https://cardiff-property.com
This quoted propco minnow - ticker: CDFF - has no debt and a steadily rising divi. Portfolio mixture of retail, offices, residential mostly in The Thames Valley. One property in Cardiff: a former Royal Mail sorting office which has planning permission for redevelopment as residential flats and retail and apparently currently under-offer.
"The Cardiff group comprises the holding company and two wholly owned operating subsidiaries:
First Choice Estates plc; and Thames Valley Retirement Homes Ltd.
In addition the group owns 47.62% of Campmoss Property Company Limited. Campmoss Property Company Ltd and its 100% owned subsidiaries: Campmoss Property (Developments) Ltd; and Campmoss Property (Tangley Place) Ltd."
It's the ownership strategy that fascinates me, I am trying to work out the end game.
Significant shareholders : https://cardiff-property.com/shareholdings/
The chairman (ex MD), J Richard Wollenberg together with members of his family - (the "Concert Party") - owns just over 50% of the shares. Pursuant to the waivers granted by the Takeover Panel and approved by shareholders (excluding the Concert Party) at the Company's EGM on 11 January 2007, there is no obligation on the Concert Party to make an offer under Rule 9 or Rule 37 of the City Code on Takeovers and Mergers.
The crafty thing is this. The just over 50% hasn't been achieved by buying but by reducing the number of issued shares in the Company. Every so often the Company purchases its own ordinary shares for cancellation, An announcement on 23 January 2008 the unchanged holding of the Concert Party represented 31.53% of the Company's issued share capital. According to the most recent annual accounts released in November 2021 the Concert Party's (unchanged) shareholding was as i said above just over 50% of the issued shares.
A consequence of the tight ownership is that even just buying 1 share (as was reported recently) can increase the sp. I bought 100 shares in January 2021 at £19 or so including costs and stupidly sold them for a slight profit. Had i held on then i would've been circa £400 better off as the headline sp is now £23 sell £25 buy. (I have bought again but at a higher price.) The Company's most recent purchase for cancellation was 29 June 2022 10,000 shares at £23.95 ps.
What with the NAV at £26.30 as at April 2022 and the crafty thing I reckon it won't be very long before the sp exceeds £30?
DYOR
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Crafty - The Cardiff Property plc
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