Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Thanks for your post, good to see someone else interested here. Yes does look positive would hope we will see some upward movement soon.
Oh and meant to add, recent Director buy also a good sign imo.
Interim results looked fine to me - basically sets out again their new strategy (to target multi-channel retailing). That strategy is why I have bought in. Good dividend, poor cover at the moment (though they have had poor cover for a while and it doesn't seem to have stopped them paying out) - cover should, as they claim, begin to improve with a focus of selling low yielding assets (including ones that have seen significant capital gains) to put the money into higher yielding ones.
With results out tomorrow I'm hoping for a significant re-rating and lift in SP. Surprised at inactivty here, is no one following this share?
another one...
big trade....
Yet these will soon disappear. Notably, LondonMetric's expensive transformation into a real-estate investment trust in 2010 will be fully amortised in September. That should allow the company to return to book-value growth within two years - and within one if the regional property market picks up in earnest. Beyond that, Mr Vaughan and Mr Jones look a safe pair of hands for investors that require income over several years without wanting to risk capital. LondonMetric's shares trade roughly in line with expected book value - a similar rating to the wider sector, despite better growth prospects..but as always dyor gl
There are also two practical reasons why it makes sense for LondonMetric to switch out of prime. First, Mr Vaughan and his highly-experienced team can justifiably claim a competitive edge in shops that they do not have in other property sectors. Relationships stretching back decades should enable them to buy or develop shops and e-commerce hubs that meet retailers' fast-changing needs. Second, the company currently pays uncovered dividends. Having sold a portfolio of 17 distribution warehouses in April 2012 and its stake in Meadowhall shopping centre in October, underlying profits fell 12 per cent to £21.3m over the year to the end of March compared with £38m paid out. Mr Jones believes the current high level of dividends is sustainable as long as the proceeds of its residential and office disposal programme can be reinvested in regional retail or industrial stock - a process he expects to complete by next March. Uncovered dividends are a problem because, in the absence of portfolio growth, they eat into the company's book value. That is one reason why LondonMetric's book value has been falling for the last two years. Another is so-called exceptional costs, which last year wiped out reported profits entirely.
Three big deals, all concluded since the merger, illustrate the direction of travel. First, the company spent £92.4m on a portfolio of six retail parks - a deal Mr Jones labels "opportunistic". It then bought Primark's British distribution hub for £60.5m. Finally, it launched a road show in London and Asia to sell the company's London flats. So far sales have been agreed worth £59.6m on 116 units out of 520. The company has also put one of its two City offices up for sale. The risk with this strategy is that income merely replaces capital growth as low-yielding London continues to pull head of the provinces - the London flats accounted for virtually all the company's 1.7 per cent valuation improvement over the year to 31 March. Yet Mr Jones reckons "good secondary" properties will now start to outperform in many sectors, as the hunt for yield finally spreads beyond the M25.
London & Stamford's star has faded since the heady days of 2009, when its veteran managers Raymond Mould and Patrick Vaughan were feted across the property industry for a number of perfectly-timed acquisitions. Yet the merger in January with retail landlord Metric Property Investments has brought fresh energy and strategic focus to the company, paving the way for a return to outperformance. Renamed LondonMetric (LMP), the company is now led by Mr Vaughan as chairman and Andrew Jones of Metric as chief executive. With the exception of Mr Mould, who has taken the opportunity to retire, the new executive team reunites the key figures at Pillar, a portfolio of retail parks founded by Mr Mould and Mr Vaughan in 1991 and sold to British Land in 2005. They want to refocus LondonMetric on the retail sector - but with a difference. Instead of concentrating exclusively on shops, of which they readily admit Britain has too many, they will also invest in the distribution centres retailers need to meet online orders. At the same time, Mr Jones is not ruling out the kind of opportunistic deals for which London & Stamford became renowned. This strategy has involved reshaping the portfolio. Intriguingly, the company is selling off its prime London assets and replacing them with higher-yielding ones outside the capital - a call that remains contrarian after three years of relentless outperformance by London.
Advised by London property guy to buy this one - good dividend and potential for growth .
LondonMetric Property has completed the acquisition of a portfolio of six retail warehouse assets for a total consideration of 92.4m pounds. The FTSE 250-listed company said that the acquisition would deliver a "day one income of circa 7.5m" and generate an initial cash return worth more than 12% when combined with LondonMetric's debt facilities. The company said this would continue to grow as fixed rental uplifts on approximately 50% of the income fell due. Londonmetric was established in January 2013 as a result of the merger between London & Stamford Property and Metric Property Investments. Its strategy is to deliver returns for shareholders by increasing income and improving capital values.
deadline has now passed. Cash resulting from successful tenders is due from 20 February 2013.
LondonMetric Property has unveiled its first interim management statement following the completion of the merger of London & Stamford Property and Metric Property Investment. The company announced that in the period from October 1st 2012 to February 1st 2013 it had exchanged contracts to acquire a portfolio of six retail warehouse assets for £92.4m, reflecting a net initial yield of 7.8%. It further reported that it had disposed of its 15.7% share in Meadowhall Shopping Centre, realising £95.8m net of debt at a net initial yield of 5.1%. The company further reported the completion of the acquisition of 107 residential units in Islington, London, for £45.7m and reported the acquisition on behalf of Metric Income Plus Partnership of three retail parks for £20.7m. Andrew Jones, Chief Executive Officer of LondonMetric, said: "We are excited to have announced the £92.4m retail portfolio acquisition so soon after completing the merger, as well as the value enhancing asset management activity that has been undertaken across the portfolio, while the merger was being progressed. "We are also looking at capitalising on our strong retailer relationships to provide real estate solutions in the distribution sector. This is a sector where demand from retailers is now dominating space requirements as they continue to respond to the growth in multi-channel retailing.
London Metric Property: JP Morgan initiates with a target price of 125p and an overweight rating.
1ST AND 2ND POST........
London Metric Property: Jefferies shifts target price from 106p to 104p maintaining a hold recommendation.