Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I disagree with your comments and think that this is a great RNS! You forget to realise that audited accounts take time and this has all been brought on by some idiotic shorters! The company and BoD are still confident that it is all Rubbish and the audited accounts will show this! GLA
Target returns Minimum of 5.5%+ pa target dividend once fully invested / total net return of 7.5%+ pa
https://www.homereituk.com/wp-content/uploads/2022/09/home-reit-presentation-updated-september-22.pdf
It is looking more and more like after Christmas now for a resolution on this! I am still hoping it will get refinanced with the current provider which will mean no dilution in my opinion
The Half year Results look very strong to be fair! Assests at £700m - Current market cap £367m and at least a 4.5p dividend paid aiming for 7p per year.
Home REIT plc and its subsidiaries acquired 874
investment properties within the period, increasing
the Group’s portfolio to 1,585 properties in total. The
portfolio was independently valued on 28 February 2022
at £713.4 million. The properties have been valued on an
individual basis. No portfolio premium has been applied.
• The net asset value (“NAV”) and EPRA nettangible
asset (“NTA”) per ordinary share (“Share”) increased
to 111.2 pence as at 28 February 2022, an increase
of 5.8 per centfrom the 105.0 pence at 31 August
2021,reflecting the discount achieved on off market
acquisitions, new equity raised at a premium to NAV,
and capitalisation ofthe rental uplifts within the
Group’s inflation linked leases.
• In October 2020,the Company raised gross proceeds
of £240 million in its initial public offering (“IPO”) and
a further £350 million in an oversubscribed follow-on
equity issue in September 2021. The Company is listed
on the Official List ofthe Financial Conduct Authority
and was admitted to trading on the premium segment
ofthe main market ofthe London Stock Exchange on
12 October 2020.
• During the period,the Company paid dividends
totalling 2.21 pence per Share, in line with its target
dividend. Taken together with the increase in NAV/NTA
referenced above,the Company has delivered a NAV
totalreturn of 7.9 per cent since 31 August 2021.
• Profit before tax forthe period was £38.3 million.
• In addition to the Group’s long term 12-year debt
facility of £120 million, a further 15-year debtfacility
of £130 million was secured with Scottish Widows at an
all-in fixed rate of 2.53 per cent per annum forthe term.
This provides a wide spread (357 basis points) between
the current average netinitial property purchase yield
of 5.87 per cent and the 2.30 per cent per annum fixed
average rate ofthe debt.
To be honest I am still in as I personally think this will do well in the coming months and should bounce back! There has been a lot of considerable purchases over the past few weeks and I have a moto to always follow the money! Hopefully it will go up! GLA
For the refinance or potentially setting it up for a sale? (Not what I want)
I personally do not think there will be a raise if they renew with the same loan company. I think this is what is taking so long!
I am eager to see the outcome here!
@smart - At this moment in time selling at 11p is much better than anyone who is currently locked in here! As you have access to the money where we do not. Will it be smart in time? Who knows! We can only wait and see what happens!
@Monkey - I have never read such rubbish! The only thing that is somewhat correct is they are cash strapped! But they are looking at changing this with refinancing! What they are trying to achieve is monthly profitability and sustainability. The problem is the large repayments on the debt due to the agreed term. If they extend the term then this will help cash flow considerably! £28 million debt over 3 Years £800,000 ish a month, the same debt over 6 years £400,000 ish a month repayment! Yes more interest being paid but it considerably helps cash flow!