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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hammerson Plc | HMSO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.64 | 2.35% | 27.88 | 16:35:11 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 27.00 | 26.76 | 27.78 | 27.88 | 27.24 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
|---|
Posted at 31/8/2023 22:11 by jaknife That's a reasonable summary, they're looking to tender for the 2025 3.5%s and the 2026 6.0%s. On the face of it:1. The 2028 7.25% bond is being placed with a single solid holder who isn't expected to trade it. 2. There must be a lot of loose 2025 3.5% bonds and 2026 6.0% bonds, which can presumably be picked up cheaply. 3. The investor must have a preference for a five-year bond (which the 2028 7.25% bond effectively is now) rather than the shorter maturities. 4. The net effect for HMSO is that they've extended the term of their debt, which most corporates are normally happy to do. JakNife |
Posted at 18/10/2021 10:09 by trcml I read your article. I am not a shareholder but I do know about commercial property which is my work as a professional adviser. Your own purchase share price is of no consequence (except to you) as sps are volatile at the best of times so it is very much a question of timing when to to buy).HMSO was in the FTSE 100 before it was demoted. Demotion implies inability to keep up. HMSO's decision to sell its office investments and focus on retail was also regarded by some as a mistake. You seem to have assessed HMSO's prospects based on rental revenue whereas prop-cos are valued to capital NAV. the drastic fall in the number of shopping centre investment sales in recent years is causing valuers to adopt a very cautious approach. Retailers nowadays want short term leases with break clause which affects the security of the rental stream. So for example instead of a 20 year lease with 5 yearly reviews which in the past might for a prime proposition have been valued at 4 or 5%, we now have 3 or 5 year leases with tenant break clause and no reviews valued at around 10%. (a suggestion o this forum some time ago as to why not break up the shop ping centres and sell the individual shop investments is a ndisableder because there is more to a shopping centre than the overt: the service charge takes care of the repair and maintenance of extensive communal areas including the car parking and air-conditioning. The costs could be apportioned but whether individual investors would be willing to take on the responsibility in the event the tenant fails to pay is unlikely.) HMSO haven't been as fortunate as many other prop- cos in getting 100% or close to rent paid each quarter. Many multiple retailers are on monthly rentsL accommodated but disliked. HMSO holdings are prime and flagships in good stead is of little consolation if the centres are not performing.Most prop-cos borrow to finance their investments and developments. The cost of finance takes its toll both on operational non-recoverable expense and capital value. The loan-to-value covenant has to be maintained. HMSO was heavily indebted (not as dire as Intu which collapsed under the weight of its debt). It does not follow that selling assets to reduce debt there would be enough or anything left over. All in all, HMSo is not out of the woods yet. A sign of light will be when HMSO stops offering shares in exchange for shareholders not wanting dividends in cash. |
Posted at 12/9/2021 06:04 by flyfisher Interactive Investors gave an option for the scrip last time. |
Posted at 11/9/2021 20:08 by bdbd11 Does anyone know if Interactive Investor (sipp) will automatically take up the scrip? I had my pension moved there recently from eqi, who I had to fight with to get the scrip. Thanks. |
Posted at 12/5/2021 17:23 by researchcentre123 The scrip will make maybe 3p or so difference to the NAV, which still leaves a huge margin of safety given the starting point of 82p altho I take your point. As for the negative outlook, that's largely based on the retail industry rather than the company if you read the rating agency's report, but the bonds have been doing well in the market place as creditors believe Hammerson are good for the money. To quote what you yourself said last month, "Re - debt, their is no stress in hammerson bonds, prices for which have been firm this year." As for the scrip, the 400m + cash and 1 billion plus facility + whatever they have from sales does not mean they should be stupid. They need cash to improve properties, redevelop etc and with the disposals they are generating more, and as this crisis has proved, cash is King. I don't think you should underestimate either the value of the new management. De Beer has over 300 million of his own and shareholders money tied up in this and he has a long history of making money for his shareholders. So at some point I see significantly higher prices - but I'm a longer term investor rather than a day trader so give up as to what tomorrow's price will be! |
Posted at 01/4/2021 09:39 by williamcooper104 Lendlease is considering relaunching the sale of its 25% stake in Bluewater, React News can reveal. The Australian firm is nearing a £90m sale of its Touchwood shopping centre in Solihull to Ardent Companies and is under pressure to return funds to the investors in its Lendlease Retail Partnership fund. The stake in Bluewater is the only other asset remaining in the vehicle, which was due to expire in 2017 but has been extended as a result of the problematic retail investment market in recent years.Eastdil Secured was appointed to advise on a sale of the stake at the start of March last year, just before the pandemic took full grip, but a marketing campaign never truly kicked off in earnest. The firm has been retained to undertake any renewed process.Person, Human, PedestrianOnce the sale of Touchwood completes the stake in Bluewater will be the only asset in the Lendlease Retail PartnershipA year ago Lendlease had been seeking a price of £370m to £400m, which at the time reflected a yield of between 6% and 6.5%, although those close to the 1.8m sq ft mall said that any relaunch would likely see expectations dip to between £250m and £300m. At the end of the first quarter of 2020 the stake was valued at £336.1m.No formal decision to market the stake has yet been taken but it is possible that it will kick off a few weeks after the reopening of non-essential retail on 12 April, prospectively at some point in May, at which point some new footfall data will be available. Lendlease was in exclusive talks to sell the stake to Axa IM Alts Real Assets in 2018 for around £510m, around double what it is likely to be worth now, but after prolonged negotiations the deal collapsed.Not an easy sellThe ownership of Bluewater is fragmented, meaning that non-controlling stakes that do not come with the management mandate for the centre have been particularly illiquid in recent years.Landsec owns a 30% stake in the mall, as well as managing the asset for the other owners, whilst GIC owns a 17.5% stake which it also attempted to sell for £400m in 2018. The other owners are M&G Real Estate, which owns a 17.5% stake; Royal London Asset Management, which owns a 7.5% stake that it bought in 2017 from Hermes for £155m and Aberdeen Asset Management, which owns 2.5%.Whilst the UK shopping centre market has been under tremendous pressure due to the pandemic, which has exacerbated pre-existing fundamental difficulties caused by the rise of online retailing, there are some signs investment volumes could pick up somewhat off an extremely low base. With banks now starting to take a more proactive approach to distressed situations and owners more willing to cede control, combined with the sale of Touchwood as a benchmark, buyers and sellers are getting closer to understanding pricing and what fair value is. |
Posted at 30/3/2021 10:29 by davvero A FIDELITY message confirmed they will NOT allow scrip dividend... No reason given is different from brokers who allow it (HL, III, HALIFAX, IWEB, BARCLAYS,AJBELL, etc etc)I am going to the OMBUDSMAN...I am leaving FIDELITY... I URGE ALL investors/traders to Demand Insist fight and complain to make scrip offers a basic broker service. Unless scrip is recognised as a basic service we will keep losing money rightfully ours. |
Posted at 23/3/2021 12:53 by davvero bdbd11..... would mind printing here or sending to me the letter of complaint you sent to your broker? Obviously after erasing your personal details... I could then fill it in with my details and send it to FIDELITY and IWEB... I could also, with your permission, print it in other boards, as there are a huge amount of small investors very upset and angry about this (and rightly so)... who knows, it could spark a revolution if we all complain |
Posted at 22/3/2021 16:52 by researchcentre123 Block of 5m shares bought at close....I think big investors like the share, small shareholders panicking.... |
Posted at 22/3/2021 16:45 by researchcentre123 Morgan Stanley sold a few shares at the highest prices- why not if you've made a quick profit?- and some small investors start to panic and started selling. Now MS seem to be holding as prices have dipped too much - if they dip much more I wldnt be surprised if they start buying again. And of course pple are a bit uncertain with european 3rd wave and how effective the vaccine is against new variants- altho latest seems to be working ok. This stock has the resources to survive - some good covid news and it'll jump up again imho reapproaching it's 82p net asset value. It's really a bet for those who think the UK will do ok compared to those who think it's the end of the world. |
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