Highcroft Investments PLC Interim Management Statement (0918T)
2013年11月15日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMHCFT
RNS Number : 0918T
Highcroft Investments PLC
15 November 2013
Highcroft Investments PLC
Interim Management Statement in respect of the period 1 July
2013 to 14 November 2013
The board of Highcroft Investments PLC today approved the
following statement in respect of the current trading period which
will end on 31 December 2013.
Property Portfolio
As announced previously, the Company acquired two new high
quality investment properties in Bicester and Cardiff in the second
half of the current financial year, for a total net consideration
of GBP8.05m. These properties were bought at attractive yields and
with strong covenants. These acquisitions highlight the Board's
strategy of identifying properties in the potentially very
attractive market that sits between private investors and larger
corporate property investors. The Board also made the decision to
put two of our smaller commercial investments to auction in
December. This strategy is intended to take advantage of the
improving property market and Highcroft's strong financial position
by gradually changing the shape of the Company's property portfolio
to enhance yields, improve the portfolio balance and increase the
average lot size. Furthermore, where appropriate, the Board is
seeking to enhance shareholder returns through a limited
introduction of gearing to the portfolio.
The Cardiff property acquisition, currently yielding 13.02%,
which was reported to the Stock Exchange on 8 November, is expected
to complete on 22 November.
Work continues elsewhere in the portfolio with the renegotiation
of leases and on rent reviews. We expect these to be satisfactorily
concluded despite market pressures in some areas. Our one vacant
residential unit remains on the market and we continue to review
our remaining small residential portfolio to determine if strategic
rationalisation may improve shareholder returns and generate cash
to reinvest in line with the Board's strategy.
Equity Portfolio and Financial position
Our equity portfolio was valued at GBP5.2m at 13 November 2013
having continued marginally to outperform the relevant benchmarks
of the FTSE 100 and the All-Share Indices this year. Our cash
balance of GBP0.8m at 13 November 2013 will, together with a new
fixed rate loan of GBP1.5m from Svenska Handelsbanken, be used to
fund the completion of the Cardiff acquisition. Our net bank
borrowings at 13 November 2013 are GBP2.5m, they will be GBP4.0m on
22 November 2013, upon completion of our Cardiff acquisition, and
our total facility is up to GBP5.0m. The financial position of the
group remains sound.
Outlook
The Board believes that the property market within which we
operate is enjoying a period of confidence that it has not seen for
several years and that further investment opportunities should
arise to increase shareholder return and value. The Board will
continue to evaluate all options so as to ensure that it remains
well positioned both operationally and financially to take
advantage of these opportunities.
For further information, contact:
Highcroft Investments PLC
John Hewitt / Roberta Miles 01865 840023
Charles Stanley Securities
Dugald J. Carlean / Karri Vuori 0207 149 6000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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