||EPS - Basic
||Market Cap (m)
|Real Estate Investment & Services
Real-Time news about Wichford (London Stock Exchange): 0 recent articles
|masurenguy: Yes it does, although trading volumes are miniscule. We need to see some positive corporate action as a result of their 'strategic review' to really kick start the share price here !|
|masurenguy: Looks like some M&A activity is now developing here !
Also interesting to note that the share price has risen by 18% over the past 2 weeks on no newsflow !
RNS Number : 1445W
15 November 2010
Strategic review of options
As recently announced, the Company has made good progress in the past year on the immediate objectives set out at the time of last year's Rights Issue. Most recently, Wichford has secured maturity extensions in relation to all three of its UK debt facilities. In addition, the Company has extended its VBG1 facility and has secured covenant waivers in relation to both the VBG1 and VBG2 facilities. Having secured its immediate funding position, the Board has commenced a process to review Wichford's strategic options including addressing the longer term financing position of the Company, in particular the October 2012 maturities of the Delta and Gamma facilities.
The Board has appointed Rothschild to assist in this review of options, which include assessing interest expressed by Redefine International plc ("RI") in relation to a potential combination of RI and Wichford.
Conversations with RI are at an early stage and there can be no certainty that any transaction between Wichford and RI will be forthcoming or that the required regulatory approvals for a transaction would be obtained (including but not limited to agreement of the UKLA in relation to listing eligibility). RI, a hybrid property investment company quoted on AIM with a market capitalisation of approximately £230 million, currently owns a 21.7% shareholding in Wichford. RI's ultimate parent company, Redefine Properties Limited, which is listed on the Johannesburg Stock Exchange in South Africa, indirectly owns a shareholding in Wichford Property Management Limited, Wichford's property manager. Further information about RI, including public announcements and financial results, is available on RI's website at www.redefineinternational.je.
In accordance with Rule 2.10 of the Code, Wichford confirms that it has in issue and admitted to trading on the London Stock Exchange 1,062,095,584 ordinary shares of 1 pence each under International Securities Identification Number GB00B01V9H13. Wichford will make a further announcement in due course, as appropriate.
RNS Number : 1609W
Redefine International PLC
15 November 2010
Announcement by Wichford P.L.C.
The Company notes the announcement released by Wichford P.L.C. ("Wichford") this morning relating to a strategic review of Wichford's options and confirms that the announcement has been made with the agreement of the Company. The Company therefore confirms that it is in conversation with Wichford's board of directors and its advisers Rothschild regarding a potential combination of RI and Wichford, that these conversations are at an early stage and that there can be no certainty that any transaction between RI and Wichford will be forthcoming nor that the required regulatory approvals for any transaction would be obtained (including, but not limited to, agreement of the UKLA in relation to any relevant listing eligibility).
The Company currently holds 230,772,000 ordinary shares of 1 pence each of Wichford representing 21.7% of Wichford's share capital. In accordance with Rule 2.10 of the Code, RI confirms that it has in issue and admitted to trading on the AIM market of the London Stock Exchange 410,775,743 ordinary shares of 1 pence each under International Securities Identification Number BBG000PMB796. RI will make a further announcement in due course, as appropriate.|
|masurenguy: Almost 90m or 8.5% of the shares traded in the last 48 hours with no newsflow in 7 weeks. The share price is also up 10% over the week so something seems to be going on behind the scenes !|
|masurenguy: A decent rise in the share price perhaps !|
|lord gnome: Good RNS this morning. Management seems to be sorting out the concerns and making progress. Apart from the share price I have no worries with this one. As long as the dividends keep coming I will be happy.|
|masurenguy: RNS Number : 9990L - 17 May 2010: Negotiations have continued to progress well on VBG1 with heads of terms now agreed with the facility servicer. Implementation of the agreement is subject to a consultation period with the controlling class of noteholders of the CMBS vehicle. We anticipate that the restructuring terms will be implemented in a relatively short space of time on terms beneficial to both the Borrowers and the Lender.
VGB1 facility expired over 2 weeks ago (May 18) and still no news from the company. The BoD should at least issue a holding announcement stating when they expect all negotiations to be concluded. In the meantime the share price suffers as a consequence of market uncertainty !|
|gac141: The Board of Assura notes the recent increase in its share price and confirms
that it is in preliminary discussions which may or may not lead to an offer
being made for the Company. Discussions are at a very early stage and there can
be no certainty that an offer will be forthcoming.|
|utsushi: Clearly the premium to NAV and the modest prospective EPS growth is holding the share price back, along with sector worries, a very slow recovery in commercial property prices, continued debt overhang, and the prospect of higher interest rates in 2010.
The company is making good progress with it's balance sheet, is on the right track, and it's time will come, but perhaps not right now.|
|sandlab: Wichford building on recovery hopes
Created: 15 October 2009 Written by: Claer Barrett
Rights issue underpins finances
Property markets perking up
Highly geared to reviving property market
Share price far above net asset value
Threat of government cutbacks
Shares in property company Wichford have suffered an almighty de-rating since their 2007 peak of 64p, but the factors that pummelled them down could help build them back up now that the property market seems to be turning.
And by far the biggest plus? A stable occupancy rate of 99 per cent across its portfolio, because most of it is leased to government tenants in the UK and Europe. Furthermore, 80 per cent of the portfolio has about 10 years until lease expiry, and governments are hardly likely to default. "Rental risk is ultra low and, in the current environment, this marks Wichford out," says analyst Mike Foster at stockbroker Fairfax, who has just issued a buy note on the company.
Financial risk is also much reduced. Wichford has raised £52m in a heavily discounted but fully underwritten seven-for-one rights issue at 6p per new share. The proceeds will largely be used to repair and strengthen covenant breaches, and the debt maturity of its loans are set to be favourably extended as a result. However, £30m has been earmarked to purchase new properties on long leases. In addition, existing cash balances of £35m and an expected £20m from property disposals will be put towards further acquisitions as the market bottoms.
ORD PRICE: 11p MARKET VALUE: £117m
TOUCH: 10.5-11p 12M HIGH 19p LOW: 4.5p
DIVIDEND YIELD: 5.5% TRADING STOCK: nil
PREMIUM TO NAV: 162%
INVEST PROPERTIES: £541m NET DEBT: See text
Year to 30 Sep Net asset value (p) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)
2006 87 53.0 21.7 3.8
2007 84 -9.6 -3.4 4.1
2008 36 -130.0 -39.3 2.9
2009* 3 -44.4 -13.6 1.5
2010* 4 15.5 2.5 0.6
% change +24 - - -60
Matched bargain trading
The portfolio's European exposure is also attractive (a quarter of rents are received in Euros), and nearly two-thirds of Wichford's leases are index-linked and are thus protected against any jump in inflation.
The key risk is cutbacks in public-sector spending leading to options to break leases being exercised. That said, Wichford's portfolio isn't exactly at the expensive end - the average rent is just £12 per sq ft. Investors should also consider the risk that Wichford overpays for new investments because there is already lively competition for long-rented properties.
SHARE TIP SUMMARY:
BuyHigh occupancy rates and low risk of tenants defaulting explains the big premium to net assets at which Wichford's shares trade. Even so, Wichford is hugely geared to a reviving property market. Broker Fairfax estimates that just a 0.5 percentage point improvement in property yields would add 3.5p to Wichford's net assets, almost double their current level. The broker's forecast (see table) does not reflect an anticipated revaluation gain of £6m in 2009-10 as property values recover. The 0.6p dividend, which is promised by Wichford's bosses, helps to sweeten the risks, too. Buy.|
"With today's gains the shorts will likely be gone!"
According to the prospectus:-
"Dealings in New Shares, fully paid, commence on the London
Stock Exchange 8.00 a.m. on 25 September 2009"
Doesn't this mean the rights issued shares are only available for trading from this time and date onwards? If so, it follows that it is unlikely that the shorters have gone, as their whole rationale may be to wait for shareholders to sell off at this point in time to crystallise profits. The shorters then step in to close positions on the reduced share price?
In any case I would expect a far bigger volume and share price reaction if the shorters had closed.
Just my thoughts, anyone have any views/comments?|
Wichford share price data is direct from the London Stock Exchange