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QED Quadrise Plc

1.49
0.0375 (2.58%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Quadrise Plc LSE:QED London Ordinary Share GB00B11DDB67 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.0375 2.58% 1.49 1.435 1.545 1.52 1.435 1.50 7,414,909 16:35:03
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 -3.09M -0.0021 -7.14 22.42M
Quadrise Plc is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker QED. The last closing price for Quadrise was 1.45p. Over the last year, Quadrise shares have traded in a share price range of 0.66p to 3.30p.

Quadrise currently has 1,494,904,968 shares in issue. The market capitalisation of Quadrise is £22.42 million. Quadrise has a price to earnings ratio (PE ratio) of -7.14.

Quadrise Share Discussion Threads

Showing 7276 to 7299 of 11150 messages
Chat Pages: Latest  302  301  300  299  298  297  296  295  294  293  292  291  Older
DateSubjectAuthorDiscuss
19/8/2015
22:23
Has anyone got Bloomberg and can they flash up shareholding list?
r ball
19/8/2015
22:22
Makes sense.
r ball
19/8/2015
20:51
The other interesting fact is that if say 20% of new buyers are taking shares and expecting above £1.31 to ensure a healthy profit then they are going to vote against the offer and also we know that there are many PIs who are voting against so that along with a few long term holders who may be equally disappointed should allow the deal to be at least blocked for now forcing a higher price to be offered to get the yes vote they need or walk away !!
davidosh
19/8/2015
16:37
Quite.

No reason to accept.

r ball
19/8/2015
14:01
Interesting.

Both Highbridge Capital Management and Sand Grove Capital management have TODAY further increased their LONG CFD positions in Quintain at prices in excess of the 131p Bailey Offer price.


Here are some of the CFD ( and some equity) LONG POSITIONS which have either been taken out or recently increased at prices in excess of 131p since the Offer from Bailey/Bidco appeared:-


-Sand Grove Capital Management now LONG 9.965m or 1.89%

-Highbridge Capital Management now LONG 11.92m or 2.26%

-Fortress Investment Group LLC now LONG 14.425m 0r 2.74%

-New Peak Capital Partners LLC now LONG 6m or 1.14%

-TT International now LONG 9.65m or 1.84%


I guess you would only take out or increase LONG CFD or equity positions at a price above 131p if you thought there was a reasonable expectation that the initial 131p BidCo offering price will be exceeded one way or another.


Personally, I think this horse still has a long way to run before the finishing post.

When you look at the ZOOPLA price increases in Wembley over the last six months, it will certainly make investors consider the wisdom or otherwise of countenancing a low-ball offer based on March valuations.

It remains in my view wholly unacceptable and inappropriate that newly updated valuations have not been provided by Quintain.


ALL IMO> DYOR.
QP

quepassa
18/8/2015
19:20
any thoughts mcks or urban and civil as alternatives to QED post take out?
r ball
18/8/2015
17:20
ps: don't accept. after all only the institutions have a meaningful holding/say on events.
r ball
18/8/2015
17:19
deadline a way off. patience.
r ball
18/8/2015
11:45
looking thro the notices it looks like fortress have added a further 1000000
in the last 4 days so hope is not dead of a increase offer.

aberdare
18/8/2015
11:42
sand grove have added nearly 800000 in the last 4 days so they are looking for a further rise or am I misreading the notices.

rgds

aberdare
18/8/2015
09:59
Watching this drift back towards the offer price I'm fearing the "worst" and turning my attention to researching potential homes for my money should the bid go ahead. Anyone spotted any other similar commercial/residential property plays? My ideal would be similar MCAP (so itself a potential takeover target), manageable leverage, London or SE focussed with a discount to NAV ;). That formula has served me very well over the last couple of years as I originally held Minerva (MNR.L) and when they were taken over I switched to QED. If I can get a hat-trick that will probably be the mortgage paid off :)
cszjrh2
17/8/2015
11:39
no hurry. might as well take the maximum time to decide.

£1.45 anyone??

r ball
17/8/2015
08:59
what i dont understand if this is such a steal why has no one else tabled a better offer ?
dov
17/8/2015
08:41
A search on HIGHLY-REGARDED Zoopla this morning shows that the value for flats in WEMBLEY has increased by:-

a figure of 3.28% over three months AND an ASTONISHING 6.92% over 6 months.

How the valuers can say that ther has been no material difference in values since March beggars belief in my opinion.


In view of the above, selling Quintain at 7% over March NAV is an absolute disgrace in my view.


Shareholders need to DEMAND NEW CURRENT VALUATIONS in my view.

If ZOOPLA is publicly showing an uplift in value of Wembley flats by almost 7% in just six months, this seems very much at odds with surveyors saying there is no material difference in values since March.

ALL IMO. DYOR.
QP

quepassa
14/8/2015
12:27
My view is the CEO has to go!!
911man
14/8/2015
12:19
True.

Excellent example about St. Modwen.


But it certainly doesn't take long to tell your brokers to decline any ridiculously low offer. As I know from personal experience.


In my guess more and more investors are coming round to the realisation that this may be a really low offer for Quintain.

Without reference to Quintain, I wonder to myself how CEO remuneration for a London-centric property company which is publicly listed and publicly scrutinised may or may not compare to CEO remuneration/incentivisation for a similar property company which is privately owned by a USA private equity fund.


On a different note, the management/ performance/ Return fees and percentages which the managers/advisors may or may not be taking on Lone Star Ref IV are very interesting in my opinion.


I also wonder to myself whether the management of Quintain are doing their reputations much good within the property market by recommending a sale of the Company they manage at a price barely above NAV in such a strong market.

Does seem very strange to me -and perhaps to many others- that any London-centric property company with such a strong portfolio thinks it is worth barely above NAV.

Just can't work that one out.


ALL IMO. DYOR.
QP

quepassa
14/8/2015
11:30
Enlightening to compare St Modwen's with Quintain, similar urban regeneration focus, SMP have the New Covent Garden development to go at in Nine Elms.

All except that their Market Cap is 144% of NAV, and we are being taken out at estimated NAV.

Shocking that the default setting for the brokers is to accept unless account holders advised otherwise.

K.

kramch
14/8/2015
07:45
Interesting article in Fat Prophets dated 12th Aug.

The full article written by Andrew Latto, Senior Analyst is worth reading in my view.

A few salient points from his article:-

- Certain funds have built notifiable long positions in Quintain since 30th July.
York Capital with a 3.4% position and Merrill Lynch with a 5.8% position are mentioned.

- That the bid for Quintain " doesn't appear overly generous" and "...because it doesn't appear to include the long-term development potential at Wembley Park"



The concluding paragraph by Andrew Latto headed Summary and valuation is fascinating.

The paragraph speaks about the possibility that the NAV of Quintain could anyway come in at around 131p by March 2016 - which is a mere seven months away.

That the growing rental stream should be able to support the reintroduction of a dividend in the medium-term.

Andrew Latto comments that it is unsurprising that Quintain attracted a bid but

"It is more surprising that Quintain’s directors have recommend the 131p cash current offer. "


Mr. Latto also comments:-

" This will certainly be an interesting bid battle to watch with the deadline for acceptances 9th September. In our view, it looks more likely than not that investors will hold out for an improved offer. "

and concludes that;

" A London apartment builder with growing rental income offers exposure that is worth fighting for. "


Hear, hear. Bravo. Well said. well written.


In my opinion, the low-ball offer from Lone Star significantly undervalues Quintain and does not reward shareholders for the potential build-out value of the Company.

ALL IMO> DYOR.
QP

quepassa
14/8/2015
06:37
"VORACIOUS DEMAND".

This is what highly-regarded John Burns, CEO of Derwent London, said yesterday when Derwent released their six month figures to June:-



“We remain confident in our markets. We have raised our average portfolio ERV growth estimates for the full year to 8-10%, and expect property yields to remain firm in the second half supported by voracious demand."

These are some of the VALUATION UPLIFTS given by Derwent yesterday:

Strong property performance in six months to June 2015

- Underlying valuation uplift of 9.1%, compared to 9.8% in H1 and 9.8% in H2 2014
- Underlying valuation uplift on our six major projects was 14.2% 

- Total property return of 10.3%, compared to 10.1% for IPD Central London Offices Index 

-True equivalent yield tightened by 17 basis points to 4.56% 

- Estimated rental values increased 5.2%, which compares to 4.2% in H1 and 4.8% in H2 2014

- Overall lettings in H1 4.3% above December 2014 ERV; open market lettings 9.3% above




When you see such strong figures, positive outlook and ASTONISHING UPLIFT IN VALUATIONS from another London-centric property company, it beggars belief in my view that Quintain would not have equally recorded good uplift in valuations since March, especially since any political uncertainty was removed with the resounding outcome of the May General Election.

If Derwent London recorded a 9.1% uplift in property values in the first six months of this year, no one will convince that the value of Quintain's property portfolio hasn't gone up by a good amount so far this year since March.

It is wholly unacceptable and an affront to loyal shareholders in my opinion that Quintain have not provided Updated Property Valuations.

This is disgraceful in my opinion and reflects poorly on Quintain management who stand to gain handsomely from the potential early crystallisation of executive share options.

The current Offer of 131p from Lone Star/Bidco significantly undervalues in my opinion the true worth of Quintain and its future potential.

In my view, it is outrageous that Quintain have not provided new property valuations when there would appear to be clear evidence that property values in London and elsewhere have moved forward significantly this year.

In my opinion, shareholders need collectively to demand current Property valuations.

The offer at 131p , in my opinion, significantly undervalues Quintain.

ALL IMO> DYOR.
QP

quepassa
13/8/2015
20:15
I want more than 131p and London property is highly desirable. It can't be rocket science for other players to figure out if its worth putting in a higher offer and you can bet others are looking at it right now. If no other bids come in then 131p is clearly a decent price. Simple as that. Let market forces play out.
winsome147
13/8/2015
17:41
This deal is unfortunately going to go through boys.... none of the big institutions saying anything about it..
shaf200
13/8/2015
15:06
I really think that a few of you need to make contact with a few of the main institutional holders and let them know how all the private investors feel. We also need to be aware that the directors with minimal shareholdings who have never spent their big bonuses buying shares get huge option payouts by passing GO in a takeover situation !
Then after the millions paid out no doubt get nice jobs going forward so what incentive is there to get a higher price or play this out as a development company for shareholders over five years more ?

davidosh
13/8/2015
09:56
In my guess I don't think that Quintain asked any of their surveyors for new property valuations.

My guess is that Quintain asked each of

Savills
Cushmans
CBRE
JLL
Lambert Smith
Christie

whose reply letters can be found at the end of the Offer document, to give their opinion if there was any "MATERIAL DIFFERENCE" since their March valuations.

The written replies from each of the valuers are astonishingly similar - almost word perfect one against the other. It's almost as if they were given a script to reply by in my opinion.

They all replied that there was no material difference.

What remains totally unclear is precisely what is the definition of MATERIAL DIFFERENCE.

Does anyone know the RICS or RICS RED BOOK definition of MATERIAL or MATERIAL DIFFERENCE in relation to property valuations please?

No-one will convince me that London property prices have not moved up since March. Especially the Quintain estate in Wembley where London Residential has clearly gone up in value over the last five months.

There needs in my view either to be NEW VALUATIONS or written confirmation that the March values are the same.

No surveyor has said the current values are the same as the March values.

If the NAV may potentially have gone up by 2% 0r 3% since March, that should not be handed to Lone Star or anyone else on a plate in my opinion.

The TAKEOVER CODE does not give a definition of MATERIALITY for Clause 29.4 for valuations.

In my opinion, shareholders need collectively to DEMAND NEW VALUATIONS.

If, for example the NAV may have increased by 2 or 3% since March, it would effectively mean that Lone Star are paying a mere 4 or 5% over NAV.

That would be far too low in my view.

Quintain should make available a copy of their 30th. July instruction letter to the various surveyors requesting confirmation about valuations.

Quintain should be required by shareholders in my view to provide UP-TO-DATE NEW VALUATIONS with HARD FIGURES from the VALUERS - not just a statement if there has been a material change without each of the SURVEYORS confirming what precise figure they use if something is material or not.

In my opinion only, the Offer from Lone Star/Bidco remains far too low, does not provide an adequate reward to shareholders for the inherent upside to Quintain and significantly undervalues the Company.

In my view this is a very important and prudent step to take to require NEW VALUATIONS to be made available. Especially as the current management would it seems be retained by Bidco under new employment/remuneration/incentivisation contracts as per Clause 7, Page 16 of the Offer document.

As we know Lone Star Ref IV has mentioned a 25% IRR in presentations earlier this year to Investors. It would appear that such value is inherent in Quintain and such value should not be given up lightly in my opinion by shareholders against a very strong London market .

ALL IMO> DYOR.
QP

quepassa
13/8/2015
09:36
Submitted 50K "thanks but no thanks' "Hopefully the institutions will be doing the same... If the Board want extra funding to accelerate development of Wembley they should be finding us a partner not selling out, IMO.
cszjrh2
Chat Pages: Latest  302  301  300  299  298  297  296  295  294  293  292  291  Older

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