Gresham House Share Discussion Threads

[topvest] 28/4/2014 13:47

Explains the share sale earlier. Be interesting to see what gets announced tomorrow.

[redhill9] 28/4/2014 13:25

RNS today:

Gresham House plc announces that Derek Lucie-Smith, Chief Executive, has resigned as a director of the Company due to ill health, with effect from 25 April 2014. The Board thanks Derek for his services to the Company and wishes him a speedy recovery. Derek's duties are being covered by the existing Board members.
The Company expects to announce its results for the year ended 31 December 2013 on 29 April 2014.

[briangeeee] 22/4/2014 11:11

Space & People (SAL) profits warning from Thursday.

[redhill9] 22/4/2014 10:45

GHE share price down over 3% today but no sign that I can see of any announcement yet - presumably someone has seen what's coming ahead of the rest of us.

[redhill9] 16/4/2014 11:59

I'm assuming final results should be due very soon - last year they were nnounced 18 April 2014.

[coolen] 14/4/2014 21:50

as depressing as a video feed of the GHE share price (!) ?

[scburbs] 14/4/2014 10:42

"Can't make a loved one's funeral? Don't worry, a cemetery is now offering the chance to watch services live on a 4G mobile phone.

Kemnal Park Cemetery and Memorial Gardens, in Chislehurst, south-east London, claims it is the first in the country to offer the high speed video feed of funeral services directly from the graveside."

[topvest] 23/1/2014 21:19

Well they sorted this quickly. Hopefully important for the future.

[redhill9] 23/1/2014 15:24

Spread now around 316p/322p which I think is the narrowest I've seen it.

[redhill9] 23/1/2014 15:23

RNS today:
Further to its announcement dated 11 December 2013, Gresham House plc ("Gresham" or "the Company") is pleased to announce that notification has been received from HM Revenue and Customs ("HMRC") that its application for approval as an investment trust for accounting periods commencing on or after 1 January 2013 has been accepted.

As a result of the above Gresham further announces that, in relation to its application for approval as an investment trust for the year ended 31 December 2012, the appeal process has now been withdrawn. As previously announced however, it is not anticipated that the Company will have any liability to corporation tax or capital gains tax for the financial year ending 31 December 2012.

[badtime] 23/1/2014 12:31

We'll back to investment trust status and appeal withdrawn for previous year..carry on

[coolen] 19/1/2014 22:00

TopVest, any view as to why 2012 status failed ?

Any view on whether 2013 may qualify ?

Do you feel that anyone looking at them (in a continuation sense) would prefer for status to be restored ?

[topvest] 19/1/2014 20:42

I see they lost their investment trust status in 2012. Hardly inspires confidence. I don't think it's that significant given the tax losses carried forward and they do say the tax for that year = £nil. Does remind me a bit of Trust of Property Shares plc, though! Anyone remember that saga - we lost circa. 60p per share because of a mess up on investment trust status and 7/8 years later, the legal discussions continue with the estate of the TOPS founder to try and get recompense. Be interesting to get the year-end update and valuation here. I continue to hope the trust will be brought back to life rather than wound-up, but we will have to wait and see.

[scburbs] 12/12/2013 08:28

Let's hope the continuing demand can result in a tenant for Newton-le-Willows.

"Supermarket Space Demand Continues To Grow

...

Chris Keen, Director at CBRE, comments: "Tesco, Sainsbury's and Morrisons have all reduced their new floorspace targets over the last year. However, they are still expanding. Waitrose, Marks and Spencer, Aldi and Lidl are still increasing their floor space requirements and so we don't expect to see a noticeable contraction anytime soon.""

Source: Worldinproperty.co.uk 10/12/2013

[flyfisher] 07/12/2013 09:35

Original planning details for newton le willows, some sections are slow to load.
Residential has a 10% minimum of ''affordable housing'', commercial is a supermarket and separate fuel filling station.
I assume the sale price will be conditional on the developers detailed planning approval, which could take some time.

[bisiboy] 05/12/2013 13:16

the autumn statement should be good news for newton le willows.

[topvest] 03/12/2013 21:47

Two things. CEO sale at the end of October looks very dubious to me. Is he being forced out? Secondly, why have they not said more on the 20 acres. Surely this is highly material information that they have an obligation to announce?

[scburbs] 03/12/2013 13:37

Hi Skyship,

It is very difficult to assess GHE without understanding this statement.

"terms have now been agreed with a national housebuilder for the sale of 20 acres of the site at Newton-le-Willows"

The entire site is 28 acres so this looks to be everything bar the proposed supermarket (i.e. all the resi).

If this is a cash sale then I would expect distributions to start before 31 December 2014, but if it is some form of deferred consideration/profit sharing deal then payouts could be delayed. Equally, the deal may not be in the bag as yet.

Not enough information to assess properly so I will hold what I have, but no intention of adding until there is further clarify on that deal. I originally bought after the positive noises around Newton-le-Willows only for the site to be written down again after failure to get a supermarket pre-let, so not going to make the same mistake twice!

[skyship] 02/12/2013 12:48

Hi Scburbs

Still have this on my Monitor; though haven't held for over a year.

Today's RNS suggests more vigilance may be justified.

To remind ourselves - this from the Interims back in Aug'13:
============================================================
Realisation of the Group's assets

We continue with the process of the orderly realisation of the group's assets and reducing the cost base. To this end we recently announced that all directors had been served notice under their contracts which will terminate on 31 July 2014. The Board will however ensure that, if required, adequate senior management will be in place after that time.
============================================================

At the moment I have a payout date of 31 Dec'14 in my spreadsheet. If we assume a payout of 380p - 6% down from the last 405p, then the GRY from 315p would be 19% - so merits more vigilance.

Of course, Disappointing that Lucie-Smith sold stock at 312p recently!

Scburbs, what do you believe might be the final outcome in terms of date and payout sum?

[scburbs] 02/12/2013 12:03

Finally completed the Northern Gateway sale!

"The Board of Gresham House is pleased to announce that, in accordance with its strategy of orderly realisation of the group's assets, on 29 November 2013 it completed the sale of its property in Knowsley, Liverpool known as Northern Gateway for £6.775m (net of expenses £6.615m) against a book value at 30 June 2013 of £6.35m. This has resulted in a substantial part repayment of the group's borrowing to the Co-operative Bank plc which now stands at £3.775m."



It is becoming increasingly about Newton-le-willows. The terms of the sale to the housebuilder is key, along with any progress on the supermarket site.

In August they said:

"At Newton le Willows, terms have been agreed with a national house builder for the sale of 5.75 acres and there is a possibility that this house builder will wish to secure additional land in due course."

In November they said:

"terms have now been agreed with a national housebuilder for the sale of 20 acres of the site at Newton-le-Willows"

There is quite a large difference between 5.75 acres and 20 acres! I guess we may need to wait for the finals to find out what deal they have done!

[badtime] 21/11/2013 11:48

Interesting that the board will be off in July next year

[flyfisher] 20/11/2013 13:56

From the recent ims it seems they have sold all the newton le willows residential housing site and have the 8 acre commercial part yet to sell. Any idea as to the sale price ?

[coolen] 14/11/2013 21:10

Bullseye, TopVest !

[topvest] 14/11/2013 20:18

Miton has done a good job with the Investment Company so far, as a good example of what might happen.

[topvest] 14/11/2013 20:17

Yes, I do hope so. I would prefer Gresham House to be resurrected as an investment trust and to sell the real estate assets at a better time. Memorial Holdings is also not ready to be sold and SpaceandPeople is certainly not a sell!