Tix - Tixda

[stones]

Can someone please enlighten me to what is happening with the above stock. Overnight the ticker appears to have changed to Tixda and risen from 51.5cps to 212cps. I have looked far and wide but can see no notification etc.

[Snow Leopard]

Consolidated a week ago and is now trading on a deferred settlement basis which is what the 'DA' in 'TIXDA' refers to.

In another week when normal trading recommences it will just be plain old 'TIX' once again.

I guess the idea is to slow down someone selling all 2000 of their shares when they now only have 500.

Best Wishes
Paper Tiger

[stones]

Thanks for that. Haven't experienced this myself. I'll try to look further and wider next time.

[Joshuatree]

Yes 1 for 4 consolidation. At current s/p on a re 8.65% div or more if converted to NZ $.

[Joshuatree]

TIX into the ASX 300 .Nice rise last few days.

[mark100]

Yeah I first bought a few at $2.07 and then added earlier this week as the sellers thinned out. Trading on a pretty good yield compared with other property plays. I won't be a long term holder though, just a trade for me

[Joshuatree]

Recent presentation "What sets TIX apart from its peers?
Quarterly divs at a yield which is highest across its trading peers at 9.1%

dedicated fund manager with all senior management having an industrial pedigree. (Im sure its the only pure Industry prop stock out there)

Disciplined approach and aligned interests and no conflicting products

Well capitalized manager (360 capital group Asx TGP

Small nimble and experienced team providing SPEED and EXECUTION SURETY

Clearly defined and achievable strategy with no FUM targets

Diversified portfolio by number of assets geographic location and tenant exposure

Over $100 millionof portfolio is < 4 years old

Simple transparent structure with defensive characteristics, no development risk or offshore exposure

Now has ASX 300 inclusion

_____________________

Debt is higher compared with peers , re45% but lower then Cromwell.

[Joshuatree]

Valuers have been appointed and draft numbers are indicating an overall uplift to the portfolio of approx $27 million or 8% on prior book values which will, subject to final valn reports translate into pro forma NTA uplift in the order of approx 28cents on the previous reported NTA of $1.94 per unit taking the pro-forma NTA to circa $2.22 per unit.

S/P so far $2.19 up 5 c:)


The pro forma LVR gearing will reduce to approx 42%. As this will be below 45% the fund will benefit from a 15 basis point reduction in margin

[Joshuatree]

4.65c quarterly div give re 8.6% at $2.17 ( ex div near its high). happy chappy.

[Joshuatree]

Total return 36% from Dec 2012 to March 2014
2 earnings upgrades last 9 months

[Joshuatree]

A pretty keen to grow company so i knew they would be looking for more quality assets. T/H today and cap raising to by 2 more Ind units.

[Joshuatree]

$46 million raised with Inst @$2.16 a share! Oversubscribed. Offer to me of 1 for 7.25 @ same. very strong endorsement of the company to buy 2 quality ind props leased to woolworths on long term leases. Est FY 15 div 19.2 cpu 8.9%. Gearing will reduce to 40.9%

[Joshuatree]

21st aug results presentation.

[steve fleming]

JT - also check out TOF

trading at a 7% discount to NTA and on an 8.5% yield (17cpu)

[mark100]

JT - also check out TOF

trading at a 7% discount to NTA and on an 8.5% yield (17cpu)

I hold a few TOF but more of the manager, TGP. Also, as a holder I see a get some sort of priority in the TIX shortfall offer at $2.16. Might apply for a few if the market holds up

[Joshuatree]

Thanks Steve will have alook. TIX has bought another building and is now 94% exposed to the fast growing warehousing/logistics sector with online sales growing fast this is the place to be.The USA for one has hundreds of ghost malls already.

[Joshuatree]

Retail and Gen offer closed significantly over subscribed.S/P at or vey close to 5 year high.

[Joshuatree]

Results out
NPAT $41.9 mill FY13 $13.6mill
Operating earnings up 73% to $19.2 mill
Operating EPU of 20.6c in line.
DPU of 18.6c up 3.3%
NTA up 14% to $2.21 s/p currently $2.35:)
Occupancy 96.2%
WALE 5.3 years
Post period buys of 3 props combined total $103 mill . Extension of debt facility on fave terms.
Gearing to 42.1% from 45.5%

[Joshuatree]

Div will be increasing from 18.6c to 20cents, well ahead of broker consensus of 2017. Share price will lift.This has been great yield /with some growth story play for me. I feel GooooD!!:)

[Joshuatree]

Mark what do you think about this possible ANI, TIX merge idea ?.ANI div is currently lower and portfolio not as good a quality?. Merger would make TIX re 70 % bigger mkt cap wise. TGP look like top savvy managers.

[Joshuatree]

Today TIX bought another building for $25 mill fully leased for remaining 8.8 years .
Portfolio now 22 Industrial props valued at $526.6 mill mkt cap re $304 mill
Also revised debt facility increased and extended, a margin reduction, LVR stays at <- 55% and ICR cover stays at .> 1.6 times
Funds overall WALE 5.8 years

[Joshuatree]

And there it is ANI offered .89 Tix share for each ANI and 360 capital group TGP wanting to buy out the responsible Entity.

[cloggs]

TIX trying again for ANI. Is there an opportunity for arbitrage here? Tix at 268 offering .89 Tix for 1 ANI share which is 231.

268x.89=238.5. Makes it a good buy for ANI - in theory.

I notice TIX dropped from 275 to 268 today on the announcement.

[Joshuatree]

A 20c dividend places TIX on a yield of 8.13%. Not a bad place to park some cash while you wait out the correction.

Re 8.5% yield now i read somewhere. TIX $2.45 ; s/p suppressed /manipulated during this snail pace drawn out ANI takeover attempt.

[Joshuatree]

Shareprice $2.46 atm Gearing approx 41%,Gross assets $615 mill.TIX currently is up to owning 31% of ANI atp. If the merger with ANI does eventually get completed, the s/p should rerate as the mkt cap increase will attract Instos and Brokers and Indexes for inclusion. D/Y may drop a little though.

TIX upgrades FY15 Earnings Guidance by 7.5% & Increases Distributions by 5.0%
Earnings and Distribution Guidance Upgrade
360 Capital Industrial Fund (“Fund” or ASX code “TIX”) is pleased to announce as a result of the underlying performance of its portfolio, FY15 operating EPU and DPU guidance has increased by 7.5% and 5.0% respectively.
FY15 operating EPU is now forecast to be 22.8 cents1 and DPU of 21.0 cents reflecting a payout ratio of 92%. TIX’s distribution for the June 2015 quarter is now forecast to be 6.07 cpu, up from previous guidance of 5.07 cpu.
The TIX portfolio has performed solidly, maintaining virtually 100% occupancy with a long weighted average lease expiry of 5.4 years. Progress has been made with the Fund’s remaining FY16 lease expiries which will underpin the Fund’s stable and predictable cashflow generated from its diverse portfolio of properties and tenants. TIX will continue to look at opportunities to grow EPU and DPU responsibly having regard to its cost of capital.

[Joshuatree]

Hey KW what happens if TIX don't get to 50% plus.?Do they give shares back ; just sit on their ANI shares and creep or ?. Im blank on the options atm.
Download Document (http://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvQkEL4w y7pmGIqZlJ2%2Fk%3D)

Looking more compelling for ANI holders to accept. 40.2% of voters voted to remove Fife as responsible entity. But of the re 60% who voted no 21% were cast by entities associated with ANI's appointed advisors who are receiving fees $4.4 mill plus for defensive services fr ANI!!.

[Joshuatree]

cheers KW. Meanwhile tIX announces a higher div and the price keeps drifting from a re $2.72 high until this is sorted one way or t,other. I see your attraction:),

[Joshuatree]

Some offshore listed investors offering $2.40 for each ANI share. TIX gave .89 TIX for each ANI share equiv to re $2.17 @current TIX price of $2.44. TIX holds 33% plus ANI shares and may have bought an initial stake on mkt; i haven't found this atp.

[Joshuatree]

TIX increases offer at a volatile time.Equiv now to $2.47. S/P weaker to $2.34 currently.Chart says sell. 5c div shortly.:confused:

[cloggs]

KW's suggestion above is looking better and better. TIX down to 233 today.

[cloggs]

I've been getting the same feeling. The need to 'win' seems to be overtaking good sense.

[mark100]

Industrial property is very hot right now. If supply is short then maybe they have no choice but to go after existing portfolios. After all, I do expect TIX to grow assets under management, its why I bought them (in addition to a good yield)
http://www.theage.com.au/business/property/industrial-property-in-high-demand-20150723-gij5ec.html

It's TGP that really wants the bid to succeed and/or managers replaced. Increases their FUM. TIX is just the plaything that will issue the scrip while the juicy fees from an increased asset base go to TGP. Looking at TGP's share price this year, which did get overcooked, I can see why they are keen to boost FUM. Not holding TGP at present but probably will again in the future. My main worry is they are trying to grow the whole empire maybe a tad too aggressively.

[Joshuatree]

Sure are aggressive mark; 5 announcements today including a 19.9% buyup of TIX shares by TGP to underpin the s/p from poss manipulations. Seems fife are being out manoeuvred here and TIX will get ANI by hook or by crook ; hopefully to our gain. X div monday.

[Joshuatree]

TIX have all but won with ANI advising holders to accept by 5pm Mon the 12th oct. The other buyers wouldn't remove some of their conditions.

[Joshuatree]

Yeah Yeah Ywah:) Been a twitchy few months , continuing to hold ,with the chart threatening to breakdown . Finger removed from Hover and looking forward to likely re/gains ahead.34c off the years high atp.

[Joshuatree]

Finally got to 90% and compulsory acquisition of the rest.Hope when the dust settles TIX starts rising again.

[cloggs]

At the current price the yield is >9%. They are forecasting 2016 dividend at 21.5 cps. These were 245 a few weeks ago. I think you're right JT. The ANI takeover was a bit of a distraction.

[Joshuatree]

Yeah, did they overpay without looking(being allowed to) at the books? its the only way ANI would let it go ;above value. I guess if they do go up an index and get instos etc on board it won't matter and the rollup will continue. Thanks re TOT . TOF looks like great payer too re 9-%? Or thereabouts.

[Joshuatree]

Well i knew about TIX ,TOF (Steve Flemm) and TGP (Mark)but not about TOT!. Not a very compelling chart to buy atp despite being x div which as usual for 360 is great.

[Joshuatree]

Good divs from most of these but s/p down or flat.S&P/ASX200 A-REIT near an 8 year high!!
TOT from $1.31 to $1.11 over 1 year
TGP $1.24 to 92c
TOF$2.07 to $2.06
TIX $2.60 to $2.68 with a long takeover of ANI included

[gazprom1]

Good divs from most of these but s/p down or flat.S&P/ASX200 A-REIT near an 8 year high!!
TOT from $1.31 to $1.11 over 1 year
TGP $1.24 to 92c
TOF$2.07 to $2.06
TIX $2.60 to $2.68 with a long takeover of ANI included

Hey JT,

I can only comment on TIX as not involved in any of the others. TIX is $2.78 as of close tonight and appears to be on a break out - $2.60 to $2.78 for the year is approx 7% return plus an 8% div yield gives a total return of over 15%. Had spent a lot of time consolidating in that $2.40 to $2.55 range. ANI takeover was a real drag on SP performance IMHO. Still on a current dividend yield of 8%. Believe there is still room for SP to appreciate as investors chase yield and interest rates in Aussie are not going anywhere but down given inflation figures. Would not be surprised to see the div yield drop to 6.5 to 7.0% in the next 6 to 12 months which would see SP over $3.00.

Discl: Hold

Cheers
Gaz

[Joshuatree]

HiGaz; yes its great yield story ( 1 of the highest)and finally rerating. Divi just announced today a slight increase to 5.425c for qtr (no franking of course:) which will make full year div 21.6c if next qtr the same.Forecast earnings yield 22.7c.
Not sure which prop companies have helped the index to a high;will have a look around.
Holding from $2.20.

[gazprom1]

HiGaz; yes its great yield story ( 1 of the highest)and finally rerating. Divi just announced today a slight increase to 5.425c for qtr (no franking of course:) which will make full year div 21.6c if next qtr the same.Forecast earnings yield 22.7c.
Not sure which prop companies have helped the index to a high;will have a look around.
Holding from $2.20.

Great JT - you are 10% up on me!!!!!.

Do you have any views on TOT, TOF and/ or TGP? FET has also performed ok the past few months after a period of consolidation after the merger with FST. Have done well out of FST and FET historically.

Cheers
Gaz

[Joshuatree]

TIX has been the strongest of the 360 group chart, price and yield wise ;currently re 10% on my entry price..Took a while for the ANI purchase to move the s/p. I think its the most leveraged(40 something %) but haven't checked the others for a while. Owned FET (when it was AEU)for awhile and prob should have stayed in. Prefer the Industrial exposure of TIX although also have a holding in GEM (like FET, childcare centres) atm, back in the black again with this one.

[Jamie]

following now

[Joshuatree]

TIX is now CIP, Centuria an Industrial REIT. i still hold for the great divs. Its jumped re 10% today on takeover offer by minor shareholder Property link, PLG ,in a combo of shares and cash to the value of $3.04:D. NTA $2.56 in june . ive been thinking about selling cum div to build some cash up; am glad about the time my pondering has taken.
PLG: Proposal to acquire Centuria Industrial REIT (https://hotcopper.com.au/threads/4429148/)