Bought in this afternoon.
Tipped in todays IC >> usually a Ko'd for a share but when you how far this has come down...there can't be much more downside !

Pre-close Trading Statement (Wichford)





TIDMWICH

RNS Number : 8960Z
Wichford plc
30 September 2009

?
Wichford P.L.C.
("Wichford" or the "Company")


Pre-close Trading Statement


30 September 2009


The Board of Wichford P.L.C., the property investment company, issues the
following Trading Statement prior to the close period beginning 1 October 2009.
The Company will issue full year results in mid December 2009.


Results of Rights Issue


During the period the Company completed a successful rights issue with 96.1% of
new shares available being taken up by existing shareholders; the remaining 3.9%
were placed by Evolution Securities and KBC Peel Hunt with institutional
investors at a price of 10p per share. The Company has received approximately
GBP52.0 million net proceeds from the rights issue and wishes to thank
shareholders for their continued support.


Cash Position


The Company has approximately GBP79.0 million available for acquisitions
comprising the rights issue proceeds, available cash balances and borrowings
released as a result of disposals.


Debt Position


Delta and Gamma Facilities


As outlined in the Rights Issue Prospectus, part of the rights issue proceeds
will be used to acquire properties with long-dated leases to increase the
weighted average unexpired lease term ("WAULT") of the assets secured in the
Delta and Gamma finance facilities in order to secure a two year extension on
both facilities from October 2010 to October 2012.


The Company is in negotiations on a number of suitable acquisitions and expects
to report progress on these together with the financial year end results in
December.


VBG1


As previously reported, the Company is in ongoing discussions with the loan
servicer over the January 2010 maturity date. Discussions remain at an early
stage.


Management Company Changes


Corovest Fund Managers (UK) Limited ("Corovest") completed the acquisition of JO
Hambro Capital Management's 50% shareholding in Wichford Property Management
Limited ("WPML") on 28 August 2009. Corovest now owns 100% of WPML, and
following the rights issue companies directly associated with Corovest together
hold a 21.98% shareholding in Wichford.


Board Composition


As part of the recent rights issue process and as identified in the Rights Issue
Prospectus, changes to the composition of the Board are anticipated in order to
enhance its expertise and strengthen oversight of management functions.


A nomination committee of the Board headed by Philippe de Nicolay and David
Harrel has been established to oversee the appointment of new Board members.
Progress on new appointments is expected to be announced together with the
financial year end results in December.


Property Portfolio


The property portfolio has undergone some changes since the interim results were
announced. During the period, the Company has completed two sales and concluded
a number of rent reviews:


Sales


The Interim Management Statement (IMS) released on 18 August 2009 reported that
agreements for sale had been exchanged on Jefferson House (Leeds) and Newport
Road (Cardiff). The sale of Jefferson House has now completed however the
Newport Road sale contract was rescinded as a result of the purchaser not
completing the acquisition. A further property disposal valued at approximately
GBP8.7 million is expected in the next quarter which will add to the funds
available and assist in meeting the WAULT.


Rent Reviews & Occupancy


Six indexed-linked rent reviews have been initiated and agreed since the last
IMS generating average uplifts of 8.4% and resulting in increased rental income
from these properties of approximately GBP130,000 per annum. Occupancy remains
stable at over 99%. The Groups secure rent roll, with indexation on over 60% of
these rents, continues to support stable income returns and the Companys
commitment to future dividend payments from Trading Operations earnings.




Philippe de Nicolay, Chairman of Wichford commented:


"I am very pleased by the progress that Wichford has made since our interim
results. The balance sheet has been strengthened through a very well-supported
rights issue and we are making progress in re-balancing the portfolio in order
to extend the maturity of our two major UK debt facilities.


Crucially we have cash with which to manage the portfolio effectively. Given the
robustness of our income stream and the cash now available to us, I am confident
of Wichford's prospects for the remainder of the year and into 2010."

And Wichford was upgraded to buy at Evolution a few weeks ago, target price 14p

Not much of a target but in could better than that in the long run ! (imho)

One for the back burner me thinks....Anyone else in ?

great chart says it all.

Any views on Wichford

can't say as sold my shares a few months back with 10% loss....might get back in if it goes much lower