Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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European care home group PSPI plunged on Monday after the firm admitted it would be unlikely to receive an acceptable cash consideration for an outright disposal of its assets. The company also said it is considering a joint refinancing as part of a potential combination of the majority of the group's UK property assets and the owned and operated properties of its UK tenant. "Such a refinancing would establish a solid financial platform for the combined businesses, but is unlikely to generate short term cash proceeds for the group," the firm said.
They were supposed to be increasing shareholder value with this strategic review not flushing it down the toilet. The PSPI website still quotes "The net asset value per share was 154.63 pence at 31 December 2009". Even with a significant write-down of property assets the shares are surely worth more than 35p. The threat to cancel the dividend was a double whammy. I never thought this was a risky share when I cashed in a chunk of my Aviva holding to buy in. That'll teach me for chasing yields. GLA - fingers crossed for a bounce tomorrow.
39 for me
no sorry mate, just a ? that mms thrown in at the end. imop i think we will see a small bounce tomorrow.But what do i know?
No that may be a delayed trade fron early today
does that mean it will open at 44.00p tomorrow ???
where do you all see the share price at the end of this week???
Can anyone help with info re. Grafton Gold. I have recently inherited a small number of shares. Are they worth keeping?
Volume sold today is only 1.06% of total shares in issue, therefore nearly 99% not sold. Fall in SP is out of all proportion to volume traded. Overseas portfolio capital value less loans outstanding is something like 38p per share. I've been stocking up today.
Sorry to hear you got out. I can't understand the flap myself; if you read today's announcement the board's intentions seem very clear and logical. The NAV is still well over 100p per share, I am mopping up now....
Pleased I got out of these.. The risk here has been repriced for now and awaits late April reults.
Down 23.62% as I type
CONT Concurrent with separate stand-alone refinancing processes by the Company and its UK tenant, the parties are in discussions with banks about a joint refinancing as part of a potential combination of the majority of the Group's UK property assets and the owned and operated properties of the UK tenant. Such a refinancing would establish a solid financial platform for the combined businesses, but is unlikely to generate short term cash proceeds for the Group. Shareholders will be consulted before consummation of any transaction or series of transactions leading to a material change in the Group's business. Discussions are on-going and further announcements will be made in due course, if appropriate. The Directors would also caution that in present market circumstances, with challenging conditions for the UK care home sector, particularly for operators with external landlords, and patchy demand in the investment market for healthcare properties, the likelihood of outright disposals for acceptable cash consideration in an acceptable timeframe is low. Consistent with this market backdrop, the Group has experienced increases in the capitalisation rates applied to its investments properties in all jurisdictions and consequently significantly reduced valuations of these investment properties, as reported by independent valuers, a trend which is expected to continue absent a material change in market circumstances. As previously announced, the Company is reviewing its dividend and distribution policy as part of its strategic review. As set out above, 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 Directors would caution that a completed refinancing of short term debt facilities is likely to be a prerequisite before distributions can legally and properly be made. In view of the strategic review and potentially material change in the Group's business, the Company has given notice to terminate the Asset Management Agreement with RP&C International. The asset manager will continue in its current role during the 24 month notice period. The Company anticipates that it will release its final results for the financial year ended 31 December 2011 in late April.
Strategic Review Update PSPI (AIM: PSPI), the specialist European care home real estate investment and financing company, announces an update on its previously announced strategic review. Further to its announcements on 30 September and 19 December 2011, the Company wishes to provide an update on the status of the strategic review being undertaken by the Company. The aim of the review is to maximise shareholder value and all options for the Group's assets and the Company as a whole continue to be considered. As previously announced, the Group has appointed local advisers to test the appetite for its real estate assets in each of Germany, Switzerland, and the US. This is still on-going, and no timetable has been set for its completion. The Group has continued its review into the strategic options available for its UK real estate assets, which consist of 39 care home properties which are let on long term indexed leases to a number of tenant operating companies which are under common ownership. These assets are owned by a number of individual Group property companies, which have raised senior secured debt under three different stand-alone facilities with three different financial institutions, the largest of which is a facility maturing in September 2012. As set out in its financial statements, the Group is exposed to property price and market rental risks, which are accentuated by concentrated exposure to a single tenant group for its UK properties, and capital risk management considerations which require conservative loan-to-value ratios in the context of external tenants whose operations and revenue streams are not under the Group's control.
Shore Capital thinks now is the time to revisit Public Service Properties Investment (PSPI), placing a "buy" recommendation on the shares. The broker views the firm's update to the market in December on its ongoing strategic review as positive and notes that the group's share price is some way off its net asset value of 118.4p per share. With discounts narrowing elsewhere Shore wonders whether an investment in the company would offer 'a very interesting and timely opportunity'.
The best thing I readi that UK rents are uprated annually with RPI -which is great -as long as the Care Provider can get the money to pay. How will they survivewith no increase till 2022 in America. Increases of a % of the price index in Germany every 3-4 years -well not so good and if the euro declines to 1.1 with $ will £ move with it or will euro earnings be worth less even if only 20% of earnings. 2.5p divi . Beggars cannot be choosers when building society paying 2-3% ?? !
PSPI is a BVI registered holding company but the subsidiaries that hold the assets are companies registered in the UK, US, Guernsey and BVI. The company's property portfolio is managed by RP&C in St James Square, London - top notch asset managers. The boards of directors are all Uk and Channel Islands based property experts who operate under FSA and GFSC / JFSC supervision. Today's report shows a NAV of 123p (the comany is audited) per share, ultra conservative leveraging and dividend level maintained. If you assume we get 2.5p in November and they maintain 4.5p for final dividend next year, thats 7p on a share costing 65p i.e. 10.7%. An exceptional return bearing in mind that the NAV is so high I have a signifcant holding and will be taking the scrip offer if made. You will note that the share trade volumes are very low - that's because the big investors aren't selling, Look at the company report issued today. Very, very encouraging Good luck
I too like this company and what is does. I took out a small holding a few months ago at 67p. the divi was the main attraction as the business seems to be recession proof (famous last words!). I live in Germany and the quality of care homes here is very good. I think I will be upping my holding in due course. Fed up with oilies and miners promising the earth (no pun intended), and seeing my money only paying the bosses' fat salaries as the sp drifts lower and lower. I think the only thing against this company is that it is registered in an overseas territory and not the LSE, which might put off the iis, as I once read somewhere. Comments please!