Mckay Securities Share Discussion Threads

[eggbaconandbubble] 17/11/2015 13:29

Interims look OK to me. Comments anyone?

[eggbaconandbubble] 27/10/2015 08:17

Speedy, Have you tried to contact the company about these director sells? Are they approachable on such matters?

[speedsgh] 07/10/2015 10:41

Following on from my post above I am rather perplexed as the wider sector should be set fair for the next couple of yrs or so + the operational outlook for MCKS looks good (see today's rns below) so maybe we shouldn't be worrying about the large director sells? Maybe they are due to be awarded further large options in the not too distant future?

Not long to wait for an update. Interim Results in Nov.

Demolition to Commence at 30-32 Lombard Street -

Disclosure - I do not currently have a holding (long/short) in MCKS.

[speedsgh] 07/10/2015 10:34

I note significant selling by directors in recent weeks. Simon Perkins (MD) + Giles Salmon (FD) have sold 52% of their shareholdings + another director (Steven Mew) has sold 44% of his holding. On the face of it this doesn't inspire confidence. There may be a perefectly good explanation (e.g. institution wanting to buy in) but afaics the company hasn't offered any explanation. On the surface it doesn't appear to be linked to awards of options seeing as options were awarded recently but the amounts awarded were far smaller than the number of shares sold. Which leaves one scratching one's head + asking why are they selling now? Do they know something we don't?

Anyone else have any info on the motives behind the large selling by directors?

Exercise of Options (25/8) -
Director/PDMR Shareholding (4/9) -
Director/PDMR Shareholding (9/9) -

Overview of current director holdings + transaction histories -

[grahamburn] 11/5/2015 11:51

I am surprised that there has not been any reaction to today's refinancing announcement. The new arrangements look beneficial, especially the reduction in the interest rate swaps which have probably had a negative effect on some people's view of the company's balance sheet.

[sleepy] 10/2/2015 16:09

Big trades at 238p

[janeann] 10/2/2015 14:08

well someone is keen - 2 trades totalling 1,477700 shares just gone through;

[grahamburn] 19/9/2014 10:01

Remember, though, that TMF's recommendation - and particularly their sell point - was made three years before the recent rights issue. That has transformed the company's prospects and its investment profile, effectively making TMF's recommendation irrelevant to any current investment/sell decision.

Maybe TMF will revisit the proposition. IMHO the market is waking up to the new potential for this well managed REIT.

[boystown] 19/9/2014 09:42

TMF tipped this in their "Shares 2011" PDF brochure - concluding with:

"Simultaneously, I expect NAV to increase gradually and the dividend to do the same. I’ll probably sell when the yield no longer makes McKay a lucrative investment. Based on the historic dividend and prevailing interest rates I would say this will be around the £2.20 mark should it happen over the next couple of years. But this is educated guesswork based on current interest rates and yields."

So it did what they said it would in three years. The price when tipped was 126p - so not a bad return at all for a safety first one. Including divis, this is 100%.

[billdobbin] 19/9/2014 09:33

Breaking out

[speedsgh] 28/5/2014 10:02

Acquisition of Greyfriars Rd, Reading -

[coolen] 06/3/2014 19:08

Looks like J O HAMBRO CAPITAL MANAGEMENT LIMITED have bought 450,000 at 208p, lifting their stake to 5.2%.

[housemartin2] 26/2/2014 17:48

Of course I meant skills not kills above. However Mr Market seems not to share my carping.

[housemartin2] 25/2/2014 07:42

Woops ! Double post

[housemartin2] 25/2/2014 07:42

Another letting in that dynamic market place, the South East - oh, we did give a rent free 24 months to secure it. Perhaps Crawley is an exception (another)Cannot imagine what property companies in slower moving areas of the UK are doing.
I could not help being amused by the client,Buyco, being described as having Marketing leading negotiating power in the Convenience Sector - clearly those kills are not just for shops !

[sleepy] 15/2/2014 19:14

So what is the dividend going to be now that they have doubled the number of shares in issue with - as I read it - a much smaller and delayed increase in income?

[rik shaw] 15/2/2014 18:56

No - The Group's policy is to pay a prudent and progressive dividend, and as a REIT the Company is required to distribute at least 90 per cent. of tax-exempt income profits as a property income distribution (a "PID").

[sleepy] 15/2/2014 17:52

Alan - thank you.

Will be interesting to see if the share price holds Friday's level.

Very poor that, small shareholders have no indications of the level of future dividends. Did placees commit £80 million without any information on that?

[alanji] 15/2/2014 14:24

The issue at 189p was effectively underwritten. The McKay family agreed not to take up their entitlement of 14.1m, which were firmly placed. Only 6.4m out of the 31.6m available were taken up. The price reacted bizarrely IMO by jumping 11p to 204.75. Those who did not take up the offer must be kicking themselves – I sold my holding at 193 to 197 at the end of December. Well done to those who continued to hold and especially if you took up the share offer.

[sleepy] 15/2/2014 12:06

Thanks guys. Yes confusing but looks like it was over subscribed in the end?

[topvest] 15/2/2014 12:03

Yes, seems to have gone down well. I didn't take any shares in the open offer as I had added at a lower price. I think the fundraising made sense though and gives them much more firepower to generate better returns.

[stevie blunder] 15/2/2014 10:38

I think they got all they wanted:

Open Offer, 6,404,245

Placing 25,343,688

Firm Placing 14,131,241

Total 45,879,174

Is is very confusing, since it comprised 3 part with clawback, but it went well in the end as far as I can see.

Market likes it anyway :-))

[linhur] 15/2/2014 10:35

The shares on offer had been taken up by institutional investors with a clawback for ordinary shareholders taking up the offer. I think the founding families did not take up the offer - probably to diversify their interest.

[sleepy] 15/2/2014 10:14

What has been going on here? How are they placed now that they haven't got as much cash as they were looking for?

Did they do an investor presentation for the share issue? If so why isn't it on the investors presentation section of their website?

[lord gnome] 06/2/2014 19:26

I've bailed out for the time being. Nothing wrong with MCKS but I have other fish to fry. Good luck all.