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Daejan has issued a correction to the div. date.To be paid in Nov. like last year.
Bev Yes rather strange that the divvy has been pushed to March next year compared to Nov. last year. Any thought?
The bizarre decision to reduce and delay payment of final div. is confusing market and will no doubt be explained at AGM which I look forward to. THAT APART THESE RESULTS ARE TRULY STUNNING-EPS IS OVER £9 MAKING THE P/E A SHADE OVER 5- THIS FOR A CLASS ACT UNDERPINNED BY DESIRABLE PROPERTIES VALUED AT WAY OVER SHARE PRICE-I have added to my alredy full boots!
Good results as expected.NAV now £68. Final divvy paid next March!
Anyone heard any news regarding results at DJAN? I cannot find anything and price seems pretty flat. Thinking of a pre result top up.
Mischon will move out of its Red Lion Square headquarters to take up residence in the Grade II listed Africa House. It is expected the firm will take up the entirety of the 120,000 of London office space available at the recently refurbished office at 64-78 Kingsway. Looks like Africa House let. http://www.devono.com/news/mischon-de-reya-to-move-london-office-hq-to-africa-house-19035977/
And note that the last valuation of Daejan's prime London and US property protfolio do not take into account the recent price rises. I anticipate that the share price will be at least 700 points above the present levels by September 2014.
I note that Daejan gets two positive mentions in the May edition of a mainstream financial publication. The point is made that assets of £1.2 billion are valued at under £800 million-all in desirable real estate . Given that the company has grown considerably but is still valued below 2007 levels we could be in for interesting times when the results are out in a month or so when people begin to take note.
Simon Thompson of Investors Chronicle has written a good article about this Company. http://www.investorschronicle.co.uk/2014/02/19/comment/simon-thompson/break-out-coming-2g8vvWBwfwykWQGpNutWFK/article.html
Looking at SHB at the moment. It is more commercial property orientated but looks like it will benefit from some good rents and growth appears sustainable. Anyone know anymore about them?
Just been checking my files for May 2nd 2007.Daejan were at 4906p and Mountview 7325p. Based on that present prices aren't so racy. Daejan have the momentum but Mountview have a much bigger discount to assets. both have low borrowings and pay a decent div. Both have made great progress over the last 7 years and it's hard to see any reason in this environment why they shouldn't power on.
Sea and Bev I have just topped up on GRI and DJAN. MTVW seems dormant at the moment? GRI are bigger borrowers but they keep coming up with clever solutions to finding new space and saving money. Sometimes I look at these 3 companies and think that they could talk to each other.
We seem to have this to ourselves still the quiet BB's are often the best ones. Bev88 ASY fits the profile of companies you prefer 90% owned by management who imo put shareholders interests to the fore I have certainly not been disappointed still think DJAN is undervalued.
Thankyou for your kind comments plumpicker. My comments are solely based on my meeting, over the years,the management of both DJAN and MTVW and avidly following them . Their interests are totally aligned with shareholders' and they find themselves chock full of sought after assets with low borrowings and at considerable discount since they have been largely beneath the radar of big funds. Some people are less interested in companies where management has such a large stake-personally I find it reassuring- hence they represent by far my largest investments.One simply enjoys being paid well whilst enjoying the steady upward journey .
Many thanks to Bev88 this year for some pearls of wisdom clearly based on a few years more experience than my own. Happy shopper at GRI, MTVW and DJAN now and listening to wisdom taking a long term view on these property companies. Been building up on DJAN since September only wish I could have been in 30 years ago. Now for the more patient bit!!
Added some more to the SIPP still undervalued imo hoping for 10% return over 2014.
Surprised this board is so quiet; great company that was very well managed throughout the property downturn allowing it to add to its portfolio and it is now reaping the rewards imo the SP will increase steadily throughout 2014.
All my previous comments are coming to fruition with a stunning set of six monthly figures and the jewel in the crown, Africa House just completed and attracting interest already to boost full year earnings.
Another powerful performance with assets way above share price,dividend up, borrowings and costs controlled. This stock is a play on adroitly managed property , largely residential ,in London and USA. As a long term holder they give me the ability to sleep soundly at night.
Daejan is beginning to be discovered at last. The management's patient strategy of astute purchases of prime American properties while depressed , together with refurbished Africa House nearing completion to add to London portfolio is bearing fruit.
FTSE 250 property business Daejan bounded back into profit in the first half but warned it was "by no means clear" when sustained growth would return to its markets. The firm posted pre-tax profits of £23.3m in the six months to the end of September, up from a £121,000 loss the previous year. The company made gains on investment properties of £11.4m, but losses on financial instruments of £3m. It enjoyed an increase of 3.5% in gross rental income and a drop of 4% in property operating expenses compared to the equivalent period last year. However, Daejan said an interim dividend of 25p per share will be paid on March 8th 2013. "The business outlook continues to be challenging, with reduced economic activity in the UK and the possible negative impacts of the as yet unresolved Eurozone issues as well as the risk of a US budgetary crisis," the statement said. "These factors create uncertainty so that it is by no means clear when we will see a return to more positive sustained growth in the markets in which we operate," it added. "We believe that our long term, prudent approach of maintaining a strong balance sheet with relatively low gearing is particularly appropriate in present times."
By James Buckley Published: Estates Gazette, April 1 2011 In March, the Freshwater Group pushed the button on the long-awaited refurbishment of 168,000 sq ft at Africa House on Kingsway. Other than housing the Freshwater property team, the Grade II listed building has been empty for three years, but the group has now hired construction giant BAM to deliver a £22m office scheme. The block, built in 1921, will be retrofitted to BREEAM Excellent standard, with completion expected in 2012.Mike O’Donohoe, construction manager for BAM in London, says: “The development will form new offices arranged over the basement, ground and first to eight floors. It’s a prized location for any London property owner, and because of the listed status, we will be taking great care of the listed parts of the building.”
DAEJAN HOLDINGS PLC INTERIM MANAGEMENT STATEMENT Daejan Holdings PLC (the Company) presents its interim management statement for the period ending 30 June 2012 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. The Company published its Annual Report on 20 July 2012 for the full year to 31 March 2012. This interim management statement summarises any further relevant information for the first quarter of the current financial year. Net Rental Income in the period in both the UK and USA is in line with our expectations. There were no significant sales of property in the first quarter. The major project to refurbish and extend our existing property Africa House in Kingsway, London WC2 is continuing and is expected to be available for occupation in mid-2013. As previously reported a final dividend for the year ended 31 March 2012 has been proposed for payment on 9 November 2012 subject to approval at the Annual General Meeting which will be held on Wednesday 5 September 2012. To qualify for the dividend shareholders must be on the register on 12 October 2012. Other than the matters described above the Board is not aware of any material events during the period from 1 April to the date of this statement which would have a material impact on the financial position of the Company. For further information call: Mark Jenner Company Secretary Daejan Holdings PLC 020 7836 1555 Nick Oborne Weber Shandwick 020 7067 0700
The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of £15,683,000 (2011 - £52,024,000). The board is pleased to recommend a final dividend of 51p per share in respect of the year ended 31 March 2012 payable on 9 November 2012 to shareholders on the register on 12 October 2012. This will make a total dividend for the year of 76p (2011 - 75p).
BID ASK 3158 - 3166