I must admit I sold out as soon as they signalled the intention to raise money down the line. It didn't make sense when they should have cash from project completions and be able to take on debt. The trajectory of the economy since doesn't make me regret that. However if there is anything interesting at Wylfa that might be a material positive which could make me reconsider. I have done no investigating though. |
Hi there, I did note this was in Simon Thompson's top value picks for 2022 when the share price was 164.5p.In the latter part of his update, he indicated that the group's strategic land holdings in Anglesey could become hot property if the UK government presses the button on it's mini-nuclear power station strategy.I see today that Wylfa in Anglesey is a named candidate to host a plant, so this could be interesting moving forward. Does anyone know anything further about these land holdings, I can see mention of Holyhead on the website.Cheers TT |
Interesting that the price recovered as soon as posting on this board stopped. Must be a sign. |
This share has always had promise, but the Board of Directors has generous remuneration packages. They may not have had their priority on their fiduciary
duty to all shareholders.
However, I wait in hope. |
Bought a few this morning
No debt and 25% discount to net assets seems compelling
Levelling up should mean regional property outperforming
Or perhaps small property companies will get picked off by larger predators |
Write downs and Notts tx to trading stock
If the property holdings were to halve in value, the NAV would be about the current share price given the cash holding
However, I can't help but feel that they are talking to stock down to re-commence the repurchase program
I'm glad my holding is minuscule |
Positive update from Bob
Robert Ware, Chief Executive, commented:
"The outlook is highly uncertain. We expect the impact of COVID-19 to significantly affect the progression of and carrying values for our investment and development properties over the coming year. While there remains considerable uncertainty as to how the pandemic will play out, compounded by the impact of a fast approaching Brexit, and pressures on market rents from business closures and rising unemployment, it is extremely difficult confidently to predict the future." |
Sky
Thanks for the heads up - I recall the BCA sale proceeds debacle |
BWM2 - research a little further and you will find why they stand at a high discount. They share the same problem as with MVI - control by Robert Ware - a major negative! |
HP
Not surprising
Massively undervalued, unknown and unresearched |
Directors purchase 95K shares. |
Summary Group Net Assets as at 31 March 2020 (pence per share)
Investment Properties 30.6
Trading and Development Properties 78.3
Cash 67.3
Other Net Assets 1.6
Net Assets 177.8
On the face of it another one in a relatively strong position. Possibly more by luck than judgement. |
They had 40m in cash in Sept 19 with no debt so your almost getting the property for nothing at current price but whether they will get the Boots site off the ground anytime soon now is the punt. |
The long-waited £650m project to redevelop the Boots Island site in Nottingham will be marketed to investors at an international property conference.
More than 85 private and public sector organisations from across the Midlands will showcase billions of pounds’ worth of investment opportunities, as part of the Midlands UK delegation at MIPIM 2020 in Cannes, France, next month.
And the Boots Island site – planned to include a hotel, 907 new homes, 666 student flats and office space – will be on the agenda. |
I've reluctantly sold out. I've been unhappy about how this company has been run for at least 5 years. It's really a lifestyle company for the greedy directors. Returns are modest, yet directors' emoluments excessive for the part-time work they put in. They have squandered too much on unsuccessful development works in secondary locations, none of which covers the day to day living funds! Investing in this company is effectively dead money until the company gets wound-up so sold at a discount. Fortunately, I sold for c50% above what I paid for them. Over 10 years though that is a very poor return. Time to get out before the share price dives again! |
The previous share buyback programme at 172p is looking stupid.
Why is it that companies so often buy back shares at around the top of the market and raise money by issuing shares when the price is low? This seems to happen even in well run companies. I always try to do the opposite.
A share buyback often means that the share price is going to go down. |
the directors wont think so with their lifestyle company that we pay for |
awful...... |
But the directors have done well, in fact very well |
Yes, this company has made some poor choices over the last 5 years or so. The fascination with developments in Wales was always an odd choice and delivered very little. Why pick such tertiary locations unless it was a vanity project for one of the directors? |
Yes a lack of honesty in the results. They just brush off the huge writedown. They also bought back 3.24 million shares (5.4% of ordinary share capital) at an average price of 172 pence per share.
Didn't they also dispose of their RGL shares at a big discount? |
Shocking writedown today. These clowns needs stringing up given the huge bonuses and salaries they have raped out of the company. Performance has been dire. Not sure what can change anything though |
Question:
Do you guys expect a valuation uplift when the Boots Island site gets planning ? If so how much ?
When they got Haverford West outline permission the uplift wasnt much - couple of million - but its still a very low valuation per plot on the books.
Any views / suggestions where to look on this ?
Cheers,
Rob |
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