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Started: Wayzgoose, 17 Jan 2024 21:04
Last post: Franalex, 17 Jan 2024 21:22
Received mine in HL, 69p per share.
Hi all, received my payment HL Sipp and ISA but only 65p per share
Started: BevoUK, 17 Jan 2024 09:48
Last post: dutch15, 17 Jan 2024 15:02
It did mention 5 days after liquidation so I am taking that 5 working days.
So expecting Friday 19th onwards
Anyone had their funds returned to them yet?
Started: 5h1t-or-Bust, 11 Jan 2024 13:53
Last post: 5h1t-or-Bust, 11 Jan 2024 13:53
Nice to see trading has finally finished and looking forward to the payout which hopefully will have a little interest added to the quoted 72p purches price (less fees etc). I believe we should all receive this on 15th December. Already planned my reinvestments elsewhere,
Started: Gerry557, 8 Jan 2024 16:42
Last post: TerryM1, 9 Jan 2024 11:11
I hold these in 2 ISAs and a SIPP.
I checked with HL, IWEB and II, for the ISAs the payment of 69p will be made into the ISAs and SIPP, the shares will be removed from the ISA accounts into trading accounts or certificates (if no trading account) but will remain in the SIPP.
Tried to buy some more and to make a small amount in a few days as I got a quote of 0.67908p
but for upto only 1500 shares, 68.5p for over 1500 so not worth it when stamp duty and trading costs taken into account, thought this is too good to be true.
I have just spotted a corporate action stating these will no longer able to be held within an ISA if sold as planned and the funds will be moved into the trading account. I only found this by accident and panic sold the remaining lot so as to keep it in the ISA wrapper. It was just under the 69p. This might have been an expensive mistake.
So now I have a lump of cash needing a home. I have used some to top up SREI and CLI. A bit of a panic buy but at least I know them.
As for the dividend, its due today not the end of last month. In fact its a good job because that's allowed me to spot the ISA issue
Mine was in my account yesterday
Has anyone received their November dividend payment from this stock yet? Mine's not come through and was meant to yesterday.
Started: Arpea, 30 Nov 2023 16:44
Last post: 5h1t-or-Bust, 4 Jan 2024 13:44
Thanks Terry,
I will hold fire until the middle of the month.
From memory the vote is on the 11/1/24 and if passed 69p per share will be distributed 4 days latter, I assume there will be a small additional amount to come at a later date.
Just wondering if anyone has seen any update about the final payment date which was originally planned for the end of 2023 ? I have investment plans for the monies and don't want to sell early at a discounted value.
Is there any info on when shareholders will see the cash from the sale. The original release said they were targeting the end of the year. We are nearly there, but I haven't seen any update.
Started: Tiffin4T, 20 Oct 2023 11:47
Last post: Tiffin4T, 20 Oct 2023 11:47
Thanks, thought I was probably missing something.
Started: Tiffin4T, 16 Oct 2023 14:01
Last post: riskingit, 19 Oct 2023 08:57
Tiff I'm afraid not - The board has sold the entire property portfolio at a 10% discount to the NAV @ c. 72p per share. On this basis the best you can hope for is 72p (minus any dividends and costs) between now the and closure of the company. With a bit of luck the sale cash is earning decent interest
My first post, so here goes. And the first point is that the hold I have rated these as is what I want to question.
I have some EPIC, bit disappointed management have thrown the towel in, but I have a question. Most valuations still seem to say about 80p per share NAV. Share price in the market is 68.8 today.
Does that mean the payout 'by the end of the year' will be about 80p per share less any dividends paid between now and then and any expenses that can be rounded up and charged to shareholders, or is the 68.8p likely to be the maximum?
Started: Gerry557, 6 Oct 2023 07:29
Last post: Gerry557, 6 Oct 2023 07:29
I have been musing what to do with these since the announcement. I was going to hold on until the process finished and collect the cash to give me time to decide where to reinvest it.
Some shares have dropped more than the relative gain by holding on so as the holdings are with different brokers I sold a chunk and recycled into UKW, Trig and NG.
Most a dipped so I'm hoping there might be a small gain plus divis. I shall miss the monthly income albeit it's dissappearing anyway. I'm not sure if the last payment is November or December as the wind up is the 29th from memory so maybe there won't be a Dec divi.
I still have the remaining shares with the other broker that will need a new home soon. I don't want to be buying into a Santa rally but having cash available for feb/Mar might be handy.
Of course Mr Market might change things further and persuade me to sell more early if the other shares drop more than the potential gain from holding.
Started: chestermikeb, 18 Sep 2023 16:04
Last post: MattTheBrave, 20 Sep 2023 17:53
Yes - the shares will disappear and you cash balance will increase by the proceeds from the takeover.
If the proposed deal is approved and the company is sold, what actually happens to the shares held in our accounts? Do those shares automatically get replaced with equivalent cash?
Not sure if I should be holding on to them until the bitter end or thinking about selling up sooner...
Started: Optimus, 15 Sep 2023 16:41
Last post: Tyma, 17 Sep 2023 11:54
You are forgetting debt. The last half year balance sheet showed debt net of cash of £63 million. There were also other payables and receivables.
I am in a similar situation to Simon paid with averaging 78P had dividends yes but still in a loss and even more so if you account for inflation.
The RNS says Following the announcement of its Strategic Review on 16 March 2023, the Board of Ediston Property Investment Company plc (the "Company") is pleased to announce that the Company has entered into an agreement for the sale (the "Disposal") of the entirety of the EPIC Group's property portfolio (the "Property Portfolio") to RI UK 1 Limited (the "Purchaser"), a wholly owned subsidiary of Realty Income, for cash consideration of £200.8 million, prior to agreed deductions of approximately £4.0 million (in aggregate, the "Consideration").
Ok so its bad enough that £4 million immediately disappears so shouldn’t that leave £196 million but then they say after completion they expect to have £152.2 million so using simple arithmetic £200.8 million minus £152.2 million equals £48.6 million so where the hell is that going ?
£48.6 million where is it going
As per usual with anything to do with money and the markets, money just vanishes and the shareholder who has loyally stuck by the company losses out.
Started: Mekas, 8 Sep 2023 13:55
Last post: Gerry557, 15 Sep 2023 15:16
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.
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.
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.
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
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.
Started: WillLackster, 17 Aug 2023 16:12
Last post: LoggyLogbot, 31 Aug 2023 14:35
This has got to tick up soon!
Some steady buying today
Did you manage to get your order
Can't sell on HL -
Started: Gerry557, 3 Aug 2023 08:09
Last post: Gerry557, 18 Aug 2023 17:52
So from that last Rns it's a sell of the property and then make everyone redundant then divi out any leftovers
At anything under £0.70 i think this is still worth topping up on...
Over 70p and im not sure if its a hop or sell at the moment.
US Realty will be looking at this on a good buy with the current exchange rate; they'll probably buy up EPIC and then as the Pound strengthens against the US$ sell up and capitalize on the growth in £.
No RNS but according to rumors, it's looking like US Reality Corp reit is the front runner. Not sure that's ideal but probably the biggest bidder.
So much for SREI. Old Standard Life in the mix but they don't like vowels so would end up calling it a "RT" rather than a REIT
Starting to move up nicely now. Hopefully should get up towards the 80p mark very quickly.
Chart position, recent break above down trendline from January 2021. Rally fading, down to recent support at 66. A large double bottom price pattern has completed , which is bullish, and This gives a projected future price of 80.4, which is also where overhead supply would be expected to impede further rise.
Started: Gerry557, 5 Jun 2023 10:08
Last post: TimBob, 3 Jul 2023 10:38
Not sold off anything yet as still holding out for a recovery...
Interestingly looking at the trades over the past few weeks, there seems to be more buys than sells...
I think we have to realistically expect there to be a drop in Divi if there isn't a merger or acquisition.
EPICs major shareholders = Columbia Threadneedle Invstments (17.57%), Hargreaves Lansdown EO (8.96%), Momentum Global Investment Managers (8.33%), Quilters Investors (7.54%), Investac Wealth & Investment (7.16%), Inter active Investor EO (5.72%), Mattioli Woods (3.27%), Wise Funds (2.96%), BlackRock (2.79%) and Close Bros (2.69)...
BlackRock have gone from one of the top 3 with about 15% to less than 3% so wonder if the big drop off was them dropping a lot of sell orders !?
I'm not sure who they would merge with. If Warehouse can't afford their divi it might not be feasible but I don't know why they aren't covered unlike here.
Nick Montgomery, Head Of UK Investment at SREI mentioned them at the Q&A so there might be something there but also discussed just buying individual properties if they went the sale route.
I've also been informed that Try might have an interest and already own some of Epic but I've not checked.
Could they merge with Warehouse REIT? Feel like they would both be stronger merged and have similar backgrounds.
Both are currently paying out more dividends than earnings.
From memory didn't they have funds to invest that would cover the divi when allocated. I don't want them to sell cheap for the sake of a sale just because it's difficult to work with a small scale.
Sell the property at full value and a wind down would be better than a cheap sale. Just keep going as is. I'm not sure who they could merge with.
Anyway I have bought more this morning as the cash that was waiting to be transferred still hasn't moved and there was an estimated date mid July.
These will have to be transferred now though to join up with the last lot that did actually transfer.
They made it sound like they are going to announce plan in Q3.
With the share trading 20p less than NAV I’m hoping that whatever happens it results in a gain from where we are now.
I guess it could be that as of the full year results, they'd had a partial period of income from disposed office/leisure assets that was completely lost with respect the the most recent half yr period.
Apologies if this is a stupid question, but as of the full year results 14th Dec 22, they said they had disposed of all office and leisure assets and were only invested in warehouse. In the same release dividend cover was said to be at 81.2%. We are now half a year later and the dividend cover has slipped to 67.3%.
What has caused this drop in coverage? Increased debt costs?
Started: LoggyLogbot, 17 May 2023 17:04
Last post: TerryM1, 22 May 2023 12:51
Looks like they are sitting on cash earning low interest with the result dividend not covered. They could sit on this cash and reduce dividends, watch it burn away supporting the dividends, invest it in new properties which would be at NAV or buy own shares with over 20% discount to NAV so cover the dividend. I don't usually like share buy backs but in this case it looks by far the best option. However that would shrink the company and so less fees for the BOD.
"Since commencing the Strategic Review, the Board and its advisers are engaged with a number of interested parties and the Board expects to provide an update to shareholders early in the third calendar quarter of 2023."
Ediston Property Investment Co PLC
Half Year Results
25th May ( according to news tab above ) - Ediston website just says May.
Started: WillLackster, 10 May 2023 13:07
Last post: LoggyLogbot, 10 May 2023 14:11
Not heard or seen anything. You'd expect a more volatile price. I tried a dummy buy and I get 64p, and dummy sell and I get 63.333p
I can sell but not buy on HL as they say there is a bid situation - but can't see anything about it in the recent RNS or in news anyone got any info to share? Slightly underwater capital wise with current SP, hopefully the "bid" will be closer to the NAV, will be sad to lose the monthly dividends
Last post: Gerry557, 30 Mar 2023 11:20
Its been suggested TR property group might be seen as potential suiters. Im not sure selling on the cheap is in the best interests of PI's. I will probably write and express that opinion.
I tried to buy a few more this morning and eventually had to put in a limit order but things are moving against me. I will keep it in until 5 Apr then look to combine them all into one account
Yeah I really like this share for the monthly dividend. Would be sad to lose that.
So who might be in the frame after the SR to merge or would a full sale be better.
I actually think the smaller size helps some PI's. Get a nice discount and dont get pushed around by the big boys. Swings and roundabouts. It could mean that the monthly income option disappears.
Started: Gerry557, 10 Jan 2023 08:08
Last post: Gerry557, 10 Jan 2023 08:08
Well I decided top top up with some dividends and a free trade that was due to expire with Interactive Investor. I was already narked as their website was down over the weekend without warning for maintenance.
When I did get in I couldn't get to trade, there was a warning of some 3rd party supply issue and to use a limit order. This did not work either. Eventually I got more than planned to buy using a different broker.
So should see the extra income by the end of the month.
Sorry Terry 1 for the late reply but I tend to agree with your sentiments. Hopefully they have a good pipeline to offset the delay in investment and get a better deal overall. I was hoping for an uptick in the divi but going to cash and the uncovered divi has stopped that.
Still compounding that 8% isn't too bad but do I go back in today for a second nibble if II is working today.
Started: Craig30, 3 Dec 2022 14:11
Last post: TerryM1, 16 Dec 2022 23:46
Gerry557
I suspect there are reasons as you say why they cannot buy into another REIT although this is property I suspect it has to be a direct investment. However given this money is in cash would that not count against the 75% rule, must be getting close or over that level now.
However I cannot see any reason not to buy your own shares, seen this all the time including REITS.
The shares can be bought and placed in treasury, as no dividend paid on these shares there is enough money to fully cover the dividend. When the market has bottomed out these share can then be sold on the open market or via a placing releasing the funds to for new investment.
I suppose it depends on what you mean by "reliable"
Currently the dividend is not covered which isnt good. Now if this is temporary with a plan to recover great, which seems the case here.
I think it depends on many factors but splashing that cash on more investments will solve this. With a run rate on divis around £10m they could go on for a couple of years relatively easy. How much are the pipeline properties likely to fall of get a better yield. It sounds like a reasonable plan currently especially as rates have risen again. How much more is needed when energy and inflation are also adding the the brakes on the economy.
I like TerryM1's thinking but I think they are limited on what they can buy. At least 75% has to be property but there is some scope to get some extra income but there might be lending restrictions using cash that way.
I think its best if you "plan in" a 20% divi cut from the off and then if it doesn't happen bonus.
I am happy for them to sit on cash and wait for the right investment. As the note says there are many dimensions to check when buying the type of property set in the strategy.
I like when the board has clarity on their strategy and not "opportunistic". They are in no rush to burn the cash. Just waiting for the right opp, probably mid of next year once we see how valuations and pressure on leveraged property owners pans out.
The problem is that they are sitting on a large amount of cash not earning very much, no doubt a good move in the current environment as there will may be good opportunities to had at some point. However it means the dividend is not fully covered and will probably not be until the money is deployed and there is no point in sitting on a cash pile getting far less in interest than inflation.
How about a different strategy.
1. Buy back shares place in treasury and release during better times, less shares, less dividends so now covered.
2. Buy into another discounted REIT (if allowed), they should have the expertise to access the value of other REITs portfolio so in effect buying property at a huge discount, use the dividends received to cover the dividend shortfall. IMO you get a better deal in a heavily discounted REIT like SREI, ASLI, BBOX etc than buying property in the market. Sell out when there are better opportunities to buy property directly. Does anyone know if this is allowed?
yes - I've been invested here for a couple of years and regular as clockwork... I am dripping money in each month to take advantage of the low SP the discount v NAV makes this a long term hold and collect for me - even if there is a small reduction in the actual dividend during this recessionary period - it will bounce back -
Started: gonsan, 13 Jul 2022 23:01
Last post: jonathb, 9 Dec 2022 14:41
Y Both crazy cheap.
Yes, Gerry I meant Target Healthcare. I still like their proposition. Upscale retirement properties. We wont be short of older people any time soon...
Gonsan did you mean THRL (Target Healthcare REIT PLC).
Gonsan, yes most REITs being hammered recently, SREI is probably next in line for an addition now this has been upped. Can't find TGHR
Trying to ignore the share price, as long as the dividend can be mantained!
SREI, TGHR, EPIC, all my reits between 18 and 30% down... not nice but if the divi is mantained I would not be unhappy, as you say the reinvestment would be cheaper and the cash flow higher...
Oh well...
Started: TimBob, 17 Jun 2022 19:09
Last post: TimBob, 21 Jun 2022 12:58
Down a bit from Fridays close, but still holding above the 80p mark... which is good and bad depending on if your still topping up on them!
Had hoped that there was news on the asset purchase / reinvestment front as that would be more weight behind an increase in divi.
Might be the uncrossing trade. See what opening price is on Monday.
Anyone got any idea for todays closing share price jump...? Whilst i personally think the SP has been low, i thought we might have seen a slight drop with the Interest rate increase...
Noticed this comment too Dusty42...
Also comment on not increasing Divi until the funds from the office sale had been reinvested...
Prudent move but in conjunction with this comment, it has me hoping that a purchase is made soon and the divi will be increased in the coming months...
Another good REIT worthy of reinvesting dividends monthly whilst at a discount.
I note the IoM Govmnt bought in recently, via a local broker.
"The Investment Manager is well advanced with the reinvestment of the office sale proceeds and announcements on acquisitions will be made in the normal way as and when contracted."
Sounds encouraging to me, hopefully some more news flow in the not too distant.
Looks like it must be the discount to the Nav that's driving this share upwards . Monthly dividend and capitals gains! Glad I bought in earlier this year
Taken from HL site Estimated NAV: 95.93 Premium/Discount: -18.48%
A big move on Epic today, any body know what caused ?