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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hirco | LSE:HRCO | London | Ordinary Share | IM00B1HYQS19 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 20.25 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 20.25 | GBX |
Hirco (HRCO) Share Charts1 Year Hirco Chart |
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1 Month Hirco Chart |
Intraday Hirco Chart |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 03/4/2014 07:52 by scburbs There is a surprise, winning bid from Hiranandani for Chennai at just above the level of debt! Over 70% below latest valuation."Hiranandani has emerged as the highest bidder with its Rs 600-crore bid for Hirco Chennai 158-acre township in Chennai that was auctioned by the lender Housing Development Finance Corporation in March to recover its dues. HDFC's dues stood at Rs 539.86 crore, while the reserve price for the township was set at Rs 551 crore." |
Posted at 28/2/2014 14:08 by lbo Hiranandani real estate heiress fights dad, brother for share of Rs. 3,000 cr fortune |
Posted at 20/2/2014 15:37 by rj allen Hirco plcCancellation of Admission RNS Number : 5637A Hirco plc 20 February 2014 20 February 2014 HIRCO PLC ("Hirco", the "Company") Cancellation of admission On 15 August 2013, Hirco requested the suspension of trading of its shares on AIM pending clarity on its financial position due to various enforcement matters relating to the Indian project companies owned by interests associated with the Hiranandani family and in which Hirco invested through participating preference shares. As detailed below, Hirco has endeavoured over the last six months to obtain accurate information from various Hiranandani-controll Pursuant to AIM Rule 41, where a company's shares have been suspended from trading for six months the admission of these shares will be cancelled. As a consequence of the application of this rule, the last day of admission on AIM is today and the cancellation is expected to take effect on 7.00 a.m. on 21 February 2014. Shareholders are advised that with effect from cancellation the Company's broker, N+1 Singer, has agreed to create and maintain a share trading and settlement facility for the Company. Under this facility shareholders or persons wishing to acquire shares will be able to leave an indication with N+1 Singer that they are prepared to buy or sell at an agreed price. In the event that N+1 Singer is able to match that order with an opposite sell or buy instruction, N+1 Singer will contact both parties and then effect the order. Notwithstanding that Hirco will no longer be quoted on AIM, the Directors will continue to keep shareholders apprised of their efforts to obtain legal redress from Hirco's former Chairman, Niranjan Hiranandani, and CEO, Priya Hiranandani-Vandreva These claims now seek damages of £303 million plus costs and attorneys' fees. Hirco's Board notes: · Hirco invested over £350 million in township development projects in Panvel and Chennai, India. The Hiranandani family sponsored these projects and the bulk of the £350 million was transferred into offshore bank accounts Hiranandani family members ultimately controlled. · Notwithstanding this £350 million investment, Hirco has been unable to obtain coherent information about the Panvel and Chennai township projects. · Based on information the Hiranandani-controll · According to a Cushman & Wakefield valuation the Hiranandani-controll · As of December 2013, the debt secured against these assets amounted to only approximately £101 million. According to a December 2013 report in the Times of India, one of the Hiranandani-controll · Notwithstanding the projects' asset value and substantial cash collections, the Hiranandani-controll · Hirco has concerns about the transparency of the sale processes and whether they will realise values for the Panvel and Chennai assets in accordance with the Cushman & Wakefield valuation noted above. Such concern is amplified as a result of comments published in the Indian press that the purchasers most likely to be interested in the assets are Hiranandani controlled entities. · Hirco has repeatedly written to the directors of the Hiranandani-controll · In addition, Hirco asked HDPL: (i) why the Hiranandani-controll (ii) the plans they had made to repay those obligations; (iii) when HDPL first realized that those plans were insufficient to repay the obligations in a timely manner; (iv) the steps HDPL took to locate other sources of cash to repay those obligations; (v) the steps HDPL took with those lending institutions to restructure that debt. · Hirco has also submitted a written request to the Directors of the Hiranandani-controll · To date, Hirco's letters have been ignored and no internationally respected auditing firm has been asked to audit the Hiranandani-controll Hirco will continue to pursue its legal claims for fraud and other misconduct against Niranjan Hiranandani and Priya Hiranandani-Vandreva -ENDS- For further information please contact: IOMA Fund and Investment Management Limited Tel: +44 (0)1624 681250 Philip Scales N+1 Singer Tel: +44 (0) 20 7 496 3000 James Maxwell/Nick Donovan MHP Communications Tel: +44 (0)20 3128 8100 Andrew Leach/Tim McCall/Jade Neal This information is provided by RNS The company news service from the London Stock Exchange END MSCLLFVVFIIIFIS |
Posted at 15/8/2013 18:38 by horndean eagle Potential £100m would equate to £1 a share. Unfortunately time scale would be quite flaky. Would be better off agreeing to a lower no strings attached offer. 60-65p would probably be enough. Weiss could walk away saving face. Sure they are equally sick of matters. |
Posted at 15/8/2013 12:36 by mrwhits1 @loverat,hope you didn't dive in, regards |
Posted at 28/6/2013 15:35 by horndean eagle Agree not all is lost but these mark to market losses are beginning to get particularly painful. I expect further downside from here although given it should be another 9 months before we get another wrist slitting inducing commentary I would hope it won't be too bad. What is really annoying is the uncertainty over everything. I am now even preparing for myself for the prospect that the assets might actually be worth zero with bank debt consuming any value in the project. What we were told years ago was that after the first phase there would be a significant cash surplus. With Indian rates of 14-15% compounded over 5 years I doubt very much whether that is the case.The mooted 55p offer by the family was flatly denied by advisers here. They don't really have any credibility left in my eyes so it may well have happened. Weiss won't accept that. They would want nearer 100p imho. The family look like they are going down the route of screwing the whole project over for everyone at present. They have apparently stopped work and are blaming HRCO for this. Therefore need arbitration settled pretty damn quick. |
Posted at 27/6/2013 15:12 by kenny Horndean Eagle - you are a long tem holder and know a lot more than me about HRCO. However, it appears to me that all is far from lost. There appears little that is new in today's statement. Indeed, the positive comment is the Board are seeking an "exit". The Family have offered 55p per share having offered 100p a year before that.The company raised £370m and most of that has gone on land and buildings followed by part of it being recycled after sale of some of the properties built, into building more properties. Surely therefore the current market capitalisation of £25m is a fraction of full value - even 55p is only about £55m? |
Posted at 14/6/2013 12:00 by nilip Horndean Eagle,Are you tempted to add here ? I noticed the 15 mln go through yesterday and figured that something must be coming to a head which would have to invariably result in shareholder value being realised in some shape or form. 15mln share transaction is ~15% of the company. I added a few k's worth yesterday. As we know from the article above, the company has already truned down a £100mln offer against a current mkt cap of just £30mln ish. Against that sort of back drop you'd have to say the share price should be at least x3 the current share price Value will out soon imo. |
Posted at 14/6/2013 11:06 by horndean eagle long term holder unfortunately. I eventually expect to get a pay out here. One way or another. Hiranandani has enough money and assets to go after if he decides to screw us over. Either we get control of the projects or get him to pay up compensation. Either would result in a multiple of the current share price. |
Posted at 13/6/2013 13:36 by mister md wonder what will happen with HRCO ?Hiranandanis move court to block hostile takeover of Hirco OUR BUREAU Mar 28, 2013, 01.40AM IST Hirco Plc's board has rejected Hiranandani's offer to buy out the AIM-listed company for 55 million pounds. Since the agreement on price could not be reached between the two companies, the matter has been taken to the London Commercial Court and arbitration in Singapore, according to sources. A previous offer of 100 million pounds made to shareholders was rejected by the Board last year. According to sources, at the heart of the rejected bid lies an attempt of a hostile takeover of the firm by two of the largest shareholders that own almost 50 percent of the company - Weiss Asset Management and a Morrocan investor. A spokesman for the group said these arm-twisting tactics instigated by foreign activist hedge funds and an opaque north African investor is not going to succeed. "The family is committed to continue to protect and deliver product to our customers. We will work with our banks and ensure these hedge funds cannot sabotage the project and try and make a fast buck at the cost of our customers and local banks. Their tactics to starve the projects of capital will not work. It will only boomerang in their faces. We will work with the Indian banks to do what is right by the projects." It may be recalled that earlier this year, Doug Gardner, a former independent non-executive director at Hirco Plc and Priya Hiranandani had filed for damages against Hirco Plc in the Isle of Man court. Niranjan Hiranandani, the past Chairman of the company, too is suing Hirco Plc in the Singapore Court. According to sources, the dispute arises from the family's offer to buy Hirco Plc at 55 p a share. Weiss Asset Management currently has four seats of the five on the Hirco board and are represented by Ethan Milgram, David Burton, Peter Barge (past CEO of Jones Lang LaSalle), and John Chapman. John Chapman's experience includes investment funds in Brazil, Bulgaria, central Asia, Kazakhstan, Romania, South Africa, Turkey, Ukraine and Vietnam. His role as director of or advisor to these funds has typically been in connection with overseeing legal disputes and managing asset disposals. |
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