Asset Plus (APL)

[Aaron]

The council offices will be finished shortly. I wonder if Wayne Brown would look at trying to wriggle out of the lease as part of his cost cutting exercises.

Does anyone get into the minutiae of things such as the lease agreement. Would building delays give the ARC an out if they decided they could manage with what they have or if they could use spare offices from the harbour bridge cycleway team or the three waters team.

Looks like ARC can't wriggle out of the lease but is subletting a floor if it can.

https://www.nzherald.co.nz/business/...DBMOI7PTNCA3A/

[Sideshow Bob]

FY Result

https://www.nzx.com/announcements/412156

[kiwikeith]

Has looked for a long time that this company is in the process of winding up. Trades at a sizeable discount to net asset value. Things should improve if they can lease the vacant space in their council building before selling it.

[dibble]

Has looked for a long time that this company is in the process of winding up. Trades at a sizeable discount to net asset value. Things should improve if they can lease the vacant space in their council building before selling it.

Must say, the wind up paragraph came as a bit of a surprise. I'd sort of been expecting a takeover. Centuria, as managers, hold a small stake (from memory... so they can spout that "our objectives are aligned" jibberish) but the real value for them is cheeky fee extraction along the way whilst the shareholders carry the development risk. Then as that risk is nears nil, something they would know better than anyone, make a 28c offer for a 35-45c asset.

But now its finished, lease commenced, my theory debunked. Probably.

Wind up seems best solution, listed company for one asset not overly efficient.

[kiwikeith]

Here is an interesting gamble. The share price is 20 cents while the NAV per share is around 39c. Their plan is to lease the remainder of Munroe lane and then probably close up shop, selling Munroe lane and returning the cash to shareholders. Could double your money if you are prepared to take the risk and have the patience waiting for things to happen.

[Grimy]

I've been waiting a while.........

[kiwikeith]

I've been waiting a while.........

You could be waiting a while longer because not only are they trying to lease office space at Munroe lane but Auckland Council has decided it has too much space there already and trying to sublease level 5 at Munroe lane to reduce costs.

The whole story is a sad tale. It bought out National property trust which only owned a few things but one was a huge Watties factory/warehouse in hawkes bay. Anyway they got out of industrial and retail properties and bet the farm on a new office development in Munroe Lane. Could not have had worse timing for this endeaver as office properties were becoming as popular as asbestos factories and APL has been caught holding the baby,

[Grimy]

I'll certainly be happy to vote for a wind up of the company once we get to that point (as long as it's worth my while....).