When I posted before I said 33-67p still think it is in that range but given the pressure on peoples budgets at present wouldnt care to narrow it down really - seeing a slight growth in asset values but will be a while before it feels like we are out of the woods
FD: I don't remember our 'esteemed' directors talking about non-core investments when they bought these. As for the demonstrable incompetence of whoever has been doing the valuations.. but I am sure their remuneration and fees were based on the valuation being high not whether the valuation was realistic.
As for reducing costs: Easily done, fire all the directors and appoint fewer [but passably competent] at lower fees. I am available as a director - I will guarantee that I am more competent than the present lot. By alpal
Small diff to the valuation of the company but a lot of overheads and leverage reduced. On the back of this management should take note that costs should be severely reduced
Generally a good thing for company to reduce the trouble over assets that are not really adding anything to the company
Given the length of time the strategic review has been ongoing it seemed a fairly small part of the groups activities and one assumes it was the easiest deal for them to do, so a discount to previous valuation of 13% doesnt bode well for the rest of the portfolio given the level of debt magnifies the effect of a valuation shortfall as far as NAV is concerned.
The US looks like a huge problem as the USPS is losing a LOT of money so buyers for that part will be very scarce or at hugely discounted valuations to reflect that.
I can see this drifting back to 10p quite easily. By jaxonsax
It seems our directors have finally woken up to the fact that the company has a cash flow problem and we are now into fire-sale mode to correct this.
Properties now sold at way below previous valuations - but I don't see any mention of managers or advisors or valuers being fired for incompetence.
Also note that the current RNS does not include a current NAV; just an indication that the directors haven't a clue.... By alpal
Public Service Props
Notice of AGM
RNS Number : 8111O
Public Service Properties Inv Ltd
16 October 2012
Notice of Annual General Meeting
Public Service Properties Investments Limited (AIM: PSPI) announces that the Annual General Meeting of the Company will be held at 11:00a.m. on Wednesday, 7th November 2012 at 7 Bond Street, St Helier, Jersey JE2 3NP.
The notice of AGM has been posted to shareholders. Electronic copies of the documents can be obtained from the Company's website: www.pspiltd.com
It looks to me as if the market is treating the company like all other heavily indebted property funds i.e. a heavy discount. In this case the cash issues (e.g. Switzerland) probably add to the general gloom. By Skepto
Like you [I assume] I am showing a huge loss on this but also cannot afford to 'average down'. Unfortunately I also have no confidence in the directors ever since I received an e-mail from them a year or two back saying "We are not like Southern Cross". And they still keep their jobs? By alpal
I hope that there's not more bad news to come, but with the NAV per share at 73.4p at 30 June 2012 (31 December 2011 - 108.3p) it is looking like there is at least some upside, I just can't stomach to invest any more though. By itsfatboyjim
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I imagine that the NAV is now on the up, perhaps over 50p. Also I think that barring immediate asset sales, a small dividend may be re-introduced. We are at a massive discount to NAV, probably 100% appreciation in share price over the next 12 months. All the headlines just now feature articles about ageing population, demand for residential care isn't going to deminish. DYOR
Good news. Actively managed. Further de-leveraging (borrowings were already below 50% of assets). NAV now 63p (using 31 July post transaction figure). Long term leases. EPS about 4p going forward. A proportion of future disposal proceeds will probably be distributed to shareholders (as stated in 2012 interim accounts):
`After maintenance of sufficient working capital, the Company intends that any surplus funds from asset disposals will be paid back to shareholders; however, at present there can be no guarantee on timing and quantum of amounts to be distributed'. DYOR
On 30 September 2011 I announced the commencement of a strategic review of all of the Group's assets in each jurisdiction against a background of very restricted debt markets, Government austerity measures and local authority funding difficulties throughout the UK. The Board and its advisers had been conscious that the debt refinancing of £82 million secured against a majority of the Group's UK assets and approximately £5 million adverse value of interest rate swap contracts, both due in September 2012, could be a challenge to achieve on attractive terms against the backdrop of these factors. During the intervening twelve months the Board and its advisers have extensively reviewed options in each of the jurisdictions in which the Group had invested, including investigating whether any of its assets could be sold in an orderly manner. The broad findings from that review were that the credit markets remained extremely challenging which, in turn, has had a negative impact on secondary market transactions, thus limiting the opportunities to sell assets on satisfactory terms. As part of the strategic review, the Company announced on 2 April 2012 that it had commenced discussions with the Esquire Group ("Esquire"), the parent company of the European Care Group, the tenant of all the Group's UK properties, with the prospect of a joint refinancing of debt in conjunction with some form of combination of the majority of the Group's UK properties with Esquire. After taking detailed market soundings, the Board concluded that a standalone refinancing without a material deleveraging would not be possible on attractive terms and, therefore, the Board recommended that shareholders vote in favour of a combination of the majority of the Company's UK portfolio with the assets and businesses of Esquire (the "Transaction"), with whom the Company had maintained parallel negotiations.
Good morning to you :-0
Sorry about cutting it short last night, I hope you and the family are great and parenthood is being kind to you.
I dont think gige likes me or you much lol cant say I will lose sleep over it though.
will move on very low volume very tightly held and directors been buying for months much higher and at an all time low.
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Been buying hearing 22p approach has been made