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NTERIM RESULTS 2012 CHAIRMAN’S INTERIM STATEMENT AND MANAGEMENT REPORT I am pleased to report on the half year results for the six months ended 30 June 2012 which show an overall loss of £791,000 for both the Revenue and Capital account compared with a loss of £178,000 for the same period in 2011. This loss represents 14p per ordinary share (2011: 0.2p per share) and, as a consequence, the basic net asset value per ordinary share has fallen from 447p as at 31 December 2011 to 432p (cum dividend). Adjusting this figure for the negative balance for non-controlling interests reduces this value to 411.9p (31 December 2011: 427.6p). This reduction is further explained in note 12 to these Interim Results. Revenue Account The revenue loss for the period ended 30 June 2012 was £352,000 against a loss in the corresponding period last year of £482,000. The principal reasons for the improvement in the results were an overall increase of £81,000 in investment income and a reduction in administrative overheads of £66,000 from £482,000 to £416,000. Investment income benefitted from £215,000 interest from our investment in SMU Investments Limited 12% Loan Stock which had been previously provided against as it was considered prudent to do so until such time as the loan stock was redeemed. The loan was repaid in July 2012 together with accumulated interest which represented an annual interest rate of 20.1%. This was partly offset by a decrease in bond interest of £129,000 as a result of sales since that time.
http://www.investegate.co.uk/Article.aspx?id=20120830070000Z1493
Arbuthnot upgraded its recommendation for Gresham House (GHE) from "buy" to "strong buy" with an increased target price of 500p, up from 428p. The broker notes that following the passing of a resolution at the May 2011 annual general meeting, the group's investment policy was changed to the orderly realisation of its assets over a period of approximately two years with a view to returning capital to shareholders thereafter. With that said, given management's track record on delivery, most recently the completion of the pre-let development in Aberdeen on time and within budget, Arbuthnot is confident in the group going forward
The Results The revenue loss has decreased from £901,000 in 2009 to £701,000 in 2010. The net asset value per share has shown a slight improvement of 0.7% from 473.7p in 2009 to 476.9p in 2010. As the revenue loss for 2010 includes a trading profit from the sale of our development site at Curtis Road, Dorking amounting to £591,000, the comparable running loss has effectively increased by £391,000 from £901,000 in 2009 to £1,292,000 in 2010. The principal reason for this increase is the sharp decline in rental income from £2,112,000 in 2009 to £1,435,000 in 2010 as a result of our policy of vacating space at Newton-le-Willows following the granting of residential planning consent and at Vincent Lane, Dorking where we anticipate obtaining residential and retail planning consent. This adverse variance was slightly offset by an increase in our dividend and interest income from £200,000 in 2009 to £446,000 in 2010 as a result of the acquisition of £5.5 million of corporate bonds following the successful sale of our Hallin Marine investment in February 2010 which was low yielding. Net Asset Value per share The net asset value per share increased by 3.2p to 476.9p as a result of the increase in the valuation of the property portfolio by £490,000 and gains on the securities portfolio of £813,000. These increases were offset by the revenue loss and costs of £297,000 in respect of fees payable on the Hallin Marine share disposal and the additional investment in Memorial Holdings Ltd which were required to be written off in the year.
http://www.investegate.co.uk/Article.aspx?id=20110420070000Z0548
Arbuthnot retained its "buy" recommendation for Gresham House (GHE), the property and early-stage investment trust, with a 428p target price. The broker notes that the full-year results contained few surprises in terms of financials with revenue loss reduced to 0.7 million pounds, against 0.9 million pounds, and net asset value (NAV) up from 474p to 477p. The announcement that Gresham intends to realise the groups assets over the next two years, with a view to returning capital to shareholders thereafter, should provide a catalyst for a "significant" reduction in the share price discount to NAV, Arbuthnot added. The shares advanced 27.5p to 345p.
Big rise today on back of exciting Hallin Marine news
Interesting rise here today on no apparent news. May be some on the way.
Annual Report and Accounts and Notice of AGM .The Company announces that copies of the Annual Report and Accounts for the year ended 31 December 2008 and the Notice of Annual General Meeting have been sent to shareholders. Electronic copies of these documents can be accessed from the Company's web site: www.greshamhouse.com.
Heading towards 1000p
Gresham House to sell Dorking property for 8.2 mln stg to Linden 25-SEP-2007 LONDON Gresham House PLC it has agreed to sell its investment property interests in Vincent Lane, Dorking for 8.2 mln stg to Linden Ltd to fund the company's working capital. The property and early-stage investment trust said it has also agreed to sell its property interests in Speke Boulevard, Speke, Liverpool for a consideration of 61 mln stg or 85 pct of the market value to a third party. Gresham said the Dorking property sale is conditional only on planning permission being granted for residential development by November 2008, while the Liverpool property sales is conditional on planning permission being granted for the change of use to A1 retail. TFN.newsdesk@thomson.com
Good Figures and a nice rise in the SP, an old time favourite!
Dear Tonkssa, Whoever your adviser is stick with him this stock still trades at a big discount to asset value
I got into this share as a result of some good advice from an international financial advisor. I agree with Bev88, a gem!
Dear bondbond611,I checked and it was March when I bought at 330 not June but todays further surge to 680p shows they don't need talking up- let the price speak for itself.
50% up since June? How do you do the calculation? The price was lingering just below 5.50 mark throughout June and at the current price is merely 6.12, only around 15% up. The price must have been £8 to achieve such 50% up.... are you trying to talk up the share?
Anyone listening to me in June is 50%up now . This is truly a gem still tradng miles below asset value of over £8.
All Mr Sterling's. Best value around. investments,Egdon,Hallin'Welsh Inv. Trust etc are stellar performers at massive discount to asset value. Best value around.