We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
.
.
On 23rd Feb, hence the move in SP. A selloff at 41.93 has been holding back the SP, but seems to be clear now, with SP moving north. Best read this morning was from the RNS issued on completion of the placing . "Today's successful placing is a strong endorsement of the Company's strategy and the hard work that has been done, not just over recent months in securing this important off-market acquisition, but also in transforming Redefine International's corporate structure and asset base over the last five years, which itself has delivered annualised total shareholder returns of 13 per cent."
Current levels are a gift...50p is not a hard task for this one :)
3.96 in day 1...cant be bad....target 51.8
Took some of these today and tucked them away :)
RDI is definitely making an upward move with 52.59 as support and yesterday's volume the highest in 2015. RSI is 64.77 and so it's a way to go before it gets oversold. It's also broken it's 10, 50 and 200 moving averages to the upside, so I'm bullish. The only (technical) risk is that it will fail at 55.37 which is the 61.8% Fib.
it's been a steady tick up over the last few days, but no comment for ages!
Let's hops so after today's fall!
Might have some news here soon!!! Tweet tweet in my ear ;-)
Given the renaissance in demand for regional property assets, Redefine's share price premium over forecast net asset value looks justified. It's also worth pointing out that at 6.2 per cent rising to 6.4 per cent in 2015, the prospective dividend yield is one of the highest in the sector. So, with rental income and property values both set to grow, together with the dividend, shares in Redefine present a compelling case for growth and income seekers
Rental income is also expected to rise as more refurbishments start to contribute to the bottom line. At St Georges in Harrow, the final refurbishment is expected to be completed by Easter this year, while a 50,000 sq ft extension at Birchwood in Warrington has now been completed. However, while consumer sentiment is clearly improving, footfall remains in decline, and Redefine believes a full recovery will not return until consumers experience real wage growth. The company also has a stake in Australian-based Cromwell Property, and while its performance has been solid enough, Redefine's exposure is unhedged, and the Australian dollar has declined by nearly 6 per cent since last August. Sensibly, Redefine sold a further 8.46m shares in December, taking its stake down to 13.2 per cent. Group net asset value in the short term could also come under pressure from weakness in the euro, with the group's shopping centres and government-let offices in Germany and the Netherlands accounting for around 16 per cent of gross rental income. Group finances have been boosted by a placing at 47.5p last month, expanded due to strong demand from 7.5 per cent to 9.9 per cent of the share capital, raising £54.7m before expenses and priced at a 6.4 per cent discount.
A lot can change in six months, and for property group Redefine International (RDI), most of the changes have been for the good. Of primary importance is the shift in investor demand to beyond the confines of the expensive London property market and into secondary assets situated elsewhere. The obvious reason for this is that yield compression in London to 3-4 per cent makes it sensible to look at quality regional assets offering double this. Happily, Redefine is now better-placed to take advantage of the trend, having spent a long time restructuring itself, which includes becoming a real-estate investment trust (Reit) in December last year, achieving a dual listing on the Johannesburg Stock Exchange, and launching an American Depository Receipt programme (ADR) to accommodate overseas investment demand for UK real estate. As demand pushes up property prices, management expects half-year figures towards the end of April to see an encouraging revaluation of the portfolio, which, according to broker Peel Hunt, is 56 per cent located in the UK by value, 29 per cent in Europe and 14 per cent through a holding in an Australian company. Together with the restructuring, this is expected to reduce the loan-to-value rate from 82 per cent in August 2012 and 57 per cent last August to nearer the 50 per cent target. And to take advantage of the uptick in regional valuations, the group has been working its portfolio hard by recycling capital into income-generating investments. Redefine bought a lot of property during the financial crises and is now set to benefit as some of the return on these investments is crystallised. Most recently, two adjoining sites in Harrow were sold to Redrow Homes (RDW) for £13.8m, which works out at a 12.4 per cent premium to book value, and the group has also secured a share of sales revenue above an agreed aggregate threshold. More sales can be expected, too, assuming an acceptable rate of return on book value. Redefine has also been busy adding selected properties to the portfolio. For example, the group spent £84m on the 305,000 sq ft Weston Favell enclosed shopping centre on the edge of Northampton, reflecting a net initial yield of 7.5 per cent. Crucially, the centre is anchored by one of the largest Tesco supermarkets in the UK, occupying just under half the retail space, and with a 14-year unexpired lease. And there are signs of an improvement in rents, too, with a rental review uplift at Newington House in Southwark, for example, resulting in a 5 per cent rise in rent to £807,520 a year.
Mother comp is Redefine Properties listed on JSE as RDF -massive comp: "Property Loan Stock company, with a diverse range of property assets under management valued, as at 31 August 2012, at over R39 billion." http://www.redefine.co.za/ Been breaking for past 5 weeks and still going strong http://screencast.com/t/VygP8afysh Then you get its subsidiary Redefine International listed on JSE as RIN with its sole holding in LSE listed RDI: "Redefine Properties International Limited ("RIN") is a Redefine subsidiary formed to house the Group's offshore real estate portfolio. RIN was listed on the JSE in September 2010 and holds as its sole asset, a majority stake in London listed Redefine International PLC." http://www.redefine.co.za/international.php Over the past year they've struggled a bit to get their debt structure sorted, but now they're poised for growth. Well worth a read: http://dashboard.fin24.com//Company/Redefine-Properties-International-Ltd So I've been watching RIN since end of March and bought in on JSE last week based on the above fundamentals, but mainly on the Ascending Triangle- price was right at the start of the breakout wave, wave E. And what do you know- it's breaking now.. ) http://screencast.com/t/vRKdAJhVc > http://screencast.com/t/jNuiMRx7 Exact same thing happening on LSE with RDI http://screencast.com/t/IO4xMOm5yGQ So yes, based on the performance of the mother comp together with RDI's positioning now- I think the sp has got some legs in it.
At the annual general meeting of the Company held on 23 January 2013 a resolution was passed approving the reduction of the share premium account of the Company amounting to £65million, subject to the confirmation of the Isle of Man ("IOM") High Court (the "Order"). Redefine International is pleased to announce that the IOM High Court has now granted the Order approving the reduction and the Order has been registered with the IOM Companies Registry. The reduction has therefore become effective and an amount of £65 million has been transferred from the Company's share premium account to its distributable reserve and will provide further flexibility for the Company's financial structure.
Closer to target
For the bid at 41.92.....(this year maybe?)
This took total declared dividends for the year of 4.4p per share, up 6.5% on 2011. Chairman Greg Clarke said the outlook for much of the UK and Eurozone economies remained subdued. "But, with a renewed focus on investment, the company is now well placed for future growth at a time when there are attractive opportunities to make accretive acquisitions," he said. Redefine efforts are ongoing to reduce its overall loan to value ratio (net of cash) to no more than 60%. The firm said priorities for 2013 were to reduce the group's overall exposure to UK regional offices through the sale of assets. it also plans to improve the quality of its portfolio by keeping its exposure to assets with long-term secure leases and/or higher value alternative uses.
Propert investment firm Redefine posted a full year loss but upped its dividend. Basic loss per share was 21.7p for the year to the end of August, down from a 1.18p profit the year before. The loss attributable to equity holders was £124.76m, with the company putting the blame on a net decrease in the fair value of its investment property and assets held for sale of £126.9m. Much of that loss in fair value - £94.6m - related to the historic "Wichford" UK portfolio, including assets in the Gamma and Delta portfolios, the firm said. The firm said gross rental income was £76.2m, up 184.3% on the comparable period. Earnings available for distribution were £25.5m, up 25.6% on the prior year. The firm announced a second interim dividend of 2.30p per share, an increase of 9.5% on the year before.
Redefine International, a high yielding property investment company, has completed the extension and restructuring of its 'Delta' debt facility. The extension of the £114.6m Delta debt facility forms part of Redefine's ongoing efforts to reduce its overall loan to value ratio (net of cash) to no more than 60%. In October, it raised £127.5m gross through the issue of over 490m new shares to pay down debt and create investment opportunities. It's largest shareholder, Redefine Properties International, which prior to the placing held approximately 71.7% of its equity, supported the fund raising, as did other shareholders. New shareholders were also brought on board.
Todays 9 for 10 consolidation should rep a 10 percent increase of the sp. So far 9.25% up. Being invested with this company for over 2 years and the sp had fallen 30%. Hope the extra funding will stablise the sp. A long term hold and good Div payout should make it worth the time.
Redefine International Buy 09-Oct-12 £47,044.40 Gavin R Tipper 180,940 @ 26.00p
Investors in property investment firm Redefine have showed their displeasure at the company's plan to launch heavily discounted new shares. The firm said it would raise £127m through the issue of over 490m new shares to pay down debt and create investment opportunities. The issue price of 26p represents a discount of 7.5p - over 22% - to the closing price of 33.5p per share on the close of trade on Wednesday, the day before the details were released. "The board remains confident of the group's long term growth prospects but, in order to achieve this growth, the group needs to reduce its financial leverage and create a stable long-term capital structure," the statement said. It added the capital raised was expected to provide a long-term stable capital structure from which a sustainable dividend could be distributed. This wasn't enough to assuage shareholders who pushed shares down 9%. The price move came despite the offer having the support of the company's largest shareholder, Redefine Properties International, which holds approximately 71.7%. of the company's ordinary shares.
Greg Clarke, Chairman of Redefine International, commented: "The Company has now repaid or is in the process of restructuring £254.5 million of legacy financing facilities since the interim reporting period ending February 2012. The Delta facility restructuring will be another major step forward in reducing the Company's exposure to near-term debt maturities and government-let UK regional offices."
REDEFINE INTERNATIONAL REACHES IN-PRINCIPLE AGREEMENT TO RESTRUCTURE DELTA FINANCING FACILITY Following the recent announcements on the successful restructuring of the Halle, VBG and Crewe facilities, Redefine International is pleased to confirm that it has reached an in-principle agreement to extend and restructure the £114.6 million Delta facility. The Delta facility, together with the £199.7 million Gamma facility, provides the majority of debt funding for the Company's UK government focused (formerly Wichford) portfolio. The restructure will involve repaying £33.5 million of debt associated with a portfolio of seven assets, which comprises the Lyon House, Harrow development site and six other assets let to predominantly UK central government occupiers. The seven assets will be released from security and will be ungeared going forward. The repayment of debt associated with the six income producing assets reflects a net initial yield of 7.6% and a weighted average unexpired lease term in excess of 17 years. The maturity date of the Delta facility will be extended to 15 April 2015 subject to the Company meeting annual disposal targets, which the Company considers achievable, in respect of the remaining 16 Delta portfolio assets. The disposal proceeds, together with amortisation requirements, will be applied to reducing the remaining £81.1 million facility balance. Further details of the terms of the extension will be announced once the agreement is finalised. The present facility margin of 0.75% p.a. will remain unchanged. The existing interest rate swap will mature in line with the current facility maturity date of 15 October 2012, following which the interest rate on the facility will revert to a three month Libor rate (currently 0.74% p.a.) plus the margin of 0.75% p.a. The Company aims to secure an interest rate cap at a strike price of not more than 4.95% p.a. The facility has no loan to value covenant. The terms of the Delta restructure are still subject to documentation and final agreement between the parties; however the Company is confident that all necessary conditions and approvals will be achieved on or before the facility's maturity date on 15 October 2012. The £33.5 million repayment is anticipated to be funded utilising part of the proceeds from the proposed and previously announced £100 million capital raise, which is expected to take place in September 2012. Discussions with the Gamma facility servicer are on-going. Although the Company believes that a workable solution will be negotiated, it is unlikely that this will be agreed prior to the proposed capital raise.