Cls Share Discussion Threads

[ntv] 03/8/2005 07:46

ticking up slowly

[ntv] 19/7/2005 19:49

bought again at 444 and 434 today

[ntv] 17/7/2005 12:50

recently bought a chunk at 457p look resonable prospects
will double up it drops to 430p

[beta_adjusted] 01/7/2005 12:49

Not sure ... the mail sat in my comdirect account and I only received it after the submission date. Shame, I could have tendered and repurchased the shares in the market at the pre-tender price! Not an efficiently traded stock, maybe the same will happen next year ;). I'm a long-term holder in CLS as I believe the Mortstedt family have a great track record of generating returns, and as 51% holders, what is good for me is also good for them. I might still be holding this in 5 years time.

All the best,

Beta

[arf dysg] 09/6/2005 12:17

Does anybody know how to calculate what we should have got from the recent tender offer? I thought that the company would re-purchase:
(entitlement) + (factor) x (extra tendered)

My problem is that my broker has done something strange. I had 242 shares and tendered them all. My entitlement was 5.9 shares (rounded down to 5), so the company should have re-purchased
(5) + (factor) x (237).

(factor) should be a small number, quite a lot less than 1. If I read the RNS item properly (AGM statement), the factor is 0.0017 so I should have had an extra 0.4 of a share purchased, rounded down to 0. The net result should have been 5 shares purchased.

BUT

They seem to have purchased 14 shares in total, i.e. 5 plus an extra 9. So how should I do the arithmetic?


A much simpler problem is that the tender offer is suppoed to be £4.85 per share, but I seem to have received less than that per share. What's going on?

[sammu] 09/3/2005 19:09

Yes that's probably the bottom line.

That's also why this stock will always have a larger discount to NAV that average.

Controlling - controlling family!

Sam

[extrader] 08/3/2005 13:29

On REITS, I guess we'll hear a bit more post Budget. Remains to be seen whether it suits Morstedt's tax position or not to go down this route....

[sammu] 07/3/2005 22:03

Hello

Yes the IC is quite upbeat. Saying 21 discount to forward NAV is a bit of a push, but highlights the continued value here.

It's hard to see/work out what value the Shard would get on the books once they start construction.

As for REITs I'm not to sure on the impact. Generally it may well turn out to be a bit of a red herring?

I too like the geographic split, it's different, and adds diversification.

Hopefully they will have to increase the price of the tender offer again. :)

Sam

[extrader] 04/3/2005 14:09

No bus in ages and then 2 at once !

Today's IC -received an hour after last post - has CLI rated as 'good value' despite the 50% uplift in the last 12 months; notes that 'Shard of Glass development is still on books at cost, so offers plenty of upside' ;and that ShangriLa flagship tenant, per CLI 'is the best marketing tool we could have'; then concludes that, with disc to forecast NAV 'still a hefty 21 per cent' the shares are good value.....

Good luck to all holders

[extrader] 04/3/2005 11:06

Hi Sammu,
As you say, nice to see a post on this board. FWIW I've tried to interest other BBs about CLI, but no interest shown. I guess it's the lack of 'conventional' dividend and majority Morstedt holding that puts people off...

As for me, I like a business split roughly half UK, quarter Euroland, quarter non Euroland, with major tenancies in the multinational/major corporate/governmental sector.

One thing I'm not clear about is how the co would fare under the new REIT proposals that were all the talk a few months back and have since (?) got drowned in pre-election chatter. Any thoughts ?

[sammu] 02/3/2005 19:40

What a great company, and no posts for 10 months.

I guess it's a bit dull, but if dull is going up about 120p since the last post here 10 months ago, then I'll have some dull please.

The results last week were good, voids are falling with the letting of One Leicester Square and further lettings in Solna.

The company's investments in unquoted and newly quoted investments seem to be turning into better news with the turnaround in the new issues market.

The news pre letting on the Shard of Light at London Bridge is excellent.

The discount to NAV isn't as significant as it once was, which makes the investment case less compelling, but the Shard as a development is worth more than it was 1 or 2 years ago.

Just my musings.

Sam

[diogenesj] 03/5/2004 13:11

Colan: I'm not an expert, but my understanding is that if you tender shares and the company buys them, you have made a sale of part of your holding. If you get more for those shares than you paid for them, you have made a capital gain, and if you get less than you paid, a loss. The gain or loss would need to be accounted for on the Capital Gains pages of the income tax return.

Only dividends have tax credits, and this is not a dividend.

I'm not sure why the company does it this way: it is probably because it is more tax efficient for the Morstedts who control it. The effect is of course very like paying a dividend: if everyone tenders the maximum number of shares and they are all bought back, all shareholders have received some cash and still own the same proportion of the company as they did before. The only differences that I can see are that with this method the payment comes under capital gains rather than income for tax purposes, and of course does not carry a tax credit with it.

[colan] 02/5/2004 21:31

Hi,

Do you understand the CGT / Income tax implecations of the share buybacks?

Do you know why the payments last year did not have the usual tax credit vouchers that I am used to for other companies.

Any informed help apreciated.

[diogenesj] 15/4/2004 10:15

C: my ignorance on the subject of Spring Gardens and Government plans (if any) is total, I'm afraid.

Tender offer to buy back 1 share in every 36 at a price of 360p launched today (in lieu of last year's final dividend). (Compares with the current mid price of 309p.)

[colan] 18/3/2004 18:33

All the following iss imho, dyor etc

Anybody know if the government plan to move civil service jobs out of London will effect Spring Gardens?

[diogenesj] 03/3/2004 22:44

This board seems to have gone a bit quiet, but the shares have done remarkably well (up 76% since the low last April). Excellent results last week seemed to pass unnoticed. Still at a 26% discount to this year's forecast net asset value, and the share buybacks seem unjustly unpopular (they're equivalent to a distribution of 16.5p to shareholders for last year, a historic yield of 4.94%. Shares are bought back at a premium to the market price, but below net asset value, which has the effect of increasing the NAV of the remaining shares). This is a well run company with a remarkable record. Perhaps there is just nothing much else to say about it.

[ed 123] 26/6/2003 13:11

It looks like someone bought 200,000 shares today. It pepped up the share price a bit.

[skyship] 05/3/2003 16:37

At least they are mopping up loose stock again - 1.05m bought-in @ 200p. The tender offer will further reduce the issued equity and further boost NAV; but I wish they would pay us a proper dividend and underwrite the shares with a proper yield.

But overall I do agree, why not take this company private amd make a nice turn for themselves in doing so. I can't imagine anyone not being happy with a 15%-20% discount to NAV, ie c.320p-340p.

[hybrasil] 05/3/2003 09:20

What is the point of retaining the quote when the market treats results like these. Put us out of our misery please and take this thing private.

[hectorp] 28/2/2003 17:04

Pretax profit up ovr 50%
NAV discount is almost 50% link to excellent results


- I feel like tucking a few K of these into the long term portfolio or pension fund. Notice the French and Swedish properties are not subject to the market downturn of London and '40% of our London properties are let out to HM Government'.

[mimur] 30/11/2002 16:51

There's no trading in the stock.
No-one seems to know it exists.
Do a little research into this stock to see the potential value, and be amazed at how much it is discounted to NAV for the last few years. Hence, the Directors seem to be working towards taking the company private again.
Of course the later is just MY opinion.

Anyway, more coverage on the stock would certainly help.

[soheil] 28/11/2002 14:09

Does this share ever move????

[mimur] 13/11/2002 16:10

Can you feel the heat.
Eruption soon.