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(OTE.L) O Twelve Estates Ltd Buy/Sell
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Summary
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| Date/Time | Headline | Source |
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| 24-02-10 | RNS |
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RNS Number : 6285H O Twelve Estates Limited 24 February 2010 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer
attached:ii
2 Reason for the notification(please tick the appropriate box or boxes):
An acquisition or disposal of qualifying financial instruments which may result in
the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
notification obligation:iii
(if different from 3.):iv
which the threshold is crossed or
reached:v
reached:vi, vii
8. Notified details:
A: Voting rights attached to sharesviii, ix
if possible using
the ISIN CODE
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instrumentsxv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:xxi Client holdings registered in the name of Nominee companies 100% owned by Rensburg Sheppards Investment Management Limited. Proxy Voting: 10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease
12. Date on which proxy holder will cease to hold
13. Additional information: N/A
14. Contact name:
15. Contact telephone number: 0113 236 4171 This information is provided by RNS The company news service from the London Stock Exchange END
HOLUSOVRRUAUUAR More |
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| 12-02-10 | RNS |
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RNS Number : 1043H O Twelve Estates Limited 12 February 2010 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer
attached:ii
2 Reason for the notification(please tick the appropriate box or boxes):
An acquisition or disposal of qualifying financial instruments which may result
in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
notification obligation:iii
(if different from 3.):iv
which the threshold is crossed or
reached:v
reached:vi, vii
8. Notified details:
A: Voting rights attached to sharesviii, ix
if possible using
the ISIN CODE
GB00B0XPT375
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instrumentsxv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:xxi N/A Proxy Voting: 10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease
12. Date on which proxy holder will cease to hold
13. Additional information: N/A
14. Contact name:
This information is provided by RNS The company news service from the London Stock Exchange END
HOLUURNRRBAUAAR More |
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| 12-02-10 | RNS |
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RNS Number : 0980H O Twelve Estates Limited 12 February 2010
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
are attached:
2 Reason for the notification(please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting
rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
obligation:
is crossed or reached:
8. Notified details:
A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments
Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Nominee Name - Chase Nominees Ltd
Proxy Voting:
11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
HOLUURVRRUAUAAR More |
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| 14-12-09 | RNS |
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RNS Number : 0248E O Twelve Estates Limited 14 December 2009
O TWELVE ESTATES LIMITED
UNAUDITED HALF YEARLY RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2009 O Twelve Estates Limited today announces results for the six months ended 30 September 2009. The Company's objective is to generate an attractive return for Shareholders through the assembly of a portfolio of investment properties in its Target Area, which comprises the Thames Gateway and the adjacent areas of east London, Essex, south Hertfordshire and north Kent. Key points
Commenting on the results, Phillip Rhodes, Chairman of O Twelve, said: "There are signs that the unprecedented falls in UK property valuations over the past two years have now bottomed-out, although the extent and duration of the present rally in capital values remains highly uncertain. However, with the assistance of our Property Advisers, and the support of our lenders, your Board will continue its focus on cash preservation and generation and portfolio management to ensure the long-term prospects of the Group and increase shareholder value." David Tye of Rugby Asset Management added: "Whilst prospects for the real estate market generally now appear to be improving, we believe that O Twelve's Target Area is looking forward to a particularly bright future. The Olympic Games are approaching quickly and we are now starting to see the effect of the unprecedented public and private investment driving Europe's largest single regeneration project around Stratford, London's East End and the Thames Gateway. This, coupled with the Target Area's historically low capital and rental base values augurs well for future growth." For further information please contact: David Tye / Andrew Wilson Rugby Asset Management Limited Tel: +44 (0)20 7016 0050 Jeremy Porter / Simon Bennett / Laura Littley Fairfax I.S. PLC Tel: +44 (0)20 7598 5368 Stephanie Highett / Rachel Drysdale / Dido Laurimore Financial Dynamics Tel: +44 (0)20 7831 3113 CHAIRMAN'S STATEMENT I am pleased to present the results of O Twelve Estates Limited together with its subsidiaries for the six months ended 30 September 2009. The global financial crisis has had a significant impact on property values. Capital values for UK commercial properties generally, which were down 30% for the year ended 31 March 2009, appear to have bottomed-out during the period under review. Continuing value falls from April to July reversed and started to deliver increases in August and September, with the end result being the IPD All Property Monthly Capital Value Index reporting an overall fall of 3.5% for the six months ended 30 September 2009. At 30 September 2009, the Group's property investment portfolio was valued by CB Richard Ellis ("CBRE") at £171.5 million (31 March 2009: £173.6 million). After taking into account capital expenditure and the disposal of three vacant units at Redwing Court, the like-for-like fall of just 0.4% in the six months ended 30 September 2009 compares favourably with the 3.5% fall for UK commercial properties generally for the same period. The rental value of the portfolio has decreased by 4.3%, matching the IPD All Property Monthly Index over the same period. Results The Group reported a net profit for the six months ended 30 September 2009 of £2.9 million (30 September 2008: loss of £16.9 million, 31 March 2009: loss of £92.3 million), representing a profit per Ordinary Share of 2.38p (30 September 2008: loss of 13.77p, 31 March 2009: loss of 75.34p). The consolidated net liability at 30 September 2009 was £4.5 million (31 March 2009: net liability of £7.4 million), being a net liability per Ordinary Share of 3.65p (31 March 2009: net liability per Ordinary Share of 6.03p). Consolidated net assets, before adjusting for the fair value of the interest rate swap, was £11.07 million, 9.03p per share (30 September 2008: £70.80 million, 57.79p per share, 31 March 2009: £10.86 million, 8.87p per share). The Company was established to take advantage of the urban regeneration and infrastructure projects taking place in the Target Area and for which the 2012 Olympic Games are a major catalyst. Letting activity over the past six months has been very positive, with 11 new lettings totalling 157,000 sq ft completed and generating nearly £840,000 of annual income, thus reducing the void rate from 12.5% of estimated rental value at 31 March 2009 to 9.4% at 30 September 2009. If lettings which have been agreed and are currently in solicitors' hands are completed, the void rate would reduce further to 6.7%. This activity confirms the underlying resilience of the Group's Target Area. In line with the Board's aim of reducing costs and in light of the current economic environment, a number of changes were made to the terms of the Property Adviser Agreement ("PAA") with Rugby Asset Management Limited. The combination of these revised terms, which took effect from 1 April 2009, and the lower property valuations on which the fee is calculated, reduced management fees by 58% from £1.3 million to £0.5 million for the period ended 30 September 2009, compared to the same period in 2008. As I have noted before, despite the ongoing difficult market conditions it is heartening to see that, where we can influence and control matters, your Group's efforts are showing some positive outcomes. Phillip Rhodes Chairman 11 December 2009 PROPERTY ADVISER'S REPORT Rugby Asset Management Rugby Asset Management Limited ("RAM"), a member of the Rugby Estates Plc group, was appointed Property Adviser to O Twelve Estates Limited ("O Twelve" or the "Group") on its admission to AIM on 27 March 2006. Our role is to identify property opportunities for recommendation to and consideration by the Board of the Company and to negotiate on its behalf. We undertake, on a day to day basis, under delegated authority from the Board, all aspects of assembling, managing and financing O Twelve's property portfolio. Rugby Estates Plc also holds a 5.5% interest in O Twelve Estates Limited. Market Comment In the four months to July 2009 capital values continued to fall, with the IPD All Property Monthly Index showing that values fell by a further 4.8% from March. However, this trend changed in August 2009 with a rise of 0.2%, ending twenty five consecutive months of downward price correction. When we last reported in July, we expected that values would stabilise in either the latter part of 2009 or early 2010. This stabilisation has now started to take place, with capital values starting to rise. In September, the IPD Monthly Index reported an increase in capital values of 1.13%, followed by a further rise in October of 1.9%. This trend is expected to continue for the remainder of 2009. The occupational market remains challenging and is, as we expected, lagging the recovery in the investment market. One of our principal aims at the start of the year was to maximise the cashflow with a particular focus on minimising voids and reducing associated property outgoings. Since March we are pleased to report that 157,000 sq ft of vacant space has been let with eleven new leases and the void rate within the portfolio has fallen from 12.5% to 9.4%, a 25% reduction. Contracted annual rent from these lettings is nearly £840,000 once relevant rent free periods expire. By contrast, only seven new leases, covering a total of 58,000 sq ft, were completed in the entire twelve months to 31 March 2009. Portfolio Review as at 30 September 2009
* 22 properties, having an average lot size of £7.8 million
Capital Value Split by Sector
Valuation The external valuation of the Group's properties as at 30 September 2009 was £171.51 million. On a like-for-like basis, after taking into account capital expenditure and disposals, the value of the portfolio fell during the last six months by just 0.4%. This compares positively with the IPD Monthly All Property Capital Value Index, which showed a fall of 3.5% over the same period. All sectors of the O Twelve portfolio performed better than the corresponding fall in the IPD index. The best performing sector within the portfolio was retail which increased in value by 1.7% over the period compared with a fall of 3.1% for the retail sector in the IPD Monthly Index. The equivalent yield for the portfolio has reduced by 48 basis points over the period from 9.0% to 8.5%. This compares with an average equivalent yield for the IPD Monthly Index of 9.1% at September, which has reduced by 8 basis points over the six months to September.
Capital Value Movement compared to IPD Monthly Index
Rental value levels within the portfolio decreased, by 4.3%, on a like-for-like basis, exactly in line with the IPD All Property Monthly Index which also showed a fall of 4.3% over the same period.
Rental Value Movement compared to IPD Monthly Index
Reversion by Sector
Activity No acquisitions were made during the period. Three vacant units at Redwing Court were sold for an aggregate of £1.8 million, 7.5% below the March valuation. Once again, our focus has been on asset management and we are delighted to report that eleven new leases have been contracted over the period, accounting for 157,000 sq ft and nearly £840,000 of annual rental income after rent free periods. Particularly:
Five rent reviews have been concluded over the period realising just under £90,000 of reversionary income. The rents achieved on these reviews reflect a 20% increase on the rental income prior to the review and a premium of 8% over our valuer's opinion of rental value at March. Despite a generally difficult occupational market some 74,000 sq ft remains under offer and good progress continues to be made in reducing the void rate.
Rental Value Analysis - 30 September 2009
Void Analysis Due to the success in letting activity over the period the void rate within the portfolio has reduced by 25% since March 2009 and at 30 September stood at 9.4% by rental value. The rental value of vacant space at 30 September was £1.6 million of which £0.5 million was under offer. Assuming these potential lettings complete the void rate will fall to 6.7%. During the coming year our focus will continue to be on reducing the void rate further and minimising associated void costs. Income Security Given the current uncertainty in the economy and in the wider banking and financial markets, investors are increasingly focusing on security of income and tenant covenant strength. Some 53% of current rental income is contracted for more than five years. Where leases have less than five years to run, opportunities exist to refurbish or consider changes of use in order to maximise value. In our view the portfolio offers a good balance between income security and opportunities to add value. Rent Collection Despite the difficult trading conditions the rent collection statistics remain encouraging with an average of 96% of rental income collected within the quarter. There has been no significant change in the rate of rent collection in the last four quarters. Maintaining a high level of rent collection remains one of our key objectives.
Income Expiry Profile - 30 September 2009
Of the portfolio's 149 tenants, 20 account for 53% of the contracted rental income with the top 10 accounting for 37%. Tenants of, in our view, undoubted or of a "national" standard account for 81% of the contracted rent, while smaller regional and local businesses account for 19% of the contracted rent.
Tenant Covenant Strength by Contracted Rent
Tenants in the portfolio include:
Portfolio at 30 September 2009
Enfield
Brentwood
City
Going Forward As interest rates look set to remain at their present historic low level for some time, a convincing case for property as an investment asset class can be made, perhaps for the first time in two years. As values stabilise and grow, property offers a high yielding alternative investment to other traditional investment areas, a return that is further enhanced for overseas investors by the weak pound, particularly in relation to the euro and dollar. We expect that availability of debt will improve to follow the equity available as investors look to take advantage of the next property cycle as 2009 turns into 2010. Our objective remains the creation of value through successfully implementing new asset management initiatives. Whilst prospects for the real estate market generally now appear to be improving, we believe that O Twelve's Target Area is looking forward to a particularly bright future. The Olympic Games are approaching quickly and we are now starting to see the effect of the unprecedented public and private investment driving Europe's largest single regeneration project around Stratford, London's East End and the Thames Gateway. This, coupled with the Target Area's historically low capital and rental base values augurs well for future growth. David Tye Andrew Wilson Rugby Asset Management Limited 11 December 2009 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the six months ended 30 September 2009 (unaudited)
Income
------------ ------------ ---------------
------------ ------------ ---------------
Expenses
------------ ------------ ---------------
------------ ------------ ---------------
Investment gains and losses
properties
investment properties ------------ ------------ ---------------
losses ------------ ------------ ---------------
operating activities ------------ ------------ ---------------
interest rate swap
charges ------------ ------------ -----------
losses ------------ ------------ -----------
------------ ------------ ------------
Total comprehensive
period/year attributable to the owners of the Company ------------ ------------ ------------
Share - basic and diluted Items in the above statement are derived from continuing operations. There was no other comprehensive income in the period (30 September 2008 and 31 March 2009: nil). CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2009 (unaudited)
to the owners of the Company ---------- ---------- ----------
period attributable to the owners of the Company ---------- ---------- ----------
---------- ---------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2008 (unaudited)
to the owners of the Company ---------- ---------- ----------
period attributable to the owners of the Company ---------- ---------- ----------
---------- ---------- ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 March 2009 (audited)
the owners of the Company ---------- ---------- ----------
year attributable to the owners of the Company ---------- ---------- ----------
---------- ---------- ----------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION as at 30 September 2009 (unaudited)
Non-current assets
equivalents ----------- ----------- -----------
Current assets
----------- ----------- -----------
----------- ----------- -----------
----------- ----------- -----------
Current liabilities
swap ----------- ----------- -----------
Non-current liabilities
swap ------------- ------------- -------------
----------- ----------- -------------
----------- ----------- -------------
----------- ----------- -------------
Capital and reserves
attributable to owners of the
Company
----------- ----------- ------------
Company ----------- ----------- -------------
per Ordinary Share - basic and diluted CONSOLIDATED STATEMENT OF CASH FLOWS for the six months ended 30 September 2009 (unaudited)
Operating activities
the owners of the Company
Adjustments for:
properties
investment properties
interest rate swap
similar charges
investment property
------------- ------------- -------------
activities before working
capital changes
receivables and prepayments
payables and accruals ------------- ------------- -------------
activities
Financing activities
charges paid ------------- ------------- -------------
financing activities
------------- ------------- -------------
and cash equivalents ------------- ------------- -------------
beginning of period/year
and cash equivalents ------------- ------------- -------------
end of period/year ------------- ------------- -------------
Cash and cash equivalents at
end of period/year comprise:
equivalents
------------- ------------- -------------
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NOTES
1. The financial information set out in this announcement does not
constitute the Group's statutory financial
for the year ended 31 March 2009 but
2. Half yearly report
December 2009. Copies of the half yearly
St Peter Port, Guernsey, GY1 3JX and on
3. Dividends
September 2009. 4. Profit/(loss) per Ordinary Share
(30 September 2008: loss of £16,866,000,
122,500,002 (30 September 2008 and
September 2008: 28.24p, 31 March 2009:
100.00p). Therefore, in accordance with IAS
5. Net (liability)/asset value per Ordinary Share
The net liability per Ordinary Share is based on the net liabilities attributable to equity shareholders of £4,466,000
(30 September 2008: net assets of £68,049,000, 31 March 2009: net
liabilities of £7,382,000) and on 122,500,002
issue at the end of the period. Diluted
The 30 September 2009 price of the Ordinary Shares of 8.63p (30 September
2008: 20.00p, 31 March 2009: 3.50p)
Therefore, there is no dilution (30
This information is provided by RNS The company news service from the London Stock Exchange END
IR GUGWWPUPBGMG More |
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| Date/Time | Subject | Author | ||
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| 12-03-10 |
BUY
Re: Sleeping
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Exactly.....
Unlike PI's the big money men (Institutions etc) do not get itchy feet if it doesnt rise day after day... Nor do they think if they don't aquire all their stake in a week then something "is up".. Its a softly softly game, and the real estate game is going up, and 2012 is getting closer day by day... We know from the past when it moves it moves fast, 50% in a day isnt a pipe dream its reality with AIM stocks, and when we KNOW that a stock is so seriously undervalued its now just a case of sitting pretty and wait for the fuse to be lit. Best of luck. AE |
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| 12-03-10 |
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This stock is dead as a Dodo which is good news like many you learn to be patient and more patient and patient again, then it suddenly wakes up and your 50% plus up, weather its next week next month or in 6 months this along with one or two other CP stocks will get re rated heavily or be a buy out target, at these levels holding and building a stake will pay off in a big way, CP stocks in prime locations in the UK are ones not too be out of in any sort of economic recovery scenario specially as they are so oversold, this looks like a firework ready to be lit
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| 05-03-10 |
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well i wish he had tipped me about them;-))
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| 05-03-10 |
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AE is normally so subtle - i only recently figured out he was in SKHG
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They have not been approved or issued by Interactive Investor Trading Limited.
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