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I only discovered this company last week and bought in to make this one of my biggest holdings. I recently bought BBY, STOB and IAG as they were trading at 2 year lows. All rallied 10-20% and I sold out of all of them. Finding similar opportunities was hard - hence me stumbling on PHP. I usually say buying shares at a 2 year high is a "no-no" but it is justified here.
- Increasing dividend
-c.4% dividend yield
- 98% occupancy rates of some very high standard medical buildings
- not exposed to the business cycle, government is main source of revenue
- the company offers investors diversification properties
- rent revenue linked to inflation
I like investing in companies where their business model is simple to understand. This is the sort of company you can invest in and forget about.
The only real risk is if labour get in government as they seem to hate anything that makes a profit. If you vote Labour - don't be surprised if your pension is worth hardly anything when you retire. Solid utility companies such as the water industry is perfect for pension investments, as is PHP, so if these are nationalised it means pensions have to invest funds in things they may not usually go for. Let's just hope they do not come to power anytime soon as I would like to retire one day.
Since December on director dealings very few bought anything substantial. Now all of a sudden they come in at a price they set at £1.28. Come on are they taking the P....
Terrible placing price - 128p with just 125p going to PHP. They make it look slightly better by comparing the placing price to the price this morning after they had already destroyed it. But directors are happy as they had the cash to fill their boots.
Agreed Martin. I dislike these placing which exclude investors like myself from participating though I understand it is more expedient for the company. Whether this recovers quickly from the 4.5% fall will depend imo on what the placing price is. Hopefully they will place at a small discount say at 135p. At least they are committed to a progressive divi and they would have diluted later anyway if they found an acquisition. Might as well take the hit now.
As I read it they are repaying £75 million of existing bonds before they can be converted and adding another £75 million, all of which could dilute the shares if they get converted in 6 years time. It is more likely that in early 2025 they will either redeem them with cash the company has generated, or issue new bonds or a combination of both. The good news seems to be that the interest rates on the present bonds is 5.375% and the replacement bonds may well be under 3%. I expect the share price will recover.
Probably something to do with that after hours RNS announcing a £150m convertable bond issue to the institutional's. I'm sure the more clued up tech. posters will confirm it's a wadge of dilution.
Why the sudden price drop today?
Good question sooth! My own target pricebelow has been exceeded but haven;t been able to buy enough yet to make it worthwhile selling. In a new trading range now so where it stops is anyone's guess. Yield is driven down now of course.
I bought for the yield - government contracts for GPS surgeries but the capital gain has been so good the yield is now just good. Anyone any ideas
I have a target of 125p on these. Seems like a decent play and if the recent acquisition works we should have good growth here. Fairly decent dividend yield too given prevailing interest rates. Looking to add a few up to my TP..
Hi Vulcan...….obviously everyone's viewpoint will differ as to whether the merger is good (or not) depending on varying factors ...………….disregarding things like, someone having a personal dislike to 'MXF' as an investment or business; it is hard to ignore the fact that both businesses Boards came out very early on stating their support for the deal to go through. At face value, they do seem a good fit...…… I guess only time will tell if it was a good merger (assuming it happens).
I have held MXF in the past as a good dividend payer, and had also held PHP as a long term banker in the past......but had sold both to buy alternative investments, as other opportunities arrived, so was not holding either prior to the announcement.
However, on hearing the breaking news; I swiftly, bought £25000 of PHP (touch wood, my '3i' holding had a massive gain, so top sliced that) as an opening holding, until I either free up fund's in my ISA by selling something; or until my next lot of big dividends arrive in April/May, when I can buy more if appropriate. I did consider buying back into MXF for their forthcoming dividend and waiting for the .77 merger adjustment; but as I am due to go into hospital soon for a major op, I did not want the hassle of that, so took the easy option of just investing straight into PHP.
on radio & TV, Govt to make available large sums for more support staff for Medical Centres so that GPs will have time to see more patients, These new staff will obviously need rooms, hence demand going forward for more and larger Centres. I am one of your new holders, post MXF merger. Held there for 10 years plus and look forward to being LTH here too,
Like yourself I also support the merger, if it happens it should be beneficial to both companies. However as there are so many variables, I have put a stop loss in place, so I will make a profit, but I can also say I have not made my mind up yet and will "allow" circumstances.
If the sp continues to rise then I am happy.
Best of luck on PHP
DAR
Dar, thanks for the message. I know about the merger and currently support it (need final documents to make a final decision)......My only issue with it is whether the price in shares being paid reflects the assets we are getting. Unfortunately all property REITs, Trusts etc seem to operate with value well below book NAV of the assets. We are not paying NAV in the merger BUT is the discount sufficient? Not made my mind up yet.
Hi Vulcan,
There is a note on the final accounts "We have recently announced the proposed all share merger with MedicX bringing together two highly complementary portfolios in the UK and Ireland and the combined business will represent a stronger platform for the future. Combining the two businesses in this transformational deal is expected to create significant value for the shareholders of the enlarged group and importantly, the potential to deliver significant operating and financial savings. We are excited by the opportunities that will be created. The merger represents another significant and important step in our strategy of selectively growing the portfolio, focusing on large hub primary care centres which are reducing pressures on the NHS, and it significantly extends the scale of the business and asset value."
Which relates to the potential merger and Medway-Man posted a link on Wednesday to PHP website containing far more information.
Hello Vulcan998,
Everything you say is valid, the only observation I can add is that there is a merger / bid in the offering !!!. Keep an eye on proceedings
I bought this share as a solid dividend play and it seems to be delivering. Dividend increasing and fully covered. Assets solid. Income secured in the 5 year time frame with very few rent renewals due (as a percentage). Borrowing down and borrowing costs down.
Anyone else spot anything or have any views?
I bought this share as a solid dividend play and it seems to be delivering. Dividend increasing and fully covered. Assets solid. Income secured in the 5 year time frame with very few rent renewals due (as a percentage). Borrowing down and borrowing costs down.
Anyone else spot anything or have any views?
Many thanks Medway_man,
Great help
There is information in a number of places including PHP own site https://www.phpgroup.co.uk/investors/proposed-all-share-merger-php-and-medicx
Hello all,
I currently hold some shares in PHP and am aware that there is a bid situation, however I cannot find out any details. Please could somebody update me.
Many thanks
DAR
Good rise today. Quality company with good yield, good assets and good balance sheet.
Solid results from PHP today. Gearing down, interest rate on borrowing down and duration of debt extended. Strong balance sheet. The small EPS fall from fund raising dilution is a temporary effect. PHP is well run. Covenants very strong and not subject to retail or other nasty pressures. Geographical diversification into RoI is a plus. Where are the negatives? - maybe the premium to NAV is high enough? Maybe the big negative is political risk with a corbyn government threatening nationalisation of everything in sight. But PHP is only providing propertyl, not private equity operating deals - so maybe not in the first line of fire for nationalisation? I really like this company, but i guess its a hold and forget - not too many catalysts for re-rating?
Notice Blackrock buying in
Moved from aim to FTSE 250 good divi.