Share Name Share Symbol Market Type Share ISIN Share Description
Quintain Est. LSE:QED London Ordinary Share GB0007184442 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 141.25p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 57.7 40.7 7.2 19.6 746.45

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DateSubject
27/9/2016
09:20
Quintain Estates Daily Update: Quintain Est. is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker QED. The last closing price for Quintain Estates was 141.25p.
Quintain Est. has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 528,459,561 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Quintain Est. is £746,449,129.91.
10/9/2015
06:09
quepassa: Bad failure. BidCo are nowhere near to being in a position to go unconditional with just 53.6% of acceptances. This is not a good outcome for them in my view, nor for their low-ball bid. Around half of all shareholders have stood their ground and said NO to the low-ball opportunistic bid sending both Quintain management and Lone Star a strong message that the 131p Offer is just not acceptable. Shareholders want to share in the long-promised build-out potential of the Company and not see it sold off prematurely at a low price in my view. In my opinion only, yesterday's result is tantamount to a vote of no confidence by around half of all shareholders in management of Quintain and in management's recommendation in my opinion. A complete split vote is a sure sign that the price is and remains unattractive in my opinion. My fear had been that the recent falling equity markets may have come to the rescue of the low-ball bid, where unnerved investors may have taken the opportunity to cash in. - However despite this, half of all investors have still resolutely held their ground and have said NO. With the market strengthening again and with such astonishingly positive sector news from the likes of Derwent, Berkeley and Redrow to name a few, I cannot see , in my view only, why any investor who already said NO, would in any way now be minded to say YES to an unrevised extended offer against what is now a strengthening equity market and a London property market undeniably getting even stronger. BidCo did not get the necessary 75% to go unconditional in six weeks, therefore it seems to me very unlikely that a further two weeks will make any material difference. A circa50/50 outcome is a total split vote and, in my opinion, the Offer does not deserve to succeed at this price of 131p. This is a major emabarassment for the top management of Quintain in my view who recommended the Offer and indeed for their advisors. The management and advisors jointly appear, in my opinion only, to have misread investor appetite and shareholder sentiment so badly. I personally ask myself if management are in touch with how shareholders feel about the strategy, management and running of Quintain. My personal recommendations to management would be to go back to the negotiating table to secure a significantly better price for investors. My personal view is that the 131p tabled so far is destined to failure. In my opinion only, fair value would be a 15-25% premium over NAV. Not just 7% over NAV. -It appears to me that such value is on the horizon anyway over the next year or two, even if the current bid falls away and there is a temporary retrenchment in share price. In the meantime and in order to boost confidence, in my view management should and need to provide promptly both a Trading Update and Revised Property Valuations. If the recommended Bid subsequently fails as, in my opinion only, would now seem a distinct possibility unless it is increased, senior management should, in my view only, consider their positions at Quintain in view of the fact that their recommendations on this Offer have initially garnered such divided support. The First Closing result clearly indicates in my opinion that they have lost the support of almost half of their shareholders on their recommendation. ALL IMO. DYOR. QP
21/8/2015
13:39
quepassa: sf5, I concur with maiken that this is a less likely scenario, although it would ultimately be a great prognosis for the share price if the Bidco offer were rejected with no counter offer in my view. A vote of no confidence by shareholders in the current management would hopefully follow and the current management would hopefully be ousted for recommending such a low-ball offer. If so, new management would be installed who would be tasked to deliver on creating real shareholder value rather than selling out at a low price to an opportunistic buyer. Recommending selling the Company at March NAV +7% to an American opportunistic/distressed fund/ buyer is an absolutely astonishingly short-sighted and bad idea in my view. - Zoopla have just demonstrated that Wembley flats have gone up by almost that much in the last six months. They effectively are recommending giving the company away for NAV in my view. Of course, in so doing, Lazards ( of which QED's Chairman Rucker is CEO) would likely share handsomely in the £7.2million of advisory fees pencilled into the prospectus. And CEO Max James may or may not negotiate an even more attractive remuneration package with the new American Lords and Masters of Quintain if the deal goes ahead, than he may be getting in a publicly listed and scrutinised company. But shareholders are effectively in my view being shut out of the future upside development potential inherent in Quintain, whilst management on the other hand see the early crystallisation of executive options. How long ago was it that Chairman Rucker said he wanted to return Quintain to a dividend-paying company when he spear-headed the Rescue Rights Issue? Was it four or five years ago perhaps? He gets "nul points" for delivering on that in my opinion. New management should be able to unlock much greater value than the lousy 131p tabled so far if BidCo fall away. It remains wholly unsatisfactory that current management with a mere 0.3% holding recommend this offer in my opinion, having carried out all negotiations behind closed doors. It is even more unsatisfactory and perplexing in my view that management have not even required the most basic of steps to safeguard shareholder interests by obtaining up-to-date property valuations. The London market has moved a lot in the last six months especially since the resounding single-party win by The pro-development Conservatives in the May General Election. Why would anyone propose selling a property company on valuations which are now approaching six months old in such a strong market? If BidCo fails at 131p as I sincerely hope it does and in my opinion deserves to, the price may temporarily back-track. However, if a US buyer has already tabled 131p and they have an IRR target of 25% on their fund, you already know for sure that Quintain is intrinsically worth significantly more than 131p. The demand for London housing grows stronger by the day. In my opinion, this deal stinks at 131p. A reinstatement of a dividend by a new management team would immediately see the share rise to around NAV. Quintain could then be built out and developed over time which would produce a much greater return for shareholders than the diminutive 131p which has been tabled. Additionally, if the company is in play - someone else will come knocking sooner or later at a far better price than Lone Star in my opinion. It is a truly dreadful offer in my opinion at 131p. ALL IMO. DYOR. QP
01/8/2015
00:45
quepassa: I was talking to an acquaintance yesterday who is the proprietor of a small City-based financial boutique about the Quintain offer. He spoke very highly of Lone Star and their excellent reputation as a top and aggressive buyer of distressed assets with a great eye for spotting value. He said (in a positive/laudatory way )that in the sharks' pool of distressed buyers, they were king shark. Lone Star know they have a good deal here with their Quintain offer. Hopefully, shareholders will collectively come together to oppose the very low offer which has so far been tabled. It remains unsatisfactory in my opinion that Quintain never informed the market that they were in talks with a counterparty which may or may not have lead to a bid. As I have said before and will say again, all The Board need to do is declare immediately by way of EGM the immediate implementation of a progressive 5% dividend policy and shareholders will crystallise the same value as the Lone Star offer without the Company being sold at that low price. With the announcement of a dividend, the share price would rise to NAV, the big discount would be obliterated and the 5% dividend would near as dammit immediately equate to the 131p being offered by Lone Star. Without the Company being sold at all. That is the best way to crystallise 131p of shareholder value not through a low-ball bid. That is why an offer of 131p doesn't come close, in my opinion, to offering anything like fair or reasonable value for Quintain. ALL IMO. DYOR. QP
31/7/2015
14:49
quepassa: That's why shareholders need to see the offer for what it is and make their voices heard that the offer is opportunistic and undervalues Quintain. The offer is nothing other than a play on the Discount-to-NAV of the share price because there is no dividend. The deal needs to be priced on an reasonable PREMIUM to NAV not a cosmetically attractive PREMIUM to recent share price. In my view, you are getting nothing than you would get anyway when Quintain start paying a dividend. If Quintain declare a 5% dividend policy today, shareholders effectively have the same value as the Offer, without the Company being sold. ALL IMO. DYOR. QP
31/7/2015
11:26
quepassa: Lone Star have a strong track-record and good/aggressive reputation in hunting out distressed assets or assets which have suffered price dislocation. When I read carefully the Investment Approach on the Lone Star public web-site which is to seek investments where they can capitalise on dislocation in asset pricing and value opportunities, it makes me wonder whether another type of "trade" buyer wouldn't be a more suitable counterparty for Quintain which is not in a distressed situation. Far from it. This is a link to Lone Star's investment approach:- http://www.lonestarfunds.com/about-us/our-business/ Does Quintain as a fully rehabilitated propco with particularly low gearing naturally fall into these investment parameters? I don't think so. So just what is the attraction to distressed buyer Lone Star? -I'll tell you. They know a bargain when they see one. In my opinion, there is great value in Quintain but the share price has been held back by the on-going lack of dividend. That is why there is such a difference/disparity in my view between the share price premium of 22% and the NAV premium of 7%. One could expect the bid premium to NAV and the bid premium to share price to be roughly the same in a property company takeover situation. Here it is far apart. That is a great value in the Company to a potential buyer. For a normal propco paying a dividend, the market cap and share price will fluctuate around NAV in a positive market such as now. There would be no large discount to NAV. From Lone Star's point of view, the historic lack of dividend is highly beneficial- and they are seeking to purchase the Company at a mere 7% premium to NAV because of the very fact that Quintain trades at a such large discount as it pays no dividend. Lone Star are capitalising in my view not just on Quintain but on the big 15%discount to NAV of the recent share price. Quintain, according to the words of their recently departed FD at the 2014 AGM when questioned on the topic of timing for resumption of dividend, said perhaps in three years or so. It seems to me that Quintain would soon in my view be able to throw off a dividend of some 5%pa or so within the next couple of years. Lone Star will in effect be able to earn back the 7% premium on any purchase of Quintain in dividends rapidly. This is a highly unsatisfactory deal for shareholders in my opinion. A 7% premium to NAV is selling the Company far too cheaply in my view. The question which every shareholder must ask himself is what is a reasonable premium on any offer over NAV of The Company - and not premium over the recent share price which was held back by lack of dividend which was however expected to be resumed in the not too distant future. ALL IMO> DYOR. QP
29/7/2015
12:15
quepassa: Market showing 133p BID versus the OFFER price of 131p. Looks like the market expects a higher price in due course. The price reflects no worthwhile premium in my view for the enormous build-out upside potential of Quintain's Wembley land-bank, nor for their other interests such as Curzon Street Birmingham nor for the Surrey Salfords site. It seems to me that the Institutional shareholders won't need much encouragement to send Quintain management packing with a flee in their ear for such a low-ball offer. If management had paid a dividend like most of their peer-group, Quintain would not have been trading at anything like the recent Discount to NAV. Fair value in my opinion for Quintain is a premium of 20-25% OVER THE NET ASSET VALUE of the Company. Not a premium based on yesterday's share price which has been held back by management's inability to pay a dividend. I will be rejecting the offer and trust that other private and Institutional shareholders will consider doing the same on the basis that the offer SIGNIFICANTLY UNDERVALUES the upside potential of Quintain and represents a derisory premium of just 7% or so to the March EPRA NAV. Fair value in my view for Quintain is a premium of 20-25%+ over the EPRA NAV to compensate for the enormous future build-out potential of The Company against a strong UK economy hungry for new housing and an increasingly benign/favourable planning backdrop. ALL IMO. DYOR. QP
29/7/2015
08:31
davidosh: That is a shockingly poor price for shareholders who have been in the company for years and had no dividend and patiently awaiting an appreciation above NAV after all those years. In the meantime whilst shareholders had zero income via divis the directors have been paid fortunes for selling off all the assets to pay off the historic debt burden !! No doubt the directors will ensure they get a nice handsome reward for setting this deal up too? Just out of interest after all these years and positive outlook on Wembley with gearing down to low levels why would patient shareholders want to give up now at a price just a few pence over last reported NAV ? This price is way below the predicted returns on development values over the next three years with outlook for Wembley exceptionally bouyant and not even at a price set as the target by the house broker in their last note ? This was just three weeks ago.... Liberum Capital today issue a broker note and REITERATE their BUY reco. on QED with a maintained PRICE TARGET of 135p. In my view any offer should have been around £1.50 to give shareholders fair reward for patience and to be anywhere near the returns of my other property company investments over the last three years. The share price has actually been flat over the last 18 months and no dividend remember. So share price returns are everything here.
18/3/2015
16:20
quepassa: The weakness in share price is perhaps primarily due -in my opinion only- to the ongoing gaping lack of dividend which has likely been a major catalyst for large institutional holders selling stakes down in Quintain. For example, two years ago in March 2013, Standard Life owned 10% or c.52million shares.-They had reduced this to around 7% as at 28/10/14. An even greater influence on the share price weakness over the last twelve months has perhaps been Caledonian Investments who have been selling a lot. Two years ago in March 2013 Caledonian were the largest investor with a 10.6% stake or 55million shares.-By January this year Caledonian were down to a stake of 6% and on 9/3/15, the stake had further been reduced to less than 5%. That's more than 25million shares sold by Calie. That is one hell of a lot of shares for the market to swallow. Why have they been selling? Who knows. But my guess is that they have pretty much given up the will to live of ever receiving any dividend from Quintain within a respectable time-frame. That their two largest shareholders have reduced stakes in Quintain, reflects poorly in my opinion on the management of the Company and their ongoing inability to produce a shareholder dividend. Quintain stand out like a sore thumb in my opinion against the vast majority of their peer-group who have been paying attractive dividends. However, the divested shares have clearly been taken up by the market and hopefully this will give other investors more of a say in the Company, hopefully make the shareholding base less dead-locked and even, perhaps, open it up to a bid given the big discount-to-NAV. The share price now looks totally undervalued in my opinion compared to its NAV of around 118p at a price of around 94p. At a highly attractive discount to NAV of more than 20% in today's burgeoning London market, the share price is more a result of institutional selling in my view than a reflection on the bricks-and-mortar value,improving income stream, low gearing and good prospects for Quintain - albeit that there is still no dividend. ALL IMO. DYOR. QP
31/1/2014
00:33
quepassa: Yes, everyone seems content with the recent leaps in share price. That is good. Me too. But only to a certain extent. If you boil down the recent good surge in share price ,the overall share price performance over three or four years has in fact been very lacklustre. Take the starting point as the 49p when Quintain sold new equity in its Autumn 2009 Rights Issue when Rucker took the helm. This was 4+ years ago. For a significant period the share was totally underwater relative to the RI price. It was only when Max James came on board that things started improving and the share price has moved on and is now double the RI price. Many other property companies continued to pay an attractive yield of 5-6% throughout the financial crisis and still their share prices have doubled,tripled or more over the same time-frame since 2009. If you strip out a theoretical annual yield of 5-6% over the last four years from the current QED share price (such as many of their Comparator group paid), it gives a more accurate benchmark of the overall rather lead-footed share price performance since the 2009 RI. You say the share has had a fantastic performance but that is highly debatable. A sector bell-weather such as Land Securities has gone from 400p to £10.50 over the same period and been paying a great dividend throughout. This makes Quintain's rise from 49p to 99p look pallid at best. And many of the smaller, more fleet-of-foot property companies have done much better. Quintain has enjoyed a good recent run but the overall performance since 2009 is not particularly encouraging as far as share price is concerned. That fact, combined with no dividend, is disconcerting. Scburbs is absolutely spot on in his last post. One of the major factors holding back Quintain's share price is this very lack of dividend. You see, many investors are attracted to property stocks because of the yield. Without a yield, Quintain are shutting themselves off from a whole universe of potential other/new investors who will automatically filter out any property company stock which does not offer dividend income. It's an expected norm for any stock in this sector to pay a dividend. Those which don't are seriously disadvantaged. Of course we want to see capital growth in the share price but that will be vastly aided if Quintain start paying a dividend and thereby open themselves up to a much larger investor base. Do remember that Quintain has always set out its stall as a dividend paying stock. But they have not yet delivered. This will not have gone unnoticed by the market and equity analysts. The stock price only goes up because more people want to buy it. And there is a large universe of investors out there who will de facto not touch Quintain with a barge-pole purely because Quintain pay no dividend. That needs to change. If Quintain start paying a dividend and put in place a credible progressive dividend policy, that will not just firmly underpin the stock but put a rocket under the share price. It will open up the company to copious new investors, many of whom may be deep-pocketed institutional funds who will now be allowed under their strict investment criteria to buy Quintain stock on account of it being a dividend generating share. For many of the institutions who hold Quintain currently, they do so in "Special Situations or Recovery" funds and portfolios. However there is an infinitely larger universe of mainstream, income producing institutional funds who are currently precluded from buying Quintain stock because of the lack of yield. My contention is that a major factor in holding back the share price from motoring forward is this very lack of any dividend. This is an important issue which Quintain now need to address urgently if we want to see the Quintain share price free to rise significantly further. ALL IMO. DYOR. QP
28/2/2012
11:20
quepassa: As part of their financial remuneration/incentivisation package the new team are issued with Loan Notes ( not clear to me if those are issued free or the new tean have to subscribe for them - or indeed how the Loan Notes pay interest ). However, what is important is that the new team can apply the proceeds of The Loan Notes to buy QED shares at FIFTY-FIVE pence per share, a 30% premium to today's share price Having management financially incentivised in this way which is designed to improve shareholder value is very positive. The new team clearly think that a future QED share price of significantly more than 55pence is achievable otherwise the "warrants" ( for want of a better description) attached to the Loan Notes are worthless to them. "Warrants" at 55p when to-days' share price is 42p, are a sign that the new team see value in the share price. This is the relevant extract from the RNS:- "In addition to the cash consideration, the Grafton Team will be issued with Unsecured Loan Notes ("Loan Notes") which will be redeemable to the extent that certain fees, including performance fees arising from WELPUT, are earned over the next five years. These qualifying fees will be shared equally between the Grafton Team and Quintain, with the maximum amount receivable by the Grafton Team being GBP5.0 million. The Loan Notes will carry a 2% coupon from the date of issue and the holders will have the right to apply the proceeds in subscribing for Quintain ordinary shares at a price of 55 pence per share, representing a 30% premium to the volume weighted average price for the five days to 27 February 2012. " I agree with other commentators, that QED have (as yet) done a poor job in explaining/quantifying the immediate financial benefit which this acquisition will bring to the bottom-line of their P&L. But maybe after reading various investor comments, they will be courteous enough to elucidate this matter. Overall however, a positive development and good to see some property wheeler-dealers brought into the fold. ALL IMO. DYOR. QP
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