richfool wrote:BrummieDave wrote:As the 14th July deadline approaches, anyone further views on the Open Offer?
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I also hold SLI and WHR in that sector.
Snap!
midgesgalore
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richfool wrote:BrummieDave wrote:As the 14th July deadline approaches, anyone further views on the Open Offer?
...
I also hold SLI and WHR in that sector.
BrummieDave wrote:As the 14th July deadline approaches, anyone further views on the Open Offer?
With the SP sitting at 107p and the offer being 106.5p there isn't any obvious immediate gain.
midgesgalore wrote:Also the buying price on the open market is the broker's commission only plus a £1 P.T.M. levy. No 0.5% tax. At least that's what it cost me when I made my original stake.
midgesgalore wrote:On a small note aside, my broker gives me until noon on Tuesday 16th of July to commit to taking up the rights issue entitlement. I see it reported as July 12th above which is dividend payment day. I wonder if that is just a typo?
richfool wrote:Well the funds have been taken from my ISA today (16th July), to cover the cost of the shares I requested, though no shares are yet showing on my account.
The question I will need to ponder is, at 12.3% in property REITs, am I now overweight property? Also, to what extent is sentiment on commercial property influenced by the domestic housing market?
BrummieDave wrote:richfool wrote:Well the funds have been taken from my ISA today (16th July), to cover the cost of the shares I requested, though no shares are yet showing on my account.
The question I will need to ponder is, at 12.3% in property REITs, am I now overweight property? Also, to what extent is sentiment on commercial property influenced by the domestic housing market?
Same here, money has left my ISA today too.
I'm now at almost 4.5% in property, RGL and SLI (so one REIT and one IT), and that's me done.
richfool wrote:BrummieDave wrote:richfool wrote:Well the funds have been taken from my ISA today (16th July), to cover the cost of the shares I requested, though no shares are yet showing on my account.
The question I will need to ponder is, at 12.3% in property REITs, am I now overweight property? Also, to what extent is sentiment on commercial property influenced by the domestic housing market?
Same here, money has left my ISA today too.
I'm now at almost 4.5% in property, RGL and SLI (so one REIT and one IT), and that's me done.
The offer shares, along with the additional shares I requested, have been credited to my account.
SKYSHIP wrote:BrummieDave - 4.5% in property. If such little conviction, why hold any at all?
Also, if holding anything in the sector, why hold SLI on a 3% NAV premium and a mere 5% yield?
I recommend you at least double up on your RGL holding; and pay part of that with the proceeds from selling SLI.
richfool wrote:SKYSHIP wrote:BrummieDave - 4.5% in property. If such little conviction, why hold any at all?
Also, if holding anything in the sector, why hold SLI on a 3% NAV premium and a mere 5% yield?
I recommend you at least double up on your RGL holding; and pay part of that with the proceeds from selling SLI.
Not that I am answering or trying to second guess BrummieDave, but I can see merit in SLI giving greater diversity within the property sector than holding RGL alone. (Discount and premiums to NAV noted).
In fact I hold: SLI, RGL and WHR in that sector.
SKYSHIP wrote:Never, ever buy or hold a propco at an NAV premium. It is an absurdity when a discount is the natural order of things.
SKYSHIP wrote:Richfool & Brummie
Firstly, I see since my earlier post SLI has quite sensibly fallen 5% from 94p to 89p. They are still overvalued.
Never, ever buy or hold a propco at an NAV premium. It is an absurdity when a discount is the natural order of things.
Having halved my RGL holding at 108p+, my largest propco holding is now Highcroft (HCFT). Note, I am not a seller of the other half, rather I am looking to buy back in the 105p-107p range.
Comparing SLI with HCFT is a salutary lesson in following winners, not boring losers. Over the past 10yrs since the Crash, HCFT has left SLI for dead in its wake, raising its dividend at a compound 14%pa versus the SLI performance of -2.4%pa. The sp is now 55% higher. Throughout that time HCFT has consistently provided a higher yield – it is now 5.7% v. 5.3%.
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I repeat – sell SLI; and buy more RGL….and of course, add to your sector exposure by also buying a few HCFT.
Skyship wrote:Never, ever buy or hold a propco at an NAV premium. It is an absurdity when a discount is the natural order of things.
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