$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%
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
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.
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%
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!!
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.
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