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  • Re: at 36p analysis of partial redemption by farmerdave
    Mon, 26 Oct 2015 09:42:00 GMT


    My calc gets me to 48p conservatively - so good inv at present - happy holder

    FD By farmerdave
  • at 36p analysis of partial redemption by thirty fifty twenty
    Mon, 26 Oct 2015 08:58:00 GMT

    good to see progress here.

    the 40% redemption I calc will give an initial adj NAV of 58p.

    to the upside is the favourable FX mvt since 31 June, adding maybe a further 3p,
    but admin costs are likely to be higher than net rental income less costs reduce by 2p.

    however the risk aspect of the remaining assets has increased....
    I.e. will defd CASH be paid?
    will restricted CASH be returned?
    can the assets be sold?

    on a conservative extrapolation,
    with a further 18 months of admin costs,
    and remaining assets sold for 10% less than book value,
    gives a very realisable 50p.

    very tricky to buy shares though

    All IMHO, DYOR, BoL
    PSPI is in my portfolio

    By thirty fifty twenty
  • Re: 25p by njb55
    Fri, 27 Mar 2015 16:27:00 GMT

    Dave. Can you run through the 'rithmatic a bit slower. I'm interested in what you say but can't get my head around it. Still being bid at 24p this afternoon.
    Nick By njb55
  • Re: 25p by farmerdave
    Mon, 23 Mar 2015 13:52:00 GMT

    Still in same range 32-26p a share with 2/3 of shares to be bought back at 23p or so will leave remnants at a NAV of 41p a share. So if you buy in now will get 2/3 of shares cashed out and left with the last 1/3 at 50% of NAV approx - have topped up today

    FD By farmerdave
  • Re: 25p by farmerdave
    Fri, 13 Feb 2015 13:03:00 GMT

    After current sales the value is closing down to 32 to 35 p a share - right at the bottom of my previous range. I wonder who the directors are going to work for ? Sure they will look after themselves.
    Anyway got in at the bottom so OK return but thought they might have worked to get a bit more
    FD By farmerdave
  • In holding pattern by farmerdave
    Fri, 26 Sep 2014 10:27:00 GMT

    Results generally as expected - debt amortised by 1.5 m over first 6mos. Of rent/lease inc of 8m pa "admin" still 2m pa - some cuts available here . Otherwise slowly company turniong corner especially if the op co at the homes is being better run

    FD By farmerdave
  • Re: How are the managers earning their money... by alpal
    Thu, 30 Jan 2014 22:26:00 GMT

    Skepto: When will you [ and I ] learn that this busines is run for the benefit of the directors and consultants. What a surprise when we get another downgrade in valuations, after all the fee structure is based on:
    a] The higher the valuation, the higher your fee.
    b] The higher the valuation, the better the directors feel about their incompetence.
    To answer your final question: No, these people don't earn their fees. If we recruited our local garbage collectors as directors, they couldn't do a worse job. By alpal
  • How are the managers earning their money? by Skepto
    Thu, 30 Jan 2014 13:13:00 GMT

    another disappointing trading update with a decline in capitalisation rates at a time when the value of most property is heading upwards. part of the decline is attributed to a lack of management attention. But don't these people earn their fee by dedicating the staff to the job that the job requires?
    By Skepto
  • Re: 25p by farmerdave
    Thu, 21 Mar 2013 14:44:00 GMT

    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 By farmerdave
  • Re: 25p by alpal
    Thu, 21 Mar 2013 14:32:00 GMT

    FD: Any view on realisable NAV? Like many, I am horribly under water having been stupid enough to buy when the directors were giving value of 150p and saying 'we are not Southern Cross' By alpal
  • 25p by farmerdave
    Thu, 21 Mar 2013 08:28:00 GMT

    Good to see 25p so quickly - given recent run in most property companies should see this continue closer to NAV


    FD By farmerdave
  • Re: US and Swiss sales by alpal
    Thu, 20 Dec 2012 15:11:00 GMT

    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
  • US and Swiss sales by farmerdave
    Thu, 20 Dec 2012 10:46:00 GMT

    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

    By farmerdave
  • Re: RNS by jaxonsax
    Sat, 15 Dec 2012 13:36:00 GMT

    I was disappointed with the announcement.

    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
  • no change by indibay
    Thu, 13 Dec 2012 08:41:00 GMT

    no reason to strike the directors off my black list then By indibay
  • Rally
    Thu, 28 Mar 2013 08:30:08 GMT

    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
  • Nice rally
    Wed, 20 Mar 2013 18:29:01 GMT

    Still need another 120% to break even though! Any thoughts on why it's on the up and how far it can go?
  • pspi
    Thu, 24 Jan 2013 08:06:04 GMT

  • Re-financing & property sale
    Thu, 13 Dec 2012 10:13:11 GMT

    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):
  • pathia
    Thu, 18 Oct 2012 11:16:20 GMT

    but NAV means little if u can,t re-finance debt OR sell it
  • but !!!!
    Thu, 18 Oct 2012 11:08:16 GMT

    Strategic Review
  • pathia
    Thu, 18 Oct 2012 07:09:19 GMT

    why are you still ramping this?
  • loftya
    Tue, 16 Oct 2012 06:58:31 GMT

    no bother, see our spats on MHG and you,l see he talks rubbish 24/7 mate
  • riddler
    Tue, 16 Oct 2012 06:58:31 GMT

    typo should have been a :-) in first line oops
  • riddler
    Tue, 16 Oct 2012 06:57:44 GMT

    Good morning to you :-0
    Tue, 16 Oct 2012 06:53:23 GMT

    you,re talking nonsense
  • pathia
    Mon, 15 Oct 2012 16:27:19 GMT

    judging by your lies about PTCM and the rest of your short posting history people would be wellla dvised to treat your "views! with pinch of salt
  • ramper
    Mon, 15 Oct 2012 07:14:55 GMT

  • pathia
    Mon, 15 Oct 2012 07:14:13 GMT

    where is this "rumour" from??..................eveidence please
  • mmmm
    Tue, 21 Aug 2012 11:33:32 GMT

    they want 15p on a 14p ASK?..........something breweing?