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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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Very strange timing for the sale.They have watched the share price slide for a couple of years.Majik are very shrewd operators.They could not sell if they had received inside information on any potential share issue.Declining to receive information is a common practice- but,by inference,can convey something is going on.It would be normal to consult your largest shareholder if a rights issue is being planned.They may be selling because they anticipate a further dilutive share issue and want to reinvest the cash back in RGL.Or they may just not see the prospects for the shares improving in a realistic timeframe.No doubt it will soon be obvious.
I think as a non uk entity you have to disclose within 4 day's or as a UK entity within 2 days under FCA rules. Like you say interesting to see the share price holding up while this level of selling so I assume a deal was done with another interested party.
RNS indicates that Majik's holding is now 4.71%, whereas it was 9.13% back in September 2021. Whilst that's not a ringing endorsement of the company (!), it's surprising that the share price seems to have held up well during the selling (unless the bulk of the selling pre-dated the recent small bounce). More Majik selling to come or will they be content at this level?
Frankly, the probability that you hit the all time low for investing in this dog we all own and now have some fantasy idea of a level where you would reduce risk, is simply laughable.
Not impossible, but extremely unlikely.
...since I invested back on 12 March. Stock still looks cheap, but is no longer the absolute no-brainer it was back then. Might wait till it hits 25p before reducing........ :-)
If REIT shares are held via a pension or ISA account then PIDs are paid gross. If held directly or in a taxable dealing account then they have 20% tax deducted - only the PID element, though, any ordinary dividend element is paid without deduction of tax.
No, I got 1.2p per share.
It seems the 1.20p is taxable of 20% tax
So 100,000 shares instead of £1,200 you get £960 yes £240 is discounted as tax
Usually, when they announce the dividend other companies are already taxed.
PG73, it is refreshing for an old-fashioned chap to read a post which does not contain extreme language surrounding the certainty of the imminent demise of RGL. Do you remember the embarrassing exchange here on whether RGL could continue as a going concern? There is no realistic likelihood of any such catastrophe. There are certain short term challenges to be dealt with. In particular, the retail bond situation needs to be addressed. It needs to be clearly understood that RGL is not looking for new money but replacement of existing financing. This can be readily achieved in a number of ways. The worst outcome here is a higher interest rate for the entire £50 million. Clearly, this would be regrettable (implying a small reduction in income available for dividends) but far from catastrophic. One should not forget that as at the year end 2023, there was £30.2 million unrestricted cash.
Concerning the LTV target of 40%, this is only a target. Nothing happens if this is exceeded. Loan covenant LTVs are more consequential, in particular the Santander financing where there is the real possibility of breaching the 50% LTV limit when the limit is reduced to this level in June. However, there is no significant likelihood of draconian action by any lender, providing the business continues to generate significant cash to make interest payments.
HG - you're old-fashioned! However, I totally agree that the leasing news is very encouraging. In normal circumstances, I don't think this would be worthy of an RNS as it's more 'business as usual'. Unfortunately, in the unusual situation RGL is in with so many concerns (some real, some mischievous) it might be considered as potentially price sensitive and therefore subject to RNS.
I think the Martley stake is the big news (great find Chris). I also love the quote from their CEO back in January - when asked about opportunities on the public market, he stated "There are companies that look just absurdly cheap, particularly those that are externally managed that, usually unfairly, are just hated by the market." I think the stake he subsequently built in RGL shows exactly what he thinks of the valuation. Sometimes it's good to be old-fashioned!
Call me old-fashioned, but I consider the RNS to be very encouraging (leasing of additional 30,000 sq ft, even if it is in Glasgow?). I do not share the view that RGL property values are over-stated (what evidence is there of this?), nor do I consider that RGL is a desperate seller.
Does look slightly desperate to be issuing a RNS just about taking on tenancies of one building in Glasgow.
More BS. I suppose letting in line with latest estimated value is a good result for these boys.Portfolio value still overstated for a desperate seller imho.
Thanks Chris.
Yep. Martley are probably either looking to provide finance, or to take over the management of RGL themselves. But whatever happens will be dilutive to shareholders in one way or another: higher interest payments on alternative finance means less cash available for the dividend.
For each 1% interest above the current coupon on the bond, £500k less cash is available to pay the dividend. Assuming a rather generous 8% interest rate, that's a 7% reduction on the current dividend (on an annual payout of 4.8p). 10% interest is an 11% reduction. etc.
June - yes 'June' - is getting closer.
Martley are yet another small- time team of chancers trying to make a name for themselves.Not a lot different from the current team,but without the backing of ARA.Like the rest of the world they could probably run RGL better than the current load of muppets.Or looking to elbow into a fee- earning role.Its an obvious asset- strip for a well- funded client.
Chris, Thanks for taking the time to post that link to Martley. Makes very good reading. Rgds, S
Thanks for this'
"The building of a stake by Martley, the company says, is a reflection of its belief in the long-term strength of the regional office market and that an increased desire by employees to work near home will reduce the level of long-distance commuting". That's my perspective too even though it may be reflected in more working from bed(read home)...
They seem to think they have a better refinancing plan. We will see.
Https://reactnews.com/article/crofts-martley-builds-regional-reit-stake-and-takes-swipe-at-managements-refinancing-strategy/
https://www.martleycapital.com/
An interesting development having another asset management company building a stake in the company at current SP. Whatever next?
House Brokers are something I struggle to believe by the very nature of their position. Whilst I appreciate things haven’t been easy, the debt on the bond side should have been sorted well ahead
Edison just seem to be clear there will be a rights issue or a further debt issue. Just a shame the management here are leaving it so late
Www.edisongroup.com%2Fresearch%2Fperforming-as-expected-ahead-of-refinancing%2F33446%2F
/www.edisongroup.com/research/performing-as-expected-ahead-of-refinancing/33446/?j=197578&sfmc_sub=12780302&l=716_HTML&u=5795183&mid=536001663&jb=1
Morning Krusty, Good to see we are still treading the same path albeit a bit of a bumpy one with RGL at the moment. But then again whoever said dealing in shares (especially RGL) would be easy!!!! As long as the dividends keep coming then happy to keep collecting. Continued good fortune to you and may your gains exceed your losses. Rgds, S