Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
To provide shareholders with stable, long term, inflation-linked income from a portfolio of Social Housing assets in the UK with a particular focus on Supported Housing assets.
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Just to clarify, in the year to end March, they collected 91.8% of rents owed, so even before Auckland, they were 8% short. In fact, Auckland was not the main culprit behind this , that's My Space. It would be good to hear how successfully TP is moving away from My Space and whether they will still be able to claim the arrears back from the local councils. It has been a difficult year for TP, but the halving of the share price is way way overdone and that's why we're seeing takeover activity in the sector. Other big thing to watch out for is whether they increase the dividend in June (they should do as rents have been put up by 7%). Expect an announcement at the end of May.
"Divihunter aka corporal jones
Unfortunately Auckland Home Solutions now served with an enforcement notice. It's only 3% of the portfolio but a concern. I took my profit on Tuesday after buying a large chunk - I'll only but a small chunk now. Good Luck All"
Don't panic Mr Mainwaring!!
how many reits have some rent arrears? And I am not just talking about social housing. Its not even 3% rent arrears. It's just 3% of the rent roll some of which is late.
This is good time to buy, as the regulator appears to be getting a grip of these cowboy housing associations. Note I say appears there is clearly no need for this many housing associations. The regulator needs to reduce the number by getting rid of the smaller ones.
Wish I had spotted SOHO earlier as I have already used up most of my Civitas money...but not all!
I really like the gearing fixed rate loan 195 million. Interest only 2.634% average and an average term of 13 years.
And the problem with Leases appears minimal.
Ohhh I wish I hadn't spent so much.
Just top up this morning shown as a sell , as I guess are a lot more
Have purchased today. The L & G purchase following on from the CSH bid gives me a lot of confidence that this will be a winner. Looking for at least 80/85p over the next few months. While waiting a near 10% yield.
Interesting. They also bought 5% of Civitas last week as well. Perhaps they've sold some to buy this, but nothing in the CSH RNS's to suggest this as yet! I'm wondering whether they are being investigated by FSA for insider trading.......! :-)
Legal&General just taken a 3% stake!
CSH under 80p cash offer :-) from CK Asset Holdings "one of Hong Kong's foremost property developers. It is led by Li Ka-shing, one of Asia's richest men. formerly known as Cheung Kong Property Holdings, the company ranks among the top three based on property development revenue and has a market share of around 10% in the region's commercial real estate market. Its total assets exceed $23 billion. It engages in not only commercial properties, but also residential and industrial properties, hotel operations and project management." (https://asia.nikkei.com/Companies/CK-Asset-Holdings-Ltd2) - so it would seem there's plenty left in the tank should Li wish to add further UK property assets to his portfolio at bargain rates relative to NAV. Disclaimer - I continue to hold both CSH and SOHO and today am up in 5 digits, only sorry I sold 40,000 CSH on the early April lift :-(
Switched half my holding in CSH to SOHO at 52p. Cannot believe the stock is only up c10% on CSH news!!
80p all cash offer for Civitas - up 43%. SOHO could be next.
Things looking up ...
Yes, 3% of the portfolio and now the sp is down 3% since the announcement so fully written down. And of course the share buyback will be at a cheaper price now so better value for existing / future shareholders. I don't currently hold here but looking to take a position if the sp drops below 50p again, yield nearly 11% at the current price.
The matter is being dealt with as per the RNS update.Still looking to double my investment over a three year time frame whilst collecting the very generous dividends.We all have our different attitudes to risk which is fair enough.
Hi
Unfortunately Auckland Home Solutions now served with an enforcement notice. It's only 3% of the portfolio but a concern. I took my profit on Tuesday after buying a large chunk - I'll only but a small chunk now. Good Luck All
Yes, its a speciality of the media, look for the negative in everything and generally run Great Britain PLc down.Shame,it becomes a self fulfilling prophecy but then again thats what some people seem to want....odd.
Panorama programs are always scary - it's kind of their mantra, and frankly, is about as close as the BBC gets to gutter journalism dressed up as investigative. Unfortunately, the only property they will be able to sell at a decent price will be ones that are fully let and where rents are 100% up to date - ie NOT Myspace.
Good thing they are moving property away from My Space as stated in the 2022 results presentation(can be viewed on triple point website).
If they're very cute they will look to sell some of the My Space property to reduce that risk. The Panorama programme on My Space was scary if you haven't seen it.
Some hefty buys today on the back of the buyback news.
It is good news, and it doesn't take much to move a stock price which is this depressed, but:
1. The Share buyback is limited to 2.5% of market Cap, so doesn't massively move the dial, and more importantly..
2...from what I can see, the Company has given no indication of the size of the property sale, if a price has been agreed, and how close they are to finalising the deal. I think they should have waited until all details were available, if for no other reason, they might be buying back shares at a lower prices.
From memory, the total size of buyback allowed from 2022 AGM was close to 10% of market cap (c £20m), so perhaps the sale will be 15m (c4% of the portfolio) which they can then use to buy back shares and take the entire buyback to 10% of mkt cap. This will be clearly accretive providing the sale price is in line with how the valuers are valuing the properties in the NAV calc. Hopefully this extra detail will be forthcoming shortly.
Good news this morning re share buybacks and sale of a portfolio of properties.Will help to cover dividend so not expecting a divi. cut now.Enjoy the positive news if you can!
Typo November 2021
I've looked at the Regulator website which has 176 news items going back to 2017. My Space is the only SOHO reaffirm to have had an enforcement. Parasol has been under review since 4 November 2011 but has not been downgraded by the Regulator. Hopefully the new Parasol board and senior management team turn it around and pay the rent arrears.
I googled My Space and I've found out that Panorama covered them in a programme last August. It looks a former director of them, Paul O`Rourke, has been using My Space (charity status) as a bank to buy properties for another of his firms called Enabling Homes. At the time of the programme it was stated that he owed My Space £2.5 million. My Space came across in the programme as just concerned with getting anyone in to pay rent. There were 47 tenant deaths in t their properties in two years. This is what SOHO is dealing with.
PS, If not before!