TOT

1.22%

40.5¢ 360 capital reit

You forgot stamp duty and the payment to advise on the purchase....

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rubs1973

601 Posts.

42

05/07/23

18:08

Post #: 68639288
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Originally posted by gotlostontheway: ↑

The RBA yesterday and said "Inflation in Australia has passed its peak and the monthly CPI indicator for May showed a further decline. But inflation is still too high and will remain so for some time yet." So at least rate hikes might be finished but there is no indication that rates will come down as yet.

Management saddled the business structure with too much debt at precisely the time when the writing was on the wall for interest rates. With an interest bill that looks like being around $4 million earnings before the interest roughly covers interest by only two times.

In the middle of 2022 it was clear to all that we were in an environment of rising interest rates. On 15/7/22 my own notes tell me "back in early Feb 2022 the yield on a 2 year government bond was 0.9%. Now its 2.9". The deal had given them the option to back out on the purchase of the properties. Yet on the 28th of July 2022 the settlement of the Canberra property was announced, followed by the announcement of the settlement of the Melbourne property on 15/8/22, and the Brisbane property on 19/9/22.

The TOT announcement 30/6/22 states "360REIT invested approximately $123m into IAPand has received approximately $165m pre-tax as consideration for its 12.8% holding. The announcement also states "The transaction had an operating gain of $41.7 million" We can see from the 31/12/22 balance sheet that the transaction generated an approximate $12 million tax liability. So the entity would have been sitting on cash after tax of $153 million approximately. Why on earth they gave up all that cash for those three properties at that time is something that still leaves me speechless.

They've done an number on investors. The share price tells us that.

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You forgot stamp duty and the payment to advise on the purchase. I wrote to them and asked why they have decided to buy into 3 properties not 2 and just do buy backs. Wed be earning alot more per share with hardly any debt but tgp wouldnt be getting the huge management fees

TOT Price at posting: 68.0¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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(20min delay)
Last 40.5¢		Change -0.005(1.22%)		Mkt cap ! $86.91M

Open	High	Low	Value	Volume
41.5¢	41.5¢	40.5¢	$28.10K	68.71K

Buyers (Bids)

No.	Vol.	Price($)
2	50100	40.0¢

Sellers (Offers)

Price($)	Vol.	No.
41.5¢	38044	3

View Market Depth

No.	Vol.	Price($)
2	50100	0.400
3	80888	0.395
1	28000	0.390
2	59090	0.385
3	81999	0.380

Price($)	Vol.	No.
0.415	38044	3
0.420	95400	4
0.425	10067	1
0.430	62206	5
0.450	86000	2

Last trade - 15.42pm 13/09/2024 (20 minute delay)

TOT (ASX) Chart

You forgot stamp duty and the payment to advise on the purchase....

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

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Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

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Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

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You forgot stamp duty and the payment to advise on the purchase....

Top Stories

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Vulcan appoints investment bank and M&A veteran to board

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

Utah authorities sign off on Anson's lithium extraction plans at Green River

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Featured News

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Sellers (Offers)

Featured News