Member Info for tickhilltim

How dependent is. SNX on Chinese technology and systems to create its systems?

Now cheap enough for somebody to buy the company?

Pedsy,in September you suggested NAV was 160p.The actual 130p is 10p more than many of us thought it would be despite the 11p loss on Hawthorn.Debt reduction is not incredible.It has mostly been known about since the Hawthorn sale.And the gearing ratio at just under 40% is still considered high for a REIT.NRR was in debt trouble and had no choice but to sell the pubs- just to get to a stable position.Divi is excellent and should drive the share price,depending on the UFFO in the second half.NAV may have a few pence to fall yet,but a share range of 85-95p ought to be a fair discount for the immediate future.

If you read the results today,which are hugely positive,you will see that the company is still near the top of its 40% debt ratio.And they have considerable capex and dividend commitments.Cash is only £37m- with maybe £15m more from post bs sales.Absolutely no chance of share buy- back.More likely they will issue new equity to try and accelerate the move to retail parks etc.NB 30% of UFFO is non- recurring from Hawthorn.

Looks like they finally picked up the phone to Blackrock…..

Must be sizeable volume on offer,perhaps from more than one seller?Any decent corporate broker should prevent this happening and place the shares.

Paying off debt is sensible if you are over- leveraged.NRR will raise more equity when the market perceives it has stabilised to fund expansion.That could come as soon as the results are released.Your concern should be that when leases expire how much lower are the new ones being written at.

This is the sort of good news we want to hear about.The casino sector is important for SNX.

Commonveg,are you a ramper?

You quote a statement from the July report.There is nothing new here.No new contracts,no comment on financials.It is a bit pathetic when a company boasts about completing a contract.That is what they are supposed to do.

Great announcement today.Cutting debt to 50% .Still too high but much more manageable.Big bonuses for the top two in 2023.CorePortfolio NAV only marginally down at 30 Sep.Share offer at 56p. Pretty close to market level.

Profit taking? Energy cost concerns?

Company is a total mess.Farcical tax position on dividends.Hemel and Luton will be cut loose.It would be criminal to invest any money in the latter.Buyer of bank debt will take over Hemel.What point in bringing in FEC unless they bring a pile of cash to the table.Ordinary shareholders likely to be squeezed out? Going Concern statement interesting.

A Board incapable of thinking for itself? Or a mega share placing in the offing?

The old leader is no longer with us.The Finance man has jumped ship with the pubs, so is there the energy in the current board to rebuild?

It must have hurt to have to give 90% of Sheffield to Bravo but they dug nrr out of the mire with the Irish purchase.

Malls will be back.Entrepreneurs will put new businesses into them.Might not be crappy clothes shops( hooray) but medical centres, games and entertainment venues etc.

But if Bravo wants to buy it all at NAV who would not vote in favour?

Ask yourself how MM any shares do the directors own compared to their salaries? These guys will fight to preserve their easy income stream.

NAV was 151p at 31 March.Where did you see 120p? That would be a good guess as to where it is know after the pubs sale and continuing fall in values for big shopping centres,but is it official? Apologies if I have missed it.

SD 235 .You do not have a clue.Jstar’s comment is perfectly sensible.In any event, it is all hypothetical.Pubs are sold.Debt is still too high to give much flexibility.NAV will be reduced again on next valuation.As at 30 Sept.So,by Nov we will know how much damage Covid has done to nrr.A share placing then may be the answer,but share issues at a discount dilute value for existing shareholders.

The circular makes interesting reading.Pubs + 9 ancillary properties valued by independent advisers at £251m. Gross/Net proceeds£223m/ £216m.Pubs are being sold because NRR is too over leveraged.Even after the sale the leverage of 40% is still too high,particularly if the malls are down valued again as seems to be happening in other funds.

We need to know if convenience stores included in the sale.Share the view that the sale is a good thing.Debt was excessive and this is the best way to stabilise the company.

When a sale of the pubs is committed the Board will undoubtedly give their reasons.

NRR has two entirely separate businesses,apart from small land development on a few of the pubs.There is too much debt in the company to expand both businesses.One has to go.

Shares ex-3p Divi a week today.

Typical comment from a short-term thinker.This is a mega deal.Puts SRC in a different league.These boys have not put a foot wrong,yet.Likely issue will be massively oversubscribed? And price will go up? Despite their being a vendor overhang.