Tigné Mall plc

Tigné Mall plc - Quote

22/03/2017      
Closing Price (€) 1.062 Change (€) 0.000
TWAP (€) 0.000 No. of Trades 0
Day's High (€) 0.000 Change (%) 0%
Day's Low (€) 0.000 Turnover (shares) 0
E.P.S (€) 0.029 Shares in issue (000) 56,400
P/E Ratio 36.62 Market Cap. (€000) 59,897
Gross Div. Yield (%) 3.3 Gross Dividend (€) 0.035
NAV per Share (€) 0.624 Indicative Div. Date July/September
Price to NAV (times) 1.700 Dividend Cover (times) 1.300
2017 High (€) 1.180 2017 Low (€) 1.060

Tigné Mall plc - Profile

Tigné Mall plc was set up on 1 December 2004 to manage and operate ‘The Point’ as well as 253 car spaces.

The Point is a shopping mall built according to the latest international standards comprising 14,349 square metres of retail space spread across three floors. The mall’s 50 retail units are all presently occupied with Debenhams being the anchor tenant. The Point also has a supermarket, a mix of fashion outlets and a number of food retailers. Moreover, the mall comprises a number of kiosks offering different services, apart from two ATM machines.

The Company’s core revenues emanate from the leases of the retail outlets. Leases typically have a term of between 15 and 20 years and also generally carry a ‘break option’ on specified dates giving tenants the option to terminate the lease agreement. Otherwise, subject to approval by the Company, tenants may assign their lease to incoming third parties on the same terms and conditions.

Tenants pay an annual base rent with rates varying depending on the size and location of the outlet within the shopping mall. Moreover, 74% of tenants are also charged turnover rents comprising an additional rental fee when a certain level of turnover generated by the respective tenant is exceeded. The base rents are subject to annual review thereby ensuring a consistent level of growth in such rents at least in line with inflation. In addition, the Company recovers maintenance and cleaning expenses related to common areas from tenants through a service charge. Moreover, tenants contribute towards the marketing and promotion of The Point.

The car parking facilities at Tigné Point, including the 253 car spaces owned by Tigné Mall plc, are operated by Solutions & Infrastructure Services Limited (SIS) by virtue of a 20-year agreement. Under this agreement, SIS operates and maintains the car spaces of both Tigné Mall plc and MIDI plc for a consideration equivalent to 80% of the parking fees generated. The remaining 20% is split proportionally between the Company and MIDI plc based on the number of car spaces owned by each entity.

An independent valuation dated 8 February 2013 conducted by KPMG and DeMicoli & Associates valued The Point and its car spaces at €58 million on the basis of the cash flows to be generated during the remaining period (86 years) of the original lease of 99 years which commenced from 15 June 2000. The valuation also takes into account the annual ground rent that has to be paid by the Company amounting to €75,494 up to 31 March 2025. This annual ground rent will subsequently rise to €132,223 on 1 April 2025 and increase further to €151,005 as from 1 April 2050.

Share Capital

Prior to the 2013 Combined Equity Offering, Tigné Mall plc had an issued share capital of €21,200,000 divided into 42,400,000 Ordinary Shares having a nominal value of €0.50 each.

The 2013 Combined Equity Offering included the issue of a further 14,000,000 new shares with a nominal value of €0.50 each.

Therefore, following the Combined Equity Offering, the issued share capital of Tigné Mall plc amounted to€28,200,000 divided into 56,400,000 Ordinary Shares having a nominal value of €0.50 each.

News for Tigné Mall plc

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Tigne Mall plc
Board Meeting
Mar 07, 2017 | Read More
Tigné Mall plc
Interim Directors’ Statement
Oct 28, 2016 | Read More
Tigne Mall plc
Interim Results
Aug 12, 2016 | Read More
Tigne Mall plc
Board Meeting
Aug 01, 2016 | Read More
Tigne Mall plc
Interim Directors’ Statement
May 13, 2016 | Read More
Tigne Mall plc
Full-Year Results
Apr 15, 2016 | Read More
Tigne Mall plc
Board Meeting
Mar 24, 2016 | Read More
Tigne Mall plc
Interim Directors’ Statement
Nov 05, 2015 | Read More
Tigne Mall plc
Interim Results
Aug 10, 2015 | Read More
Tigne Mall plc
Board Meeting
Jul 24, 2015 | Read More
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Sector: Property
ISIN: MT0000740101
Shares in Issue: 56,400,000
Nominal Value: €0.50
Trading Symbol: TML
Listing: Official List
Main Subsidiaires: -
Top Shareholders:
  • MSV Life plc (35.46%)
  • HSBC Life Assurance Ltd. (19.96%)
  • Bank of Valletta plc (16.98%)
Website: www.thepointmalta.com
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