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|Real Estate Investment & Services
Real-Time news about Colliers Intl (London Stock Exchange): 0 recent articles
|loverat: Tony Horrell, First Service and Sir John Ritblat
Incompetance, Greed and Buffoonery - in that order.
These clowns presided over one of the quickest and most cynical examples of deliberate shareholder destruction for years - even on this market. The share price was 16p in January 2011. Some debt but in the following months the company expanded like never before. A strategy taken forward by Horrell. Shareholders wondered at the time if this strategy was foolhardy.
Now we know the answer. First Service - the Carpetbagger shareholder were making plans all along. Expand, drive the shareprice down into the ground and then make their move. Some folks would not have minded if they actually paid 1p for the equity. Nope, this huge company was even too mean spirited to do that. Instead a pre pack administration stitch up. Just as with DTZ a few months before.
I have news. This ain't over and the storm clouds are gathering.
Remember - what goes around, comes around.|
|loverat: Agree Langbar is different and speaking in terms of how newsworthy this actually is in comparision. However, the share price decline coupled with the strategy and stitch up with FS does suggest a little more than simple incompetance IMO. I am sure this will be debated however and we can reach a consensus. Did this strategy have the backing of First Service? He might be a complete fool but are we saying they are too? Sometime back I think it was you (apologies if I am wrong) who suggested that this company was deliberately being run into the ground. The other point is why no trading update was ever released. Who was the Austrian who was buying big share lots - surely not another fool?
So many questions I think before we can simply conclude the man is one of the biggest idiots on AIM.
Your view some months back. Be interested in others too.
scburbs - 16 Nov'11 - 16:48 - 1053 of 1277
With the shares worth tuppency halfpenny you might have expected some cuts, but the recruitment drive continues! Either Horrell is a nutter or the market is. Unfortunately I suspect Horrell is not the man to lead COL through a finance constrained market, which is not the right time for a death or glory CEO!
I am not sure that a plan to expand it to death (as sufficient liquidity will not be available) and then allow First Service to buy it out of administration is quite in line with his fidicuary duties! Either that or First Service provide the liquidity to fund the expansion and then suddenly change their mind and pick up the pieces afterwards! I do have a cynical mind, so hopefully neither of these are the plan, but my confidence in Colliers leadership is very low|
|loverat: Indeed envirovision.
I have specifically been waiting for events here to unfold. Colliers I believe is a well known and respected brand and this is not the sort of company you would normally associate with ripping off investors in such a cynical and calculated way. This is what is going to make it so newsworthy and strike a chord with investors everywhere.
The events over the last year, the destruction of the share price, First Service and finally the theft of shareholders funds completes the story. Let's see whether in a year's time this company and their directors regret the day they went down this path. Coverage also on the carpetbaggers - First Service.
Anyway - lets see if we can get things started.|
|jojo_jo: It is only the announcement of the discounted offer which is holding the price down at this level (which no doubt was the intention). On 24/01 Colliers said they had received an approach at a discount to the then share price (around 1.5p), so a figure was clearly suggested to the BOD, which they did not share with the remaining, majority of shareholders. 30% is a very significant discount, so I assume 1p/share is the price touted at that approach. An apallingly low price and one which will easily and certainly be trumped by other recent stakebuilders, who are clearly interested in bidding for Colliers UK. They are just waiting for FS to show their hand. The deadline for this is tomorrow.
Ignore any recommendations from self-interested directors who have got us to this disgraceful situation - wait for the bidding war. It's coming!
|loverat: Indeed - these were changing hands at 16p this time last year. What has happened since? Well the recovery is slower than predicted. The company has recruited aggressively and seems to have taken on new business. Profits may be elusive for the moment but with H2 being in line (we would have heard otherwise) and no other adverse news since, there is on paper a viable company whether stand alone or taken over.
Speculators and Canadian Carpet Baggers have smashed the share price into oblivion and caused a disorderly market in which shareholders have lost money. I do hope we hear from the company soon because the longer this circus goes on the worse for all.|
|jojo_jo: A quick check shows that the share price stayed above 6p for about 3 weeks after the Sept 30 report. There have been no negative RNSs since and no profit warnings, so we should be able to deduce little has changed. Accordingly if there is little change since that report, the accounts should not look much,if any worse than then. If things had deteriorated they should have let us know immediately. They are legally obliged to do so.
If there has been any, it should not impair the balance sheet (net assets), by more than £5m max, ie. showing a NAV =/> £20m. So the shares should still be worth over 5p relative to their early October price. In my opinion far more, fwiw.
|jojo_jo: I believe the statement was just to force the share price down, so an offer above it could be made (eg. force the share price down to 0.7/0.8p, then offer 0.9/1p for them). At this price there is relatively little value in the shares, which have tumbled 95% since last January, effectively wiping out long and medium term shareholders.
With credible counter-bidders appearing, they will have to re-consider this approach. As I said before, a cash-offer situation is a game over situation, so shareholders need only consider the price being offered, and accept the BEST offer. After acceptance, shareholders (other than the 'winning' shareholder) will be out with just cash for their shares.
The balance sheet implies a value of over £10m or around 6.5p/share, and anything below this is a discount to book price.
We can only hope Horrell and Ritblat act with some integrity (and common sense) on behalf of all shareholders. FS cannot be trusted. They could well asset strip Colliers UK. You can be sure Horrell would be gone within 6 months. Ritblat would probably resign, his name having been badly tarnished.
However I don't think they'll get it, as other bidders are appearing, and there'll be more. We could yet get a fair price, close to book value. Any party or combination of parties holding 30% or more could block an FS take-over.
|loverat: Jo Jo_Jo
You may be right - in fact I hope you are. However, the first thing I thought when reading about this was that these people were likely to be a group of Carpet Baggers acting in concert with First Service.
With the silence of the company it is always very difficult to predict what is going on behind the scenes in these situations and nothing would please me more to see someone stand up to a company which realeased a statement which seemed calculated to destroy the value here.
While we are on the subject can someone tell me what this part of the FS RNS is suppose to mean.
"Any offer made for the ordinary shares in Colliers International UK is likely to be solely in cash and at a price that is a significant discount to the current trading price. Further, should any offer be made, such offer may result in minimal, if any, value to the shareholders of the Company, given the significant level of indebtedness and other liabilities of the Company"
If it is antipated that any offer is made in cash how could a situation develop where there is no value to the shares as contemplated here? If a payment of any amount is made, surely there cannot be no value at all - unless any offer includes consideration for some sort of liability.
Or do people think this statement was simply designed to create a disorderly market and trash the share price.|
|loverat: Agreed that is likely.
But if one is being more cynical they might issue a trading update for H2 and put a negative spin on the forward looking statement and force the shares down further for them to declare they have 'no value'. We know what happened with the last company that pulled that stunt.
And the other thing - they stated that the approach was a 'discount' to yesterday morning's share price but by how much? A 'discount' would suggest not a significant one but who knows what they have planned. They may even be trying to screw shareholders completely here.
The problem here is obviously the directors of this company and First Service. In nearly all companies that I have researched and traded/invested at rock bottom levels there has been a vast improvement in fortunes of the share price at least in the short term. Here it seems someone is controlling everything from the share price movements down to the nature and timing of announcements to cause maximum damage to shareholders. That you cannot fight against.
You just have to hope that your investment does not go down the pan and seek publicity for the apparent organised and systemic way shareholders are being wiped out.
Interestingly I contacted around five people yesterday about this. All replied expressing concern or interest - apart from one that is - Mr Horrell.
Perhaps the cat's got his tongue as he is not normally known for being 'quiet' as this article suggests.
I wouldn't be here otherwise," Mr Horrell says. He believes the Colliers UK business has many strengths, although "they don't shout about them." Well, not yet, anyway. "You know me," he smiles. "I am not renowned for being quiet."|
|scburbs: Another nice win. Come on First Service, there has got to be some value in Colliers somewhere, much better to take advantage of the current low share price, make a half decent offer and sort out the growth/profitability mix as a private company.
"A Spenhill and Ropemaker Properties joint venture has appointed Colliers International to manage its Willow Brook shopping centre in Bradley Stoke, Bristol.
The 295,000 sq ft scheme is anchored by Tesco Extra and has 19,000 sq ft of offices.
Colliers International's shopping centre management portfolio now totals 23 schemes across the UK and Eire.
Sophie Orme, director at Colliers International said: "We are extremely pleased to have been awarded this instruction. This is an excellent scheme, with growing footfall and visitor numbers, in a highly accessible location.""
Colliers Intl share price data is direct from the London Stock Exchange