Member Info for Gerry557

I'm not sure who they would merge with. If Warehouse can't afford their divi it might not be feasible but I don't know why they aren't covered unlike here.

Nick Montgomery, Head Of UK Investment at SREI mentioned them at the Q&A so there might be something there but also discussed just buying individual properties if they went the sale route.

I've also been informed that Try might have an interest and already own some of Epic but I've not checked.

Interest rates going up and likely to rise again Thursday and these are bond like. Additionally the extra windfall tax on generators.

So a less rosy outlook looking forward and a share price reaction.

From memory didn't they have funds to invest that would cover the divi when allocated. I don't want them to sell cheap for the sake of a sale just because it's difficult to work with a small scale.

Sell the property at full value and a wind down would be better than a cheap sale. Just keep going as is. I'm not sure who they could merge with.

Anyway I have bought more this morning as the cash that was waiting to be transferred still hasn't moved and there was an estimated date mid July.

These will have to be transferred now though to join up with the last lot that did actually transfer.

Partly as part of a broker tidy up I have sold a tranche in one broker and re-bought a bigger tranche with another broker.

So an overall gain in shares, dividend cash reinvested, x2 share holdings placed where I want and more income to come.

Cost me some trading fees and extra stamp but its something that needed doing.

I have added some more of these as part of a broker tidy up. Currently held in x3 different brokers but hoping to get into just one. I would have bought more but Im waiting for an ISA transfer of shares and cash which I expected to have been sorted by now.

I used interactive investor as Iweb wouldn't deal.

I don't know if I could transfer into Iweb if already a holder

https://www.youtube.com/watch?v=PR-0v-F5Dh8

Im still not sure what's going on with TOWN.

Sale of Whitehall Riverside, Leeds above book value. Reduced debt by £10m and bought the rest of Belgravia Living Group for £3.5M but this has debt of £14.5m of which TOWN only had half but now all so an extra £7.5m.

So it looks like they have traded a pipeline asset for more income that appears to be doing well.

No holdings but following out of interest and that I liked the story

Looking at the 5 day chart we are where we were with a dividend on the way

Plus you have to wait for that dividend payment, 23rd May 23.

Sell before ex divi then and collect both at the same time plus no wait.

Better still buy some and collect dividends for decades to come.

I have an account with them, maybe I should have checked first, doh!

It's just someone asked me about finding a broker to do just that. I think II have free regular trades on a set day of the month too, I'll have to investigate.

Back on topic, RGL starting the week in the green and a dividend collected.

Saintly.

If you don't mind me asking, which broker do you use for the quid reinvestment.

The TBD = 72.88p then!

I think these were in the 75 - 77p range when it was first announced. So I'm glad I didn't thank part in this one. It seems strange to me selling in the future at an unknown price. I take it its normally done with a slight premium or why bother. I haven't checked back but I suppose the quoted price might have been a premium at the time as it dropped to around 70p.

I might have to watch a couple more to suss out how it all works. It was scaled back so there was support for it. Did anyone take part?

Candid,

The level of debt hasn't risen (I think it reduced slightly) so it's the mark down in property prices than has increased the LTV. The property reductions are not actually copied in real market, well not yet. So there is potential for improvement if actuallity is less than the mark down exercise.

The debt is most likely going to be rolled over albeit at a higher rate so forced sales are unlikely. There is potentially a need to sell if property prices fall further than another 15% on top of the already artificial price drop.

Voids are on the High side but is that part of the model? Empty space to refurbish and or sell. New buys with potential etc. This level of void seems normal for RGL but a small improvement would make a difference and be welcome.

Some comment more to remind myself later....

The bond renewal, even if done at 11% still only makes the bland rate for RGL 4% overall. At a more realistic 6.6% ther blend is less than 3.8% so not a major issue. The NAV could fall another 15% or so before impacting on covenants.
LTV long term is still 40% and likely doable over time with just recycling and rent rises allowing to pay down some debt as they did with some of the Scottish Widows.

Letttings increasing and brought in an extra £6m with scope for more this year. Dividends are covered by earnings. There is scope to keep current level of payment and allow more of a buffer. The revaluation has caused most of the issues and there isnt anything to buy currently at those low prices.

Should tenants all work from home then most likely prices based on alternative use selling should see better results than current valuations which are a lot less than the cost of building new.

Based on the above and current discount even at the lower NAV and higher LTV I have decided to add another batch this morning.

I have taken that last top up back off the table. It was only a small profit and a dividend to come.

Talk of more messing by the regulator's didn't help.

Its been suggested TR property group might be seen as potential suiters. Im not sure selling on the cheap is in the best interests of PI's. I will probably write and express that opinion.

I tried to buy a few more this morning and eventually had to put in a limit order but things are moving against me. I will keep it in until 5 Apr then look to combine them all into one account

Helpful info Monks and it looks like some had the chance to buy the dip. Unfortunately I wasn't one of them. There is a lot of chatter about AT1s and coco's and there seems to be some confusion over the process for Credit Swiss.

This might mean there is more risk now and there might be a need to increase the premium.

Mr Market seems to be getting over things..... for now anyway.

Have you not heard about playing the ball not the man!

If you disagree with some one or something explain why rather than going to personal insults. Anyone is allowed an opinion.

So I have decided to use the following figures for my ongoing dividend level forecast on my spreadsheet.

(37.5+14.5 = 52p) so 78p on 2 thirds annual split. This includes some special which could be cut or increase depending on how trading performs. Stripping out the specials would leave just 56.25p

So buying now would yield around just over 4% (or 3% without the specials)

Anyone want to convince me I have it wrong and should change those figures