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Perhaps someone will now realise these are worth looking at! After a small (to us shareholders) Open Offer and large Placing,to finance what seems another shrewd deal to add a bit of girth to the capital, there is a firm commitment to apply for a Main Board listing. As a non-London commercial property outfit committed to paying decent dividends, there is bound to be greater visibility. They have indicated support in the Placing from institutions so this is likely to be a great ride over the 3-5 year term whatever Brexit throws at us! Glad I got in a few months back and I'll have a few more thanks very much! For those (if any) who read this and are not already on board, the temporary price blip caused by the introduction of many new shares is just the time to jump on.
Latest RNS about Manchester refurbished office let at higher rent! That's two in two days!! Don't expect more for at least three months - barring a bid. SP moved nicely but hope we don't just get profit-taking as usual.
RNS today. It has taken a while but I can see articles ahead claiming this as 'transformational'. It looks a shrewd one, producing an immediate gross yield of 8.6% which keeps the meaty dividend safe but, perhaps more importantly, it proves this outfit is capable of growing at a significant rate. Note that this acquisition is near a rail connection, also favoured by other regionals such as REI. My expectation is that the write-ups push the SP to £4+ and bring it onto the radar a bit. I have in the portfolio a few secondary property shares outside London. There will always be a need for regional offices and some shops. So as long as these enterprises are not over borrowed, they will be the carthorses of the property market, bringing in relatively decent income with relative safety. They will also be takeover targets/ merger candidates from time to time. A decent sort of gamble.
Positive support and not to expect 'fireworks' funnily enough often is a prelude to....... fireworks! I can think of more than one outfit that wouldn't mind bidding for this in the next 12 months. Polar holds 11% and they are shrewd.. Not yet sitting on profit but unworried. I'll take my divi and sit back.
for the annual statement and hopefully one or two big guys trying to muscle in on these. Today more buyers than sellers but -7.5p. Probably over confident jobbers asking too wide a spread - no worries, Might even get a weekend write-up to persuade a few punters in on Monday before the report next day. Still feel we may have seen the last of a £3,XX. It won;t take much cos they are thinly traded.
Yes it is strange but it hasn't stopped the price. Schroders have done alright on their investment. Lets hope figures stack up next week. If the SP makes more headway that would hint that all is well.
Looks like Schroeders sold the £4million shares on 26th! Wonder why?
Had to pay top of big spread! My hunch is the £20M deal is in the bag and announcement pending. Either that or I'm a mug!!! Anyway, I'm on this now.
Me again! I've just seen their Edison as at 2/5/17 (follow the old announcement) and its just as I thought. Results 6/6/17 and I will be glad to be in tomorrow. Should be saying goodbye to the 300s with luck by 7th June or so. Let's hope they have good news about the £M20 office block deal before then!
Watched these from afar for a couple of years and they have done nowt - under the radar, too small etc. Bev88 is right though. There have been quite a few sales this year reducing indebtedness and showing profit. My expectation is that asset value will come in about £1.00 over SP. Dividends are at a useful level too. The announcement coming soon might improve the co's profile if it's as good as trailed. AND The portfolio could appeal to Bassi at REI who might think about a bid in due course.So come Tue I will have tucked a few away.
Recently came across this outfit. They are accumulating commercial properties in the provinces and extracting enhanced value. Assets are currently comfortably above share price with a good dividend and management retains a large stake. So far liking what I see.
Not much going on here so thought I would jump in with my first post as previously a long term lurker.... Followed this company since early 2013 and been in and out over that time. Really good company and strong management that have reinvented properties obtained from bigger boys like QED and NRR. Met Nick Sinclair and Richard Starr who gave insight to a good business model of how they incentivise estate agents to get their properties let. I'm suspecting there will be some good results in about 3 weeks time as the regional commercial property market is really getting going (c1-2 years left to go). I reckon we are positioned for news of another regional acquisition either just before or with the results. Looking at what the management have said before, that it will likely be somewhere within 2 hour-ish of London. Will probably come with another placing though. Built my position up again over the last few weeks as a bit of a results and news play. Probably get slammed for ramping... But take it as you wish, just my thoughts going forward.
General Election could impact outlook, one for second half but otherwise trading below NAV
Great results today-definitely a share to buy and hold as they improve returns and asset values on latest property portfolio they have bought. Asset value now 377p. Nice steady share price increases year by year, about 20%+ and dividends a great share to have with no downside. Mine are tucked away.
Admittedly, regional commercial property is a higher-risk segment of the UK property market and this should be reflected in the company's valuation. But Palace's executives have a decent track record of adding value through hands-on portfolio management and the deep discount is too harsh in our view; larger players entering the regional property space such as Redefine International (RDI) trade at a premium to NAV, although admittedly others trade at similar discounts. Given the strong income being generated by the portfolio, the well-covered and rising yield, the significant scope for growth in the asset base and the ongoing improvement in the wider property market, we think the current share price presents an attractive entry point
At the current share price of 300p a share, investors can buy Palace's shares today on just 13 times forecast earnings for the next 12 months and at a 16 per cent discount to net asset value (NAV) - if they can get their hands on enough to build a proper stake. The shares are still pretty thinly traded, despite the free float being just over 90 per cent. We expect the discount to book value to gradually unwind, though, and for Palace's NAV to further increase, as the company delivers on its current strategy, makes further cheap acquisitions, and benefits from a rising regional property market. Encouragingly, since the period-end Palace has completed three more important lettings of properties where leases were expiring. It has also "entered into detailed discussions with the vendors" of another potential property portfolio, according to analyst Chris Thomas of Arden Partners.
if it's value and recovery potential you're after, look no further than regional commercial property group Palace Capital (PCA). The shares trade at a deep discount to book value, boast an attractive 4 per cent forecast dividend yield almost twice covered by earnings, and offer potential upside from both a recovering regional property market and active management of the group's expanding portfolio. "We think we've got in early," says Neil Sinclair, Palace's 70-year-old chief executive officer with nearly 50 years' experience in the property sector. He is referring to the company's transformational £39m acquisition in October of a portfolio of mixed-use commercial property from Quintain Estates (QED), which sold the non-core assets to focus on the London market. "We took the view that London [prices] had grown quite a lot since 2009, but that the regions really hadn't grown at all," Mr Sinclair told us. "This is only the beginning of the regional upturn, which started last year." Palace was able to snap up the properties for a bargain-basement price - their yield at the time was over 13 per cent - as the properties were also underperforming. The key task now, according to Mr Sinclair, is revamping the portfolio through hands-on management to improve and safeguard the cash generation. So far, Palace has done just that. In the six months to 31 March, the company sold four vacant properties and one part-vacant property at prices above book value. It also agreed a number of new lets on other properties; this has not only increased rental income, but simultaneously reduced expenses such as business rates and insurance fees as they can now be passed on to the tenants. All in all, Palace's active portfolio management - alongside a broadly rising UK property market - helped increase the company's book value per share by a whopping 54 per cent to 356p a share as of 31 March. The property values were estimated by one of the top five external independent companies in the country.
It looks to me like they have consolidated and whatever shares you hold, you should divide by 100.
Hi everyone, anyone knows why it jumped over 8000% today?
18 October 2013 Palace Capital plc ( "Palace Capital" or "Company") GBP39.25 million acquisition of Sequel Portfolio and GBP23.5 million Placing Result of General Meeting Further to the announcement made by Palace Capital on 2 October 2013 regarding the proposed acquisition of the Sequel Portfolio from Quintain Estates & Development PLC, the Company is pleased to confirm that all resolutions proposed at the General Meeting of the Company held earlier today were duly passed. Application has been made for the 12,440,937 New Ordinary Shares to be issued pursuant to the Reorganisation, the Placing and the Acquisition to be admitted to AIM. Such Admission is expected to become effective at 8.00 a.m. on 21 October 2013. Existing Ordinary Shares will be traded in the new form on the basis of 1 New Ordinary Share for every 100 Existing Ordinary Shares in Palace Capital held at 5.30 p.m. on 18 October 2013. The same definitions apply throughout this announcement as are applied in the Admission Document, published on 2 October 2013 , copies of which are available on the Company's website, www.palacecapitaplc.com. -ends-
1.8p lol
@ £1.80 I make it.
As tempted as I am - does that read that there's been a placing of 1p?