Member Info for Gerry557

Im sure there are associated costs with paying down early as with most types of debt. I wonder what the final debt profile they are looking at. That 5%+ debenture might start to look "cheap" they way things are going. I thought they might do a placing to reduce debt but I doubt it at such a discount and borrowing is hampered slightly by family holdings.

Still I suppose those family holdings should keep things pointing in the right general direction. The Edision report flagged falling property prices a worry on banking covenants, which is slowly being addressed. Im not sure there were forecasting a rise in the dividend though until 2023.

This is still a recovery play for me for the next year. Hopefully when its right sized they can work out how to progress the pipeline.

It sounds like management agree with you regarding debt. I note the steps they are taking to reduce it. I don't fully understand the reasoning behind the tender but ambivalent about the buyback. I can only assume that a buyback was taking too long.

The US taxes dividends higher so probably why more buybacks are done. I haven't come across a tax on buybacks but hopefully Google will be my friend.

Divi bump has arrived but .......

"These disposals, partially offset by the property acquired during the year and the further post year end purchase will lead to a longer period of reduced earnings which will inevitably lead to a lower level of dividend payment than in recent years."

Well you cant have your cake and eat it. As expected, selling properties reduces income. Debt is reducing and I suppose they have one eye on the future as it will be getting more expensive as it reverts to more historic norms.

Chequemate, try using 12foot wall website to view that article.

As for cover for dividends, it should leave it as it was pre Ukraine. The expectation is they have "excess profit" due to the price rise rather than any particular investment. Although if they have a bad spell will the government do a reverse windfall? I think not but it opens up a conversation.

I suspect that investment will be the thing that suffers as the extra will be stolen. I think that also partly explains some of the price drop.

It is run very well ................... for management!

I wonder if it would open up the government into propping up the company in bad times.

You installed a windfall tax when we made a profit and now we are making a loss we need that support back!

It sounds "fair"

The corporate action for the tender regarding excess shares states that after scaling back " 2.75 percent of their excess elections satisfied."

Probably a good idea but for me seeing the dividend increase would be a better measure of success. I think the annual report is due in December. Anyone fancy an early Xmas present.

Mr Market getting to grips with "changes" so might get more used to them. The share price ticking up a bit but there is always next week.

Well it gives them time to move before the higher rates begin to effect them on a larger scale. In 5 years time who knows where rates will be (for that matter, next week!)

"What could go wrong! See you all again at 55p then."

When I said this I was thinking of days, not hours.

To be fair Mr Market is dropping too. Quite big dayly drops at times. Something staying flat is now "good".

The SP did drop back to the 66s, see I should have waited. Still not too long to get a bigger divi back. I wonder how low and how long current events will continue. Probably longer than my pockets

They said they had a pipeline of potential property deals that they were following. Committed rather than a distressed seller I think was the term used.

As I didn't get my 66 pencer's, I decided just to buy some more for the 7%+ yield. Although with the spread it would have been more like 68p ish. So it looks like I've lost just less than a penny.

Im might have to switch off now cos it will upset me if they fall now and it hits that price.

Well the shares are back showing in my account with the cash bump. It looks like just over double the offer for me, approx 1 in 19.

The cash has been "wasted" on RGL instead today.

I listened to the results video this morning which seemed quite positive. The drop seems to be Mr Market rather than RGL. It seems overdone and like I said it very close to historic lows.

Anyway I decided to add another batch as its 10% cheaper than my last batch, which I thought were a good deal. What could go wrong! See you all again at 55p then. At least I dont have to argue over my 10% buy yield being achieved now. My attempt to buy more EPIC failed though.

Saw the SP had dropped into the 66s. Decided to buy some more but the process didnt work out too well. By the time I took corrective action the SP had risen a tad. Now Im a rabbit in the headlights, waiting to see if I can get back in around the 66s but watching it continually rise towards 70p

Ouch, nearly 7% drop this morning. Now getting into Covid lows territory

When I said finished, I meant when my broker has had chance to calculate those sold plus and other subject to scaling back. They disappeared from view when the corporate action was selected.

They seem to be taking their time getting them back.

"Subject to scaling back it is as yet unknown when any shares not successfully tendered are expected to be credited back to your account. Should you elect to tender some or all of your shares we will, however, update you when the proceeds for those shares successfully tendered have been credited to your account."

I cant see mine as they all disappeared whilst the corporate action was going on and cant remember what date that it was all to be finished with. I assume they will be scaled back. I did add more but 10p higher up.

I wonder if this will become a semi regular event, partly why I added more. Im still not sure why they just didn't do a simple buyback.

Thanks TimBob.

I cant find much about it although I haven't looked too hard.

What happened around 3pm as this took of a little bit. Maybe I was right to remove the limit and press the buy button.

Mr Market didn't seem to jump so it looking like it was this specific. My other REITs were generally up a tad but not like this.

Maybe others thought it was worth a buy. Still there is always next week and something else to worry about.