Kcr Residential Share Price (KCR)

Some minor sleuthing based on Matt Newell's intro post:

https://newellstreet.substack.com/p/a-tiny-uk-reit-at-30-of-nav-that-5ae "A tiny UK REIT at 30% of NAV that no one knows is about to liquidate"

It is behind a paywall but I have a strong suspicion it concerns KCR:

1. KCR is at 30% of NAV (10p vs 30p)

2. Acuity RM Group, who owned 6%, just sold out in Nov

3. KCR have a controlling shareholder in TFLP

4. TFLP is itself owned by Pyne Gould Corporation, which is listed on the TISE (a niche exchange), and they announced 22 Dec that a director has been removed: https://tisegroup.com/market/news/354682

MN has spoken to the CEO, TFLP and Acuity, coming to the conclusion that it is liquidating.

From the TISE disclosures I can see the AGM was called but then adjourned two days later (on Xmas eve no less) because "the Company was made aware of a matter requiring further advice". In the Annual report released earlier in December they state:

"At 30 June 2025, PGC had a deficiency in Net Current Assets of £37.56 million (2024 financial year: surplus of £66.91 million). Deterioration in Net Current Assets is as a result of a material component of the borrowings maturing in June 2026. The Group has the ability to request an extension of the facilities for a further 12 months from January 2026 and the Group intends to exercise this extension request."

"Limited Partners are aware that the restructure to consolidate all remaining assets inside Torchlight Real Estate Group “TREG” (a wholly owned subsidiary of the Partnership) and complete an in specie distribution of shares in this entity to the Limited Partners has been deferred. Implementation is expected to occur during the first half of calendar 2026. All regulatory approvals required to enable the restructure (including registration of TREG with the Cayman Island Monetary Authority and UK Panel Approval for the transfer of the KCR shareholding) are in place"

Doesn't seem to be any liquidity in this at all. Anyone looking to sell a few £k?

Also, were any of you involved in the GM earlier this year? Still holding?

I'm happy to sell my 2% of the free float for 20p. nav 30p

Tender offer Torchlight ?

The share that fails...........at everything.

It's very quiet in here. Hopefully we'll see some progress and greater cash retention (or perhaps some acquisitions). There are stamp duty changes (for bulk purchases) coming in on 1st june - there could be some activity on that.

THere are some proper opportunities out there (lots of activity with fixed charge receivers at the moment). Perhaps some bargains for KCR to purchase and add to their stock.