PCA has completed the acquisition of RT Warren, its largest to date. The transaction will transform results this year, and have a full impact from FY19. We have updated our forecasts for the addition of the acquired £72m portfolio, and the dilutive impact of shares issued to finance the purchase. The £70m placing at 340p/share reduces projected NAV/share by c 13%, but dividends on the enlarged equity base should still be fully i.e. 1.1x covered (1.2x previously) by underlying EPS, based on estim ....
12 Oct 2017
Transformational acquisition of £72m portfolio
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Transformational acquisition of £72m portfolio
Palace Capital plc (PCA:LON) | 236 -14.2 (-2.5%) | Mkt Cap: 88.8m
- Published:
12 Oct 2017 -
Author:
Allenby Capital Research -
Pages:
7
PCA has completed the acquisition of RT Warren, its largest to date. The transaction will transform results this year, and have a full impact from FY19. We have updated our forecasts for the addition of the acquired £72m portfolio, and the dilutive impact of shares issued to finance the purchase. The £70m placing at 340p/share reduces projected NAV/share by c 13%, but dividends on the enlarged equity base should still be fully i.e. 1.1x covered (1.2x previously) by underlying EPS, based on estim ....