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Pillar Prop Share Discussion Threads
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|Can anyone help here, I own a few of these shares but can't work out what this really means. On the face of it it looks a bad deal as the value of my share holding even taking into account of the "B" shares seems to have dropped in an instant, anyone have any views ?
THE TERMS OF THE REPAYMENT OF CAPITAL ARE;
EVERY 100 EXISTING SHARES OF GBP0.10 HAVE BEEN CONVERTED INTO 82 NEW ORDINARY
SHARES AND 100 'B' SHARES.
THE B SHARES WILL BE REDEEMED AND CANCELLED AT 100P PER SHARE AND THE COMPANYS
SHARE CAPITAL WILL BE REDUCED TO REFLECT THIS PAYMENT.
THIS AMENDMENT WILL BE REFLECTED IN YOUR HOLDING BY CLOSE OF BUSINESS TODAY AND
PAYMENT WILL BE MADE AROUND 19/08/04.
THE EPIC / TIDM CODE FOR THE CONSOLIDATED LINE OF STOCK SHOULD REMAIN 'PLL'.
WE WILL CONTACT YOU ONCE THIS CHANGE HAS AFF! ECTED YOUR ACCOUNT.
|Good results, back in profit, NAV is now 520p... could be another 30p for late buyers. Maybe nearly high enough now IMO.|
|No wonder the stock has been raising for two days.|
|Approaching resistance levels and May 2001 highs again. A possible short now? Any views anyone.|
Sorry for the delay in responding. I got stopped out at 397 and am thinking of adding back in soon. Divi has just been paid so it may be a good opportunity to short now as not much upside left on fundamentals if you believe the housing market is on some sort of crash alert. Currently trading 402/405.|
are u still short in these as there seems to have been some directors
buying a couple of broker recomendations ?
|Covered 75% of shorts today at 390 and have let others run with stop at 397 to still walk away with over 13 points profit locked in at stop. Market looks to have been blown away with something taking wmpy sub 255 and touching 249, the uptrend support line. Lets see what happens tomorrow.|
|Looking to short this soon. May start with a small March short today.|
|Took some profits today and closed 40% positions.|
|Have added 40pp short at market bid of 404. Took december position.|
|There may be an overhead gap to fill...
Never took a short here, but I will watch it|
|I can see pillar properties is making a nice come back to the highs of April/May. Maybe we can see 440 before too long.|
|Pillar Property PLC
23 July 2002
Proposed Return of Capital
Results of Court Meeting, Extraordinary General Meeting and Annual General
Pillar Property PLC ("Pillar"), announces that at the Court Meeting, convened by
order of the High Court, and the subsequent Extraordinary General Meeting, held
earlier today, the resolutions to approve the proposed return of approximately
£143 million to Pillar shareholders detailed in the circular sent to
shareholders on 26 June 2002 were duly passed. The resolution to approve the
Management Incentive Plan was also duly passed.
The resolutions proposed at the Annual General Meeting also held today were also
The expected timetable for the proposed restructuring is as follows:
Court hearing to sanction the Scheme: 14 August 2002
Last day of dealing in Pillar shares: 5.00pm 15 August 2002
Effective date for the Scheme: 5.30pm 15 August 2002
Delisting of Pillar shares: 8.00am 16 August 2002
New Pillar shares admitted to the Official List, credited to CREST and dealings
commence: 8.00am 16 August 2002
Despatch of cheques and proceeds credited to CREST accounts: by 23 August 2002
Terms and expressions used in this announcement shall have the same meaning as
those used in the circular sent to shareholders dated 26 June 2002.
What implications does this have on the share price ?|
You have to see this potentially dropping like a stone but until the cashback is dated and register closed I think the usual thinking that its £1 for nothing will prop this up??
I reckon fair target price £2.20....Thoughts??
Covered today but will keep watching.....|
|Some cheer being taken by holders following this afternoon's confirmation re the promised return of cash to shareholders, but with no dates yet for the procedures.|
|Now if I were a clever tabloid headline writer I could have said "Pillar Collapses"|
|Down she go. Nice call E.
(Downgraded today by ML)|
|EXAMPLES OF OFFSHORE FUNDS
Schroder property Managers [Jersey]
Retail Park Unit Trust – acquired 400,000 sq ft Fosse Park, Leicester, releasing capital for Pillar Property and SITQ International. Worth £297m.
City of London Unit Trust – vehicle for Pillar’s acquisition of Wates City. Attractive because more than £500m of large City buildings will be unitised. Could be a template for other takeovers.
Hercules Unit Trust – Pillar linked with Equitable Life in retail warehousing worth £285m
Chiswick Park Unit Trust – acquired 33-acre site for £50m to develop 1.46m sq ft of offices. Seven investors including other major groups like Aberdeen Asset Management. Already worth £250m. End value expected as £450m
Residential Property Unit Trust – sector specialist worth £26m
Henderson UK Retail Warehouse Fund – initial £180m of Pearl and NPI assets aiming for £600m-£1bn of top-end property. Unauthorised, Jersey-based collective investment aimed at institutions withj seven-year life [could be extended]
Saville Gordon – offshore fund to package up to £100m worth of high-yielding, multi-let industrial property. Will be administered by Jones Lang LaSalle.
VARIATIONS ON A THEME
Deutsche Property Asset Managers - Jersey-based, Dublin managed funds grown from £45m to £600m in 11 years, showing annual returns of 13%.
Lothbury – Atlantic Fund Management [merger of REStQ and Gartmore] balanced fund based in Dublin. Grown £50m in first year to £300m, attracting 14 new investors
Baring Houston & Saunders – Guernsey-based £120m residential limited partnership to help Dutch funds invest [BH&S is part of ING]. Ten-year life chosen to provide performance benchmark rather than face possibility of ‘fudged figures’ from open-ended structure.
Grosvenor - £40m Guernsey residential fund with Kleinwort Benson. Not seeded with Grosvenor’s own property but it aims to put in 10% of the initial capital.
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