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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Brixton | BXTN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 61.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 61.00 |
| Top Posts |
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Posted at 06/7/2009 07:32 by scburbs HamsterApe,Any security for the bondholders would be buried in a subgroup (although the need to preserve credit ratings may protect them). There is much more scope to manipulate that as Greycoat bondholders found to their cost after a Merrill Lynch backed takeover. "The bondholders are angered that Greycoat has sold some £400m of assets in the past four years, and in the process bought out their investors and paid back a large part of their debt. None of the cash has been used to pay off the bondholders." The £400m was used to repatriate to the takeover vehicle. Before the Greycoat takeover the bondholders had a very secure position. |
Posted at 15/6/2009 11:11 by madasafishman hamsterthanks for spelling correction on here my posts are typed quick as at work I have to be discreet :-) re:other bidders I would say they def would have had other interest once it was known the company was for sale....as too how many would have been serious or just competitors feeling the company out..we will never know price wise it is common to drop the price sharply on the day a bid is accepted why they do it and how they get away with doing it is another story..but ive been caught out before by that..as most investors think the deal is off due to price drop and sell or just get their stops hit this really is turning into more of a gamble for me the longer this goes on and am having some doubts on what the potential upside will be if a bid materializes |
Posted at 05/6/2009 12:55 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 03/6/2009 09:49 by bainsey Quintain Estates Trading UpdateTIDMQED RNS Number : 9454P Quintain Estates & Development PLC 01 April 2009 ? 1 April 2009 Quintain Estates and Development plc ("Quintain" / "Company" / "Group") TRADING UPDATE Quintain Estates and Development plc sets out below a trading update for the six months to 31 March, ahead of the full year results announcement which will be issued in June 2009. Overview of Activity and Cash Preservation Programme In the Interim Management Statement ("IMS") on 5 August 2008 the Company announced that, in order to create greater flexibility to withstand deteriorating conditions in the property sector, it was implementing a programme of measures. The Company is pleased to report that: * The Group's banking facilities have been renegotiated, as detailed in the finance section below * An active management approach has led to good progress with a 16% increase in the contracted rent roll and a resilient performance by the fund management business * GBP97.5 million of cash has been repatriated during the financial year against a target of GBP100 million. This programme will now be extended into the 2009 / 2010 financial year with a target of realising an additional GBP50 million by 31 March 2010 to provide further protection against falling property values * The Company's current anticipated capital expenditure commitments are GBP53 million * Expenditure on overheads during the last twelve months has been significantly curtailed, achieving cost savings in excess of 20% on an annualised basis. The budget for the current financial year increases this to 25% As part of the Board's ongoing review of the Group's financial position an independent property valuation was recently undertaken. This showed that, after taking account of gains through planning, development and the agreement of new leases, the overall value of the Group's portfolio at 14 February 2009 was GBP1,203 million, compared to GBP1,314 million as at 30 September 2008. These valuations already take into account further residential price falls of 10% and 16% at Wembley and Greenwich respectively during 2009. The Company could accommodate further falls of up to 10% whilst remaining within its revised gearing limit. The total by which the Group's portfolio of directly held properties has now fallen from its peak to 14 February 2009, on a like for like basis, is 38%. The combination of reduced overheads, the suspension of the dividend, the increase in annual income from rent, fees and operations from GBP46.7 million to GBP66.5 million and the GBP97.5 million of repatriated cash achieved through the programme outlined above has enabled the Company to enhance its financial position. In addition to these measures, however, the Board decided that, given the uncertainty of market conditions, it was prudent to seek an injection of new equity. Notwithstanding a very encouraging level of support shown by a number of major shareholders and new institutional investors, the Company is not in a position to announce an equity fundraising. The Board firmly believes in the long term value of its urban regeneration and fund management businesses and, with its advisers J.P. Morgan Cazenove and Lazard, will continue to take action to strengthen the Group's position and improve its financial stability. Finance During March the Company renegotiated its banking facilities, obtaining the option to relax its gearing covenant from 110% to 150% on all its medium and long term facilities, which has now been exercised. In addition, on the condition that the Group's gearing is at or below 110% on 31 March 2009, the GBP95 million Barclays facility would reduce to GBP35 million and mature on 30 April 2011, replacing the right for Barclays to require payment by 30 April 2010 and the Company will also have the option to increase gearing to 150% in line with the other bilateral facilities. In the three months to 31 March 2009 the average cost of debt was 4.5% (Sept 2008: 5.3%) and the Group's net borrowings, excluding non-recourse debt within joint ventures, are currently around GBP540 million (Sept 2008: GBP556 million). Business update During the six months to 31 March 2009, three investment properties were sold for a combined total of GBP13.7 million against September 2008 valuations of GBP14.2 million, reflecting an aggregate discount of just 4%. A lease was also agreed with Network Rail regarding Hudson House, York, realising a 54% increase in rent from 25 December 2008 to GBP0.7 million per annum. The sale of private apartments within Forum House (W01) at Wembley City continues, with 56 completed to date. 141 apartments within the building were sold to Registered Social Landlords for affordable housing prior to the start of construction in 2006. Quintain's residential lettings business at Wembley City has managed the leasing of 32 apartments for private owners within Forum House since 1 October 2008 at rental levels consistently above those advertised for equivalent properties in the immediately surrounding area. 75% of residents within Forum House have now subscribed, on 12 month contracts, to Quintain's Velocity1 triple play service, launched in January, which includes access to the UK's first 100Mbs broadband service for consumers. New commercial lettings at Wembley City since 1 October 2008 amount to GBP479,000 per annum ensuring that, despite the demise of Land of Leather and MFI in January, income from the scheme increased during the period. Quintain's annual income from the scheme is now in excess of GBP17 million. Transport for London exercised its option on an additional two floors of office space comprising 61,000 sq ft in January, taking its total lease at Greenwich Peninsula to 196,000 sq ft. It will become the sole occupant of the first commercial building on the scheme in July 2009. Ravensbourne College began construction of its academic facility in October, with a projected completion date of September 2010. Quintain's share of contracted income from Greenwich Peninsula has now increased to GBP3.4 million per annum. As anticipated from the continued growth in student numbers, rental levels of rooms across the iQ student accommodation portfolio for the next academic year have been strong. Six months ahead of the start of the 2009 / 2010 academic year, 48% of rooms are already reserved at an average of 7.2% above 2008 / 2009 rental prices. In its fourth quarter to 31 December 2008, the Quercus healthcare fund experienced the strongest rental collection of its financial year and delivered a property level return over three years of 8.2% compared to its IPD benchmark of (4.7)%, thus securing a performance fee of GBP6.1million. Adrian Wyatt, Chief Executive of Quintain, commented: "In August we set out a programme of cash preservation measures adopted by the Board in response to the ongoing deterioration in market conditions. Through this programme we have reduced overheads by more than 20%, repatriated GBP97.5 million to the business and successfully re-negotiated all our financing agreements. In addition, despite the challenging environment across the property sector, we have continued to achieve good operational progress, most particularly within our Quercus healthcare fund, which delivered an 8.2% property level return over the three years to 31 December 2008, and by increasing our annualised contracted rent roll by 16% since 30 September. "We are delighted with the support shown by our relationship banks and will continue to focus sharply on enhancing the financial stability of the business until market conditions improve and we are able to unlock the considerable long term value within the Group for our shareholders." |
Posted at 26/5/2009 09:10 by jpendle What rubbish, if that where the case you would have sold yours - and you are suggesting that the current buyers may be making a mistake - investors don't buy to make money for current shareholders, its because they see potential for even higher prices.'warmsun - 26 May'09 - 09:22 - 700 of 708 APPPP Without rubbing salt in your wounds, it might not be too late to get back in again. imv.' |
Posted at 24/5/2009 18:29 by topinfo So with all the suitors lining up theres no way anyone will get these now for anything less than £1.20, so 80p target for Tuesday is probably too conservative here, mark up to nearer the £1.00 level, no way MMs going to let investors in at a great discount like where we closed Friday. DW can I buy your shares off you for an extra 5p on top of Fridays close as thats what you want as premium....I will take the lot off you...How many have you got? |
Posted at 24/5/2009 12:46 by scburbs Barwood do not look large enough on their own, but an excellent list of potential JV partners below."Barwood has built up excellent relationships with a number of external organisation and Institutional Funds as joint venture and development partners; including CalPERS (California Public Employees' Retirement System), Arlington Property Investments, Henderson Global Investors, RREEF, Prologis Developments, Prudential, AXA Sun Life, Tesco, Morley Fund Management, Threadneedle, and LaSalle Investment Management to name but a few; all of whom value our experience and track record." Barwood would also be a potential buyer of assets given their new £50m industrial property fund. |
Posted at 22/5/2009 07:35 by crosswire From Times OnlineMay 22, 2009 Brixton Estates admits to a takeover approachCarol Lewis Brixton Estates, the industrial property group, today announced that it is in talks with "a small number of parties" about a possible takeover. Earlier this month, rumours arose that the company would have to turn to private equity for a solution to its debt problems. Brixton was reported to have held talks with private equity firms about a convertible bond issue as part of a wider rescue package, which could include an equity offer and an extension of debt maturities. JP Morgan estimated that Brixton needed to raise £300 million by cutting its dividend and selling assets to return its balance sheet to health. Brixton began the process by announcing that it was selling four industrial units to AEW Europe's European Property Investors Special Opportunities Fund (EPISO) for £70.25 million a fortnight ago. However, without further remedial action, Brixton is likely to breach an asset cover loan covenant when tested next month, as well as its gearing limit bond covenants in December. In an announcement this morning the company said that the board remained focused on "mitigating the risk of any covenant breach." It said: "The board continues to progress its options to provide the group with additional financial flexibility. These options include restructuring of the company's debt arrangements, a potential equity raising and further asset disposals." Brixton, which owns a lot of industrial property around London's Heathrow Airport, said the takeover discussions were at a "very early stage" and that there could be no certainty an offer would result. Unlike the majority of property companies, including British Land, Land Securities and Liberty International, Brixton has not sold shares to raise funds preferring instead to sell assets. Liberty International announced a rights issue this morning to raise proceeds of £620 million after months of speculation about its fundraising plans. |
Posted at 18/5/2009 19:09 by liyangnano another good day for bxtn tommorrow! break 54PNEW YORK (CNNMoney.com) -- Stocks rallied Monday, with the Dow adding 200 points, as investors responded to positive news about the U.S. housing market and banking sector. Lowe's (LOW, Fortune 500), the No. 2 home-improvement retailer, projected a higher fiscal second-quarter profit after posting a 22% decline in the first quarter that still managed to top analysts' forecasts. Shares rose 8%. "The housing issue is front and center in the economic recovery," said Quincy Krosby, chief investment strategist at The Hartford. "Lowe's is a major player in that space and their comments are important." Two private reports helped bolster confidence in the housing market. The National Association of Home Builders said its index of homebuilder confidence rose for the second month in a row. Separately, NAR said home prices are at their most affordable in nearly two decades. |
Posted at 10/5/2009 10:26 by explorer88 Will Asian investors have a similar effect on BXTN as Middle Eastern investors have had on BARC ? ;-) |
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