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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Brixton | BXTN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 61.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 61.00 |
| Top Posts |
|---|
Posted at 29/7/2009 14:36 by typo56 Correct, the 4.6p dividend (which BXTN holders won't receive) is the consolidated value, in other words 0.46p in terms of the current SGRO share or 0.805p in terms of BXTN. I think it explains why BXTN isn't trading a bit higher than it is, SGRO still being cum- dividend. |
Posted at 27/7/2009 16:58 by typo56 Yes, I was thinking than BXTN/SGRO might be a good arb, with BXTN looking to be trading at a discount to SGRO. However, in these situations one needs to check for dividend entitlements. In this case the dividend seems to account for most of the discount. I had to hunt it down this morning. It's tucked away on page 55 of the 336 page Segro prospectus and states:The Firm Placed Shares and the Open Offer Shares (but not the Consideration Shares) will be entitled to receive the interim dividend for the financial year ending 31 December 2009 which is expected to be 4.6 pence per SEGRO Share (after taking into account the proposed Share Consolidation). The interim dividend is expected to be declared with the Company's half-year results on 27 August 2009 and to be paid on 2 October 2009 to SEGRO Shareholders on SEGRO's register of members at 5.00 p.m. on 21 August 2009. |
Posted at 27/7/2009 09:51 by typo56 Could a knowledgable holder please tell me about the interim dividend on SGRO.Accoring to the prospectus for the proposed acquisition of Brixton there may be an interim dividend declared with an ex date of 19 August. Has an interim dividend actually been declared yet? My understanding is that Brixton holders will not receive this dividend. If so, how can BXTN shares be valued at the moment without knowing the SGRO interim dividend (if any)? |
Posted at 22/6/2009 12:24 by scburbs Warmsun,I think the board have lost all trust and have to go. Slow on equity raise, slow on disposals, slow on bond buyback, slow on takeover talks, slow on refinancing/covenant discussions with banks/bondholders. Having been slow on everything they have effectively backed themselves into a corner and SGRO are well and truly in the driving seat. If there are no competing offers then SGRO will probably win on the cheap. The existing substantial shareholders in BXTN are unlikely to back current management IMV. It is very difficult for competing offers as they need to deal with the bonds. BXTN do not appear to have a 31 July extension on the bonds and, therefore, bondholders may be entitled to repayment as of 30 June. This would make it very difficult for anyone else to launch a takeover as the financial firepower required is substantial. It might be possible to restructure the bonds as IRET did recently, but BXTN is in a weaker position than IRET. Whilst BXTN is undervalued at the moment they don't appear to have a viable alternative strategy to being taken over. |
Posted at 05/6/2009 22:16 by hamsterape Semoy - why on earth would you buy SGRO if you were certain they would launch the take-over of BXTN? You would be much better off re-purchasing BXTN and waiting to be swapped into SGRO shares at an effective discount of probably near 20-30%. Let's say SGRO offer four shares for every BXTN share (that's effectively 85-95p paid for BXTN allowing for SGRO to fall a little from the 26p they are now). Then by buying BXTN @ 70p you'd get four SGRO shares for 17.5p each (70p/4). |
Posted at 05/6/2009 13:55 by lomax99 IC Segro comment:Segro's industrial revolution Created: 4 June 2009 Written by: Claer Barrett BULL POINTS: ■ Potential takeover of Brixton ■ Finances sorted out ■ Vacancies under control ■ Respectable dividend yield BEAR POINTS: ■ Risks of taking on Brixton's debt ■ Tough leasing market ahead Advertising When industrial-property investor Segro announced it was considering an all-share offer for quoted rival Brixton a fortnight ago, its share price hardly reacted, but Brixton's shot up 26 per cent on the day. Yet the prospect of Segro riding to the rescue of a company weighed down with £862m of net debt - albeit one with good quality industrial properties - is difficult for investors to grasp. Only three months ago Segro was forced to raise £500m through a rights issue and renegotiate its banking covenants to avoid debt problems of its own, and is actively pursuing several asset sales. These moves have insulated its balance sheet against future falls in property values, but only up to a 30 per cent drop, so some may question the logic of mounting a bid for Brixton. There has been no sign of a firm offer yet, but Segro looks ideally placed to drive a hard bargain. Brixton's shares are trading at 70p, and investment bank JP Morgan estimates net asset value of 91p per share. This assumes a portfolio writedown of 24 per cent, but ignores the collision course the company is heading for over its banking covenants at the end of this month. City analysts think Brixton will need at least £300m of fresh equity to avoid breaching terms on its borrowings, which seems a big ask. Three-quarters of its debt pile is in bonds, of which £275m-worth are due for repayment next year. Several private equity names are also said to be stalking Brixton, but a bidding war seems unlikely. For starters, the level of outstanding bond debt means that any sale would be subject to support from the credit ratings agencies, or persuading the bond holders to roll over their commitment. A difficult task, this would nevertheless be easier for a quoted real-estate investment trust, such as Segro, to pull off. SEGRO (SGRO) ORD PRICE: 27p MARKET VALUE: £1.53bn TOUCH: 26-27p 12M HIGH 87p LOW: 14p DIVIDEND YIELD: 5.2% TRADING STOCK: £358m PREMIUM TO NAV: nil INVEST PROPERTIES: £4.3bn NET DEBT: 77% Year to 31 Dec Net asset value (p) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p) 2005 123 582 16.6 3.2 2006 130 506 32.4 3.4 2007 125 -247 -9.7 4.2 2008 46 -939 -39.1 1.4 2009* 27 na 1.6 1.4 % change -41 - - nil Normal market size: 30,000 Matched bargain trading Beta: 1.03 *JP Morgan forecast Guide to the terms used in IC results tables. More share tips and updates... Check out our tip performance... Then there is Brixton's high vacancy rate of 20 per cent, which is off-putting for private equity, particularly as business rate relief on empty industrial property has been abolished. Segro, which has managed to keep vacancies in its own portfolio to 11 per cent, has the infrastructure and management in place to tackle this problem head on. However, market conditions are getting tougher. In April, Segro said that it had lost nearly £1m of rental income so far into 2009 due to tenants going bust. And a further £3.6m is at risk from tenants currently in administration (that is 2 per cent of its rent roll). That said, its exposure to developments is low, and lettings are up on the equivalent period a year ago. Another intriguing angle is the number of shareholders Segro and Brixton have in common. Segro's top 15 shareholders also control just over 25 per cent of Brixton. It stands to reason that if Segro's directors can win the support of the institutions, they may even support a fund-raising to buy back the bond debt below par. The company's own net debt has been reduced to £2.0bn from £2.5bn as a result of its rights issue, and its weighted average cost of debt is 5.3 per cent. -------------------- SHARE TIP SUMMARY: BuyA takeover led by Segro looks the best option for battered Brixton, its shareholders and debt holders, who are fast running out of options before the covenant test 'D-Day' on 30 June. Buying Segro's shares now, when they are trading in line with forecast net asset value, is speculative in the sense that the terms of any deal are unknown. But, with the probable support of institutional investors, and the growing likelihood that Brixton will otherwise collapse into administration, Segro stands to finish the game with a good quality industrial portfolio spanning 74m square feet and worth some £5.6bn. Then, as the property market recovers, opportunities will arise to boost the rent roll. In the event that the all-share deal does not materialise, Segro is in good shape financially and its shares offer a 5.2 per cent dividend yield, which is not to be scoffed at. Buy. |
Posted at 27/5/2009 10:49 by explorer88 scburbs - today's 10.39 RNS from UBS is, as anticipated, the first significant clue to strategy of SGRO and their advisers.UBS has purchased 458,844 BXTN at 68.3p giving them 7.7879% holding in BXTN SGRO's two advisers in the bid for BXTN are JPM and UBS. Effectively JPM are selling SGRO and UBS are buying BXTN as part of the plan. Everything else being equal, substantially all of the JPM SGRO sales so far (at least £3.65m) have been/will be used to buy BXTN (about 5 million BXTN shares) So, expect more RNS's from UBS re. purchasing BXTN, and probably more RNS's from JPM re. selling SGRO. It is clear that SGRO are serious about making an offer, and the value of the bid will be well in excess of the current sp, bearing in mind the first significant purchase from UBS was at 68.3p. |
Posted at 26/5/2009 11:28 by explorer88 JPM sold 7 million SGRO. Look out for RNS from JPM that they have purchased about 2.5 million BXTNFirst RNS also from Citi. Heavy volume today. Expect string of RNS's in the coming days as increases in BXTN holdings are declared. Anyone up for a little competition to guess the value of the winning bid for BXTN? If so, i'll provide bottle of champagne for ADVFN poster who gets closest to the value of the winning bid for BXTN. fwiw, my guess at level of winning bid for BXTN is 130p (i.e. a 41% discount to current net asset value of 220p). This is based on offer from SGRO of 4SGRO + 30p : 1BXTN, and SGRO share price of 25p. If LP goes with all cash offer from Blackstone or other party then around 120p is perhaps more likely. However, bearing in mind the number of interested parties, the quality of BXTN's assets, and the discount to current net assets, i'm going to go for 130p as the level of the winning bid for BXTN. anyone else care to have a go? |
Posted at 24/5/2009 11:05 by explorer88 BXTN will be sold for more than 50% of current Net Asset ValueCheck out Scburbs excellent post 621 re. current/spot Net Asset Value for BXTN of 220p / share BXTN will be sold for more than 110p / share. Two questions remain to be answered - who will be the winning bidder? and, will it be a cash bid, or cash and shares bid which wins? imo, the cash buyers are in a stronger position to secure BXTN's assets than the (two) prospective cash and share bidders (one of whom is SGRO) For SGRO to have a chance against Blackstone and the other (two) prospective cash bidders imho they'll have to make a full and final offer of at least: 4 SGRO + 30p : 1 BXTN (although cash element would have to rise if SGRO share price falls) If SGRO aren't successful in buying BXTN for c. £350m now, such is the nature of these things they'll probably end up buying BXTN's assets in three years time from the winning bidder for £700m+ ... (p.s. have a good bank holiday weekend - see you folk on Tuesday ...:-) ) |
Posted at 28/4/2009 21:00 by scburbs Jpendle,Thanks for your "view". You do realise that it is your view (perhaps you just forgot to indicate)? It is always useful to get updates from the company, however, with Brixton when you see that "A" in the morning you are perhaps expecting rather more when they are in their current predicament. The IMS may tell you something you didn't know, but it tells me next to nothing. It tells me they have made granted very few new leases, but haven't suffered too much from insolvencies in the last month or two. Don't get me wrong this is useful to know, but against the major issues that BXTN have it is very much equivalent to next to nothing. BXTN has been slow to react to rights issues. BXTN has been slow to react to bond/debt buybacks/exchanges from property companies and banks (RBS are reporting a £4.4bn profit!). All in all BXTN's management have been slow to react. Until today, Liberty International were the only company being as slow as BXTN. If you know any others please let me know, I can give you a very long list of other property companies where positive action has already been taken. When management appear to be slow and have a matter of weeks to resolve things before covenants are breached you can perhaps understand shareholders being frustrated and that is what you see in my post this morning. I am not wrong, I am focussed on the bigger picture and in respect of the bigger picture the IMS adds next to nothing in my view. You are, of course, entitled to your own opinion! |
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