The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Commercial property fund management company First Property Group has revealed a 13 per cent decline in pre-tax profit for the six months ended September 30th. Profit before tax (from continuing operations) totalled £2.21m, down from £2.54m the same period the previous year, while assets under management (AuM) dropped 7.2% to £347m (2011: £374m) over the same period. More positively, net assets totalled £17.84m, up 6.3% from £16.79m at the end of September 2011, while the cash balance rose 31.2% over the year from £8.97m to £11.77m. The dividend per share was maintained at 0.33p. In a statement the group said: "Funds under management have performed well in a difficult market environment. The total pre-tax income return earned by our funds under management in Poland was 21.1% on an annualised basis. The total pre-tax income return earned by our funds under management in the UK, which are un-geared was 6.5% on an annualised basis." Chief Executive Ben Habib added: "The difficulties in the Eurozone continue to overhang all European capital markets, although the recent announcement by the ECB of its outright monetary transactions has somewhat stabilised markets.
Thanks for the link. OK we've broken out...can we steadily climb to 25p please.
FPO's 12 month SP range is tighter than the proverbial...any chance of a break out?...........
First Property Group, a commercial property fund management group, will say at Friday's annual general meeting that trading has continued well and in line with the firm's expectations, despite the difficult economic conditions. It's clients have also performed well, but the weakening euro has resulted in some capital value reductions in sterling terms, leading to a decrease in its overall assets under management (AuM) from £365m at March 31st to around £350m at the mid-September point. However, the group was keen to underline the robustness of the underlying income generation of its client funds. "We are working to grow the business of the company in three main ways," the firm said. "The raising of a new fund to invest in recessionary resilient relatively high yielding UK commercial investment property; the raising of a new fund to invest in debt secured on income producing UK commercial investment property; and expanding assets under management in Fprop Opportunities (FOP). "We are making progress in raising new funds and hope to report further in this respect in due course. We are also working on some attractive property investment opportunities on behalf of FOP and similarly hope to report on these in due course."
"We are working to grow the business of the Company in three main ways: · The raising of a new fund to invest in recessionary resilient relatively high yielding UK commercial investment property; · The raising of a new fund to invest in debt secured on income producing UK commercial investment property; · Expanding assets under management in Fprop Opportunities plc (FOP). "We are making progress in raising new funds and hope to report further in this respect in due course. We are also working on some attractive property investment opportunities on behalf of FOP and similarly hope to report on these in due course. "We plan to report our interim results in November 2012."
AGM Statement First Property Group plc (AIM: FPO), the commercial property fund management group, will hold its Annual General Meeting today at 12 noon. At the AGM, the Company's Chairman, Alasdair Locke, will make the following statement: "The Company continues to trade well and in accordance with expectations despite the difficult banking and economic conditions. Our client funds have also performed well in these difficult circumstances. The weakening Euro has resulted in some capital value reductions in Sterling terms, resulting in a decrease in our overall assets under management from £365 million at 31 March 2012 to around £350 million presently, but the underlying income generation of our client funds remains robust.
http://www.investegate.co.uk/Article.aspx?id=201209140700082464M
divi is unreal :-) cant believe these arnt higher
Comon' FPO...keep going now....finishing post just around the corner......
Peter Geoffrey Moon bought 28000 today - confidence is still here - no directors have sold for years.
It's been a struggle the last few months - need a good set of results here to get back on track and up to 25p again. GLA.
Good evening pintofhsb. Just noticed your post from what?, 3 weeks ago. Was just checking on how you were doing. No, I haven't bought in here. Still in MONI, SUN and GBO and more recently invested in BLNX. Mixed bag at present. MONI is a slow burner, SUN is still being affected by indifferent results, GBO by the ongoing Greek and Euro farce and BLNX going ok (at present) and the main contributant for me being in profit overall (not by much). All having a rocky ride at present. Sorry to see FPO has dropped back for you. Put it down to the general state of affairs. Maybe things will be better this week if the Eurocrats get their brains in gear and do something about sorting out the malaise, but somehow think that there is a distinct chance of snatching defeat out of the jaws of victory. Hope I am proved wrong. Regards and good luck.
Hi there - sorry about the delay in replying. I've sold a lot of my holdings and ploughed it all into Aviva - risky but I couldn't resist the divi yield. FPO was the only substantial one I've kept. I was very tempted to top up today but instead bought Flybe after their big crash. Roll on the next few months and maybe a return to normality? How about you? Did you buy in here? Good price now!
How are you doing?, still in here?. Good luck. Regards.
there or there abouts....unchartered territory from here............................
Hi there! Very solid set of results last week. You should consider taking the plunge. Nothing is without risk of course - the main one being the future of the euro zone. I'm confident of 30p in the next 3 years with a yield around 4% - not bad in todays market.
I haven't got shares in fpo pintofhsb, but I just couldn't have you talking to yourself; it looks a lonely bb. There is life out there!. Good luck. Regards.
What a share..........I'm the only one enjoying the ride.
Come on FPO let's have 24p by July...................................lonely place this............................
FPO - 22p by April would be nice. Still a healthy yield too. This ones in my 10yrs time retirement portfolio.
reached in 6 months - good stuff. Bound to drop a tad on Wednesday (X-Div)
2-Dec-10 08:10:49 18.81 86,523 Buy* 18.50 19.00 16.27k Trade Type: Delayed publication 2-Dec-10 09:09:04 19.00 325,000 Buy* 18.50 19.00 61.75k Trade Type: Delayed publication 2-Dec-10 08:09:25 19.00 100,000 Buy* 18.50 19.00 19.00k Trade Type: Delayed publication
No News??
I've held these 1 year now and they have very stable in choppy waters! I doubled my holding today with positive results out (I hope) next month we should see a sustained rise. 20p target this time next year?
LONDON (Dow Jones)--U.K. property fund manager First Property Group PLC (FPO.LN) Monday said it has agreed to set up a seven-year fund to invest GBP106 million in U.K. commercial real estate, as it looks to buy property at reduced prices. Chief Executive Ben Habib said it would invest the fund in the coming months and has identified initial acquisitions. Habib told Dow Jones Newswires last November he hoped to have the new U.K. commercial property fund in place before Christmas when, at the time, the fund had commitments for more than GBP50 million of equity from pension schemes. The fund is named the U.K. Pension Property Portfolio and its external investors are U.K.-based pension clients of investment consultancy Stamford Associates, First Property said. First Property will also invest GBP1 million in the fund and will earn annual fees from the fund based on the value of the properties under management. The U.K. Pension Property Portfolio will look to buy properties between GBP3 million and GBP15 million and will focus on well-let but slightly higher yielding mainstream commercial properties. Company Web site: www.fprop.com -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires February 08, 2010 02:33 ET (07:33 GMT)