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Shares in Public Service Properties Investments (PSPI) fell another ten percent on Monday after it reported a fall in net asset value in 2011 and warned about its financial health going forward. The care home company's share price has fallen 68.5% in the last month. PSPI said net asset value per share had fallen to 108.3p in 2011, down from 130.6p the year before
Patrick Hall, Chairman of PSPI, commented, "The economic climate in the Company's various markets remains challenging. As indicated in the Company's announcement on 2 April 2012, the outcome of the discussions with ECG and/or refinancing of the Group's debt maturing in September 2012 may have a material effect on the future value of the Group's assets and the level of its operational profitability."
Final Results for the year ended 31 December 2011 PSPI (AIM: PSPI), the specialist European care home real estate investment and financing company, announces audited results for the year ended 31 December 2011. Highlights: § Adjusted earnings before tax of £10.4 million or 10.11p per share (31 December 2010 - £8.0 million or 8.62p per share) § Total rental income¹ increased by 3.3% to £17.2 million (2010: £16.7 million) § Investment properties valued at £256.4 million (31 December 2010 - £272.2 million) § Net asset value per share of 108.3p at 31 December 2011 (31 December 2010 - restated² 130.6p) § The Company repaid £30.7 million in debt during the year against new borrowing of £27.7 million and invested £8.4 million in capital expenditure § The Company's Loan to Value ratio³ at 31 December 2011 was 54% (2010 - 52%) § The Company has entered into negotiations with the European Care Group ("ECG"), the Company's sole UK tenant, with a view to combining a majority of PSPI's UK assets with ECG's assets and businesses and the refinancing of the combined group's assets and businesses. Further announcements will be made in due course § In view of the matters noted above, the Board of Directors does not recommend the declaration of a final dividend
http://www.investegate.co.uk/Article.aspx?id=201204300700202960C
of takeover on advn maybe maybe not but trading at such a low sp to nav worth a punt here
Half year results are better than last year half year . I wouldn't be suprised to see the dividends stay this time round maybe reduced . Plus decent year end results . At this price its a great investment in my eyes . worse case scenario -15% on the property values (A wild guess) This company has still has great value at this price and beyond. IMPO
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Looks like it'll be a great weekend
End of year results expected to be out soon. before the of the end of the month:)
+ edison statement looks decent
my last line : IT IS FOR SPECULATORS ONLY
1. NOBODY WILL BUY THIS COMPANY'S ASSETS 2. FORGET THE DIVIDEND 3. THERE WILL BE SOME KIND OF REFINANCING BUT THIS IS NOT THE COMPANY THAT PEOPLE WERE LED TO BELIEVE WAS A WELL RUN CONSERVATIVE INVESTMENT WITH A SAFE DIVIDEND. IT IS NON E OF THESE . PECULATORS
Bottom of Edison report states: This report has been commissioned by Public Service Properties Investments. PSPI are obviously giving as much information and guidence as possible so as to reduce irrational panic.
Look at the Edison statement (see link below) and read the Company's statement more carefully. The company had net assets of well over £100m and the valuations on the properties will have been done by professionals as required by the banks within the last 12 months. The annual report says the company has been operating within agreed loan to value parameters (circa 50%). The asset manager will have started negotiations with the company's lenders well in advance of the facility roll over dates. The comments about realisation of assets are merely indicators that the company is not going to go into a fire sale to realise cash. Look at the balance sheet - this company does not have any good will in the balance sheet (like most companies) - it is all bricks and mortar. The trades which are going through look like the small individual shareholders who are getting spooked because they haven't read the paperwork and they do not understand what is happening. From the posts here there is also a significant amount of speculative trade with people trying to make a quick buck. I interpreted that the 2 years notice to the asset manager as merely a precautionary move by the board because if sufficient assets (properties) are realised at market prices over the next two years there would be no need to have an asset manager..... I don't think anoybody who knows the asset manager would have anything but praise for them; they are a very professional and highly respected company. 98% of the shareholders are holding on because they see what the company is really worth !
How many care homes will be open soon. With the cost of electric light and gas heating who will afford the bills . The Conservatives promised people a new insurance and we got Dilnott report and now they are trying to wriggle out. Next Nick Clegg has put the boot in on the elderly tax allowance.Now the elderly have to pay tax on their care home fees and sell their house to support the ones who don't pay. And they all get Mothers Pride and 99p spread with their Poundland tea bags. Never mind there may still be a White Night. Maybe a Bingo Operator. Roll up Roll Up on the reds and on the blues but definately Black
Please help....................if only 2% sold why >60% drop in SP? If the business is fundamentally sound why a >60% drop. I'm beginning to panic but don't want to realise a huge loss...at the same time don't want to lose it all. Can anyone reassure me? Thanks.
Fall in share price last few days is on only about 2% of shares sold, seems to be private investors. Other 98% holding their investment. Edison have compiled a report: http://www.edisoninvestmentresearch.co.uk/researchreports/PSPI0400412update.pdf
when PIs finished their selling, some picks some bargains, and then MM will increase its sp, to let the sold PI feeling even sadder.
no reason for such a big fall, apart from general market is not so encouraging, got to bounce back at some point! no way, this co. could be valued under 30 M pounds.
why drop so much? and, the purpose of SR is to increase the market value?!!!!
ow dear i hope i have not got myself in a trap here. in at an average of about 34P
PSPI management seem to have done all they can to destroy shareholder value - the review was supposed to increase it! Setting aside management incompetence, it is important to keep matters in perspective, there has been no tenant default and no indication of it. It is very disappointing for long term investors that it would appear the dividend will be scrapped, the critical issue though is that despite the fact that the property values are being reduced, the portfolio is still worth more than £35.5m, the shares at this level are therefore a steal. We all know that AIM stocks can be highly volatile and the thin trading we see here can result in some wild swings. Hold tight folks and if you have the cash take the opp to top up.
In recent months PSPI has experienced an increase in capitalisation rates on its investment properties which has meant a significant reduction in the valuation of these properties, a trend which is expected to continue. PSPI added that it is reviewing its dividend and distribution policy as part of the strategic review. "The result of the review may lead to a material change in the nature of the group's business and resultant recurring cash generation, but also in potential ad hoc cash generation as a result of transactional activity." The firm also announced the termination of its asset management agreement with RP&C International.