# RGN - Region Group



## inyaface (16 October 2012)

Hi,

I'm expecting to receive a number of shares under the WOW 5:1 ownership but wondering will it be worth it to invest directly and put a buy on the float?


----------



## nulla nulla (16 October 2012)

*Re: SCA - SCA Property Group*

From what I read in the WOW announcement, shares in the property trust are being issued at a small premium to net tangible assets. I can't remember seeing what the distribution/dividend policy was going to be or how and when distributions would be paid. 

It would not surprise me to see a sell off after the float. Most of the other recent floats have had a sell off and some are trading at big discounts to the float price.


----------



## ROE (16 October 2012)

*Re: SCA - SCA Property Group*



nulla nulla said:


> From what I read in the WOW announcement, shares in the property trust are being issued at a small premium to net tangible assets. I can't remember seeing what the distribution/dividend policy was going to be or how and when distributions would be paid.
> 
> It would not surprise me to see a sell off after the float. Most of the other recent floats have had a sell off and some are trading at big discounts to the float price.




read the prospectus it be 5-20% below NTA, final price will be determined by institution bidding.


----------



## nulla nulla (17 October 2012)

*Re: SCA - SCA Property Group*

Thanks ROE. I may have read it in a newspaper article and not the WOW releases. Never-the-less if the issue price is going to be determined by the institutional bidding, it will be interesting to see how much discount they extract.


----------



## nulla nulla (17 October 2012)

*Re: SCA - SCA Property Group*

Chastened, I ventured forth and read the Woolworths release and read the comsec IPO offer. Woolworths intends to create a new ASX listed property trust by undertaking an "in-specie" distribution to all Woolworths share holders.

An application has been lodged for the stapled units of *SCA Property Group *to be quoted on the ASX under the code *"SCP*". 

The forecast NTA for SCP is $1.58. Holders of Woolworths will be issued 1 stapled share in SCP for every 5 shares held in woolworths. * The proposal is also subject to share holder approval at the AGM on 22 November 2012*.

SCA Property Group will also undertake and equity offer of 337 million new SCA Stapled Units. The equity price offer range is expected to be at a discount between 5% and 20% of the NTA. The final price will be determined by a book build which will take place after the AGM on 22/11/2012. The price range is expected to be between $1.50 - $1.26.

If the offer is popular the discount will be at the lower end of the scale. If the offer is hard for the Offer Managers to flog, the discount could be at the higher end of the scale. If the IPO is popular it could close early. If it is unpopular, it could be closed and not proceed.

If the equity offer doesn't proceed, the in-specie distribution to Woolworths share holders will still proceed. 



> It would not surprise me to see a sell off after the float. Most of the other recent floats have had a sell off and some are trading at big discounts to the float price.




Given that Woolworths is the anchor tennant and leases are in place for a considerable number of years, it is hard to see SCP dropping like Myers etc. The recent capital raising by FKP included an institutional component and , while the price is low, it is still above the issue price. Maybe property trusts are fairing better atm because of their stability and yield. One point I liked in the details was the projected debt/gearing levels of only 27%.
However, there is always some risk. As always do your own research and good luck.


----------



## nulla nulla (18 October 2012)

*Re: SCA - SCA Property Group*

Further food for thought. Anyone holding less than 1750 Woolworths shares is going to receive less than 350 SCP shares. At $1.50 per share they will have a parcel of shares valued at $525.00 or less. 

Holdings with a value less than $500.00 are considered a non marketable parcel. Has any indication been given as to how holders of small parcels can unload their shares? (I admit in advance that I have not completely read the prospectus but I did ask comsec and they didn't have an answer either).


----------



## System (23 November 2012)

> *Shareholders vote for Woolies trust spin-off*
> 
> by: Sarah Danckert
> From: The Australian
> ...




More: http://www.theaustralian.com.au/bus...s-trust-spin-off/story-fn9656lz-1226522309862


----------



## nulla nulla (27 November 2012)

Shares issued to applicants in the offer at $1.40ea. Based on the figures supplied in the SCA Property Group Offer dated 5 October 2012 I have prepared the following table. Please note the earnings and distributions are guideline forecasts for the period 2013 - 2014. The fore casts earnings and distributions for the period ending 30 June 2013 are: Earnings of $0.065 per share and Distributions of $0.056 per share.


 *Share:* *	SCP*    *Date:*  *Closing 26-11-12*    *Closing Price* 	1.44	 *Issued Shares* 	584,200,000	 *Capital* 	841,248,000	 *Earnings $	*	0.1180	 *ROE* 	8.19%	 *Dist $* 	0.104	 *Yield %	*	7.22%	 *P/E* 	12.20	 *NTA $* 	1.58	 *Discount to NTA* 	8.86%	

On the first days trade over 56 million shares were traded representing almost 10% of shares on issue.


----------



## LouiseJ (28 November 2012)

*Re: SCA - SCA Property Group*



nulla nulla said:


> Further food for thought. Anyone holding less than 1750 Woolworths shares is going to receive less than 350 SCP shares. At $1.50 per share they will have a parcel of shares valued at $525.00 or less.
> 
> Holdings with a value less than $500.00 are considered a non marketable parcel. Has any indication been given as to how holders of small parcels can unload their shares? (I admit in advance that I have not completely read the prospectus but I did ask comsec and they didn't have an answer either).




I wondered the same thing myself. Looks like they'll organise a non marketable parcel buy back subsequent to issue but no guarantees. My son is the proud owner of $11.86 worth of these shares, quite useless.


 :"It is expected that the Distribution will result in a large number
of holdings of Stapled Units with a value of $500 or less (that
is, less than a marketable parcel under the Listing Rules). The
Woolworths Directors understand that, in order to reduce the
costs and administration associated with servicing large numbers
of Stapled Unitholders with small holdings, SCA Property Group
may, after the Implementation Date, establish a sale facility
under which the Stapled Units held by relevant Small Stapled
Unitholders would be aggregated and sold on their behalf on ASX.
Under any such sale facility, unless Small Stapled Unitholders
elected in writing to retain the Stapled Units received under the
Distribution, their Stapled Units would be sold and the proceeds
of sale remitted to them. Brokerage and other transaction costs
of the sale of the Stapled Units under any sale facility would be
borne by SCA Property Group. If SCA Property Group decides to
put in place such a Sale Facility, full details of that sale facility will
be sent to Small Stapled Unitholders after implementation of the
Proposed Transaction"


----------



## oldblue (28 November 2012)

I don't think there's any doubt that this facility will be "put in place" in due course. Companies don't like the admin costs of a lot of small holdings and this is a fairly normal tactic. The "no guarantees" disclaimer is more to avoid any later claims re the timing and the  price received, IMO.


----------



## nulla nulla (30 November 2012)

*Re: SCA - SCA Property Group*



LouiseJ said:


> ..... If SCA Property Group decides to
> put in place such a Sale Facility, full details of that sale facility will
> be sent to Small Stapled Unitholders *after* implementation of the
> Proposed Transaction"




In other words: "We sold your shares, here is your cheque, have a nice day".


----------



## oldblue (1 December 2012)

*Re: SCA - SCA Property Group*



nulla nulla said:


> In other words: "We sold your shares, here is your cheque, have a nice day".




Yes, a rather ambiguous sentence, but the "proposed Transaction" may also relate to the splitting of the properties from the parent company. Note that shareholders may elect in writing to keep their shares - which leads me to think that notice will be given to "eligible" shareholders first, ie now that the "proposed transaction" has been effected.


----------



## nulla nulla (1 December 2012)

It is a little ambiguous. I guess the "proposed transaction" needs to be more clearly defined. It probably means the "seperation of the properties from woolworths" as distinct from the "onmarket sell off of the small unmarketable share holdings". 

I expect the holders of unmarketable parcels will be invited to take up the offer of SCP selling their shares and sending them cash or the holders keeping the shares and buying more on market to build their holdings up to a marketable level? I expect SCP would reasonably write to the share holders with unmarketable parcels, extending the offer/options before the shares are sold off?


----------



## oldblue (1 December 2012)

Yes, that's how I read it. Would be in line with moves by other companies to be rid of unmarketable parcels.


----------



## nulla nulla (7 December 2012)

SCP tapped $1.53 Wednesday and Thursday. Up $0.13 on the issue price of $1.40 (9%) in one week is a good start in anyones books. Those that got their full allocation through Woolworths or 90% of their ask through a direct application are doing better than those that had their applications scaled back through the Broker Firm allocations. Good to see at least one of the reits performing well.


----------



## nulla nulla (24 December 2012)

I exited on Friday 21/12/12 at $1.545 taking a 10% profit on the issue price of $1.40. It would not surprise me if this share was to creep slowly higher next year, in a similar fashion to BWP and WRT after they were spun off.


----------



## Tyler Durden (9 February 2013)

*Re: SCA - SCA Property Group*



LouiseJ said:


> I wondered the same thing myself. Looks like they'll organise a non marketable parcel buy back subsequent to issue but no guarantees. My son is the proud owner of $11.86 worth of these shares, quite useless.
> 
> 
> :"It is expected that the Distribution will result in a large number
> ...




Yes this is what exactly has happened. I received a letter in the post yesterday asking me to elect to keep them or else they would be sold and I'd receive a cheque.

I think I'm going to keep them and buy some more.


----------



## poverty (11 February 2013)

*Re: SCA - SCA Property Group*

I have a tiny holding but I'm going to keep it because it happens to be the 5th company in my margin account and gives me extra LVR to all my holdings, despite the value being less than a slab of beer.  lolz


----------



## RADV (13 February 2013)

I've also received my letter, and I think I will grab some more of these.


----------



## ecnalb (13 February 2013)

RADV said:


> I've also received my letter, and I think I will grab some more of these.




Do you think its the time to grab them now with the amount that could be sold off in the coming weeks?


----------



## RADV (13 February 2013)

Well there's always that risk, and I'm certainly no trading expert, but I like the fundamentals and I don't see any evidence of a sell off. I'm looking at a long term holding also, so a minor dip doesn't concern me too much. Would be interested in other views here.


----------



## nulla nulla (14 February 2013)

ecnalb said:


> Do you think its the time to grab them now with the amount that could be sold off in the coming weeks?




While there will probably be a fair few shares sold on market, I expect the broker conducting the sale will do it in an orderly fashion, trying to maximise the returns, rather than simply dump them on the market.



RADV said:


> Well there's always that risk, and I'm certainly no trading expert, but I like the fundamentals and I don't see any evidence of a sell off. I'm looking at a long term holding also, so a minor dip doesn't concern me too much. Would be interested in other views here.




Some substantial share holders notices have already been filed as at least two large investors have bought up a stake. Mondial has recently increased their holding. The share price has a good yield rate built in. I expect the price to creep up slowly but steadily like BWP. If you like to buy and sit, then SCP would probably be a good share to have in your portfolio from the guaranteed yield at the present share price levels.

As always: Do your own Research and good luck.


----------



## nulla nulla (7 March 2013)

Not being a holder of Woolworths, I didn't receive any shares under the 1 for 5 scheme and subsequently I am not privy to the correspondence in respect of the sell off of non marketable parcels valued under $500.00. 

However I suspect the sell off is underway. My reasoning is that SCP climbed to the $1.65 levels then tracked sideways between $1.605 and $1.655. There seems to be significant volumes going through this week in the $1.605-$1.61 range with any breakouts into the $1.615-$1.62 range met by solid selling back to the $1.60 - $1.605 range when buyers once again step up to the plate.





In my humble opinion the share price of SCP is out of sync with the rest of the A-REIT's in that the share is trading at only a small premim to the NTA of $1.58 and a lower value of price earnings. The projected yield at the current share price level is quite high compared to many of the other A-REIT's. It will be interesting to see where the share price trends when to non marketeable share holdings sell off is finalised. As always, do your own research and good luck.


----------



## Tyler Durden (7 March 2013)

Just re the yield...when have SCP ever announced they would be paying a dividend?

I looked at the presentation released today and there was no mention of it.


----------



## nulla nulla (8 March 2013)

Tyler Durden said:


> Just re the yield...when have SCP ever announced they would be paying a dividend?
> 
> I looked at the presentation released today and there was no mention of it.




In the Product Disclosure Statement (PDS) issued in the lead up to the set up of SCP, Page 27 Section 3: Important Dates and Key Offer Statistics. The forecasts for FY14 are provided.

Also, page 51 of the PDS advises of an "intention" to pay a 5.6 cent distribution for the shortened financial year ending 30 June 2013 and a 10.4 cent distribution for the financial year ending 30 June 2014.


----------



## nulla nulla (8 March 2013)

I accessed the "Small Unitholding Sale Facility" document dated 7 February 2013. It appears that the sell off doesn't start until after 21 March 2013. The sale is being conducted by Moulis Securities Pty Ltd on the ASX in the ordinary course of trading. Payment for the units sold will occur on or about 15 May 2013.

It would seem that the current drop back in the share price has nothing to do with the "Small Unitholding Sale facility".


----------



## Tyler Durden (8 March 2013)

I'm probably in the minority, but I've elected to keep my shares.


----------



## inyaface (9 March 2013)

touch and go for me....own a few of SCP...but not enough to cover $500...might just prop it up a little to go over $1000.


----------



## nulla nulla (19 March 2013)

The big rally on Friday afternoon pushed SCP to a new high of $1.71. Interestingly Bunnings (BWP) also surged in the afternoon. However while Bunnings gave back most of Fridays gains on Monday, SCP was able to hold on to most of their gains. I threw a low ball bid into the queue at $1.61 in case SCP retraced in the "Cyprus sell down" but SCP never looked like getting anywhere near it.


----------



## Tyler Durden (19 March 2013)

Any explanation for the rise? I was kinda hoping it would go south of $1.60 due to the "sell off".


----------



## nulla nulla (23 March 2013)

The share price rocketed up on Friday 15th but dropped back steadily through the early part of the week. 




There appears to be a trading patern emerging but it is still a bit inconsistant for me. I was waiting at $1.605 but Mrs nulla pumped some SMSF funds in at $1.615 on Thursday and out again at $1.65 on Friday for a 1.8% T1 trade. Nice if you can get it. 

The forecast fundamentals are still good at these prices and I still expect SCP to slowly advance sideways and upwards:


*Share:*  *SCP*      *Date:*  *15-Mar-13*  *22-Mar-13*     *Closing Price*  *$1.71*  *$1.65*  *Issued Shares* 	584,200,000		584,200,000	 *Capital* 	998,982,000		963,930,000	 *Earnings $* 	0.1180		0.1180	 *ROE* 	6.90%		7.15%	 *Dist $* 	0.104		0.104	 *Yield %* 	6.08%		6.30%	 *P/E* 	14.49		13.98	 *NTA $* 	1.58		1.58	 *Discount to NTA* 	-8.23%		-4.43%	


As always do your own research and good luck.


----------



## nulla nulla (9 April 2013)

*SCP* appears to be in a little bit of a limbo at the moment. The daily volumes of shares traded is usualy relatively low when compared with the rest of the A-REIT's trading turnover. While the share price is trading at a slight premium to the NTA, the yield based on the figures released in the IPO is still above 6% which is higher than most of the other A-REIT shares. Accordingly I was surprised to see SCP pushed down to an interday low of $1.615 today, before closing on $1.62. I was looking for an upward breakout from the recent pennant and was surprised with todays sell down.




In my humble opinion the fundamentals for SCP look very good at these levels:


*	Share:	*  *SCP*          * Date: *  *15-Mar-13*  *22-Mar-13*  *28-Mar-13*  *9-Apr-13*       *	Closing Price	*  *$1.71*  *$1.65*  *$1.655*  *$1.62*  *	Issued Shares	* 	584,200,000		584,200,000		584,200,000		584,200,000	 *	Capital	* 	998,982,000		963,930,000		966,851,000		946,404,000	 *	Earnings $	* 	0.1180		0.1180		0.1180		0.1180	 *	ROE	* 	6.90%		7.15%		7.13%		7.28%	 *	Dist $	* 	0.104		0.104		0.104		0.104	 *	Yield %	* 	6.08%		6.30%		6.28%		6.42%	 *	P/E	* 	14.49		13.98		14.03		13.73	 *	NTA $	* 	1.58		1.58		1.58		1.58	 *	Discount to NTA	* 	-8.23%		-4.43%		-4.75%		-2.53%	


The only thing I can think of is someone wants to push the price down so that the sell of off unmarketable parcels, when it starts, will be at a low price enabling them to accumulate on the cheap? As always do your own research and good luck  .

*Comments:*

The figures for *SCP* (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 . The forecasts earnings and distributions for the period ending 30 June 2013 are: Earnings of $0.065 per share and Distributions of $0.056 per share.


----------



## nulla nulla (10 April 2013)

nulla nulla said:


> *SCP* ....''The only thing I can think of is someone wants to push the price down so that the sell of off unmarketable parcels, when it starts, will be at a low price enabling them to accumulate on the cheap? As always do your own research and good luck  .




Seems the "sell off of unmarketable parcels" was due to commence on 21 March 2013. So the sell off is likely well underway and is probably responsible for the price drop over the last 10 days. It will be interesting to see how many more "change in substantial holding" notices are lodged in the next few weeks as the fundies accumulate at these price levels and what the price action is like when the "sell off" finishes.


----------



## nulla nulla (13 April 2013)

Friday was very interesting in the A-REIT sector. The sector jumped 2%, starting to climb almost immediately after open on solid buying then held the new highs supported by continued buying right into the auction at close. SCP managed to climb from the previous days close of $1.60 to finish the week on a high of $1.635. It almost looked as if SCP had bounced off the support level of $1.60. 




However, when you compare the daily price increase of SCP against the likes of CFX and IOF, it was fairly paltry. And when you compare how SCP has performed over the last few weeks against the other A-REIT shares it is obvious that SCP is well off the pace.

The SCP daily volumes of share turnover over the last twenty one (21) days is averaging arround three million shares per day. However in that period, daily turnover higher than three million shares per day has only occured on seven (7) days. Of the fourteen (14) days where turnover has been less than three million shares per day, the turnover on twelve (12) of the fourteen days was less than two million shares per day. The moving average of daily turnover appears to be being disproportionately increased by the days on which there is larger turnover.




In respect of SCP, there should currently be a "sale of unmarketable parcels" taking place "in an orderly manner". In other words a broker has been appointed to sell off the combined sum of all the little shareholdings that arose out of the Woolworths distribution. The broker is expected to have completed the sell off and distributed the funds to the former holders of the unmarketable parcels by 15 May 2013. I am not aware of any disclosure as to the number of "unmarketable parcels" involved or the number of shares being disposed off "in an orderly manner".

It is possible that the rest of the fund managers/brokers that didn't get the gig may be sitting back and letting the share from the "Sale of unmarketable parcels" come into the market at lower prices. It will be interesting to see  whether SCP continues the recent slide in the period leading into mid May or will the Yield at these levels be too much for Retail and Sophisticated investors looking to re-invest the funds they are taking out of Gold and resources.


* 	Share:	 *  *SCP*            * 	Date:	 * 	15-Mar-13		22-Mar-13		28-Mar-13		5-Apr-13		12-Apr-13	       * 	Closing Price	 * 	1.71		1.65		1.655		1.645		1.635	 * 	Issued Shares	 * 	584,200,000		584,200,000		584,200,000		584,200,000		584,200,000	 * 	Capital	 * 	998,982,000		963,930,000		966,851,000		961,009,000		955,167,000	 * 	Earnings $	 * 	0.1180		0.1180		0.1180		0.1180		0.1180	 * 	ROE	 * 	6.90%		7.15%		7.13%		7.17%		7.22%	 * 	Dist $	 * 	0.104		0.104		0.104		0.104		0.104	 * 	Yield %	 * 	6.08%		6.30%		6.28%		6.32%		6.36%	 * 	P/E	 * 	14.49		13.98		14.03		13.94		13.86	 * 	NTA $	 * 	1.58		1.58		1.58		1.58		1.58	 * 	Discount to NTA	 * 	-8.23%		-4.43%		-4.75%		-4.11%		-3.48%	


As always do your own research and good luck. I hold and may hold onto some for the longer term to see where it goes.  

*Comments:*

The figures for *SCP* (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 . The forecasts earnings and distributions for the period ending 30 June 2013 are: Earnings of $0.065 per share and Distributions of $0.056 per share.

*Disclaimer:* The figures in the above table may contain errors and should not be relied upon for investment decisions.


----------



## ktech (26 April 2013)

I have had notification that my small amount of shares (57) have been sold. I have not had any payment as yet and I am wondering if anyone has had a payment from there small parcel of shares? Maybe I have to wait for the sell off to be completed by middle May??


----------



## nulla nulla (26 April 2013)

The sale facility document indicated payment was expected to be made by 15 May 2013. The only large volume that I have noticed out of character with normal day to day trade, so far, was a sale of 11,200,000 shares at $1.635, from memory it was early last week.


----------



## boofhead (2 May 2013)

A few days ago they announced it was completed. I've been paid out. Check with Computershare - you may find the letter with confirmation of units sold and sale price of the units. Mine is dated May 1.


----------



## nulla nulla (2 May 2013)

On Wednesday someone was dead keen to sell out and half way through the closing auction they banged in a sale of approximately 1,300,000 shares at $1.62. Although I scrambled to place two (2) buy orders, personal and smsf, I was not able to get the orders processed before the close of the auction.

On Thursday I ammended the orders down to $1.61 and $1.605. The first order was filled before midday but the second order wasn't filled until a late sell off just before 4:00pm. Again there was a sell off in the closing aucton and I snapped up a third parcel at $1.60 managing to get the order processed in time for the auction close. 




Today SCP buyers came in and pushed the price back up from the "support" line of $1.60. A late flurry of buying pushed the share price to $1.665 and determined buyers ensured that SCP closed out on a high for the day of $1.67. I wonder what tomorrow will bring?  As always do your own research and good luck.


----------



## nulla nulla (3 May 2013)

If you thought yesterdays price action was good just wait until you look at todays chart. SCP took off at open and never looked like turning back, reaching for a new high of $1.745 in the closing auction.




The stats look good also. SCP is still providing a projected yield greater than 5% and a low price earnings multiple. If the foreign money is still coming into Australia, SCP is still capable of pushing higher before yield compression and a high price earnings ratio would make it less attractive. 


* 	Share:	 *  *SCP*    * 	Date:	 * 	2-Apr-13	   * 	Closing Price	 * 	1.745	 * 	Issued Shares	 * 	584,200,000	 * 	Capital	 * 	1,019,429,000	 * 	Earnings $	 * 	0.1180	 * 	ROE	 * 	6.76%	 * 	Dist $	 * 	0.104	 * 	Yield %	 * 	5.96%	 * 	P/E	 * 	14.79	 * 	NTA $	 * 	1.58	 * 	Discount to NTA	 * 	-10.44%	


*Comments:* The figures for *SCP* (earnings and distributions) are guideline forecasts for the period 2013 - 2014 extracted from the proposal of 5 October 2012 . The forecasts earnings and distributions for the period ending 30 June 2013 are: Earnings of $0.065 per share and Distributions of $0.056 per share.

As always do your own research and good luck. .


----------



## nulla nulla (3 May 2013)

nulla nulla said:


> On Wednesday someone was dead keen to sell out and half way through the closing auction they banged in a sale of approximately 1,300,000 shares at $1.62. Although I scrambled to place two (2) buy orders, personal and smsf, I was not able to get the orders processed before the close of the auction.
> 
> On Thursday I ammended the orders down to $1.61 and $1.605. The first order was filled before midday but the second order wasn't filled until a late sell off just before 4:00pm. Again there was a sell off in the closing aucton and I snapped up a third parcel at $1.60 managing to get the order processed in time for the auction close.
> 
> ...




Correction: When I posted this on Thursday for some reason I was thinking it was Friday and I referred to the preceding days as Wednesday and Thursday when I should have referred them as Tuesday (The initial sell down to $1.62) and Wednesday (the subsequent sell down to $1.60). Sorry 

Don't forget to read the previous post with todays action and stats.


----------



## Tyler Durden (3 May 2013)

I had my eye on this and forgot to place a buy order for $1.60 on the day it went down to $1.60!!!


----------



## nulla nulla (3 May 2013)

Tyler Durden said:


> I had my eye on this and forgot to place a buy order for $1.60 on the day it went down to $1.60!!!




I picked up a mix of parcels at $1.61, $1.605 and $1.60 but sold them on Thursday, way to low as it turns out. Then again if I had held looking for more, with my luck they would have retraced to $1.60. Such is life, however we are cashed up for the next opportunity.


----------



## Tyler Durden (6 May 2013)

This closed at $1.775 today. Why on earth is it shooting up?

Talk about missing the boat


----------



## nulla nulla (6 May 2013)

Tyler Durden said:


> This closed at $1.775 today. Why on earth is it shooting up?
> 
> Talk about missing the boat




Maybe it was held down while the sale of nonmarketable parcels was being organised and now the brakes have been taken off? 

I personaly think a comparable share is Bunnings Warehouse Properties and would not be surprised to see SCP go higher as fund managers and overseas investors lock in for the dividend (until the yield is diluted down to arround 5% or a little lower). Then again I could be completely up the wrong creek without a paddle . Will have to keep an eye on it and look for a re-entry if the opportunity comes up.


----------



## coolcup (7 May 2013)

nulla nulla said:


> Maybe it was held down while the sale of nonmarketable parcels was being organised and now the brakes have been taken off?
> 
> I personaly think a comparable share is Bunnings Warehouse Properties and would not be surprised to see SCP go higher as fund managers and overseas investors lock in for the dividend (until the yield is diluted down to arround 5% or a little lower). Then again I could be completely up the wrong creek without a paddle . Will have to keep an eye on it and look for a re-entry if the opportunity comes up.




Aside from having a high quality customer (Woolworths) as its primary tenant there is plenty different between BWP and SCP. Some of these differences include:

1. BWP has contracted rent increases every year at a minimum of CPI with market based reviews every 5 years or so. SCP's leases to WOW only deliver rental growth after the particular supermarket delivers above a certain sales target. As per WOW's last results only 5 or 6 stores in the country met that threshold. This means that SCP is unlikely to ever deliver underlying rental growth from the WOW leases. This means it is reliant on rental growth from specialty tenants. See next point

2. The specialty stores (ie non majors) in the shopping centres which SCP owns are 20% vacant across the portfolio. To get the IPO to fly, WOW have guaranteed the rent on this vacant space for a short period (1 or 2 years I think). If SCP cannot lease this space up at equivalent rents, then its income will reduce as the rental guarantee rolls off. In this environment, where retail is struggling, leasing up specialty stores is very difficult.

3. BWP has single tenant assets with limited capex and maintenance - the leases are typically double net, meaning Wesfarmers pays for most property outgoings. BWP just sits back and collects the cash. SCP is a far more "active" asset class. They are neighbourhood shopping centres where WOW only anchors around 60% of the rent. The specialties require constant remixing and capex is far higher than an equivalent BWP shed.

While the temptation is there, be careful that you don't automatically liken the two as there are some important reasons why BWP is a much "safer" investment than SCP and justifies a premium pricing level. There is a reason why institutions did not bid strongly into the IPO book. It was mainly supported by retail.


----------



## Tyler Durden (7 May 2013)

coolcup said:


> Aside from having a high quality customer (Woolworths) as its primary tenant there is plenty different between BWP and SCP. Some of these differences include:
> 
> 1. BWP has contracted rent increases every year at a minimum of CPI with market based reviews every 5 years or so. SCP's leases to WOW only deliver rental growth after the particular supermarket delivers above a certain sales target. As per WOW's last results only 5 or 6 stores in the country met that threshold. This means that SCP is unlikely to ever deliver underlying rental growth from the WOW leases. This means it is reliant on rental growth from specialty tenants. See next point
> 
> ...




Wow very informative post! Appreciate it, thank you!!


----------



## nulla nulla (8 May 2013)

coolcup said:


> ............ There is a reason why institutions did not bid strongly into the IPO book. It was mainly supported by retail.




Thanks for the comparison in tennant structure. The comparison I made, SCP alongside BWP,  is slightly skewed in that BWP only has one tennant on each site where SCP uses Wookworths as an anchor client and relies on "specialty" stores to make up the difference. It is worth noting that with Woolworths making up 60% of the tennancy, the 20% vacancy of the remaining 40% equates to an overall vacancy of 8%. A 92% occupancy rate compares favourably with other A-REIT companies with exposure to retail (except possibly Westfields).

However, it is the closest match I can think off for now and I don't think I am far off the mark when I see the share price rising to find its' niche balancing between Yield and Price/Earings multiple. Time will show me as right or wrong. Notwithstanding I am not recommending anyone buy and hold based on my ramblings.

In respect of the IPO, I participated in the IPO through a broker. The applications for sophisticated and professional investors were over subscibed and were scaled back as were the applications of retail investors through the brokers. I was advised that: sophisticated investors received 75% of their applications; retail investors applying through their brokers recieved 66% of their application; and retail investors applying directly recieved 100%. I only received 66% of my allocation and would have been better off applying directly rather than through the broker (the rate of scale back may have varied from broker to broker, I have no way of knowing).

The last two days price action shows a slowing of the climb, reaching $1.81 then faltering. It will be interesting to see whether SCP can keep climbing; hold these levels; or if it will fall back?


----------



## coolcup (8 May 2013)

nulla nulla said:


> However, it is the closest match I can think off for now and I don't think I am far off the mark when I see the share price rising to find its' niche balancing between Yield and Price/Earings multiple. Time will show me as right or wrong. Notwithstanding I am not recommending anyone buy and hold based on my ramblings.




I agree with you. I think it will trade similar to BWP but I don't think it will quite get to the same level in terms of premium to NTA. The closer match to BWP that you might consider is ALE Property Group (LEP). It owns a portfolio of pubs leased to ALH (a subsidiary of Woolworths). The leases are all triple net (ie LEP just collect rent, literally everything else is the tenant's responsibility); they are long circa 10 years or even longer average lease term from memory; they have structured increases at CPI. These guys are about as closely comparable to BWP as you can get.

I think the closer comparable to SCP is actually Charter Hall Retail REIT (CQR) which invests in grocery anchored neighbourhood retail centres. SCP's only tenant is Woolies, whereas CQR is happy with Woolies or Coles. The key difference is that CQR is externally managed - that is, it pays a management fee to its manager, Charter Hall. SCP does all the management internally and so is run a little more cheaply.


----------



## nulla nulla (16 June 2013)

SCP looked to be holding up better than most A-REIT's in the mid $1.60's then SCP decided to do a capital raising and combine the funds raised with finds on hand to go on a buying spree. The new shares were issued at the NTA value of $1.58 per share and were not at a significant discount to the current share price. Also the assets purchased are consistant with the existing assets, shopping centres anchored by a key supermarket only this time they have picked up some Coles and Target outlets (The Target outlet is a bit of a worry given the cutbacks they are facing). The NTA is unchanged at $1.58 but the earnings going forward is improved enough for SCP to revise the projected earnings and dividend per share upward, slightly. 





After the trading halt and announcement, SCP reopened down, touched $1.58 , then rallied to close out the week at $1.61. Food and Groceries. Everyone needs them.

As always do your own research and good luck.


----------



## Sharkman (4 July 2013)

not really a question about the technicals or fundamentals of this so apologies if this is in the wrong place... but does anyone know how SCP needs to be treated for tax purposes if you were issued them for being a WOW shareholder at the record date, as opposed to buying them on the secondary market?

when i used the autofill function of e-tax it came up with the message

Some investments you have held may be affected by a class ruling and subject to capital gains tax... etc
WOOLWORTHS LIMITED CR 2012/121

there is this

http://law.ato.gov.au/atolaw/view.h...hs Limited - creating a new stapled security;

but i really don't want to have to wade thru it all if it can be helped, so was hoping someone has already done the hard yards and figured out how we need to treat these SCP units in this years tax return 

i haven't sold any SCP units yet, so i don't think any income needs to be declared, but who knows what quirky stuff the ATO can come up with...


----------



## wooly1 (4 July 2013)

I sold my smallish holding before the ex date in order not to have to muck around with a stapled unit distribution on the tax return this year and I am going to use the value on the CHESS allotment advice notice of $1.4397 per unit as the cost base.
I saw all that gobbledegook in the tax ruling as well - no way Jose!
You should have received a letter from SCA as well as the CHESS distribution statement and both documents indicate $1.4397 / unit - good enough for me.


----------



## Sharkman (6 July 2013)

wooly1 said:


> I sold my smallish holding before the ex date in order not to have to muck around with a stapled unit distribution on the tax return this year and I am going to use the value on the CHESS allotment advice notice of $1.4397 per unit as the cost base.
> I saw all that gobbledegook in the tax ruling as well - no way Jose!
> You should have received a letter from SCA as well as the CHESS distribution statement and both documents indicate $1.4397 / unit - good enough for me.




i don't think it's that simple. if you were a WOW shareholder, then those SCP units are an *in-specie distribution* - ie. a distribution of the assets of a company in their natural form. not sure you can just sell them off at say 1.60, declare capital gains of 0.1603 a share and call it a day. merely receiving the SCP units is a tax event in itself!

i just bit the bullet and read thru the gobbledegook in that link in my earlier post. i am not a tax adviser so this is by no means tax advice, but for the potential benefit of those interested, my interpretation of the ruling is as follows.

the cost base of the SCP units is 1.4397 as you said.

of that 1.4397, 72.99279c per unit counts as a capital reduction, ie. they are splitting off the capital within their existing entity (WOW) to form part of the new stapled entities. as one needs 5 WOW shares to receive one SCP unit, that means when it's time to sell any WOW units that were held at the record date for the SCP distribution, one must reduce the cost base of those WOW units by 72.99279 / 5 = 14.598558c per WOW share. this will have the effect of *increasing* the CGT paid when selling those WOW units.

the other 70.97721c per unit counts as a fully franked WOW dividend, and you have to declare it as such, even if you have since sold off the SCP units. similar to the above, this becomes a 14.195442c per share fully franked WOW dividend.

has anyone else slogged thru that tax ruling and come up with a different interpretation to mine? or been advised by someone who actually is a tax adviser how we're meant to handle it?


----------



## agumby (19 July 2013)

found this that may help

http://www.macquarie.com.au/mgl/au/...-capital-reduction-and-in-specie-distribution

and this one may be even more helpfull

http://www.macquarie.com.au/mgl/au/advisers/products-platforms/tools/calculators/wow-ca-calculator


----------



## wooly1 (19 July 2013)

WOW (pun intended).
That was a great find, explains it all beautifully and simplifies the tax calculation enormously.
Should help the tax return this year no end.
It really annoys me when companies have these schemes of arrangement and leave the poor shareholder scratching his head trying to figure the tax responsibility.


----------



## Sharkman (22 July 2013)

ditto, thanks for posting that. it looks like they came to the same conclusions from that ATO ruling that i did previously, which is good to know. i can finally finish off my tax return. i don't have all that many SCP units, but i gotta be careful even with small amounts - when the ATO hits you up for $60 in backtaxes from 3 years ago, you know you're firmly under their microscope!


----------



## nulla nulla (28 September 2013)

I thought SCP was a reasonable buy when it hit $1.51, even if only for a short term hold. Their income stream is underpinned by a contract with the anchor tenant Woolworths. Everyone needs food, so the yield is like money for jam for anyone investing on a longer term yield basis in the current economic gloom and low bank interest rates. With the Aud$ down from its' recent highs I'm surprised that the "japanese House wives" aren't borrowing at low offshore interest rates and buying up SCP.




When the share price slumped to $1.47 it was trading at levels close to the issue price. I think someone in here uses the phrase "a screaming buy". Mind you, while it shot back up to my entry price of $1.51, it appears to be struggling to get back above $1.535.  Maybe next week?  Still $1.47 to $1.53 is a quick 4% return.

As always do your own research and good luck .


----------



## Tyler Durden (29 September 2013)

nulla nulla said:


> I thought SCP was a reasonable buy when it hit $1.51, even if only for a short term hold. Their income stream is underpinned by a contract with the anchor tenant Woolworths.




Yes but isn't this for a limited time only?


----------



## coolcup (29 September 2013)

Tyler Durden said:


> Yes but isn't this for a limited time only?




Yup. Only about 20 years or so... 

I agree with nulla nulla's comments. The stock price downtrend is because of a broader shift in the market away from defensive stocks. Other REITs are all suffering from it too. Long term bond yields have been rising steadily in Australia and that environment has always led to underperformance amongst the REITs.


----------



## piggybank (8 March 2014)

Daily P&F.


----------



## nulla nulla (9 March 2014)

Personally, I think SCP will retrace from this level. My only query is whether the retrace will be as rapid as the recent climb or a gradual decline to more sustainable levels.





Of course I could be totally wrong and SCP could continue upward, however to me the steep climb in the share price looks more like a spike that will run out of strength.


----------



## nulla nulla (11 April 2014)

Well it retraced, but like a kid with a bicycle that has learnt to ride "no hands" screaming out for anyone around "hey look at me". SCP fell but rebounded to the stratosphere. The chart since the IPO makes for interesting viewing. 





Personally I think the kid is about to crash his bike. As always. Do your own research and good luck.


----------



## nulla nulla (16 August 2014)

My how time flys. We are still running on the projected income figures for our statistics but that will change in the next few weeks when SCP gets to report on the actuals. After the drop last week SCP has been slower than some to rebound (unloved in the market, a bit like the poor cousin) but for the faithful, SCP is slowly getting back up to the mid to high $1.70's.




The report should make for good reading when it comes out.


----------



## nulla nulla (20 August 2014)

Okay, I closed out my trade at $1.785...and it kept going. 




Never mind, I'm sure there will be plenty of other opportunities. As always do your own research and good luck.


----------



## nulla nulla (19 October 2014)

I thought it was worth mentioning this one as when the rest of the market dropped on Thursday and rebounded SCP was a laggard and finished the week down 2.63% on the previous week. 



	Share		Code			Closing_Price				Closing_Price				Change$					Change%			  		10-Oct-14				17-Oct-14		  	SCA Property Group	 SCP  1.710​  1.665​  -0.045​  *	-2.63%	*​ 


If the present market volatility is a preamble for further bearish activity it is possible for SCP to continue down and test the lows of March 2014 at $1.615. However that would make it unique in the sector.




The Friday close of $1.665 place SCP as having one of the lowest price earnings ratios as well as one of the better yields. I suspect that there may be a little more upside to the current price.


	Code				Closing Price					Capital				Earnings $				ROE				Dist $					Yield %					P/E				NTA $				Premium to NTA		           SCP  *	1.665	*​  1,079,966,153​  0.1730​  10.39%​  0.1100​  * 6.61%​ *  9.62​  1.64​  1.52%​ 


 I note in a release last week that they have purchased another small shopping centre anchored by a Coles Supermarket and a BWS Liquor outlet (odd to see a Woolworths owned BWP under the same roof as Coles).

As always do your own research and good luck .


----------



## pixel (23 October 2014)

> I suspect that there may be a little more upside to the current price.



Your suspicion was spot-on, nulla-nulla 
I only came across SCP today when it popped out of my routine scan:




Price rebounded off last Friday's $1.65 Low; the elevated volume around that Low suggested buying support ("A" stands for Accumulation). If I had noticed the breakout yesterday, I could have bought the Closing Auction. Meanwhile, it appears to have hit Primary Resistance, so I'll try to catch some if there is a pullback. Otherwise, I'd buy the break above $1.73 with a $1.69 stop.

Zooming in and using a slightly tighter planning horizon (and risk acceptance) the recent activity becomes even more obvious: Support and Resistance define some clear trading opportunities.


----------



## nulla nulla (26 October 2014)

Thank you pixel. Not only did SCP return to the October 10 close of $1.71 it tested $1.75 (just below the resistance line of $1.76) before dropping back to finish the week at $1.74. A handy return of 4.5% for the week for anyone that bought in at or below the previous Fridays close of $1.665 and had the fortitude to hold for an exit of $1.74.



	Share		Code			Closing_Price				Closing_Price				Change$					Change%			  		17-Oct-14				24-Oct-14		  	SCA Property Group	 SCP  1.665​  1.740​  0.075​  *	4.50%	*​ 

The market is extremely volatile at the moment and in my humble opinion SCP could just as easily retest the support area of $1.68 - $1.69 as it could test the resistance levels of $1.80 - $1.81. 




Mind you SCP is still trading at a low price earnings ratio and a good yield with more upside potential at this point than downside (imo). 


	Code				Closing Price					Capital				Earnings $				ROE				Dist $					Yield %					P/E				NTA $				Premium to NTA		           SCP  *	1.740	*​  1,128,613,277​  0.1730​  9.94%​  0.1100​  * 6.32%​ *  10.06​  1.64​  6.10%​ 


 As always do your own research and good luck.


----------



## nth brisbanite (16 March 2015)

On Friday 13/3, I received an offer to purchase some more shares in this group.  I've noticed that since the last post in October that the share price has gone above $2.

Is anyone going to take up that offer?  I've decided to purchase the maximum after reading their last financial report. I'm particularly impressed that their vacancy rate is about 5%.


----------



## nulla nulla (16 March 2015)

nth brisbanite said:


> On Friday 13/3, I received an offer to purchase some more shares in this group.  I've noticed that since the last post in October that the share price has gone above $2.
> 
> Is anyone going to take up that offer?  I've decided to purchase the maximum after reading their last financial report. I'm particularly impressed that their vacancy rate is about 5%.




From memory the share purchase price will be the average of trading between 17 March and 28 March. If the market continues to dip you could end up paying a higher price than the closing price at the end of the pricing period. On the other hand if the price starts to recover you could end up paying a lower share price than the closing price at the end of the pricing period. Then again you could simply buy on the market at $1.96- $1.97 on the basis you believe the share price will go back above $2.00.




It's all a bit of a lottery. Good luck with your ticket.


----------



## SilverRanger (16 March 2015)

nulla nulla said:


> From memory the share purchase price will be the average of trading between 17 March and 28 March. If the market continues to dip you could end up paying a higher price than the closing price at the end of the pricing period. On the other hand if the price starts to recover you could end up paying a lower share price than the closing price at the end of the pricing period. Then again you could simply buy on the market at $1.96- $1.97 on the basis you believe the share price will go back above $2.00.
> 
> View attachment 62002
> 
> ...




Anyone knows a reliable source for VWAP? Commsec has Value ($) and Volume for the day, does it include trades from Chi-X?


----------



## VSntchr (16 March 2015)

SilverRanger said:


> Anyone knows a reliable source for VWAP? Commsec has Value ($) and Volume for the day, does it include trades from Chi-X?




You should have it on your webIress platform? Or do you mean reliable as in not from a CDF provider?


----------



## SilverRanger (16 March 2015)

VSntchr said:


> You should have it on your webIress platform? Or do you mean reliable as in not from a CDF provider?




Yes, ideally I want to know what the source of truth is, or even better somewhere where I can collect historical VWAP for a particular ASX stock. 

But it looks like for the purpose of this calculation, they (Commsec, Bell and Iress) are all "good enough" (being the same up to the 4th significant figure) Now I just have to remember to collect them for the next 10 trading days. (so much effort for that 1%!)


----------



## nth brisbanite (16 March 2015)

I'm not concerned if I don't make a short term profit or even if I suffer a short term loss.  I'm planning to hold the shares for over 5 years so would appreciate anyone's opinion on whether you think it is a long term buy.  Most of the leases in these shopping centres are long term so I assume that if vacancy rates are low, that the share price will be fairly stable unless the managers make some bad buying and selling decisions.


----------



## VSntchr (16 March 2015)

SilverRanger said:


> Yes, ideally I want to know what the source of truth is, or even better somewhere where I can collect historical VWAP for a particular ASX stock.
> 
> But it looks like for the purpose of this calculation, they (Commsec, Bell and Iress) are all "good enough" (being the same up to the 4th significant figure) Now I just have to remember to collect them for the next 10 trading days. (so much effort for that 1%!)




So the 10 days would be today plus the next 9 ending next Friday. I note that the offer is for the arithmetic average of the VWAP sold through 'normal trade'. I wonder if XT are excluded? Probably getting over complicated here as the company has to get their data from somewhere too? 

What exactly are you referring to with the effort for the 1%? Are you a holder and planning to sell at the VWAP equivalent and buy back through the SPP to get the 1% discount?


----------



## SilverRanger (16 March 2015)

VSntchr said:


> So the 10 days would be today plus the next 9 ending next Friday. I note that the offer is for the arithmetic average of the VWAP sold through 'normal trade'. I wonder if XT are excluded? Probably getting over complicated here as the company has to get their data from somewhere too?



As far as I can tell all the VWAP I checked includes XT, so I think I will go by that as well. 



VSntchr said:


> What exactly are you referring to with the effort for the 1%? Are you a holder and planning to sell at the VWAP equivalent and buy back through the SPP to get the 1% discount?




That's what I was thinking (but haven't decided to do). The lazy approach would be to just short $1500 each day at market close for the next 10 days. Obviously this is not risk free due to the possibility of scaleback, so the worst case is you are net short $15000.


----------



## nulla nulla (17 March 2015)

SilverRanger said:


> As far as I can tell all the VWAP I checked includes XT, so I think I will go by that as well.
> 
> 
> 
> That's what I was thinking (but haven't decided to do). The lazy approach would be to just short $1500 each day at market close for the next 10 days. Obviously this is not risk free due to the possibility of scaleback, so the worst case is you are net short $15000.




I suspect that all that effort for a 1% difference on a $15,000.00 take up in the issue would be a little over the top. Wouldn't broker fees on the daily activity, after ten (10) days would exceed the 1% as well?


----------



## SilverRanger (17 March 2015)

nulla nulla said:


> I suspect that all that effort for a 1% difference on a $15,000.00 take up in the issue would be a little over the top. Wouldn't broker fees on the daily activity, after ten (10) days would exceed the 1% as well?



I think the deal breaker here is the possible scale back. Nowadays companies raising capital SPP choose to scale back at its "abosolute discretion" and nowadays it means no more proportional haircut, but instead  favouring sizable shareholders over small holders, locking in SPP profits is no longer easy 

Brokerage wise it depends on your commission structure with your broker, so it could be viable for some people


----------



## gavmit63 (17 March 2015)

Does anyone know how they are going to use the money they raise. Is it to pay off debt or are they building up cash for future purchases? As far as I can tell the offer booklet doesn't give a reason for the capital raising.


----------



## nth brisbanite (18 March 2015)

gavmit63 said:


> Does anyone know how they are going to use the money they raise. Is it to pay off debt or are they building up cash for future purchases? As far as I can tell the offer booklet doesn't give a reason for the capital raising.




Their latest report shows a gearing of about 32% so I don't think that money is going to be used to pay down debt.  I assume then it must be for future purchases.  They do have an attractive yield of 5.66% even though the franking is 0%.

After reading through their latest report, I feel content with my decision to put $15,000 into the company.  Still coming to terms with the meaning of a stapled unit but think that I've got it now.


----------



## nth brisbanite (18 March 2015)

SCP only want to raise 20 million according to their pamphlet.  This is not going to make much difference to their gearing.  Neither will it purchase much in the way of a shopping centre.


----------



## SilverRanger (18 March 2015)

nth brisbanite said:


> SCP only want to raise 20 million according to their pamphlet.  This is not going to make much difference to their gearing.  Neither will it purchase much in the way of a shopping centre.




Maybe they saw a shopping centre and wanted a 50% share?  
$20 million is hardly anything compared to their market cap (it's not even enough to pay the dividend!). It really makes me wonder why they are even bothered.


----------



## nth brisbanite (18 March 2015)

SilverRanger said:


> Maybe they saw a shopping centre and wanted a 50% share?
> $20 million is hardly anything compared to their market cap (it's not even enough to pay the dividend!). It really makes me wonder why they are even bothered.




I agree that it's a bit strange.  Just double checked to see if I misread but booklet definitely states 20 million.  I'll try contacting them to see what the money is for and why it is so low.


----------



## nth brisbanite (20 March 2015)

gavmit63 said:


> Does anyone know how they are going to use the money they raise. Is it to pay off debt or are they building up cash for future purchases? As far as I can tell the offer booklet doesn't give a reason for the capital raising.




I emailed and asked them for the reason. Their reply was "used to pay down debt used to fund prior acquisitions and to provide additional capacity to take advantage of appropriate opportunities"


----------



## dyna (21 March 2015)

I'll try for the maximum $15,000 in the SPP,too.Mainly for the 5% plus yield.My 4% on-line account expires in June,don't expect to find another paying even that miserable rate of return on my cash,so....it'll be interesting to sit back and watch the scale back.As noted here,earlier ,$20 mill for a $billion mkt cap trust is hardly anything.One of the least informative SPP's I've ever seen.


----------



## nulla nulla (21 March 2015)

dyna said:


> I'll try for the maximum $15,000 in the SPP,too.Mainly for the 5% plus yield.My 4% on-line account expires in June,don't expect to find another paying even that miserable rate of return on my cash,so....it'll be interesting to sit back and watch the scale back.As noted here,earlier ,$20 mill for a $billion mkt cap trust is hardly anything.One of the least informative SPP's I've ever seen.




The letter from the chairman, as part of the ASX announcement, makes it pretty clear that "the directors in their absolute discretion" can accept all offers if the offers exceed $20 million or scale them back as they see fit. It is likely that the offer will be oversubscribed and all offers to a maximum of $15,000 per eligible unit holder will be accepted. Good luck.


----------



## SilverRanger (24 March 2015)

nulla nulla said:


> The letter from the chairman, as part of the ASX announcement, makes it pretty clear that "the directors in their absolute discretion" can accept all offers if the offers exceed $20 million or scale them back as they see fit. It is likely that the offer will be oversubscribed and all offers to a maximum of $15,000 per eligible unit holder will be accepted. Good luck.




With 4 more days to go my rough calculation shows the current offer price is $1.98, so roughly 1.9%. But who knows what will happen in the next 4 trading days.


----------



## nulla nulla (24 March 2015)

SilverRanger said:


> With 4 more days to go my rough calculation shows the current offer price is $1.98, so roughly 1.9%. But who knows what will happen in the next 4 trading days.








I should have picked them up at $1.96 on Wednesday 18th March, then sold them today at $2.06 for a quick 5% profit before brokerage. Another lift across the A-REIT sector today before it settled back before the close. it will be interesting to see whether SCP pushes higher this week.


----------



## VSntchr (24 March 2015)

nulla nulla said:


> View attachment 62092
> 
> 
> I should have picked them up at $1.96 on Wednesday 18th March, then sold them today at $2.06 for a quick 5% profit before brokerage. Another lift across the A-REIT sector today before it settled back before the close. it will be interesting to see whether SCP pushes higher this week.




Interesting that SCP outruns almost all other REITS now that it is in the VWAP calculation period.
The size of the raising is tiny, so I won't be drawing too many obscure conclusions - but it might line up some good trading opportunities.
BWP outperformed today too..shopping centre's had a good day!


----------



## SilverRanger (31 March 2015)

So the issue price according to my calc should be $2, a whopping 2% return based on current share price ($2.04)


----------



## nth brisbanite (8 April 2015)

Recent fund raising heavily oversubscribed. Directors decided to accept all applications. Yesterday's price was 2.08 meaning that gain so far is 4% as weighted average price was 2.00.


----------



## SilverRanger (8 April 2015)

nth brisbanite said:


> Recent fund raising heavily oversubscribed. Directors decided to accept all applications. Yesterday's price was 2.08 meaning that gain so far is 4% as weighted average price was 2.00.




Yes much more generous than GPT! 

At 2.1 it's looking toppish, but should be happy nonetheless


----------



## nulla nulla (20 March 2017)

There hasn't been a lot of recent activity in this thread so I though it may be worthwhile throwing up a long term chart as well as a table comparing the share information over the past three or so years.












Disclaimer: The table information is taken from the A-REIT Tables posted previously. Accordingly if there were any errors in those tables then they have been repeated in this table.


----------



## dyna (29 October 2018)

nulla nulla said:


> There hasn't been a lot of recent activity in this thread so I though it may be worthwhile throwing up a long term chart as well as a table comparing the share information over the past three or so years.
> View attachment 70408
> 
> 
> ...






nulla nulla said:


> There hasn't been a lot of recent activity in this thread so I though it may be worthwhile throwing up a long term chart as well as a table comparing the share information over the past three or so years.
> View attachment 70408
> 
> 
> ...



Here we go again.Two years since the last Share purchase Plan.Now this one at what looks like$2.32 for a maximum of $15,000 for the mums and dads,to raise $50 million.The instos have already grabbed $262 Million at S.P of $2.32.Strange that SCP is currently trading at its near record high of $2.65 at a time like this, of doom and gloom everywhere, for retail real estate. Anyway,I'll be following the smart money and try for the full $15 grand's worth. You get the December dividend,too,for an annual 6% yield,I think.


----------



## dyna (24 November 2018)

SCP's mum and dad shareholders(all nine and a half thousand of 'em) put in $111 Million into the Share Purchase Plan,double the $50 Mill wanted.All applications accepted in full,up to the $15,000 Maximum.So that's a nice 31 cent profit on the $2.63 S.P.  Plus next month's dividend.So long as Woollies customers keep spending in the shops,this business should be a steady,long-term bet.


----------



## divs4ever (20 June 2022)

$180m Retail Divestment at 24% Premium to Book Value
• Five shopping centres divested to SCA Property Group; collective $180m; 24.1% premium to book value1
• Compelling returns for unitholders; both trusts delivered double-digit Internal rates of return
• $5.7m performance fee generated
SYDNEY (Monday, 20 June 2022) – Centuria Capital Group (ASX: CNI or “Centuria”) subsidiary, Primewest,
has divested five neighbourhood shopping centres on behalf of two unlisted wholesale funds, to SCA Property
Group, for a collective $180 million, representing a 24.1% premium to book value1
.
Collectively, the divestments will generate a $5.7 million performance fee for the Group.
The assets were held across two unlisted closed funds. The first, a single-asset fund, which owned the Fairview
Green Shopping Centre. The second, Primewest Retail Trust (PWRT), a multi-asset fund comprising four
geographically diversified shopping centres as outlined below.
The divestments provide an exceptional result for both fund’s unitholders, delivering double digit internal rates of
return (IRR).
Jason Huljich, Centuria Joint CEO, said, “These daily needs retail neighbourhood shopping centres have proved
resilient throughout the past few years as local communities continued to rely on the supermarket anchored
centres for their non-discretionary shopping. Both funds have been held for long-term periods and the sales
provide compelling returns for our investors.”
Divested Properties State Value Premium to book
value1
Fairview Green Shopping Centre, Fairview Park SA $39.5m 34.4%
Dernancourt Shopping Centre, Dernancourt SA $46.0m 30.7%
Brassall Shopping Centre, Ipswich QLD $46.5m 18.9%
Port Village Shopping Centre, Port Douglas QLD $36.0m 16.1%
Tyne Square Shopping Centre, Northbridge WA $12.0m 16.3%
Total / weighted average $180m 24.1%
-ENDS

i hold SCP


----------



## divs4ever (18 July 2022)

SCP Final June 2022 Distribution Reinvestment Plan (DRP) Issue Price

SCA Property Group (ASX: SCP) (“SCP”) announces the issue price of Stapled Units to be
allocated under SCP’s DRP on or about 31 August 2022 is $2.80 per unit.
In accordance with the DRP Rules, this issue price has been calculated as the arithmetic
average of the daily volume weighted average price of all sales of Stapled Units sold through
a Normal Trade recorded on ASX for the first 10 ASX Trading Days following 1 July 2022,
less 1.0% (1.0% being the Board approved DRP discount for this distribution) and rounded to
the nearest whole cent.
The Distribution Reinvestment Plan (“DRP”) is in operation for this distribution, and SCP
security holders holding 23.8% of the units on issue have elected to participate in the DRP.
This means that 7.6 million units will be issued to these unit holders on the distribution
payment date raising $21.3 million. In respect of this distribution, SCP has entered into an
underwriting agreement with MA Moelis Australia Advisory Pty Ltd (“Moelis”) to underwrite the
remaining 26.2% of the total distribution amount of $89.3 million. This means that the total
units to be issued in respect of this distribution and the DRP will be 15.9 million units at $2.80
per unit raising a total of $44.7 million.
Stapled Units allotted under the DRP will be issued on the distribution payment date and will
rank equally with existing ordinary units from the date of issue. The intended distribution
payment date is 31 August 2022.
Under the DRP Rules, units issued will be rounded down to the nearest whole number of
unit(s) with the residual amount carried forward to the next distribution.
This document has been authorised to be given to the ASX by the Board of SCP.
ENDS

=========================================================================================

DOYR

i hold SCP ( and participate in the DRP )


----------



## System (28 November 2022)

On November 28th, 2022, Shopping Centres Australasia Property Group (SCP) changed its name and ASX code to Region Group (RGN).


----------

