Mar City Share Discussion Threads

[a2584728] 23/2/2015 13:54

The Directors should be ashamed of themselves, maybe the Chairman Hamilton Anstead will insist on one them falling on their swords?

[bigdazzler] 23/2/2015 13:00

I'm surprised people connected to the company haven't resigned already over this.

Talk about massive case of investor mistrust in the future if no major changes are made.

[bigdazzler] 23/2/2015 12:49

Got 20p written all over it folks.

Hang on the foundations of price are crumbling and the demolition has began.

[a2584728] 23/2/2015 12:45

Seems the owners of MCDL think the cash is better in their own private company than in the account of the plc!!!!!!!!!!!!It's all very wrong IMHO.

[fillipe] 23/2/2015 12:36

I feel this 50p patch will be seen as a lost opportunity by those who hold out for a much lower buy-in price....just my take on things atm.

f

[the shuffle man] 23/2/2015 12:29

A2 if the statement is to be believed then profits have just been moved out to next year but I can see where PaulyPilot is coming from.

Why do MAR Plc have to take the properties in return for the debt of £19.5m owed by MCDL. Surely MCDL should sell the properties and repay the debt in cash.

This throws up lots of questions. How do us shareholders know we are getting the correct value. Who knows what is going to happen after the election. The housing market could cease up or worst take a dive and it could take a long time to get the £19.5m back and the properties could end up being worth less than this. Its putting all the risk on the Plc and away from their private company.

[a2584728] 23/2/2015 12:03

Tony Ryan, Chief Executive of Mar City plc, said: "The last year has been transformational for Mar City as we successfully launched our new modular technology. We now have a strong pipeline where we are in discussions with a number of potential joint venture partners and we are also developing plans to increase our home building capacity through the development of our own production facilities. We have a strong land bank with in the region of five years supply with planning permission."During 2015 we see a larger proportion of Mar City new homes built using our modular technology, and as demand increases we will match our production capabilities alongside that growth."We continue to see strong demand as a result of the Help to Buy initiative in each of our core markets in London/South East and the Midlands, where it is a particularly good match with the excellent quality and sustainability that Mar City new homes afford our customers."We look forward to achieving further growth in the current year as we continue to provide award winning new homes in London/South East and the Midlands."

[a2584728] 23/2/2015 11:08

I calculate the NAV to be circa 63p. Having looked at the RNS again i think the numbers don't indicate a loss just a movement in when the cash will come in, still credibility out of the window.

[firtashia] 23/2/2015 10:09

More about MAR from Mr Scott on stockopedia this morning. Clearly still angry despite the weekend break & I dont blame him.

[lbo] 23/2/2015 09:36

They need cash. The biggest inflow of cash was to come from colingdale and now it's not. They are now getting the asset and not the cashpayment. And a lot of the land the plc bought was off the major shareholders and as we have just seen a big internal review is going on so not sure about NAVs either. The RNS hints at more bad news to come as the full review is ongoing

[barnetpeter] 23/2/2015 09:31

My guess is a small bounce followed by a fall to 30p. Little cash and the mkt does not like shocks a few weeks after a "profits exceed" note.

Take care.....

[qs99] 23/2/2015 09:29

Do think the NAV should support it yes, but after that sort of RNS holders may want out at any price IMO...let's see where it settles, but their land bank must be worth IMO something more than current SP, but depends what "other" hiccups they have found iMO.....let's see, but hopefully once sellers have cleared we will see where the market wants to value it.

[a2584728] 23/2/2015 09:27

The problem here is that the CEO has been out buying up land at a ridiculous rate and is now short of cash, there is too much business between the privately owned company and the PLC IMHO.I think we will see a re financing very soon.The assets remain in place though.

[fillipe] 23/2/2015 09:27

Strengthening on L2 - worth going for at this price, imo.

f

[itchycrack] 23/2/2015 09:26

What a complete disaster, incompetent management to blame yet again! Unbelievable.

[lbo] 23/2/2015 09:23

Do you believe the NAV after what's just happened?

[the shuffle man] 23/2/2015 09:15

The fall now seems to be well overdone. Trading well below NAV.

[a2584728] 23/2/2015 09:15

I wonder how the non execs and recent subscribers to the fund raising have reacted to this debacle!!

[a2584728] 22/2/2015 08:38

I wonder if they will re-think the idea of buying Caledonia privately and selling into the plc for a vast profit, it annoys me intently that people come to the market, make some money and then not satisfied set about making themselves extremely wealthy at the expense of private investors, where are the regulators?

[grahamburn] 21/2/2015 14:45

Much of the comment above is clearly relevant as it does seem that someone somewhere has suddenly looked at the related party transactions and decided these need tidying up. Whether this is the end of it, we shall have to await the results due on 23 March.

What I find even more concerning is the unexpected reference to the fact that recent announcements regarding "profits tripling" actually included some £3.5 million of a paper/accounting gain (or 33% of the expected profit) on transferring the PRS portfolio from housing for sale stock to investment stock for rental. That would not have had any cashflow benefit (indeed, it could be regarded as having a negative impact), but more importantly it would have had a significant effect on the primary thesis for investing in the company. It would still have been a "small housebuilder", but it would have had a considerable interest in the rental market.

That type of action would have been understandable 5 or 6 years ago when house sales and values were in a downward spiral - many housebuilders, especially small ones, did just that, but to undertake such financial engineering in current circumstances does not make sense.

Above all, I invested in a dynamic, fast growing housebuilder with an ability to turn working capital into cash much quicker than conventional housebuilders. I hope that is what it will now become and that the related parties have learnt that they are now running a public company, rather than a private one. I sincerely hope that when the details of the Colindale development transactions are revealed that these are, indeed, "fair and reasonable" for both parties, but mainly for the public company!

[davemuray] 21/2/2015 14:42

Wont be touching this again , once bitten !

[a2584728] 21/2/2015 13:59

Too much happening behind the scenes to line the directors pockets, yet again greeeed has been allowed to screw the PI's

[fillipe] 21/2/2015 13:56

There's no need to rush to buy in here.