Sunday, 8 September 2013

Project Alpha 08/09/13

First AUMP ,
   Alpha Real Trust   18.7%

Then ARTL ,

Then APS,
    Northill Europe          51 %
    IKOS Asset Man .  13.1 %
    Winton Capital Man   9.1%
    Colin Barrow             6.7%
    Banque Fed de C.M  3.2%

Then ALPH ,
    Investec                       22%
    David Rowlinson        18.2%
    Antler Inv                   18.2%
    Alpha Real cap             8.1%
    Barclays Stock.            5.8%
    Henderson Vol.            5.1%
    Charles Stanley & Co   5.0%
    Selftrade                       4.5%
    M&G Inv.                     4.3%
    Hargreaves L.                4.0%

Then ARGP ,
    Sze Thye Group            89%
    Christopher Neo             5%
    Angus Forest                 0.1%

And of course the Lineage grandfather ICAP ,
    Michael Spencer            16.8%
    Incap Finance                16.7%
    Schroder                        13.2%
    Silchester Int. Inv.             5.1%
    FIL ltd.                             5%
    Blackrock                         5%
    Newtown Inv. Man.          4.9%
    AXA Fram. Inv . Man.      4.5%


The Group of funds ,


     So ,we have a suite of funds , take your pick as to your favourite . All look undervalue and each has their own issue/s .
   Mine at present is AUMP , although not most undervalued , one opts for comfort and in my case , a share without dividend payments .  Just a reminder the ARTL graph looks a bit of a corker today , I shall miss the rise in that one . If the market continues upward .
  Our denominator therefore is Michael Spencer ; ranking of the wealthiest people in the UK he was placed 162nd with an estimated fortune of £510 million .
   Give us a few bob Mike .

      Good luck all concerned at Project Alpha , Interesting times .


·      Net asset value per ordinary share- 224 pence as at 30 June 2013 (248 pence at 31 December 2012).

·      Adjusted earnings per ordinary share - 9.3 pence as at 30 June 2013 (3.7 pence at 30 June 2012).

·      Three sales completed above valuation- three properties were sold at a total sale price of £3.05 million between March and June 2013.

·      New lettings - 35 new lettings and 12 lease renewals achieved during the six months to 30 June 2013, (represents 7.04% of the estimated rental value of the total portfolio based on the final achievable annual rent including stepped rent).

·      Additional contracted rent- £0.6 million per annum of additional passing rent is contracted to start during the twelve months to 30 June 2014, benefitting cash flow.

·      Occupancy improved - the occupancy level by estimated rental value stood at 83.3% as at 30 June 2013 compared with 80.8% as at 31 December 2012.

·      Borrowings reduced - bank borrowings reduced by £3.3 million during the six months to 30 June 2013. The Group is currently in active negotiations to refinance its loan facilities within the current extension periods granted by its lenders.

·      Loan to value ("LTV") - loan to value ratio on secured borrowings of 72.3% as at 30 June 2013 (71.3% as at 31 December 2012).

  Outstanding value share ;
1 NAV  Around £2 and we all know NAV will only increase with market upturn.
2 Earning per dividend . Trebled last year .
3 Sales . All achieved ABOVE market valuation (ie NAV ( for the more simple of us)).
4 New lettings / Occupancy  Up 2% and still a lot more to come (84% Is not so great ,ie below par )
5 Borrowings/ LTV  .Reduced quite a lot in six months .Greater occupancy will speed this even faster .If it can be achieved.

Estimated value 

    At 30p per share well undervalue.
If occupancy levels can be upped to the standard level and the loan sharks kept on board ,at reasonable rates .One sees no reason why £1 per share will be upon us soon.
Then again , I have a particular fondness for our present BOD , on this one .Some of the good fellows and well worthy of praise .Thus far .
Even broken up ( which I was anticipating , this will earn you a decent payback ).

 gla @ Project Alpha .

  Sorry , I thought I`d posted this earlier in the year  and by the way this wasn`t the big one I was alluding too , sometime ago . Patience it will be out on the blog soon enough.

  and May your Prophet go with you

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