Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I am not at all happy with the prospect of having to sell at only 80p per share as this represents a significant discount to NAV per share of 109.16p announced today. That's a discount of just over 26%. I feel like we are being robbed and CSH management are recommending we accept! No thanks. I shall be voting against this offer and I encourage others to do the same.
Still down a lot but very relieved as I really had to ask myself what was going on with this asset with regard to its NAV.Funny old world how the management could just get no investors in here at all. Share price was completely ignored despite some fund involvement . Onwards and hopefully upwards for me, no idea where to put my money now. Certainly hard to replace this dividend. I3 energy have it but looks unloved as well and who knows where the oil/gas prices are going .Good luck everyone and well hung in there
Happy with this, but I guess I got in at around 60p and have had 2 rounds of dividends so am up over 40%.
I think realistically, although some long term holders may have been hoping to hold on, the reality was the price was between 50-65p for over 6 months, so the 80p offer (+1.425p dividend) is still a 25% premium to the recent highs, which is two years+ of dividends if you'd held out. Just reinvest elsewhere and take the money.
Some what surprised we aren't seeing a wave of messages on this Board? Certainly wasn't a lack of people when news was less good? I think we'd all like to hear from Punter 987 who sold his entire holding on 22 April....... :-)
Interestingly, Triple Point (SOHO) the other large layer at a huge discount to NAV and a 10% yield is only up c10% on this. I've just switched a block of CSH into SOHO, and may do more if the discount doesn't narrow.
We are getting the dividend as xtra as well ...
So dont sell .....before ex dividend day ...
I sincerely hope nobody, ever, makes a trade or changes their trade, based on somebody else's trade
Ok, so feels like great news, although still a 20%+ discount to NAV. Personally, I was quite happy to hold onto the stock and receive my 10% Yield until such time as the stock went back to NAV. So, somewhat mixed feelings here.....
This is excellent news, L&G buying up another 2% of the company is great news. They would not invest more if they felt in any way this was the basket case the market seems to be valuing it as. The 5% SP improvement agrees with the positive take most of us have!!
Bah,humbug,Canetoad.
Do you think L and G are spivy day- traders?
I remember big buys all the way down with Boohoo that people said were a 'vote of confidence' - but the fact is that these funds had no more information than any small PI and their timing and execution is usually much worse. I'll wait to see how the situation unfolds first. If you're in it for 5y it will make no difference of course... but it makes a huge difference if you're not.
Buying another significant slice of CSH - big vote of confidence. Big upside here now.
Has anybody actually read the notice?
"The information seen by the regulator identifies that Auckland is thinly capitalised. While Auckland has received some short-term cash support and fees for entering new lease arrangements which allow it to meet its commitments when they fall due, it has not demonstrated that its financial viability, or the financial implications if risks crystallise, can be effectively managed or mitigated over the life of its contracts."
Now let's have a look at the Civitas balance sheet....
Lease incentives (debtors due > 1 year) £21.5m (up £1m)
Debtors past due > 60 days £2.7m (up £1m)
Murky
I thought my 60p share price average was quite achievable to reach, but we seem to teeter between 53-57p.
I'm sure it's done to solely annoy me...
Some big tickets went through on Friday afternoon.Buys or sells?
A freight train maybe? That IC article is clueless. This is a problem at the biggest operator, but half of the SOHO operators have been deemed 'non-compliant' by the regulator and I expect it's similar at CSH. The shi*t has only started to hit the fan, with problems now gradually surfacing and operators facing financial problems which are reminiscent of HOME.
If I remember correctly, the valuer will write down NAV losses by 34.5% for each operator that leaves them in the lurch. I'm watching to see how it develops first. Good companies do not delay accounts by 6m - it's a clear sign of stress.
Blood in the streets, etc. GLA
https://www.investorschronicle.co.uk/news/2023/04/24/why-reit-share-prices-might-have-bottomed-out/
Actually it seems the accounts are late to be submitted to the RSH but also at companies house. AHS has reduced their accounting period by one day which allows them 3 months extension for submitting accounts. It’s a method used by companies that are having difficulty finalising their accounts. It can be interpreted in many ways but given the release by the RSH, it’s a reg flag and part of the reason I sold.
I found an answer to my qn, the RSH said they were late ! LoL
Apologies for asking, CT, but how do you know that Aucklands accounts are late ? Companies house suggests that they are not due until 30th June / 13th August.
For mearly read Merely! Apologies for any offence with my posts,I get defensive about my share holdings!
With respect CaneToad,I was not giving any advice but mearly pointing out that if someone was not happy with their investment then it was probably better to sell up and move into something less risky.I have a good deal invested here which I certainly cant afford to lose,but I feel these immediate problems can be sorted out and on a 2 or 3 year view this will turn out to be a good investment from these low levels.Each to their own.
I share your concern on timing and the difference between the Civitas and Soho announcement is quite telling.
Soho was clear to indicate that they were fully paid except for the relatively small amount in March end. Whereas Civitas avoided this point and also stated they have been working with AHS, which seems to support the issue that the regulator has raised about conflict of interest.
The comment below from "wishIhadnt" is also concerning as it means AHS have not been collecting enough rental income and therefore how can Civitas (as largest landlord) claim they are receiving their full rent or at least confirm there are likely rent arrears. Soho were transparent about their exposure to MySpace and have done the same here but Civitas has not been. Looking back at previous results, Civitas would state they receive 100% of lease income and this changed to receiving in line with management expectations. Now we have no understanding.
The opacity of the relationship and the vagueness of Civitas's response given the AHS is 15.9% of rent roll should be a concern and now Civitas are likely to no longer have their control over AHS with the new board appointments.
I don't quite understand the rent classification issue fully except that it could mean lower rental income than currently received?
I therefore sold my holdings today in full. I felt better to take the hit as I think this time Civitas is definitely being more misleading and it's just too much vagueness in their responses. This is all my opinion and will follow this chat to see if I have misunderstood and potentially look at it as a buying opportunity going forward.
Regarding the comments on the 'rental income increasing': that will not be the case if Auckland encounters financial problems - which is now a distinct possibility, given that they are 6m behind in submitting their financial results.
"The regulator added that Auckland has not demonstrated that it is appropriately managing actual or potential conflicts of interest, while failing to submit its statutory accounts, which are now more than six months overdue. "