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Real-Time news about Teesland (London Stock Exchange): 0 recent articles
|njl53: Share price starting to recover after markdown. I am reminded of WS Atkins which rejected an offer round 110p I think a couple of years ago and is now six times that figure. Teesland has a very profitable formula somewhat similar to that of Macquarie the co trying to buy LSE.|
|tole: Plenty of buying of late and share price looks to be recovering back into the 90's.....announcement to come soon??|
|tole: Teesland receives takeover approach
Palmer is one party in talks with fund manager
By Molly Dover
Property fund manager Teesland has received a takeover approach.
The company, which itself acquired John Sims' Property Fund Management business a year ago, confirmed to the stock exchange on Monday that it had received an approach, and said that discussions were at a preliminary stage.
Ray Palmer's Palmer Capital Partners is one party that has made an approach. It is understood to have been in discussions with Teesland in the past, and is believed to be in ongoing talks.
Teesland has received more than one approach, and Monday's announcement is expected to spark widespread interest in the company, which has £2.4bn of assets under management and a network of European offices.
Rival property fund manager Capital & Regional is not thought to be considering an approach for the company, and neither is Arlington Securities, which acquired fund management business Aberdeen Property Investors in May last year.
Arlington chief executive Patrick Deigman told Property Week: 'Arlington did have an interest in Teesland and, although we have not pursued discussions on this occasion, it is good to see that property fund management businesses are proving so popular.'
Warner Estate Holdings, which bought industrial investor and fund manager Ashtenne for £168m in April, had not approached Teesland before Monday's announcement.
It may now be prompted to do so.
Market experts have been surprised by Teesland's announcement. The company had been considered acquisitive rather than a candidate for takeover.
Teesland, headed by chief executive Mickola Wilson, will be attractive to existing fund managers looking to increase their assets under management, as well as to anyone looking for a presence in Europe.
It has offices in Paris, Amsterdam, Copenhagen, Berlin, Spain and Warsaw as a result of its acquisition of specialist industrial fund manager IOG Group.
Teesland's share price jumped 12.5% to close at 90p after the announcement on Monday and continued to rise to 97.5p the following day.
Teesland's market capitalisation is around £116m, but industry experts suggested that any bid for the company is likely to be in the region of £150m. This equates to around 125p a share.
Teesland's largest shareholder is chairman Kevin McCabe, who through his own stake and that of his company, Scarborough Group, controls 13.7% of the company.
A further 3.91% is owned by the other company directors including chief executive Mickola Wilson and finance director, Stephen McBride. Bank of Scotland owns 8.62% and fund manager Artemis holds 6.93%.
Other significant shareholders include global investment manager AMVESCAP, which has a 3.58% stake, and Fleming Mercantile Investment Trust, which owns 3.12%.|
|tole: Teesland buys £100m industrial portfolio
Fund manager thought to be no longer in takeover talks
By Molly Dover, Daniel Thomas
Property fund manager Teesland has bought a £100m industrial portfolio as speculation grows that talks to take over the company have ended.
Teesland has bought the Viking portfolio from Hemingway Properties. They comprise 1.6m sq ft (148,643 sq m), reflecting a net initial yield of about 7%.
The combined annual income is £7.2m and the average unexpired lease term is around 11 years.
Teesland has not yet decided what to do with the portfolio. It may put the properties into a single fund, split them between several of its existing funds or sell on part of the portfolio.
The 14 properties include the Wellsheads industrial estate in Aberdeen, which comprises 37 units and is let to tenants including John Wood Group, City Electrical Factors and Petrolvalves; two units let to Hozelock in Aylesbury; Unicorn Business Park in Bristol, which comprises nine multilet units; Gower Furniture's headquarters on the Holmfield industrial estate in Halifax; the Polestar complex, comprising two units in Worcester; and industrial units in Ipswich, Basildon, Portsmouth, Southam, Telford, Wrexham and Ellesmere Port.
Tenants of the properties include CGU International Insurance, Vauxhall Motors, Autobar Group and Johnson Apparelmaster.
Strutt & Parker advised Hemingway; John Miles & Co represented Teesland's operational arm Teesland IOG.
Teesland chief executive Mickola Wilson was unavailable for comment.
The company increased its industrial expertise last October when it acquired John Sims' Property Fund Management and its IOG brand.
Teesland, which held its annual general meeting yesterday, has been the subject of takeover talks. It made a stock exchange announcement in September saying it had received an approach.
Its share price hit a 52-week high of 100.5p in the week of the announcement, but has since settled back to 83.5p amid speculation that talks are no longer ongoing.
As Property Week went to press, it was understood that the original takeover discussions as well as other approaches, including one from Palmer Capital Partners, had not reached an advanced stage and it was unlikely that any formal offers would be made.|
|njl53: I think if the approach was from the management, the company would probably have had to say that in the RNS and set up a committee of independent directors to deal with the negotiations. Share price today suggests the market is looking for an offer of over 100p.|
Teesland share price data is direct from the London Stock Exchange