Beale Share Discussion Threads

[coolen] 29/7/2014 22:45

Knitcraft, agreed.

Until now, Perloff reckoned he had several ways of extracting the properties, even if it meant a loss on his equity stake.

But with a few bright spots appearing in the high street, has he waited too long?

Has Beale now found a means of trumping him, hence the boardroom rift ?

Unsatisfied buyer of 25,000 has appeared on the Public Limit Board. Iceberg, perhaps ?

[knitcraft] 29/7/2014 11:10

Very tightly held shares. Doesn't take much to move share price
Asset value must have risen with improvement, albeit small, in large retail property values. Retail trade more positive but of little relevance in evaluating Beales. The properties are the key.

[coolen] 24/7/2014 21:06

One of Perloff's "blocking" cards is his holding of Pref Shares which become repayable if control changes hands.

However, if a predator had a deep enough pocket then deliberately triggering a redemption would help clean up Beale's balance sheet.

And it would improve Beale's 2016 P&L Account which is when those high coupon pref dividends become payable.

[topvest] 24/7/2014 19:42

Yes, good post. I think that is probably a pretty good summary of what is happening.

[jojo_jo] 24/7/2014 15:10

For the record I don't hold this atm, but did buy/sell a while back.

Having myself owned High Street stores in the past, they do interest me.

Clearly Perloff is only interested in the Properties themselves, and holds a 'blocking' stake in Beale to protect him from another predator for Beale. I'm not sure of the details, but assume he can't arbitrarily call in any debt or raise rents whilst they are being paid on time.

Perhaps Beale have become braver with the rise in value of their own assets?

What if a third party came in and took a similar 29% stake?

Something may be being planned by the BOD which they don't want Mr P. to know about? I guess it's not having ears in the boardroom that's really got his back up!

No time to re-research - but will when I get a spare hour or two.

IMPO/DYOR/NAI
Jo

[topvest] 23/7/2014 21:00

I don't think Perloff will bid for this. He is certainly keeping everyone guessing!

[coolen] 23/7/2014 20:35

What are the Take-over Rules:

Holding 29%, Perfloff bids say 14p and gets enough to take him to say 51% only.

Can he retain those acceptances and thus achieve 51% control ?

Or does he have to return those acceptances unless he receives acceptances for 51% of those shares he is bidding for ?

Could he make a partial offer, perhaps 20p for half of everyone's holdings?

[knitcraft] 23/7/2014 13:37

It is not beyond the bounds of possibility that he was sacked as Beale's perhaps had wind of a possible bid from Perloff.

[coolen] 23/7/2014 13:28

Perloff has previous form in the stores sector.

His two predatory moves were for departments store groups "Bentalls plc" and "Elys of Wimbledon plc", the latter he actually bid for in 1996.

I'll need to dig deeper to establish the outcomes, unless anyone has a better memory ?

[simon templar qc] 23/7/2014 08:09

Perloff huffing and puffing as he is, has a dilemma, he can hardly do very much without damaging his investment. Management probably know that.

He is hardly likely to want the retailer out of his stores, otherwise his rents would be finished.

[coolen] 22/7/2014 22:30

I'm not suggesting a direct link, but maybe worth noting that Blue Gem have just announced that they succesfully turned round Liberty last year and are now negotiating to acquire a majority stake in Mamas & Papas, despite M&P's high gearing.

Things are stirring in the retail field.

Any third party interest in Beale will not suit Mr Perloff despite his 29% equity stake.

I reckon he's written off that equity stake against the prospect of what he can squeeze out through what he views as his 2 trump cards (Landlord and Pref Share controller).

[simon templar qc] 22/7/2014 22:12

I think there is more to this than meets the eye something has rattled the Beale board to sack Simon Peters as they have. The stakes are quite high here so Beale must have a back up plan.

[coolen] 22/7/2014 22:11

Agreed, Topvest.

The future is either a sale to professional retailers or an alternative use of properties: methinks, Master Perloff (whom I greatly respect) was planning both.

[topvest] 22/7/2014 21:57

Yes, his ramblings are good reading - read most of them. With Perloff you either agree with his viewpoint or not. At least he has an interesting view! I agree with quite a bit he has to say, if not all of it. Clearly he is not very "labour friendly". He is a capitalist landlord and that's what he does well. He is only being critical of the Beale board of directors in this RNS and you have to agree that they are pretty useless. Can't think of anything that they have done that is anywhere near retailing in the 21st century. Have a look at the Beale web-site and it's like going into a time warp. Can't see them turning the trading around anytime soon.

[coolen] 22/7/2014 21:54

Me wonders whether Beale have found a financing and trading partner (Blue Gem/Liberty ?) which would not suit Perloff ? (Only a thought).

[simon templar qc] 22/7/2014 21:37

Panther ramblings can be found here....



Its all very well Andrew Perloff sitting in his chair in a high and mighty manner criticising as he does, but all who gain their wealth these days do not gift their wealth to the nation and look after their workers like the Lever Family did by building decent houses for their workers. Or the Carnegie trust who provided 400 libraries.

You tell that to all those decent hard working families who have lost their jobs at Elektron over the years having been made redundant and all the investors who have seen their finances decimated as well.

Much of the criticism is justly deserved today greed has replaced charity in the majority of cases.

Mr Perloff needs to look in his own backyard before he comments on others, glass houses and all that as well.

[topvest] 22/7/2014 21:31

LOL - very entertaining indeed. I'm not sure about whether this is the best stock market statement ever, but it must be in contention. Wouldn't it be better if other Chairmen acted with the same sort of passion and belief?

Beale do look pretty stupid. I can't quite understand where Perloff is going with this investment, but time will tell. It amazed me that he got out of 012 Estates at a profit..certainly something I could only dream of! Elektron was very profitable to Panther as well. Perloff is one canny operator. Must be a nightmare having them on the Beale board though I suspect.

[simon templar qc] 22/7/2014 20:49

Guardian comment...

[simon templar qc] 22/7/2014 16:00

Telegraph article...

[simon templar qc] 22/7/2014 15:50

topvest,

Perloff is more interested in properties than his understanding of other companies proof of that is looking at his investments in both companies which have suffered considerably.

He doesn't seem to have the grasp on how the companies are performing.

All I can say is had Perloff intervened 3 years ago at Elektron and I pleaded with him to do so we may have been able to prevent the damage that's subsequently occurred.

He simply refused to do so I have simply no sympathy with his stance here.

The market seems unconcerned with his reaction he will no doubt use his voting g power to cause as much trouble for current directors as he can.

[coolen] 22/7/2014 15:30

Don't forget Perloff holds all the prefs and there's no way Beale can repay them, as things stand.

Perloff has either acquired or triggered bids for previous quoted store groups in his time.

Worth doing some research perhaps to study his previous methods.

[topvest] 22/7/2014 14:53

Maybe, but Perloff is successful which is more than can be said for both the Elektron board and, even more so, Beale. I've never met Perloff, but I find his text highly amusing and, usually, spot on!

[simon templar qc] 22/7/2014 14:50

topvest

You have to also ask what Andrew Perloff game is as well prior to Simon Peter's departure.

He has done nothing for the smaller shareholders of Elektron I consider that foolish!

He has simply watched the company directors almost destroy the company and I wrote to Mr Perloff a number of time warning him of what was going on as I am a major investor in Elektron.

In fact Judith Mackenzie from Downing sought the removal of Keith Daley the Chairman of Elektron and Mr Andrew Perloff would not support his removal.

Seems to me what goes around comes around!

[simon templar qc] 22/7/2014 13:55

Perloff is a very angry man! However he is also a shareholder in Elektron and has done nothing to support smaller shareholders in that company!

Had he done so Elektron may not have been in the mess it has been the last few years.

[topvest] 22/7/2014 08:46

What a classic RNS:



Fantastic...Perloff at his best!

You have to ask what BEALE are doing?