Share Name Share Symbol Market Type Share ISIN Share Description
Brixton Plc LSE:BXTN London Ordinary Share GB0001430023 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 61.00p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate - - - - 165.45

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28/1/201000:01Brixton Estates for long-term growth1,152

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scburbs: Thanks for a nice little earner BXTN. It would have been much better had you not sold out almost immediately before sentiment on property shares went through the roof! Share price would be over £1 by now IMV. Based on a SGRO closing price today of c.365p then BXTN shareholders are receiving just under 64p per share. An excellent result for those buying near the bottom.
kibes: The disappointing thing about the SGRO deal to me is that BXTN holders lose a lot of potential upside. It was possible to imagine BXTN going up by a factor of 5 or even 10 but with SGRO we will be lucky to see a factor of more than 2 even after a recovery in the property market. It is already fully valued at its current price. Very difficult to track what Segro's price is actually because they keep doing dilutions and consolidations, after the takeover they are doing a 10 to one consolidation which will see the price go to 250p I suppose but without benefit to shareholders. The 4.6p dividend relates to that consolidated share price I believe so it is no big deal.
willyworm2: You could argue 1.75x minus a small discount to take account of the possibility that the deal doesn't go ahead?? Also, if SGRO does have a rights isssue their share price will surely fall, further undermining BXTN. I can't think of any rights issue that hasn't had the price pressured lower around the issue, only to rally thereafter. I sold out yesterday but continue to watch, if the deal looks as if it will go through and SGRO do have a rights issue, with the share price day falling back to 18p (=32p BXTN) then I'll be back in. Doesn't matter for long-term holders but there may still be further short-term downside.
scburbs: One area in which BXTN's 30 June NAV will be flying is in respect of their derivative position. They had a gain of £78.3m between 1 Jan and end of Feb and further gains will have been made since then. "Since the beginning of 2009 long term rates have increased from the low point of December 2008 and as at the end of February 2009 the fair value provision of derivative financial instruments had reduced by £78.3m to £94.9m. On a pro forma basis this reduces the net debt/equity ratio based on IFRS net assets to 123% from 142% at the end of 2008. Increases in short and long term rates from current levels will further reduce the fair value of these instruments." The graph on the link below shows the movement of interest swap rates. I believe the swaps creating the large liability of £173.2m at 31 December 2008 were 10-15 year swaps. If you look at the graph long term interest rates are now way above where they were 1 year ago. For instance the 12 year has gone from 4.01% a year ago to 4.37% now (having been as low as 3.70% at or around 31 December). This increase in long term interest swap rates makes BXTN's swaps much more valuable (or much less of a liability). It is difficult to know what to do with this information exactly, but I believe the swap liability should be significantly less than it was at 30 June 2008 when the liability was £50m. Therefore, BXTN should be reporting a gain of £120+m in respect of movements on derivatives in the period to 30 June 2008. This will help the covenant position for the 2010 bonds, although it doesn't help on the other covenant tests. I wouldn't be surprised if the shift in interest swap rates is sufficient to eliminate the liability in its entirety. If it did then BXTN's NAV would increase by 64p/share (or broadly by the current share price!). The adjusted NAV would not be impacted.
madasafishman: gatecor in bid situations the price can drop back to pre-announcement price or lower, for no apparent reason although the more cynical amongst us would argue that this makes the end bid price look better for the buyer and the share holder after seeing the share price hit the floor again is gratefull for the bid price at say 30%+ more than it closed at the day before. when the bid is taken seriously ie:confirmed price with rns the share price normally sits about 10% under the offer price untill the deal is done i feel we will get an rns either on the covenant issues or the bid this week im sitting tight.....only time will tell if thats the right decision or not but i have been caught out on these takeovers before ie:sold on dips and missed the important rns dyor
hamsterape: One assumes that the SGRO price will fall slightly and the BXTN price rise. SGRO has a market cap of £1,500m whereas BXTN is about £200m, representing about 13% the size of SGRO. Let's say SEGRO were to produce NEW equity to purchase BXTN - they would have to increase their float by 13% at nil value which means that the price would drop to about 22p. Although this is somewhat artificial, it seems that there is a theoretical downward bias - if you then take into account arbitrageurs perhaps a drop to 20p isn't unreasonable. So a 3-shares-plus-30p-cash offering would produce a take-out price of 90p. If that seems a bit low then maybe a four-share-plus-30p deal is more likely, giving a take-out price of 110p, or perhaps three-plus-50p.
jpendle: I have read a few times the saying 'Go away in May' as regards investing in the stockmarket, I understood that was for various reasons including - new tax year, holiday season starts, poeple are just not interested in investing when planning holidays and it is traditionally quiet and doesn't show good rewards -that is what I understood it to mean unless someone knows different? Anyway, the way my investments are performing suggests this is the case, and IMO BXTN share price has hardly begun to reflect the bid interest shown and we can expect the price to continue to rise into June as everyone returns to the business of making money. There is no way the 3 or more bidders can keep information under wraps as was shown at the weekend, so we are probably in for a daily helping of facts and rumours, which in IMO will cause the share price to continue its rise steadily. Just look a Friday the share price struggled to get past 60p, day by day rises a great because everyone can comfortably pick their buy/sell moment and price.
explorer88: BXTN share price will be a lot higher very soon ;-) look out for BXTN RNS ...
liyangnano: hoper2; I think they could offer a rights issue after the share price reachs higher. At sp@51p, market cap of BXTN is only 138M. For example: If they just want to raise £247M and offer new share price @25p (normal 50% discount in this market, like TW), probably they have to issue ca.1Billion new shares (almost 4 times of current shares issued). It is redicious and nonsense. share price is just too low for BXTN to raise money by rights issue way. So the best is still disposals of asset. I hope so.
tullynessle: Stmnt re Share Price Movement (Brixton) Date : 18/02/2009 @ 07:00 Source : UK Regulatory (RNS and others) Stock : Brixton Plc (BXTN) Quote : 48.0 0.0 (0.00%) @ 06:00 Stmnt re Share Price Movement (Brixton) TIDMBXTN RNS Number : 4844N Brixton PLC 18 February 2009 ? 18 February 2009 Brixton plc ("Brixton") Response to share price movement The Board of Brixton notes the recent movement in the Company's share price. Given the ongoing challenging market conditions in the real estate and financial markets, the Board of Brixton is pursuing a range of options to provide additional financial flexibility, including disposals from its investment portfolio, as well as considering an equity raising. No decision on any course of action has been taken at this stage. A further announcement will be made as and when appropriate
Brixton share price data is direct from the London Stock Exchange
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