Ediston Property Investment Company’s (EPIC) fund manager Danny O’Neill has bought £435,000 worth of shares in the company.
O’Neill, who is chief executive of the company’s investment manager, purchased 500,000 shares at 87p – more than doubling his stake to 858,488 shares worth £746,884.
EPIC has been trading at an average 14% discount to its net asset value (NAV) for the past 12 months, due to its heavy exposure to the retail sector. Around two-thirds of its portfolio is out-of-town retail parks and it also owns a supermarket, two bingo halls and four office blocks.
Despite the many retailer failings in the wider market, EPIC has largely been unscathed and it has been able to maintain its income. In its most recent set of annual results, to the end of September 2019, the company produced earnings per share of 6.66p whilst paying a dividend of 5.75p – a dividend cover of 117%.
EPIC and O’Neill believes the retail park sub-sector is the most resilient in the retail sector. QuotedData published a research note on the retail sector that detailed the fundamentals of the retail park sub-sector. To read the report click here.
EPIC : Ediston CEO scoops up shares