Listed Property Trusts

[Billy Boy]

Why is ING sp so weak?

Will there be any div cut?

they have their tennancy agreements etc locking in for three
- four years out so I dont think cash flow is their problem.
MFL are selling down big time and this I feel is spooking the
market. I havent gone back to try and see who is buying ??
Coz there must be a buyer. Anybody ???
MFL is one of these fund managers (managed by ING) that is
scrambling for cash to get out of their CDO's , CFO's etc so
need the ready's, like NOW.
There could be a divvy decrease but I dont think so coz the
others are holding up. ING still have about 36 - 38% leverage
(Fung- Pud might know the exact %%%). this is not really a
problem as they have the necessary forward cover at about
8.7%. From memory.
I wish they would lower the divvy and retire debt.
All in All I still think they are the cheapest buy on the market
at the moment in relation to their div %.

[Dr_Who]

I agree with you BB.

Unfortunately MFL has over 28% holding left to sell. They cant possibly sell this on the market.

I will sit on the sideline and wait. Still on my watchlist.

[fungus pudding]

they have their tennancy agreements etc locking in for three
- four years out so I dont think cash flow is their problem.
MFL are selling down big time and this I feel is spooking the
market. I havent gone back to try and see who is buying ??
Coz there must be a buyer. Anybody ???
MFL is one of these fund managers (managed by ING) that is
scrambling for cash to get out of their CDO's , CFO's etc so
need the ready's, like NOW.
There could be a divvy decrease but I dont think so coz the
others are holding up. ING still have about 36 - 38% leverage
(Fung- Pud might know the exact %%%). this is not really a
problem as they have the necessary forward cover at about
8.7%. From memory.
I wish they would lower the divvy and retire debt.
All in All I still think they are the cheapest buy on the market
at the moment in relation to their div %.

Sorry, I don't know exact figures off hand, but somewhere around what you say. I agree that lowering the divvy and retiring debt would be the ideal; the biggest downside to these (probably most?) shares is the issuing of extra units in lieu of dividends through the reinvestment plans. These schemes are disastorous when shares are being issued at a huge discount to NTA, as they are in this weak market. It simply dilutes the real NTA. Fortunately the take-up is low. But still would be fairer to reduce debt by a lowering of divvy for a while.

[beacon]

And that will hurt its sp in the short term. Vicious circle, eh?

[fungus pudding]

And that will hurt its sp in the short term. Vicious circle, eh?

Yes. In theory if these reinvestment schemes are taken right to their conclusion the NTA must eventually reduce to the share price.

[777]

Good write up in this morning's Herald on LPT's. Unable to find a link.

[fungus pudding]

Good write up in this morning's Herald on LPT's. Unable to find a link.

I presume you mean this article.

http://www.nzherald.co.nz/property/n...0556056&pnum=2

[777]

Yes that's it. Should have looked under the property section instead of business.

[Billy Boy]

I received a brochure in the mail inviting me to a presentation.
Speaker,s :- Peter Mence & Stuart Harrison.
It seams they are going all round the place,
Who else got one ??
Agenda :-
Current & pending activities,
Credit Crunch,
ING(NZ) as manager,
Gearing & asset sales,
Diversification,
Financial overview.
I am listing a number of questions.
A bit of a P*** up afterwards.
BB

[fungus pudding]

I received a brochure in the mail inviting me to a presentation.
Speaker,s :- Peter Mence & Stuart Harrison.
It seams they are going all round the place,
Who else got one ??
Agenda :-
Current & pending activities,
Credit Crunch,
ING(NZ) as manager,
Gearing & asset sales,
Diversification,
Financial overview.
I am listing a number of questions.
A bit of a P*** up afterwards.
BB

I did. Just the usual annual rah-rah session. Best part of it last year was the catering - but no booze. Mind you it was a bit early in the day.