# VPG - Valad Property Group



## psychic (20 October 2008)

*VPG -VALAD PROPERTY GROUP*

Current share price = 6.9 cents

http://www.valad.com.au/

Valad Property Group is an active fund and asset manager with a focus on multi-let commercial and industrial properties. Valad has an international network of local offices managing A$18 billion of assets.       

Our core business is providing enhanced property returns to investors through value-adding activities.       

Our network of 30 local offices in 17 countries enables us to match global investment capital with real estate opportunities.      

Valad‘s aim is to continue to build a sustainable property business by providing stakeholders with the “value-add” that underpins the Group’s name and philosophy.


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## redandgreen (27 October 2008)

seems to be attracting a lot of interest...is it just the takeover rumour that is fueling this activity or is  that the market is buying because it has been unfairly sold off earlier because of the  Petrac situation?


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## Newby Bill (19 November 2008)

VPF has a high level of debt. Its high leverage level make it an prime candidate for liquidation. Let's hope it survive and its fate is not the same as AFG.


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## Justthinkin (5 January 2009)

Anyone trading this?

Volumes caught my eye...

Date           Last  % Change  High  Low  Vol *  
05 Jan 2009 0.072 18.00%      0.076 0.063 20,331,000 
02 Jan 2009 0.061 15.09%      0.065 0.055 15,440,717 
31 Dec 2008 0.053 17.78%     0.055 0.047 5,913,374 
30 Dec 2008 0.045 0%           0.047 0.040 4,773,325 
29 Dec 2008 0.045 18.42%     0.045 0.038 7,559,248 
24 Dec 2008 0.038 8.57%       0.039 0.036 3,574,562 

The ASX speed police issued a please explain mid December and I'd not be surprised they are invited to make an obligatory "No comment" tomorrow...

Watching the price action today, there seemed a lot of correlation with CER moveements...are behaviours just a re-weighting...surely the market is not suggesting that real estate is maybe an attractive investment ???

I can't see too many issues aside from the skittish markets...am I missing anything?


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## Justthinkin (6 January 2009)

I either (a) didn't miss anything; (b) ask such a silly question that fellow ASF members were too polite to respond to or (c) I'll soon be bitten by the bank monster secretly stowed in the VPG cupboard. I do wish to thank all those for the feedback...

For those that are interested, todays activity was as foreshadowed launched off with a complimentary please explain ex ASX. Befitting enough, VPG responded with the insightful _"We have no idea but we do note the shares continue to trade at significant discount to NTA. Thanks for asking"_

Vol ~ 26mil, last 9.4c, high 9.7c, low 7.3c. Nice if you were on board.

The banter is basically NTA at or about 90 ~ 95 cents, Huntley valuation at 57c, rumour / jibbersih persist re European money looking to make an opportunistic bid at 20 c...

I trust all and sundry had a good day. I shall resiume my lurking position.

DYOR ... these are the rantings of a naked man standing in front of Buckingham Palace wondering where on earth he can get one of those cute tall fluffy hats


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## jonnycage (6 January 2009)

i owned some vpg a little while ago, and thanfully sold well before
the big sell off.

would be a little weary,  but i guess in todays climate anything is possible


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## rocket12 (7 January 2009)

Justthinkin said:


> Anyone trading this?
> 
> Volumes caught my eye...
> 
> ...




Way way undervalued, I got in at 6.6c and will hold for the ride.  Big rumors of a takeover from Europe at around 20c but should be worth a lot more than that.


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## prawn_86 (7 January 2009)

rocket12 said:


> Way way undervalued, I got in at 6.6c and will hold for the ride.  Big rumors of a takeover from Europe at around 20c but should be worth a lot more than that.




Whats your criteria for undervalued ROcket?

A bit of supporting info/analysis would be nice 

Thanks


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## rocket12 (7 January 2009)

prawn_86 said:


> Whats your criteria for undervalued ROcket?
> 
> A bit of supporting info/analysis would be nice
> 
> Thanks




No cash flow probs like CNP, was 35 cents 12 weeks ago, NTA of 95c.  Got dragged down by the likes of CNP BBI etc.


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## prawn_86 (7 January 2009)

rocket12 said:


> No cash flow probs like CNP, *was 35 cents 12 weeks ago,* NTA of 95c.  Got dragged down by the likes of CNP BBI etc.




If you went on that basis you would be buying a hell of a lot of stocks at the moment.

I personally think the problem with NTA for property trusts, even if they do have good cashflow, is the liquidity and non-tangibles. If there was a fire sale they i would be very surprised if they realised their stated NTA...


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## Justthinkin (8 January 2009)

prawn

My interest was sparked by the volumes...

Just to bring the story up to date:
Date    Close High Low Volume
07/01   9.8c 12 c 9.5c 44,605,031
08/01   10c 10c 8.4c 13,911,937

With respect to valuation.

On reserach VPG has (1) low debt (circa 35% against 06/08 valuations) and (2) "reasonable" cash flows. Seemingly sufficient to underwrite its basic busines model. Tick 1

(b) Underlying asset values will only ever be questioned/relevant when either cash flows are not adequate to service debt or they are to be sold. VPG recently announced sale of an asset at nigh 20% less than book value. In the scheme of things (ie this horrible market) is not a bad outcome. It does provide some comfort (not absolute)for the balance of their portfolio. Tick 2

(c) They seem to be accumulating cash.... I suspect they may have run the slide rule over some other players rather than taking defensive action...pure absolute obscene speculation on my part!!! Tick 3

(d) The reported NTA is about 90 to 95 cents. Huntley (a little dated valuation) around 60 c (attributing I understand no value to recent asset sold!!!) Tick 4

(e) The sector generally seems to be getting some interest... CER, IIF, VPG, Tick 5

I think this is a long way of saying that I'm comfortable with the VPG risk return profile and am not interested in fire sale value assets simply because _I think VPG has sufficient depth, cash flows and management acumen not to ever need considering fire sale valuations._

We live in blissful hope (or ignorance or blind faith or ...)

It's been a tough day.I hope all ASF were not too bad


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## inenigma (25 January 2009)

At 4.7 cents this looks to be a steal....  Funny that for a company that has
minimal debt, they're cutting staff numbers by a quarter ??


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## yettieboy (28 January 2009)

does anyone know what its book value is?

I have a feeling it might bang off that support of around 3.5 cents but only time will tell.

Is there any chance of it going under?

Currently not holding 

Great summer


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## drsmith (28 January 2009)

yettieboy said:


> Is there any chance of it going under?



The stock market update from January 23 alone does not inspire confidence about it's future prospects.


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## Avarice67 (16 April 2009)

A few days ago I posted the text below on HotCopper Forum... a few responses but would really like to gauge sentiment here in ASF. Any thoughts from holders?

"Avarice is fed up with waiting on VPG.

Having considered the accounts and investigated the constitutions of the Valad Property Group I think VPG is worth more broken up and sold as a funds management business and a separate trust managed by an independent responsible entity. IMHO

Happy to lead a charge... can I canvas the room for any support... need to get to 5% to call an EGM of the trust so about 80M shares... I'm good for 2M... any others want to support.

PS I'm not Nic Bolton!"

Since then I have had 33M worth of stock contact me in support... need 80M+ to call a meeting.

If interested contact Avarice_67@yahoo.com

--------------------------------------------------------------------------------
“He who can destroy a thing, can control a thing.” 

“I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear... And when it is gone past I will turn the inner eye to see its path. Where the fear is gone there will be nothing. Only I will remain.”

Frank Herbert, Dune, (American science fiction Author and Writer 1920-1986)


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## ricee007 (7 May 2009)

Avarice67 said:


> Having considered the accounts and investigated the constitutions of the Valad Property Group I think VPG is worth more broken up and sold as a funds management business and a separate trust managed by an independent responsible entity. IMHO
> 
> Happy to lead a charge... can I canvas the room for any support... need to get to 5% to call an EGM of the trust so about 80M shares... I'm good for 2M... any others want to support.
> 
> ...



In light of the fact that this stock has gone up exactly 300% from it's lows, do you still stand by this?


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## fureien (16 May 2009)

anyone with views on the recent surge? and whether theres a chance it will recover from the sell off for profits


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## jonnycage (13 August 2009)

now trading at 14 cents,  gaining conifence and moment.  target price at present anyone ?  will keep hanging on for now


j c


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## MACCA350 (13 August 2009)

12c seems to be a solid resistance level that's been tested numerous times in the last 9 months but never broke out until today. If we close above 12c and can hold that level we might see a push up to 16c then onto 22c, but the next major tested resistance level looks to be around 26c established in late Sep 08 if I'm reading the chart right.

But I'd expect to see VPG consolidate and confirm this push above 12c before pushing higher, so we may see some volatility between 12c and 15c.............then again I'm no charting expert

EDIT: looks like they've been put on hold and given a speeding ticket

cheers


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## LLH (13 August 2009)

Jumped in on this one a while ago at 3.9c, the risk at the moment certainly seems to be paying off.

There certainly has seemed to be some interest in the property stocks over the last few days with GPT, GMG and VPG being in the top 10 stocks traded by volume.

Will be holding for some time yet.

Any thoughts on whether VPG will return to the highs of 2+ years ago???


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## johannlo (15 August 2009)

Not in a hurry - but it will most likely get to a SP that more accurately reflects the NTA. Even with the massive gains of late we're still well under fair value EVEN at fire sale prices. See some of the figures in this thread, assume they're wrong by 50% and you're still looking at 30c+ per share. 

WHich is why I've climbed on board at these relatively high prices. Out of all the property mobs this one seems one of the more likely to survive and holding good assets. France/Germany data should also give it a big boost.


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## zebop (24 September 2009)

Very excited and hope the run continues now at .16c
Trading halt today re: news of financing to pay out a problem child in Scarborough. I am hoping that when trading begins this friday 25th Sept. and everyone jumps in to get some action SP may hit .20c


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## Julia (24 September 2009)

Before you get too excited, maybe consider Huntleys' comments on this stock, not that they are always right.  However, obviously this is a very high risk stock.



> Event Analysis
> Redefining speculative
> 
> Less than four weeks ago, VPG announced its full-year results together with a proposal for the looming remaining payment for the Scarborough European business, which it bought at the peak of the boom on deferred terms. The remaining payment of $60.7m was to be a combination of 3m cash due at the end of September, up to 19.9% of the units in VPG at 10cpu (unless rejected by unitholders, when this portion would be converted into a loan at 15% pa interest) and the balance as a loan at 9.5% pa interest. We described this proposal as ‘simply incredible’, as it added even further costs to an already enormous loss of unitholder funds. Following investor feedback, VPG decided to replace this proposal with a cash payment of $60.7m funded from a heavily-discounted, highly-dilutive capital raising. VPG will raise $59.5m through a $40.2m institutional and retail 1-for-4 entitlement offer and a $19.3m institutional placement. The offer at 10cpu represents a 37.5% discount to the closing price of 16cpu and a 50% discount to the diluted NTA of 20cpu. Such a litany of disaster supports our view that the levels of prudence, conservatism and risk aversion required for the current downturn do not optimise the skills of the current board and senior management. While the entitlement offer is fully underwritten, this is at a staggering cost to unitholders of around $3m or 5% of capital raised. Following the capital raising and dilution, our valuation falls to 15cpu and our recommendation downgrades to Hold. Reflecting the discount to valuation and dilutive effect if foregone, our recommendation is to take up the entitlement offer which closes on Tuesday 20 October 2009. VPG is currently high risk and should only be considered by investors willing to speculate on a positive medium-term outlook.


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## highlowlowhigh (28 October 2009)

hey...is vpg falling cos ppl wanna load off their 10c a share ? 

just trying to figure out the big change in buy/sell volumes.

seems that 10cpu is really killing the price at the moment


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## geea (28 November 2009)

*VPG*

VPG have been drifting down over the last few weeks. It looks to me like someone is manipulating the stock to keep it low. They have an AGM on Monday and hopefully that will shed some light on what they have been doing as they don't announce alot. They seem to have survived the GFC and with no bad news on Monday should head closer to their NTA of 24c.


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## ectoplasm (5 January 2010)

Hi geea,

VPG declined sharply from early 2007, and more recently has been consolidating off a base at 5c. Since October VPG has been declining but appears to have made a base & the last couple of weeks has been rising ~ through resistance IMO. I'm guessing a retest may occur before continuing higher... Anyone else following it?

Daily Chart:


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## geea (10 January 2010)

I believe that VPG had to meet a 45% LVR on the 31st Dec on some of its loans. Once this has been acknowledged i dont see any other major hurdles for awhile. This being the case a share price closer to NTA could be on the cards. VPG is still at bargain prices and once all fear of them going under have gone there will be lots of upwards movement in my opinion.


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## Happy (21 January 2010)

Looks like VPG is taking a breather, and retracement to (8 – 7 cents) 60% to 65% of last year rise might not be a bad thing. Recently price touched on 50% retracement (10 cents) and it would be great if price 10 cents holds any further test.

Anyway, if price doesn’t go lower, $0.135 might be signal to top up.


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## nioka (2 August 2010)

VPG has an SP that remains low despite continuing improvement in the future potential. It is increasing its management portfolio througtout Europe with good contracts that have long term potential. It certainly is building a reputation as a good commercial property manager. In addition it has an NTA well above its market cap. Despite all this the SP remains depressed. This worried me so I have spent some time going through the fundamentals as I see them. I can find nothing that leads me to want to sell VPG. Rather the opposite and I have traded for a few freebies to add to my accumulation of this stock. It is well worth examination. DYOR I may be wrong


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## pixel (2 August 2010)

Something seems to be "cooking", nioka; I agree.
I did get a string of warnings up until July 26; but my 9.3 bid failed to be taken out on the 27th, and I won't chase a stock. In the meantime, volume has dropped off again, and the chance of further retracement cannot be ignored. Definitely watchlist material.


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## jonnycage (3 August 2010)

ive dipped back into these guys,  on the dips in the trough.  was a holder
long time ago, back in now

j c


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## dandd (14 October 2010)

Valad seems to be in a slide with no bottom.  Topped up under 8c and now looks to be testing 7c.  Anyone have any views on this stock?


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## nioka (14 October 2010)

dandd said:


> Valad seems to be in a slide with no bottom.  Topped up under 8c and now looks to be testing 7c.  Anyone have any views on this stock?




I'm still buying and averaging down. When something has assets well ahead of its market cap then it should be a good buy. VPG has this and the NTA does not include any allowance for goodwill or for the value of its management business. I can see no reason for recievership, that is the only worry. I'm expecting VPG to trade its way back to a point where the SP will have a change for the better. DYOR ( I'm often wrong)


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## Tekwrek (4 November 2010)

Can anyone tell me whats happenened to VPG it seems to have been removed from the ASX.


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## nioka (4 November 2010)

Tekwrek said:


> Can anyone tell me whats happenened to VPG it seems to have been removed from the ASX.




There has been a share consolidation, 20 to 1. The shares are now being traded through a broker as VPGDA. They will be back trading as VPG sometime next week. The actual day is on their website or from their notice. Seems odd to look at the SP. About what it has been in the past. Pity we don't own as many shares.


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## dandd (12 November 2010)

Currenly trading at an equivalent of 6.35 cents so quite a drop while this stock has been consolidating.  Hopefully it will pick up once back on the market under VPG.


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## dandd (23 November 2010)

New low around 5.5 cents today.  Need some good news or increase in Orbit's shareholding to bolster this stock I think.


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## nioka (23 November 2010)

dandd said:


> New low around 5.5 cents today.  Need some good news or increase in Orbit's shareholding to bolster this stock I think.




Not the best of a result from a share consolidation. Good news is needed. I would have expected the company to have had something up their sleeve that would have created some interest in the stock to main a reasonable share price post consolidation. The fundamentals get better as the difference in the SP and the NTA increases. Thats the only consolation so far. VPG is not turning out to be one of my better stocks however I will hold while there is such a large gap between the SP and the NTA. As the saying goes "for better or for worse).


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## dandd (16 December 2010)

Well we finally got some news and it seems to be shaping up that management may end up the big winners if they manage to buy the European business at a rock bottom price. What's in it for the shareholders I wonder. Not  exactly a massive rally today. Any thoughts?


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## jonnycage (28 January 2011)

nioka said:


> Not the best of a result from a share consolidation. Good news is needed. I would have expected the company to have had something up their sleeve that would have created some interest in the stock to main a reasonable share price post consolidation. The fundamentals get better as the difference in the SP and the NTA increases. Thats the only consolation so far. VPG is not turning out to be one of my better stocks however I will hold while there is such a large gap between the SP and the NTA. As the saying goes "for better or for worse).





Hi Nioka, ive followed, bought in and out of this stock plenty of times.  but it interests me again. I'd be keen to hear your current thoughts

jc


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## Tekwrek (3 February 2011)

This stock has really been surging everyday for 2 weeks now, any thoughts as when to get out?


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## Tekwrek (4 February 2011)

From a low of 96c on the 12th Jan to 1.35c today.
Up 7% today.
Anyone have any news?


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## nulla nulla (5 February 2011)

Has their been any development with the proposed management buyout of the European section? While the A-REIT sector spiked in general over the last week, vpg seems to have benefited from a higher % jump.


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## Tekwrek (7 February 2011)

Up another 4% today.


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## nulla nulla (8 February 2011)

struggling to hold the gains today.


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## Tekwrek (9 February 2011)

nulla nulla said:


> struggling to hold the gains today.




I think it could be a time to jump.


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## Tekwrek (29 April 2011)

nioka said:


> I'm still buying and averaging down. When something has assets well ahead of its market cap then it should be a good buy. VPG has this and the NTA does not include any allowance for goodwill or for the value of its management business. I can see no reason for recievership, that is the only worry. I'm expecting VPG to trade its way back to a point where the SP will have a change for the better. DYOR ( I'm often wrong)




Get ready for a windfall, it has finally arrived.
http://www.smh.com.au/business/valad-impaled-as-blackstone-bids-20110429-1dzj9.html


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## Tekwrek (29 April 2011)

Tekwrek said:


> Get ready for a windfall, it has finally arrived.
> http://www.smh.com.au/business/valad-impaled-as-blackstone-bids-20110429-1dzj9.html




WOW a 52% rise after trading halt.


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