|Taken over, by it's own chairman and key shareholders, run down to half what it was five years ago at a time when almost all other property and property service co's went up ... Today suspended ...
Good bye - and good riddance.|
|It is intriguing to see that Inverness, which owns a big and successful Scottish construction company called Tulloch, bought almost 4 per cent of Fairbriar on May 6 - paying only 40p a share for 1.4 million shares. Tulloch said in January in an article in the Scotsman that it is interested in expanding into England. Perhaps it is considering a bid or is involved with the chairman's approach? Does anyone have any ideas of what is going on or how it picked up so many shares in a narrow market?|
|12 59 pm Wednesday: 'FairBriar plc ("Fairbriar" or "the Company") announces that it has received an
approach from FairBriar's Chairman, Kevin McCabe, who together with two other
shareholders have informed the Company of their intention to make an offer for
it. There is no certainty that an offer will be made.'
I think McCabe has just under 30 per cent - which is the same stake as that held by CPL, the Far Eastern group. Presumably CPL are not involved in the bid approach or they would have been mentioned. 60p looks a plausible target price for a bid. I recall McCabe and others bought large blocks around the 50p mark. One of the other two shareholders involved in the bid approach may be Remo Dipre who used to be a director. He has been involved in other property bid activity recently.Fairbriar were as high as 99p at one point in 200. Their peak the following year was 69p but in 2003 and 2004 they were never over 55p.|
|Seen it now thanks.|
|Ged5 - Disclosure of Bid "approach" from McCabe. Mm's move bid/ask as norm.|
|What's going on here then? Nice bit of movement.|
|Tenative signs of some interest in these shares at last: 30,000 already traded by 9 30 today - and over 70,000 by the close.|
|On January 29 2004, FairBriar said it was getting VR Developments to carry out an orderly sale of all its work in progress. But it now seems instead to be expanding on a number of fronts although it is noteworthy that it has cut its debt by £11m in the past year. The CPL stake of almost 30 per cent is clearly very significant and it is interesting that the chairman said in the results this week: 'Whilst steps have been taken to strengthen management and source new projects, the Board continues to evaluate options for the Group.' Presumably those options include buy-outs, mergers, new partnerships etc. So much of the group's activity is in joint companies that there is not much operating cash in the parent company to cover interest payments etc. Putting some or all of the outside interests into FairBriar itself, perhaps with a buy-out price available to outside holders who wanted to exit, might be an option?|
|Results seem a 'mixed bag'.
RNS headlines of moving back into the black doesn't exactly paint the full picture. Perhaps that's why AFX balanced it by focusing on the 'Disappointing results'.
The past year doesn't seem to have been too great.
However looking forward there are grounds for optimism and maybe a bigger a rise in the share price than we saw today.|
|A little more buying today - can't help feeling the CPL people are going to make something happen - maybe a bid for the lot or an injection of some of their interests - Fairbriar's own assets, after all, are being sold off completely and it said it was looking around for other activities to invest in or else it would return the surplus cash in due course. CPL and the directors who bought during this year must think the end result will be worth more than current price and there is now speculation interest rates may be cut a little next year which would help the disposals and reduce interest costs.|
|Nice buy today which moved the share price a little. Have we turned up again?|
|Up a little today on this RNS which looks pretty positive: FAIRBRIAR APPOINTS TWO NON EXECUTIVE DIRECTORS
FairBriar PLC ("FairBriar") (LSE:FBR) announces that it has appointed Dr Stanley
Quek and Dr Han Cheng Fong to its board as non-executive directors with
immediate effect. Dr Quek and Dr Han are respectively Managing Director and
Chairman of CPL (UK) Pte Ltd ("CPL"), which recently acquired a 29.2% stake in
CPL is a subsidiary of Centrepoint Properties Ltd, one of Singapore's largest
property companies and a subsidiary of Fraser and Neave Limited ("F&N"), which
celebrated its 120th anniversary in 2003 and is one of Singapore's largest
listed corporates with a market capitalisation of approximately #1 billion.
Dr Quek has had a distinguished career as a developer of premium residential
property in London (including schemes in South Kensington, Westminster and
Hampstead), Singapore and Australia over the past 20 years. He has been involved
with Centrepoint Properties Ltd for five years and is responsible for its
international development interests in the UK and Australasia.
Dr Han is Group Managing Director of F&N and Deputy Chairman of Centrepoint
CPL and associated companies currently have five joint ventures with FairBriar
* development schemes at Wandsworth Riverside Quarter, London SW18, and
Vincent Square, London SW1;
* serviced apartment management, Fraser Residences, in the UK and Europe
(which has just opened in Paris and Glasgow); and
* serviced apartment ownership in Canary Wharf (Pressdale Ltd) and
Kensington & Chelsea (FairBriar Residential Investment Properties) in London.
Kevin McCabe, Chairman of FairBriar, said: "We have a long-standing relationship
with CPL, who are our joint venture partners on a number of projects and who we
have worked closely with over the past few years. They recently became
shareholders in the group and we are delighted to be able to welcome them onto
our board. It represents an important step in the restructuring of FairBriar and
we look forward to growing the business together in the future."
Stanley Quek commented: "Having a close working relationship on the various
joint ventures made acquiring a stake in FairBriar a logical development. We are
now keen to work alongside the rest of the board and to continue to build a
successful business here in the UK."
For further information:
Kevin McCabe Stanley Quek Jeremy Carey
Mark Balchin Bruce Walker Richard Sunderland
FairBriar CPL (UK) Tavistock Communications
Tel: 020 7318 2838 Tel: 020 7244 9889 Tel: 020 7920 3150
www.fairbriar.co.uk www.fraserandneave.com www.tavistock.co.uk
Notes to editors:
Fraser and Neave Limited has substantial interests in:
*Property: Residential Development, Serviced Apartments and Shopping Malls
in the Far East (Singapore, China, Vietnam, Malaysia), Australia and the UK
and office investments in Singapore and Vietnam.
*Food & Beverage: Brewing Tiger Beer and Heineken in the Far East; Soft
Drinks, numerous F&N branded products, as well as Coca Cola; Dairies, many
branded consumer products across the Far East; Packaging based in Malaysia.
*Publishing & Printing: Publishing Marshall Cavendish across Europe,
Curriculum Publishing in Singapore, focused on educational and reference
books; Printing in Singapore, Malaysia, Australia, China and the UK; Retail
and Distribution across the Far East and Australia.|
|And still no RNS concerning Philip Van Reyk's holding. I'm tempted to ask the company to confirm that he still holds 10.9%. It seems too much of a conicidence that CPL managed to buy 10.9% a couple of weeks ago. Where else did it come from?|
|Positive RNS - any chance of a takeover happening ???|
|Another big turnover in the shares today with no explanation|
|Why hasn't the ex CEO (Philip Van Reyk) reported the sale of his complete holding yet? Surely it was his stock which CPL have bought?|
|The Guardian has this comment on Fairbriar today which gives some background on CPL etc: ...........
Fairbriar, a small property firm, has caused some excitement - a vehicle named CPL (UK) added to its stake in the firm and now has 25.8%, close to the threshold at which it would be forced to bid under Takeover Panel rules. The sector is being watched, as larger rival Countryside Properties is the subject of a potential offer from the Cherry family. Sources close to Fairbriar said the board does not believe the significant shareholders are planning to bid. The vehicle is thought to be an indirect subsidiary of large Singapore conglomerate Fraser & Neave, and the two firms have a serviced apartment venture in the UK, so they know each other well.|
|CPL bought the stake and now has nearly 26 per cent - as they are a joint venture partner with Fairbriar they should have a good idea of what it is worth - the deal seems to have pushed the shares up today.|
|It's looks very much to me like the ex CEO (Philip Van Reyk) sold all his stock today at 50p. Question is, who bought the 10.9%.
I've only started to look at this company but some of the transactions look a little 'odd', although I expect they make perfect sense to the directors.|
|Interesting to see that CPL which is a joint venture development partner with Fairbriar has bought 14.9 per cent of its shares this week, following purchases by chairman and two other directors in the past few weeks.|
|Correct! They did rise. I'd noticed the smaller buys recently but the larger FD buy certainly breeds confidence. Could have further to go yet but will it stall again in the mid-50s?|
|directors buying........................these are going to rise!!!!!!!|
|u can only buy small amounts at the mo.|
|double6, I think it was initial reaction to news about Islington Green and Uckfield. It was originally thought that FBR would make big profits from Theatre site. Also profits from Uckfield later than expected.
Always thought this would come good one day. Maybe it will. There was certainly overreaction after the announcement and good buying opportunities.|
|Back to 40P + no time.|