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Public Service Properties Investments discussion on ADVFN


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  • 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
  • RNS by alpal
    Thu, 13 Dec 2012 08:24:00 GMT

    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
  • Re: Notice of Annual General Meeting by alpal
    Thu, 08 Nov 2012 09:14:00 GMT

    Did anyone attend? And hopefully get some useful info on the future [if any] for PSPI? By alpal
  • Rally by Mogli
    Thu, 28 Mar 2013 08:30:07 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 by pintofhsb
    Wed, 20 Mar 2013 18:29:00 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 by jange
    Thu, 24 Jan 2013 08:06:04 GMT


  • Re-financing & property sale by Mogli
    Thu, 13 Dec 2012 10:13:10 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): `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
  • pathia by riddler
    Thu, 18 Oct 2012 11:16:19 GMT

    but NAV means little if u can,t re-finance debt OR sell it
  • but !!!! by riddler
    Thu, 18 Oct 2012 11:08:15 GMT

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

    why are you still ramping this?
  • loftya by riddler
    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 by loftya31
    Tue, 16 Oct 2012 06:58:30 GMT

    typo should have been a :-) in first line oops
  • riddler by loftya31
    Tue, 16 Oct 2012 06:57:44 GMT

    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.
  • STOP RAMPING by riddler
    Tue, 16 Oct 2012 06:53:22 GMT

    you,re talking nonsense
  • pathia by riddler
    Mon, 15 Oct 2012 16:27:18 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 by riddler
    Mon, 15 Oct 2012 07:14:54 GMT

    will move on very low volume very tightly held and directors been buying for months much higher and at an all time low. Predator lurking Report post Learn about share trading, CFDs, Spread Betting and Foreign Exchange SOU O/T PTCM Thu 14:08 Been buying hearing 22p approach has been made
  • pathia by riddler
    Mon, 15 Oct 2012 07:14:12 GMT

    where is this "rumour" from??...eveidence please
  • mmmm by riddler
    Tue, 21 Aug 2012 11:33:31 GMT

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