announce.
But,this is the time to lobby the corporate advisers to change the Board and get Inglis off it.
You might not like it,but voting against an equity raising would guarantee shareholders would lose everything.
An orderly win down cannot happen unless the bond is refinanced.No time. Equity value is retainable with decent breathing space.
Once the equity raising rumour is out there unless the company comments they would be creating a false market in the shares.Forced to announce.
But,this is the time to lobby the corporate advisers to change the Board and get Inglis off it.
Penta, the company is virtually worthless (it's assets are roughly the same as it's liabilities) so who is going to participate in a raise? Would you? As for banks lending them more money, we're in Amigo Loans territory.
I'm baffled as to why this was announced today. Expected details to be on 26th with ARA, as per recent Edison note.
Why would anyone announce this?
You either - stop trading & launch the raise - or - you announce the financing has concluded.
All this does is shoot themselves in the foot. Lower share price = bigger dilution & Better bargaining position for the banks
"Portfolio value 20% discount: £560."
In a firesale? Not on your life. Take another £100m off. (say £460m + £30m est. remaining cash).
Then pay off the debt (£437m) and settle the bond (£50m).
That leaves about £3m for fees associated with the sale, and nothing for shareholders.
Total Debt = £437m
Cash = £40m
Portfolio Value £700m
Portfolio value 20% discount: £560.
Shareholder value: £163m
Shareholder value per share: £0.31.
They are doing this to milk the fees. Im voting NO.
A firesale could clear the debt, might even be enough left to cover the bond. But there'd be nothing left to distribute to shareholders.
Not just tacit approval of Edison report, they paid for it and authorised its publication. The clues have been there about questionable management all along, before today's RNS for those willing to listen. Unfortunately for shareholders it's now entering that doom loop scenario I mentioned where the lower the price of the equity, the less they can practically raise and it fast becomes existential.
Anybody
Sharehold action group??
Can't believe that RNS
They helped to create the speculation with the latest Edison research note (which must have received their tacit approval)! This is the final straw. The manager and BoD must go.
I think there are still one or two here who don't realise how serious this is. Who in their right mind would lend them money, or buy more shares? The bondholders must now be getting extremely anxious, and for shareholders (who are obviously further down the food chain) this looks pretty gloomy. We need someone to come in with an offer to buy the lot and pay the bond, but that will mean they'll want the business for virtually nothing.
MY VOTE GOES FOR A MANAGED WIND DOWN OF ASSETS SO THESE LEACHES GET NOT A SINGLE PENNY MORE IN FEES.
ALL THE ROADSHOWS AND BULLSH*T PRESENTATIONS MEAN NOTHING WHEN YOU ARE AN INCAPABLE & INEPT HUMAN BEING. CLOWNSHOW. FROM A SUBSTANTIAL SHAREHOLDER. VOTE IT DOWN. WIND IT DOWN.
What a silly RNS - making it more difficult to raise capital and inflicting even more pain on the shareholders; I continue to hold the retail bond, but not the equity.
Unbelievably stupid announcement. You either announce refinance or wait until you can. This has just added to the enormous uncertainty. The refinance should have been dealt with months ago however painful it was then would be a lot less painful than its going to be now. Utterly idiotic. The Board and Manager must go
WTF is that RNS about? It's caused a stampede for the door. Is the clown in charge of this company really that stupid. Why not wait and announce a clear plan of action.
Few folks in denial here. You'd think everything was absolutely rosy to go by some of these posts, hope nobody was sucked in by them.
Says everything and nothing…..but forced on the company because of impact on equity price of an equity raising.
Bottom line, selling individual, secured properties at this juncture is unlikely to generate surplus proceeds to repay the unsecured loan note
I think evidence to date would say otherwise; selling vacant or under-utilised properties is hardly "cherry picking". I think that the sales to date have been more driven by trying to sell properties that are not already pledged as security for their loans because it's likely that the lenders, as part of their requisite agreement to the sale of said properties, requiring the majority, if not all, of the proceeds to be applied to paying down their secured loan (that's how securitisation works).
You've overlooked evidence of wider office market. The fact they've sold a few sites for X value says nothing about the overall portfolio if they are cherry picking the most saleable parts. Derwent just released results announcing a 10% drop in their valuation year on year, despite being in prime central London locations.
Regional Reit's portfolio is the type of ageing provincial stock most out of favour, and yet they claim their valuation has not dropped as much. The market doesn't believe them either. But if you genuinely can't see the issue here, I guess it's a case of you can take a horse to water but you can't make it drink.
404x,
“If they have nothing to hide on their hugely bullish valuations”
These are not valuations that are in any way controlled or influenced by RGL. See extract from last (2022) Annual Report:
The Company’s external valuer, Cushman & Wakefield, provide independent valuations for all properties on a six-monthly basis in accordance with the RICS Red Book.
The Company’s Auditor engages an independent third party to evaluate the Cushman & Wakefield valuation.
In fact, there have been many instances (see Inglis interviews) where RGL have complained about the valuations, stating that the values provided and reported are significantly lower than the RGL view.