Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
London looking solid
Property investor London & Stamford (LSP) has announced it has £800 million ready for any 'significant opportunities' this year.
In a trading update covering the period from the 1st October to the 26th January the fully-listed concern - which made its move to the full list from AIM in August 2010 - declared it had 'total firepower' of £800 million) with the company arguing that significant opportunities exist in 2012 for investors 'With cash, access to debt' and the ability to move quickly'.
The group also enthused on Meadowhall, the Sheffield-based shopping centre in which it t holds a 50 per cent stake. It remarked it had traded 'exceptionally well' with footfall up by 8.6 per cent in December and with its 'anchor stores' of Next, Primark and House Fraser said to have shown 'impressive sales increases'. There was no comment regarding the rumours of a potential sale of its stake in the centre.
London also drew attention to the sale of its Triangle Distribution Porfolio, a selection of warehouses in the Midlands sold to private equity and real estate heavyweight Blackstone for £265 million, noting this represented a 32 per cent return on equity since its acquisition.
Regarding its London residential portfolio it remarked it held a total of 368 units including properties in Highbury and Seward Street in North London and Battersea and The Oval in South London. It described its Highbury-based portfolio as having continued to 'perform strongly'. Cash stood at £96 million at the year end.
Analysts at Panmure Gordon are forecasting pre-tax profits of £27.8 million (EPS: 4.9p) for the year to March 2012 with a dividend of 7p also pencilled in as is a NAV per share of 118p.
In August 2010 Growth Company Investor identified London & Stamford as one of our picks of the property sector at 118.25p and the shares have since slipped to 106.5p.
Offering a hefty yield of 6.6 per cent, with a considerable war chest and with access to a diverse range of British assets the group looks a suitable investment for dividend hunters. We retain our buy rating.
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