Announcement • Apr 13
Highcroft Investments Plc, Annual General Meeting, May 15, 2024 Highcroft Investments Plc, Annual General Meeting, May 15, 2024, at 11:00 Coordinated Universal Time. Location: Thomas House Langford Locks, Kidlington, OX5 1HR Oxfordshire United Kingdom New Risk • Feb 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£32.8m market cap, or US$41.6m). Buy Or Sell Opportunity • Feb 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to UK£6.75. The fair value is estimated to be UK£8.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jan 05
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be UK£8.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 05
Highcroft Investments Plc, Annual General Meeting, Jan 22, 2024 Highcroft Investments Plc, Annual General Meeting, Jan 22, 2024, at 14:00 Coordinated Universal Time. Location: 1 Bartholomew Lane, - London United Kingdom Upcoming Dividend • Sep 14
Upcoming dividend of UK£0.23 per share at 6.6% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 20 October 2023. Trailing yield: 6.6%. Within top quartile of British dividend payers (6.3%). In line with average of industry peers (6.1%). Reported Earnings • Sep 07
First half 2023 earnings released: EPS: UK£0.32 (vs UK£1.24 in 1H 2022) First half 2023 results: EPS: UK£0.32 (down from UK£1.24 in 1H 2022). Net income: UK£1.66m (down 74% from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£40.4m market cap, or US$50.4m). Announcement • Sep 05
Highcroft Investments plc Confirms Interim Property Income Distribution, Payable on 20 October 2023 The board of Highcroft Investments Plc to confirm an interim property income distribution of 23p (2022: 23p) per share, payable on 20 October 2023 to shareholders on the register at 22 September 2023 (with an ex-dividend date of 21 September 2023). This dividend is reflective of the steady performance of the company. Announcement • May 18
Highcroft Investments plc Approves Final Dividend for 2022 Highcroft Investments Plc at its Annual General Meeting, which was held at on 17 May 2023, approved a final property income distribution of 33 pence per share on the ordinary shares of the Company. Upcoming Dividend • Apr 13
Upcoming dividend of UK£0.33 per share at 6.1% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 02 June 2023. Trailing yield: 6.1%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (5.0%). Reported Earnings • Mar 29
Full year 2022 earnings released: UK£1.37 loss per share (vs UK£2.31 profit in FY 2021) Full year 2022 results: UK£1.37 loss per share (down from UK£2.31 profit in FY 2021). Net loss: UK£7.12m (down 160% from profit in FY 2021). Net asset value (NAV) per share: UK£10.81 (down 15% from FY 2021). The current share price is 18% lower than NAV per share. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jan 04
Highcroft Investments Plc Announces Chief Executive Officer Changes The Board of Highcroft Investments plc announced the appointment of Paul Leaf-Wright as Chief Executive Officer on 1 January 2023 in place of Simon Gill. Paul qualified as a member of the South African Institute of Chartered Accountants and has over 40 years of property and financial services experience. He established Leaf Capital in 2004 and is the Company's Chairman. He also co-founded Atlantic Leaf Properties Ltd. in 2013, a UK Real Estate Investment Trust that invested, primarily, in industrial assets in the UK. Atlantic Leaf was listed on the JSE and SEM markets and Paul was its CEO until June 2022. Paul built the portfolio to approximately £400m in assets, when the business was sold to a large private equity company. Paul previously held various senior roles in South African banking companies, including financial and strategy director, head of treasury, director of property and asset finance and head of wealth management. As announced on 20 September 2022, Simon Gill has resigned from the Company with effect from 30 March 2023. He stepped down as Chief Executive Officer on 1 January 2023 but will remain as an Executive Director until 30 March 2023 to effect an orderly handover of his responsibilities to Paul. Announcement • Sep 22
Highcroft Investments Announces Resignation of Simon Gill from Board with Effect from the End of March 2023 Simon Gill, Chief Executive Officer has informed the Board that he has resigned from the Highcroft Investments Plc with effect from the end of March 2023. The Board has commenced the search for a new CEO and Simon will remain in his role during his notice period and help ensure there is an orderly handover. Reported Earnings • Sep 07
First half 2022 earnings released: EPS: UK£1.24 (vs UK£1.19 in 1H 2021) First half 2022 results: EPS: UK£1.24 (up from UK£1.19 in 1H 2021). Net income: UK£6.45m (up 4.8% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Sep 07
Highcroft Investments plc Declares Interim Property Income Distribution, Payable on 14 October 2022 Highcroft Investments Plc reported an interim property income distribution of 23 pence (2021: 22 pence) per share, payable on 14 October 2022 to shareholders on the register at 16 September 2022 (with an ex-dividend date of 15 September 2022). Announcement • Aug 01
Highcroft Investments plc Announces Board Changes Highcroft Investments Plc announced that David Warlow will join the Board as Non-Executive Director with effect from 1 August 2022. David, a Chartered Accountant, is also a director of Kingerlee Holdings Limited (together with its subsidiary undertakings, the "Kingerlee Group"). David will represent the interests of the Kingerlee Group, which has an aggregate beneficial interest of 27.12% in the share capital of the Company. The Kingerlee Group, together with its associates, form part of the Kingerlee Concert Party which has an aggregate beneficial interest of 40.95% in the share capital of the Company. The Company also announced that David Kingerlee, who currently represents the interests of the Kingerlee Group, will be stepping down from the Board with effect from 1 August 2022. The Board is grateful to David for the service he has given to the Company both as an Executive Director and lately as a Non-Executive Director. David Warlow currently has no other listed company directorships, nor has he had any within the past five years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Non-Executive Chairman Charles Alistair Butler was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 14
Upcoming dividend of UK£0.33 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 07 June 2022. Trailing yield: 5.7%. Within top quartile of British dividend payers (4.6%). Higher than average of industry peers (2.9%). Announcement • Mar 31
Highcroft Investments Plc, Annual General Meeting, May 18, 2022 Highcroft Investments Plc, Annual General Meeting, May 18, 2022. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: UK£2.31 (vs UK£0.22 loss in FY 2020) Full year 2021 results: EPS: UK£2.31 (up from UK£0.22 loss in FY 2020). Net income: UK£11.9m (up UK£13.1m from FY 2020). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Mar 29
Highcroft Investments plc Proposes Final Dividend for the Year Ended 31 December 2021 Highcroft Investments Plc proposed a final dividend for 2021 of 33 pence per share taking the total dividend for 2021 to 55 pence per share. This represents an increase of 8% from the 2020 dividend of 51 pence per share (excluding the 2020 special dividend of 6 pence per share). Upcoming Dividend • Sep 09
Upcoming dividend of UK£0.22 per share Eligible shareholders must have bought the stock before 16 September 2021. Payment date: 15 October 2021. Trailing yield: 5.2%. Within top quartile of British dividend payers (3.9%). Higher than average of industry peers (2.6%). Reported Earnings • Sep 05
First half 2021 earnings released: EPS UK£1.19 (vs UK£0.51 loss in 1H 2020) First half 2021 results: Net income: UK£6.15m (up UK£8.81m from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 27
Full year 2020 earnings released: UK£0.22 loss per share (vs UK£0.22 profit in FY 2019) Full year 2020 results: Net loss: UK£1.15m (down 199% from profit in FY 2019). Net asset value (NAV) per share: UK£11.04 (down 6.0% from FY 2019). The current share price is 25% lower than NAV per share. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 16
Upcoming dividend of UK£0.36 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 27 May 2021. Trailing yield: 5.3%. Within top quartile of British dividend payers (4.2%). Higher than average of industry peers (3.1%). Reported Earnings • Apr 10
Full year 2020 earnings released: UK£0.22 loss per share (vs UK£0.22 profit in FY 2019) Full year 2020 results: Net loss: UK£1.15m (down 199% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Announcement • Apr 09
Highcroft Investments plc to Declare Special Dividend Highcroft Investments Plc to declare a special dividend of 6 pence per ordinary share for 2020, making the total dividend payable in May 2021. Is New 90 Day High Low • Dec 29
New 90-day high: UK£6.95 The company is up 3.0% from its price of UK£6.75 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 16
New 90-day low: UK£6.10 The company is down 15% from its price of UK£7.15 on 18 August 2020. The British market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 8.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: UK£6.65 The company is down 6.0% from its price of UK£7.10 on 24 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 20% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: UK£6.75 The company is down 5.0% from its price of UK£7.10 on 02 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 26% over the same period. 
