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RNS
Iceland (food warehouse) taking up two sites. The definition of necessities. Minimal move on the share price front.
The most undervalued I have ever this
*15m
Meanwhile M&G have bought c. 13 million shares and the price barely moved.
why are we down
Possible interesting RNS from Palace Capital, which is undergoing a transformation -
Palace Capital (LSE:PCA), the Main Market property investment company that owns a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, announces the following change to its Board and committee responsibilities.
Mark Davies, ACA has been appointed as an independent Non-Executive Director and joined the Board with immediate effect. A highly experienced FTSE250 executive, Mark has extensive experience of Chairman, CEO and CFO roles in listed companies and private equity. He was a Co-founder Director of New River REIT plc ("New River") and helped take the Company from IPO to the FTSE250 in seven years. He was CFO of New River for over twelve years and, working alongside his role as CFO, was also CEO/Chairman of Hawthorn Leisure Limited ("Hawthorn") for five years. Mark stood down from the Board of New River following the announcement of the sale of Hawthorn in July 2021 but remained as CEO of Hawthorn until its successful sale to Admiral Taverns in August 2021.
In addition to his role as a Non-Executive Director, Mark will chair both the Audit Committee and Remuneration Committee and will also be the Senior Independent Director.
Steven Owen will chair the Nominations Committee and Matthew Simpson, CFO, will chair the ESG Committee.
Steven Owen, Interim Executive Chairman, commented:"Mark's track record, experience and knowledge of property and capital markets will be invaluable in enabling the Board to execute the Company's strategy of maximising cash returns to shareholders. The Board is looking forward to working with Mark in delivering this goal."
Mark Davies, Non-Executive Director, commented:"I'm delighted to have joined the Board of Palace Capital as a Non-Executive Director. I've followed the Company since its inception and I'm looking forward to working alongside Steven and the Management Team to deliver Shareholder Value."
I Agree with you mate. Would be my best option and most shreholders to ti would imagine. Specially at such a discount to NAV at the moment.
As I said before , unless they can buy a an asset for a 40 % discount then they might as well invest in their own stock..
and start a share buyback.
Yes that would be a great result.
A buy back would suit my adgenda. Next couple of years will be interesting for sure. A lot of companies are buying their shares at the moment.
I don't disagree with a working capital buffer, but having 33% of market cap in cash is a bit ludicrous.
I seem to recall that some of NRR sites may have scope to obtain planning for resi which may offer large premiums to book value.
My ideal scenario would be they buy back shares and get the SP closer to NAV! Failing that the business is bought by a PE backed company offering us a substantial premium to the current share price and much closer to NAV.
Morning,
Currently I believe NRR are allotted to purchase 10% of the outstanding shares. They may of course be able to apply to buy more back which may return some capital value to shareholders.
Finding high yield retail parks will now be a great challenge as everyone is looking for them. They would be better off buying a site and building a new one for a greater return. I consult for LondonMetric and British land on the retail side and this is what they generally they do. They also currently have high occupancy rates and some retail stores are turning into leisure stores where deemed appropriate.
Also believe after the last disaster and eye off the ball situation NRR have found themselves inn. The company should retain a minimum of 25 million in the bank for general working capital and to allow them to progress stage 1, 2 & 3 aspects of planning development works.
That’s my take on it anyway ?? hopefully the next update or shareholder presentation will outline where we are going moving forwards.
Updating that last post as it was a load of nonesense.
Estimated Op Profit £37.7m (assumptions based on NRR FY results PowerPoint waterfall chart)
Net Finace costs of £16m leaves a UFFO of £21.7m/ 310m shares gives an EPS of 7p and 5.6p of divi - close to a 6.5% yield @87p.
With a 30 June 22 cash position of £93m less annualised dividend payment of £17.5m - what's the POA with this £75.5m warchest! Could take out 70/80m shares comfortably giving us over an 8/8.5% yield. Or can they buy a higher yielding asset?
On reflection, maybe a share buy back would be preferential at these prices!
If we took out 50m or so shares we'd be at a yield close to 8.5%... This assumes retail NOI consistent with 2022, full year of finance cost savings and accounting for £0.5m of head office savings).
Ex Divi Date. share price generally goes down in relation to the releasement of the Divi.
Really? 4% fall?
This is an annoying company when comes to a share price movement
I've just topped up ahead of the divi!
FWIW my preference would be a higher yielding asset purchase rather than a share buy back.
"I'm very suprised they havent baught any shares back as of yet which may be high on their agenda ???"
The cas can be used to buy more property but the discount suggests they would do better with buybacks.
With the sale of the retail property they must be close to sitting with 150 million in cash. It will be intersting what they do and where they go from there. I'm very suprised they havent baught any shares back as of yet which may be high on their agenda ???
Decent update today minimal share price move. Odd particularly liked the info on the workout property.
Only a week to go now for the Div
It's underpriced!
Considering the the market drop NRR is holding up very well. What are your thoughts gents ?
Ediston Property Investment Company (EPIC)
With its mainly retail park portfolio look like a good merger prospect.