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Its finally happened. Could be worse, but a little underwelming. At least its not a no sale RNS and a massive drop in share price.
Yeah I think underwhelming is the right word. I've actually disposed this morning, mainly because with the valuation there doesn't appear to be much upside wheras I think there are opportunities elsewhere in the market rather than waiting this one out.
I can understand that, I dumped some a little earlier incase sale fell through and share price when down.
Just waiting for ex dividend date and then if I can get over 70p at the time I'll dump more.
I will miss the monthly dividend, I did look into Realty, but as a UK investor thats a non starter really.
This does not look good, I am not very happy about the price but the sting in the tail is the time from completion to liquidation as the dividends paid in this period is knocked off the price less any interest gained from the cash which will be placed in interest bearing accounts. Given the track record of poor interest paid on the cash in this company we need to know what these accounts are and how much they will pay as it is our money tied up for a least 3 months, why can this not be paid out a lot sooner. Also interesting the date set for completion is 28 Sept so will include the Sept 29 dividend in this reduction. So probably 4 dividends taken off the 72p but with some interest added. Also what type of dividends will they be, I assume they cannot be PID, some of it will be interest but the rest will be either ordinary or capital repayment (as being taken out of the 72p), perhaps not a lot of difference but changes the tax calculations and reporting.
I'm surprised they took that offer really. I'm minded to vote against but doubt it will change things when bigger holders have already said they will take the offer.
They should have considered buying back their own discounted shares and leaving to do something else. It's a bit of a cop out. I was expecting something closer to the NAV rather than spin a low point in the share price and claim a premium.
I will take the weekend to review.
Whilst I'm relieved my losses have been reduced due to these developments, I remain disappointed.
Eighteen months after investing, and then buying more after six months to average down, my overall buying price is about £0.78p. And this is after all the monthly dividends have been reinvested over that period. I'm still 6.5% down on my investment.
One easy way to lose money. Should have kept it in my bank account and saved a lot of hassle. Thanks a lot for nothing EPIC!
Yes I feel sorry for people in your position. If it kept going, there was no reason why it couldn't, then you could have reinvested the dividends at lower prices and eventually come good.
I'm not sure if the 72p is plus a dividend then less the others. It's a bit ambiguous. Anyway the price now has a ceiling and will stay around this ish.
It might almost be worth buying more at 68p for a 72p return in 3 months.
More than a bit ambiguous Gerry. Why can't these people make it clear to small shareholders in simple terms what the deal offers? Is the dividend paid until the end or is it suspended and interest on cash accrued and added? Or any other scenario?
There's always the chance that the offer will be rejected or that another concern comes in for a counter offer. Personally, I've had enough of this dog of a share and have cut my losses and sold. Better used elsewhere in my view.
And so much for the Telegraph's recommendation to buy at the time for income and growth. And you also just have to look at Hargreaves Lansdown today to see the apparent NAV of EPIC is supposedly nearly 81p. It just goes to show what a nonsense these NAVs are in respect of many investment trusts. Either that or the buyer of EPIC is, in simplistic terms, paying 72p for 81p worth of assets, ie an11% discount. Goodbye epic.
Y I'm sure many of us will just sell if we need the money over the next couple months, else we'll just wait for it to clear itself out, can't be bothered with any furthers with it. GLA. We'll need it this winter.
Like others, disappointed in the EPIC Management... Don't see the "BENIFIT" to shareholders in selling out at a 11% discount to NAV when the market is depressed... especially when its still making over 10% HLM...
Probably something else going on in the background... maybe Realty Income is held by some of the bigger share holders so they wont loose out!?
Personally don't think its a good deal for us investors... merger with sim. sized REIT would more than likely been the better option, but the management would then have had a bum fight over who runs the new combined entity
Simon - Statement says :'The Board intends to maintain the current level of dividend, with monthly dividend payments, until the return of capital to Shareholders.' so I think that answers one of your questions.
From the circular :-
If Shareholders subsequently approve a liquidation of the Company on or around 31 December 2023, the estimated amount per Share available for distribution to Shareholders in the liquidation (taking into account the estimated costs of liquidation, service provider termination costs and estimated net income in the period following Completion) is expected to be materially the same as the Estimated Net Assets per Share of 72.0 pence, unless and to the extent that any dividends are paid in the period between Completion and liquidation.
In the event that Completion does not occur because the Resolution is not passed at the General Meeting the Company will be liable to pay the Purchaser’s costs up to approximately £1.46 million pursuant to the Cost Cover Agreement, and, in any event, the Company will have to pay its own abort costs which are expected to be approximately £1.3 million. In addition, the market’s perception of a failed transaction could result in a negative impact on the market price of the Ordinary Shares and the Company’s financial condition, results of operations and prospects.
So that is likely to be 72p minus any dividends. Plus some big expenses if the sale doesn't happen. I expect it will get the vote passed as the bigger holders can force it through.