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Did you sell?
70% up?
Worst share have had in the last 2 years period.
doesnt apply if held in an ISA or SIPP you get the full divi
Results COVID considering
Just to inform all as I didn’t see it mentioned here yet -
If you read the financial report regarding the dividend that was published by CAL - in reality the dividend for UK investors is 8.8p as there is a “20% withholding tax”, if I am mistaken - then it’s more pleasantries than surprises - but this is what I understood from their statement.
Example of earnings :
At 130p - £1000 investment would grant you ~£67
Still a solid 6.7% even with 8.8p tho ??
Just Came across this company and that's good news about their Dividend, I've been looking for smaller companies looking after their holders. I think I'll take them up.
From RNS 24th March 2020
Within its Year End Results announcement on 5 March 2020 the Company proposed a final dividend for the year ending 30 December 2019 of 11 pence per share (the "Dividend").
The Company is maintaining the Dividend but, in light of the evolving impact of the COVID-19 pandemic, is proposing to initiate a scrip dividend alternative, subject to shareholder approval at the Company's Annual General Meeting scheduled for 20 May 2020.
The Company's Directors and its three largest shareholders, Growthpoint Properties Limited, Mstead Limited and PDI Investment Holdings Limited, who together represent approximately 60.6% of the Company's Issued Share Capital, have all confirmed that they will take up the scrip option for the entirety of their holdings. In addition, a further three of the Company's largest shareholders have also indicated that they will take up the scrip option, which would increase the total take-up to at least 65%.
The Board believe this approach to be the most beneficial course of action to take in the current circumstances, noting that it:
-- Results in the majority of the proposed GBP11.4 million total dividend payment being preserved in cash within the business;
-- Demonstrates the support of the Company's largest shareholders;
-- Maintains compliance with the Company's REIT requirements; and
-- Provides other shareholders with flexibility to take cash or the scrip alternative.
Read the last RNS on 31st March 2020 'As at close of business on 25 March 2020 the Group had total cash on balance sheet of over GBP90 million, which is equivalent to more than one year's gross revenue'.
CAL Getting it's just rewards now.......wrong sector, wrong business model. Wrong CEO. Wrong to take on the people of Luton. Kiss of death. We warned you. You took on a fight you could never win, big eye off the ball, big deflection, big mistake. CAL drowning in debt, no chance of easing the lock down in time to save this pile of carp.
Hunter when he had his Scottish hat on was a counter -cyclical buyer in the 90s ,retail very much at the top of his shopping list managing to pick up prime high street at 10% when it was on the floor . I guess he wouldn't want to see that appear again
Director loses 50% in 24 hours!!
oh please
Hope we never see them back in our towns in the UK
So what should we expect the potential deal to be done at? 30-50% discount to NAV?
Spot-on, and with everything already de-valued the NAV is still north of 50p..
With the bid news at INTU I can also see this as a possible takeover target at current valuation.
Bottom I agree with you from a location perspective. Though I cannot see this turn anytime soon.
The discount to NAV is now as wide as in the 2008 financial crisis. From what I have read they think prime and convenience shopping centres will hold up the best with a lot shrinking in size and part converting to housing. Its logical really too many shops and not enough housing.
I still think the London malls will hold there value compared to the regions due to its population density and development potential.
The worrying arithmetic
Current Gearing at 48%
Reduced Rents
Book Value minus 20%
Gearing becomes 60% with less rental income to service
Perhaps CAL should have left Luton alone.........
Meanwhile, I've missed the RNS with Directors' recent and multiple share purchases, as at this level surely it's a bargain? As a BOD member for CAL I'd be carefully counting retail high street sales, not footfall, and wondering about the likes of TOPshop, DEBs and BOOTS renegotiating rent reductions, rent holidays and impact on NAV v Debt.
Gearing edging closer to those banking covenants perhaps and is that why the CEO is not mopping up the shares?
https://twitter.com/PropertyWeek/status/1136188539916423169
It just gets worse
The 5 year NAV performance is very similar. Both have low rents NRR £12, CAL £15 which would reflect CALs london locations.NRR has done well to ignore a lot of the fashion retailing but CAL has better locations around London.
The debt is held in silos and i can see the London Malls holding there value better than the regions.
For me the outlook will be clearer when brexit is resolved as the value of Stirling plays into this as well.
At such a 'low' market cap where are the CEO's share purchases? This says all you need to know imho. Downward rent reviews coming soon, Boots store closures alongside M&S and DEB.... bank covenants edging close to breach. Too much debt here but the bond holders will take control before shareholders get a sniff. Better risk/ reward plays out there and juicy dividends too : DGOC, FRES, SIA All imho. The trend is your friend.
Aberdeen Standard close to selling two shopping centres in Crawley and Newbury to Alteris fund for £140m (8.5-9% yields) having paid £190m for former in 2004 and £120m for latter in 2011. Anglo-German buyer yet to secure debt finance.
https://www.propertyweek.com/news/alteris-agrees-uk-malls-deal/5102926.article