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Good post Adam. What sort of 'shareholder' deramps his share unless he has a short going? Comical stuff.
Dripfeeder. I appreciate the message you conveyed from the CIM Board. I’d just add the following thought, if I may. As someone who has had some previous involvement in PR (at a government level, not corporate) I know that it’s much more difficult to regain the initiative once it has been ceded to the other side. Since late August, all the running has been made by Shadowfall. CSH/CIM have been on the defensive. Judging from a number of comments from genuine shareholders on this site and the other one, CSH may be losing the argument (and potentially the battle) because they are keeping their powder dry. They should engage and provide a full and detailed rebuttal as soon as possible. Since almost a month has elapsed since these issues began to emerge, I don’t think anyone could accuse them now of rushing their response.
Agreed. I can understand that they want to examine things in detail and to provide a full response but they shouldn't take too long before publishing it. I'm looking forward to reading it. I already have a sizeable chunk of these shares and if I am happy with the response I will buy more. This is now paying over a 6% dividend so could be a great opportunity.
Concernedholder (aka Walter Mitty), I look forward to you addressing the points AdamAnt raised in his earlier post!
'The Shadow Fall report format has simply taken information and formats of text that have been circling amongst CEO’s of Registered Providers and Care Providers since 2018.' hahhahaha That is one of the funniest things I've read in a long time - thank you Walter!
CH - sorry that is a complete lie that this format and text was copied amongst CEOs of Registered Provider and Care Providers for years. One RP, Inclusion Housing Association, who publishes detailed accounts and information, work with all the same funders and care providers that I could see on the Civitas and TP information has nothing close to what you are stating. And to state that two care providers can bring the NAV down is highlighting your frustration if you are really in the sector but your statements are very inaccurate.
to be clear, I am not asking you to stop writing or expressing your opinion but please stop exaggerating. If you are on the board of an RP, this is concerning if that is the way you operate. I sit on a few boards (unrelated to the sector and business here) and I would never accept a board member making such statements and the fact that you have vulnerable adults in your properties is concerning you would do so inaccurately.
Talk about a bloke thinking badly on his feet after being rumbled! A rushed reply which only served to did a deeper hole for himself, haha
CH, I still can't really understand why you'd be so concerned about alerting CSH shareholders (retail) to all this rather than, for example, your MP or various regulators. Although you call yourself Concerned Holder, surely you weren't actually a holder of stock at the time you signed up?
Agree with both responses to my original feed and only passing on what Paul Bridge at CIM said to me when I contacted him. Suspect they want to respond to each SF point unequivocally and are working with their advisors on this. Also noted the re-purchase activity announced on RNS. In addition, I too bought a few more for yield purposes when the price dropped yesterday but still only hold a very small amount as part of my overall PF. Let's see when the response comes through which I am guessing will be sometime early next week.
Question for the group: Why does Civitas keep buying shell companies from related parties?
Oh dear, the paid deramper is trawling back to 2017 now - getting more and more desperate by the day. Haven't Shadowfall sacked you yet Walter Mitty? AS soon as you started posting again yesterday the share price went up!!!
ConcernedHolder. Thank you for your message directed at myself. I am a little "concerned" about your behaviour and so this will be the last response I make to yourself as I honestly believe you are acting dishonourably and possibly illegally with your comments (however, I am not familiar with the rules of posting on these sites).
I am a semi-retired executive who sits on private company boards as an independent director and I have been investing a long time. I have colleagues who sit on boards of RPs and I have asked them for some insight. I research fully investments I make and I do believe there is an opportunity here (I am only a small holder for now).
In summary: large RPs, which were established by receiving property portfolios from local authorities or government institutions, do not need to sign leases as they have the capital to develop properties and most find it difficult to manage supported living as its a intensive property management requirement. Smaller RPs (as you have alluded to in your message that there are 1,800) are the majority and most of these are run as income generating for families (as you stated). They don't take dividends, as they are not for profit, but take salaries and often provide the maintenance and management through related party companies. The Regulator of Social Housing does not have the capacity to monitor all these RPs so takes the soft approach. I am not familiar enough to comment further on the specifics but as someone that has been in business a long-time, I suspect these smaller RPs were not suitable to take leases for an institutional investor (like Civitas and TP). Therefore, again only speculation, that these RPs you referred to were built up to meet these requirements. This is similar to many other industries I have seen in developing sectors. Supported living rental properties are not new and what Civitas and TP have done is institutionalise what was normally funded private property owners and developers. I am told by my associates that in most cases the higher rents are justified but not always.
My concern is the personal gain that the directors seem to have created for themselves without informing the market. Civitas needs to address this quickly.
If you are a director of an RP (and excuse me but I do have my doubts), then you should inform your other directors of your actions / activities as in any other sector, you would be fired or suspended subject to a review. I also question why you are working so hard on this and not helping fix the situation. If you are part of Shadowfall or related, please tell the truth or stop posting inaccurate information.
My other concern is the lease incentives but that relates to share price and impairment. No asset/property portfolio is without its "dogs". If you have 30% voids, then focus and fix it and the market will correct itself and these firms will eventually suffer. Write an open letter to Civitas (if allowed) and stop paying the ren