Kennedy Wilson Share Discussion Threads

[spectoacc] 25/8/2017 16:05

Edging up my cash lately too.

[topvest] 25/8/2017 14:57

Well I've now sold out. Forced seller as can't take the US stock. Not impressed. Oh well, not a bad return in 8/9 months I suppose. Still edging up my cash % and now at 17%.

[topvest] 13/6/2017 20:11

And what about the next dividend given the offer is 6m off?

[topvest] 13/6/2017 20:08

Still a rubbish offer for those who can't hold US shares as we are forced sellers. Not happy with how this has developed. Can't see why they listed in London at all - it was just a pointless exercise in my view as they must have realised that the shares would be on a discount eventually. They normally are! Just an exercise in wasting everyone's time. Hope they are embarrassed!

[djderry] 13/6/2017 11:16

I should also note that they're getting it at a knock-down price,I would not be surprised if some other group see the value on offer here,notwithstanding the same DNA that links the two companies.( KW is Big Brother).The increased offer means that any investor,depending on their circumstances,will be getting much less under the old offer if they elect to take it (for tax considerations) and also there is still no real premium on offer here.Yes,the share price has gone up,but only because it had gone down as investors realised the deal could not pass muster in its then current form.

[djderry] 13/6/2017 10:57

Well that's better.

[hpcg] 13/6/2017 10:08

Yes, that's perked things up. I had a good look at KW and its model and portfolio is very similar to KWE. That should not be a surprise, but I was worried about them having retail in the mix. I'll delay a decision on my SIPP shares as the dividend is tax efficient but dispose of my ISA holding.

[mad foetus] 13/6/2017 09:20

I've sold out my personal holdings at 1122. Happy with the overall return though feel it is less than it should have been. Don't really want the US shares.

[spectoacc] 13/6/2017 07:11

Great, been waiting for that - and cunningly they've waited until the post-election £ weakening. If the headline to be believed, 1145p with much higher cash element. Could still be higher but is enough to switch me to accept.

[mad foetus] 13/6/2017 07:06

Good news, new offer, 550p of cash and some KW shares, much better deal

[spectoacc] 25/5/2017 08:58

All gone a bit quiet.

[mad foetus] 12/5/2017 08:42

More seriously, why no 7am holding RNS today? Has something changed?

[mad foetus] 12/5/2017 08:40

Looks like my letter has changed the market view of the proposed deal.

[topvest] 11/5/2017 21:07

thanks - I've sent an email stating that i'm unhappy with the deal and don't think its in the best interests of individual UK holders.

[hpcg] 11/5/2017 20:32

Specto - mental isn't it, fall into divi cut off and rise after its gone?

[spectoacc] 11/5/2017 16:17

12p XD today & +18p, not bad.

[mad foetus] 11/5/2017 06:46

I had a reply, ir said they will refer the letter to the board and investment manager. Which is all they can really say, but I would encourage you all to drop them an email, if only to say that you have seen my letter (cut and paste it as my real name isn't mf) and agree with it

[djderry] 10/5/2017 14:04

Excellent letter.

[kazoom] 10/5/2017 12:18

Great letter MF. Hope it (& others) has the desired effect for you guys.

(No position)

[mad foetus] 10/5/2017 10:13

Here's what I just sent to [e-mail]

Dear Juliana,


I am an investor in Kennedy Wilson Europe, and through a number of structures own around xxxxx shares in KWE for my family.


Like most investors, and no doubt the board of KWE and the investment manager, I have been disappointed at the stubborn discount to NAV at which KWE shares have traded, particularly over the last 12 months. I have appreciated the attempts that the company has made to reduce the discount, such as the buybacks last autumn. However, they have not been successful.

In the meantime, the underlying activity of the company has been, from all the published news, very successful. Property has been refurbished, new leases have been entered into on much improved terms and the company's exposure to the Eurozone looks to have been a very well timed investment. Along with, I believe, the majority of investors, my feeling has been that at some point the value of KWE will become apparent to the wider market and in the meantime I am happy to continue collecting a very healthy and sustainable dividend.


The proposed scheme of arrangement with KW. is therefore, from my perspective, unwelcome. There is the practical issue of how to hold US shares, and I understand many smaller investors are concerned that such shares may not be eligible within a SIPP or ISA. There is the additional currency exposure that is unwelcome to sterling investors. But above all, as a European, I have an understanding of the UK and European property market and want exposure to the type of assets KWE invest in. I do not have the same feeling or desire to be exposed to US property.


Were the scheme of arrangement to take place at a price close to the NAV of KWE, I would accept it, sell the shares in KWE and move on. However, since the announcement the sharp decline in KW. stock means that the transaction would take place at something like a 20% discount to the NAV of KWE. I would sooner stay invested in KWE and pick up the dividends until the market sees the value in the underlying assets. Failing that, a sale of underlying assets over, say, a 24 month period and a return of capital to shareholders would, from my perspective, be better than the scheme of arrangement, which strikes me as selling KWE cheaply into a merged entity that I do not want to hold.


I would grateful if you put my thoughts forward to the board and the investment manager and encouraged them to continue with the good work that KWE has done to date. The market will, at some point, recognise the value in the underlying assets.

[bench2] 10/5/2017 09:43

Re my earlier post 227 , Selftrade have confirmed that KW a US quoted stock will not be eligible to hold in an ISA . I will check elsewhere but I think the old restrictions on non EU stocks still applies . Neither set of shareholders will be too pleased with management , as the KW price has fallen by 11.6% to $19.90 and the £/$ rate is now $1.2981 vs $1.2779 in the initial bid document . The current price of KW and fx rate values KWE at 1022p . So the current share price of KWE is tracking the reduced value of the bid . I agree with most posters KWE far superior to KW with better growth prospects , div growth , and higher yield and no witholding tax deductions . The board should be doing a better job .

[mad foetus] 08/5/2017 20:25

Write to the board to make your views known. KWE pays the board extremely well, and they may be fearful that if they try to block the deal it could be seen as trying to protect their salaries. Shareholder letters of support might help them understand what investors feel. I don't think it is difficult to find the chairwomans email in the internet.

[topvest] 08/5/2017 19:22

Yes, I think the deal is rubbish for U.K. Investors. An obvious issue for me is that I can't accept shares in a US company as consideration under a direct Crest account and so I am a forced seller if the deal goes through. No cash or shares option is just rubbish if there is no UK listing. On top of that I suspect many investors are happy to hold and pick up the regular dividends.

[djderry] 08/5/2017 17:21

The links between KW and KWE are well known.However the independent directors at KWE have fiduciary duties to see value for shareholders maximised and I'm talking about us,not them!! (Although I hold shares in both)

[riskvsreward] 06/5/2017 08:44

The deal in its current form has no chance of getting shareholder support with the kw price in $ dropping sharply and the £/$ rate going the wrong way.

KWE on its own will deliver far superior value for its shareholder with EU economy improving fast, with good yield and big discount to NAV providing solid support.