A sizable director share sale. |
BOOT needs to wind down their 'general' construction business.
They recently flagged an intention to allocate less capital to the business, I would go further and wind down.
I made this point previously to the CFO, who tbf e-mailed a detailed reply.
May be a realisation since that returns are arguably inadequate.
A large dollop of jam tomorrow in this morning's statement. |
Nope, fy25 looking about the same on today's update. |
Not particularly expecting trading update for fy24 to be ahead of expectations . But things are looking extremely good for FY25 .... |
I see another few plots sold per today’s announcement.
Does not say the price for the plots sold to TW. Looks like over 90k a plot for Oxford tho.And IRR looks goood. |
proceeds for this on staggered terms again?.
Great question I would like to think that if they defaulted then there would be a mechanism in the terms of the contract for ownership to default back or for some charge to be on the property - to ensure that whoever ownership was transferred to would have to stump up. Thats my presumption though - would be a good one to chuck at the company if you have doubts - Vistry management cant even be relied upon to run their own company in a decent manner so one would not want to simply presume they would pay up later without having soem legela charge or fallback that you are not going to be the one out of pocket. |
Another land sale to Vistry, proceeds for this on staggered terms again?.
Given the recent Vistry profitability news, this is arguably a risk for BOOT?. |
It certainly was never a secret that it was a JV |
I had not realised it's a jv |
Agreement to acquire 100% of Stonebridge Homes |
i think the problem with "falling mortgage rates" is that they may not actualy be falling for many if many are still comiong off 2 and 5 year deals at as good if not better rates. Hey ho at least the trend is now in the right direction ref base rates. |
More positive news from the development arm with the potential to boost return on capital with this joint venture . May be a big shortfall of industrial / logistics property with the upcoming changes to EPC regulations meaning 28% of commercial property currently would be unlettable with EPCs of D or below . Some can be improved , but some older properties may simply be uneconomic to restore , adding to the demand for new industrial property . On the residential side house prices and sales activity are firm , with the potential to go ballistic if we get some significant interest rate cuts . Huge pent up demand but affordability needs a boost from falling mortgage rates |
* on one division, all be it the largest.
And it also depends on the per plot profit derived from said land sales, of which there can be large variances.
That said, yes a positive. |
Don't think the market really got this one today ..... they basically told us they're going to smash expectations next year |
The case for book value, with everything held at the lower of cost or Net Realisable Value , being understated is getting much stronger and yet they still trade at 0.75x Book into a strengthening property market and falling interest rates |
in 2023 they submitted 2185 plots for planning, today's RNS says they are aiming to submit 10000 plots for planning in the next 12 months |
These are still held at cost even after they get planning and won't show up in the P and L until they are sold , but as today's sale at 28% ungeared IRR shows there is some serious vale unlocked when they are actually sold |
Hallam has seen noticeable improvements in the planning system since the change in Government during the summer. In the year to date, Hallam has secured consents on a total of 2,870 plots (2023: 1,014 plots), of which 2,056 have been achieved since the beginning of September. In addition, Hallam has appeals lodged on 2,189 plots across seven sites and in total has 11,191 plots in the planning system. |
Latest sale has them on track to meet this year's targets, but more importantly they have seen a very significant change in the planning approval process. They have secured consent on 2000 plots just in this quarter compared to 1000 in the whole of last year |
Yup £2.20 on the bid atm.
Vistry is a large customer of Hallam Land,
there's at least one large deal (with deferred payments) in place currently - there may be more.
Vistry woes perhaps not helping sentiment here?. |
it is false I do not know Where ADVFN get some of their prices from! the real stock exchange middle price is 222 ! The spread is 220- 224. |
Anyone know what’s caused the large drop in the share price at circa midday today 21st November? |
Positive vibes over at Gleeson's Land division Gleeson Land continues to promote several exciting opportunities. The prospective reform of the National Planning Policy Framework is expected to beneficially impact the timing of certain sites. Strong demand for consented land from large and medium-sized developers continues to give the Board confidence that Gleeson Land will deliver a full year result materially ahead of last year, with a number of significant sales expected to be completed in H2. |
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