||EPS - Basic
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Real-Time news about Mapeley (London Stock Exchange): 0 recent articles
|chc15: going private - wtf!!
what will happen to share price - nothing at the mo|
|orchestralis: Well lets hope the share price retraces to that level for his sake.|
HM Revenue & Customs is closing 90 tax offices around the UK, leaving its Guernsey-based landlord Mapeley with vacant office space for 3,400 staff in the middle of the recession. Mapeley, which runs 600 tax offices, was already making a loss. After the announcement its share price plummeted by 97%, from £40 to £1.20.|
|ignoble: Interesting thought ...Fortress pick up cheap (hopefully) convertible bonds & then start to cover CFD short (albeit covered).which takes the ord'y share price to higher levels !
Pure speculation & no advice intended etc !|
|gsands: Crikey - is the share price heading for zero?|
|rochdale: Mapeley's falling share price and HMRC
|gsands: The best way to view this investment is to liken it to a high interest savings bond, which, in return for receiving a higher than normal rate, you are obliged to leave your money invested for a minimum period - say 5 years - before you can withdraw it.
If you adopt this approach, it will help you to ignore the share price movement and focus on the dividend.
As time goes by, your 'interest' will be paid to you half yearly. The company will buy back shares, which will have the effect of increasing the divi, so your returns will actually increase each year. (this will also support the share price - although we are trying to forget about that for now!).
When the time is right, the company will expand by investing in property again and then property prices, once bottomed, will start to rise.
Once we have reached this point, you can start to enjoy the growth story again.
So to summarise:
1. Buy and hold for five years minimum and enjoy a rising rate of return over that period (this may well be against the backdrop of lowering interest rates by the BoE as they move to stave off an economic collapse next year)
2. Do not check the share price each day - just read your dividend statement.|
|deanforester: Yet MAY share price has been virtually unchanged for the last three days.
1325, 1328, 1323.|
|kenny: British Land braced for hit on portfolio value
By Jonathan Russell
Last Updated: 2:55am GMT 04/02/2008
The UK's second biggest property company, British Land, is braced for a £1.7bn hit on the underlying value of its real estate portfolio when it reveals quarterly results this week.
The latest news and analysis from the construction and property sector
Land Securities chief Francis Salway on life at the top
Falling commercial property prices, magnified by the company's relatively high debt, could see a 20pc fall in its net asset value, according to analysts at JP Morgan. Others are also predicting significant falls: Deutsche Bank expects 16pc and Morgan Stanley 13pc.
JP Morgan analyst Harm Meijer warned that the result could lead to a fall in British Land's share price.
He said: "We believe British Land will report a significant drop in net asset value. Given the recent share price jump and the fact British Land is the first among the majors to report a large decrease, we believe the share price may be negatively impacted this week."
As one of only two FTSE100 property companies to report quarterly figures, British Land's results will be the first to reflect the sudden downturn in prices in the underlying market at the end of 2007.
Valuation experts estimate that City offices, which make up 30pc of British Land's portfolio, could have fallen by up to 20pc, while the company's retail portfolio will also have suffered significant writedowns.
One expert said: "There is a fundamental problem with the large size of British Land's properties. There is a lack of liquidity in the market for big-ticket buildings. The debt financing has gone as have the deep pockets from the investment market. This will affect their value."
Such a fall would take British Land's net asset value per share from £16.82 to £13.50 over the three months to the end of December.
Commentators will be hoping that British Land's chief executive, Stephen Hester, will give the market some comfort over his outlook for the sector. In interim results published in November, British Land said it had £2bn of undrawn banking facilities that it could use to invest in the market. But with a large unlet development pipeline and the debt ratio set to rise on the back of this week's results, it is unlikely to go further into debt to finance acquisitions.
A rally in property shares since the start of the year has seen British Land and the wider commercial property sector buck the general gloom of the market, rising by over 5pc. Its rivals, Liberty and Hammerson, are also due to report in February, but the market is split on its outlook for share movements.
Martin Allen, a property analyst at Morgan Stanley, said: "British Land has a relatively high exposure to the City of London, which we expect to underperform over the next couple of years. We also expect their two large unlet City office develop-ments to count against them."|
|stemis: The dividend yield is now 14.5% and was as high as 15%. The price has fallen by nearly 20% since the last publically available information was released (Q3 results) and 24% since the recent director purchase.
The market clearly believes (rightly or wrongly) that MAY is in trouble and that it will have to cut its dividend. If that's true then its p*ss*ng in the wind. The annual dividend cost is £55m. Net borrowings are £1.435bn. Even a 1 for 1 fund raising at this share price would cut debt by a mere 25%. In reality they would need to make it a steep discount to get any sort of take up and therefore it would be more like 20%.
Asset sales are unlikely to work much in this climate if MAY is a forced seller (even though the assets they have are pretty attractive).
How long can MAY leave it before making an announcement?
I guess the banks are going to have to support MAY even if it is in breach of ltv covenants. What choice do they have? As long as MAY can service interest payments they shouldn't be too worried (and MAY have the tenants to underpin that). Forcing MAY to cut the dividend would actually provide them with little relief. Keeping the dividend should allow the share price to bounce and give MAY flexibility and time to reduce debt through asset sales and fund raising.
I guess if MAY do make an announcement and it convinces the market, there must be a good 50% profit in this?
Any (constructive) views?|
Mapeley share price data is direct from the London Stock Exchange