Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Just added some more of these to the PF
Yield is a laughable 12%. So im expecting a dip in payments unless CV19 is just a blip and they ride it out and keep payments at least on a level. Still its a long way off until ex divi date in the current climate so hoping that some reasonable news will start to lift this by year end.
Rents collected have been round 80% ish so a cut in divis of 50% might seem harsh but that still leaves a running yield around 6% until things actually do pick up. So if they can maintain then this could be a bargain. If lockdown 2 arrives then things could get a bit more squeeky bum time.
Lockdown lifting across country. Footfall will improve, retailers opening, car parks busier. This is at 10 year lows, with a divi of 10% at this price. First time since listing on LSE 25 years ago that they cancelled one. £3.40 Nav, and talk of a Nav enhancing buy back in their news before virus. It’s worth a punt down here, imo. This company has been around for 60 years!
Majority of retailers will be open in a few weeks, so I reckon most properties in this area will be fine. Divi if restored (60 years in business remember) is roughly 10% at this price. Nav per share £3.40. Buy and tuck away...
I had the pleasure of working with Arnold Ziff, and his lad, Edward on a portfolio acquisition, over 30 years ago.
There is no doubt in my mind that this is an extremely well-run company, and the interests of management and share holders are very well aligned.
Debt levels are very low for a propco, and this should recover more rapidly than most.
GLA
Yes, I'm going to avoid, thankyou
Too much debt, half of which is short term from the banks. With the collapse in Town's income, the banks can name their price. So equity holders face being wiped out (see Intu/Hammerson).
Watching this fall I might take a few can anyone give a summary of where this is at pls thx
As expected really and positioning for the newer opportunities.
Divi held to hold cash for the upgrades
Well this has done well over the last couple of months and getting to five times income if I take it back off the table.
With a vote and some sort of Brexit ahead it might be safer to do so. Still if things swing the other way it might continue to climb and then there is the Santa Rally to look forward too plus I have a margin of safety under me.
Decisions Decisions
Well a lot of the mertics dont look good on pure figures alone but in context, there is a slightly better slant added with some hope for the future. The pipeline is good and if they can get it developed then things might look quite good. Still you are getting paid over 6.5% to wait. If only they paid quarterly dividends! There were a couple of standout comments for me :-
"and therefore it is likely that we will see income impacted as we work our way through a continued sale of retail assets."
"whilst the opportunity for an earnings and NAV enhancing share buy-back given our deeply discounted share price is also under consideration."
So it looks like things will take time to improve and income might take a hit for a while. What is the knock on effect? will this slow down investment. Then again if you dont have money how can you do a buyback? Normally I dont like buybacks as they are often done to achieve bonuses and done at the wrong time and dont help investors. Hopefully as the family own half this might be better thought through. Borrow more at 3.5% to save 6% divis? will help EPS but wont help LTV's
Still it has got me thinking whilst the SP is well below NAV it might make a difference depending on how they go about it. So Im ignoring my own advice and added just a few, Brexit be dammed. The offer is on the table now.
out tomorrow and lots of selling before hand, I wonder why? Still we might know the answer tomorrow anyway.
This has now turned purple on my spreadsheet and I would have topped up if it wasnt for that "B" word being just around the corner, or not. Plus October is normally a dip/correction month.
I expect a fairly benign update tomorrow so might have a decision taken away from me
catching up with Town although they are over the worst now. Retail down from 70% towards 50%. A trend running in many property companies, wonder when all this selling might prove to be the time to be buying retail instead?
Maybe there will be just less retail overall and lots more warehouses instead but with prettier front doors. Car parks still doing well (Shops into carparks?) Covered car parks for the discerning driver maybe.
Lots of negatives in the headlines and I see the SP is down 5% on the back of this. Divi held (Boo Hoo) but there are new lettings coming on soon and more developments starting too. Will there be a placing following the comment:
"With an estimated GDV of over £60m, and a build cost of over £50m, if planning consent is achieved TCS will need to put in place funding for the development."
Will retail shareholders be included or excluded? Im holding off topping up in the hope of something better (discounted placing, I wish!) and and for any Brexit concerns. Will it wont it be 29th March? Just get it sorted!
I'm getting mixed messages from the results, some metrics improving and a nice pipeline but issues over how to fund all this. Is a placement on the cards?
Still its going in the right direction. Moving away from retail seems to be a bit of a theme with property, just wondering if it might make retail a bit of a bargain. I wonder who is buying up the retail side of things.
SP has come off the boil recently, is that Brexit concerns or a change in government? Still might wait to see if the yield rises to higher levels or we get a discount on offer before adding more.
Not sure what to make of this and might go and have a look next time Im up that way although not sure what I would gain that a trip on google maps wont do.
12% dropping to 9% is quite a large return based on likely cost of debt. Add the refinance deal and some sale of something TBD maybe they will be able to fund their growth plans after all.
Divis not likely to grow much short term me thinks but should be ok for the longer term
"These opportunities require funding, and having self-funded over �85m of investment in recent years, we are exploring how we might fund investments in our future growth." Now what does this mean? More debt, new shares and any timescale. This could get a bit more interesting. Divi held but you would expect that if they want more dosh in the pot. Outlook looking ok too .... unless they spoil it with the way the funding above goes.
looking forward to seeing some progress on the latest projects and how they will be turned into future dividends. Car parks seem to be good investments, better than REIT's ?
Cheers, Sod!
We'll I have cancelled the limit order and added some more. Taken what was on offer rather than miss the boat. Sods law says it falls now. I did wonder about these or RLG but I know these better and there is no performance fee issues here Lots owned by the family and hopefully they will look after themselves and drag me along for the ride.
Limit order to buy some more is moving further away! So much for the market falling, this is on the up!!!
No Q&A but might be of interest https://www.youtube.com/watch?time_continue=1&v=mCmCCw8Oo6c
Results look ok, divi up which is nice and outlook seems favorable currently. Having added on the recent dip I might look to add more if it gets back down there again. I havn't followed market expectations for this but suspect it wont be a dip day today. Over to you Kim or some unwelcome Brexit news.
Town Centre Securities present at ED Investor Forum on 20th Sept, 5:30pm Its in London not Leeds! Group Finance Director, Mark Dilley will present their full year results and outlook, after which there will be time for a Q&A session from the audience. The event will be held at MHP Communications, 6 Agar Street, London, WC2N 4HN. Please arrive in time for a prompt 5:30pm start Would like to hear the Q&A but can't make it
Mr Ziff handing over some shares to the kids Save on the old IHT bill a tad and still keep it within the family
Second Price Monitoring Extension. With the SP down 7%. I take it that someone wanted to sell a few that was slightly over the normal size. Anyway I used the opportunity to grab a few more as its bounced off the 270's a few times and Im generally bullish on how well they are doing and the improvements that are coming along. I'm not sure it a great price but hopefully it will grow into its bigger boots
No! Quick grab every copy before it goes out. Just what I dont need, a tip pushing up the price