Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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TR Property Investment Trust: Liberum Capital starts coverage with a target price of 195p and a buy recommendation.
The shares of both classes will go ex-dividend on December 5th.
Interim results For the six months to September 30th the ordinary shares produced a total income of £29.6m (2012: loss of £78.7m) and a pre-tax profit of £15.9m (2012: loss of £83.2m). While the Sigma shares produced a total income of £7.6m (2012: loss of £24.4m) and a pre-tax profit of £7m (2012: loss of £25m). The Ordinary share class showed a NAV total return of 4.7% against the benchmark total return of 3.4%. The share price total return was 5.8%. For the Sigma share class, the NAV total return was 5.7% and the benchmark total return was 3.5%. The share price total return was 13.3% due to a significant tightening in the discount to NAV at which the shares traded following the announcement of the change on September 26th. The ordinary shares will pay an interim dividend of 2.65p per share, an increase of 10.4% on last year's interim dividend of 2.40p. While Sigma shares will pay an interim dividend of 1.05p per share, an increase of 10.5% over last year's interim dividend of 0.95p.
TR Property, an investment trust focused on the European property market, is proposing to merge its two property portfolios and convert its Sigma shares into one class of ordinary shares. The move comes following a strategic review and was announced as it delivered its interims for the six months ended September 30th. The proposed conversion will result in a single, larger ordinary share class that will retain the objective of maximising shareholders' total returns by investing in property shares and investment property on an international basis. The physical property investments will continue to be located in the UK only. Although analysis has shown that Sigma net asset value (NAV) total return had outperformed the ordinary share class NAV total return since its establishment, particularly since 2009, the company has concluded that prospective investors are less interested in smaller funds focused on small companies with limited liquidity. This has been demonstrated by the fact that the Sigma shares have now traded at a significant discount to NAV for a prolonged period. The proposal will be voted on at an Extraordinary General Meeting on December 14th.
TR Property Investment Trust, a UK-based investment company, has announced that it is planning to propose a conversion of the entire share capital of its Sigma shares into ordinary shares. The Sigma share class was approved in July 2007, but now the company wants to merge the underlying portfolios to produce an enlarged single share class, which it anticipates will have deeper liquidity. The company is currently proposing that Sigma shares will convert to ordinary shares based on the net asset value of each of the two share classes. As such, Sigma shares will be valued at 98% of Sigma share net asset value after deduction costs, while ordinary shares will be valued at 100% of the ordinary share net asset value. The costs are expected to be around 0.5% of the Sigma share class net asset value, which will be paid for by Sigma shareholders. The firm is planning to propose the plans to shareholders in December.
http://www.investegate.co.uk/Article.aspx?id=201108191541587262M
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AGAIN :))
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TO GET IT UP!!!!!
I wonder from the lack of comment whether there is much private investor interest in this share? I have held for getting on for five years and so far have resisted churning these as I feel they represent a solid and well diversified play in an important sector. OK it has been out of fashion but trading at around a 10% discount to NAV they are good value. You can read Chris Turner's thoughts at http://www.trproperty.com/market/ordinary/index_html?id=Oct10 Looking into their spread of investment, their portfolio is 9% in direct property, 34% in UK shares and 57% in listed continental European shares with 6.8% in Germany and a spread throughout the rest of Europe. All that and a reasonable dividend too. Worth a look.
TR Property Investment Trust plc___ This is the correct site___http://www.trproperty.com/investment