Wentworth CEO sees both capital and dividend growth opportunities in Tanzania's Mnazi gas field Watch Now

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksToc Property Share News (PBLT)

Share Price Information for Toc Property (PBLT)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 86.00
Bid: 84.00
Ask: 88.00
Change: 0.00 (0.00%)
Spread: 4.00 (4.76%)
Open: 86.00
High: 86.00
Low: 86.00
Yest. Close: 86.00
PBLT Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

TOC Property Backed Lending Trust 2018 Net Asset Value Per Share Falls

Fri, 29th Mar 2019 18:24

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC on Friday reported a decrease in net asset value per share in 2018 due to ongoing challenges with borrowers.

At November 30, the trust's NAV per share stood at 94.39 pence compared to 98.11p the year before, a decrease of 3.8%. TOC Property's net assets increased by 14%, however, to GBP25.4 million from GBP22.3 million in the twelve months to the end of November.

TOC Property said the decrease in NAV per share reflects unrealised losses of GBP546,000 provided against the loans for its West Auckland and Gatsby projects.

The trust said: "The board has acted prudently in making such provisions on two projects where execution by the developers has not been in line with the board's expectations. The investment adviser has taken steps to change the management of these projects. The ultimate outcome is necessarily uncertain, but we believe that the provisions are prudent and sufficient."

TOC Property's investment adviser, Tier One Capital, added: "We continue to be mindful of the ongoing challenges our borrowers are facing in a climate of rising interest rates, a weakening housing market and the ever-present shadow of Brexit. Where necessary, we intend to increase our monitoring presence of those projects we feel may be most exposed to a slowdown of property prices, and in particular, a slowdown is the time taken to sell a new residential home."

TOC Property also booked a GBP200,000 impairment made against a GBP1.7 million loan for the Pendower Hall project. The trust said it is "working hard to ensure an early exit from this project at full value".

The trust paid a four quarterly interim dividends of 1.75p in 2018 but has decided to lower that to 1.50p going forward due to a reduction in property transaction volumes.

Chair Stephen Coe announced he will be stepping down from his role at the company's upcoming annual general meeting and will be replaced by John Newlands. As a result, TOC Property will begin searching for a new independent non-executive director.

The company agreed four new facilities in financial 2018.

As of Friday, the trust's portfolio is valued at GBP24.7 million from 14 projects.

Coe added: "The company seeks to provide a regular and significant income stream to investors within a reasonable capital risk framework. As the portfolio matures some losses are inevitable, but hopefully profits will come through. In the meantime active management and staying close to developers is key to a successful outcome."

Shares in TOC Property Backed Lending Trust were untraded Friday, last closing at 100.00p each.

More News

TOC Property Backed Lending Trust Swings To Annual Loss

TOC Property Backed Lending Trust Swings To Annual Loss

29 May 20 18:23

UK TRADING UPDATE SUMMARY: BATM Gets EUR29 Million Ventilator Order

UK TRADING UPDATE SUMMARY: BATM Gets EUR29 Million Ventilator Order

22 Apr 20 15:40

TOC Property Backed Lending Trust Postpones Dividend, Results

TOC Property Backed Lending Trust Postpones Dividend, Results

31 Mar 20 15:25

UK Dividends Calendar - Next 7 Days

UK Dividends Calendar - Next 7 Days

27 Mar 20 16:07

TOC Property Backed Declares 1.50 Pence Interim Dividend

TOC Property Backed Declares 1.50 Pence Interim Dividend

27 Feb 20 18:26

UK Dividends Calendar - Next 7 Days

UK Dividends Calendar - Next 7 Days

27 Feb 20 16:08

UK Dividends Calendar - Next 7 Days

UK Dividends Calendar - Next 7 Days

27 Dec 19 15:55

UK Dividends Calendar - Next 7 Days

UK Dividends Calendar - Next 7 Days

27 Sep 19 16:13

TOC Property Backed Lending Trust Declares 1.50 Pence Interim Dividend

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC on Thursday declared a 1.50 pence per share interim dividend for the period between March 1 and May 31.The payout will be to a

6 Jun 19 13:32

DIRECTOR DEALINGS: TOC Property Non-Executive Director Sells Shares

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC said Non-Executive Director Stephen Coe sold 20,000 shares at a price of 100 pence per share on Thursday.Coe's total was

18 Apr 19 18:18

TOC Property Backed Lending Trust 2018 Net Asset Value Per Share Falls

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC on Friday reported a decrease in net asset value per share in 2018 due to ongoing challenges with borrowers.At November 30, at

29 Mar 19 18:24

TOC Property Backed Lending Seeks To Increase Loan Facilities

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC said Wednesday it is continuing discussions regarding an increase to three of its loan facilities with its investment closed-end also

24 Oct 18 12:33

TOC Property Backed Lending Trust Net Asset Value Falls In First-Half

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC on Friday said its net asset value decreased in the first half of its financial 2018 hurt by a slowdown in sales volumes.Net a

31 Aug 18 17:39

TOC Property Backed Lending Bookbuild Raises GBP1.3 Million (ALLISS)

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC said Tuesday it had raised GBP1.3 million through an accelerated bookbuild run by finnCap Ltd.The trust had aimed to raise - a

19 Jun 18 11:37

TOC Property Backed Lending Trust To Raise GBP1.5 Million Via Placing (ALLISS)

LONDON (Alliance News) - TOC Property Backed Lending Trust PLC said Monday it will raise GBP1.5 million by issuing 1.5 million shares at a price of 100 pence per share through an accelerated issue

18 Jun 18 12:52
12

Login to your account

Don't have an account? Click here to register.