Fletcher King Share Discussion Threads

[bluemango] 22/7/2017 09:12

52 week high and still no comment from anyone? Norbert, you still around?

Oh well.

Yield now 6.5% on closing offer.

[bluemango] 18/7/2017 10:32

Assuming I'm not the only PI holding these, can anyone help me out in assessing the free float here?

The company website states there are 9,209,779 shares in issue and lists 4 major holders with collectively 4,494,422 shares = 48.8%.

It also says "36.61% of the shares are considered by AIM rules not to be in public hands"

Presumably these are in addition to the 48.8% listed and accounted for? If these represent a separate block, this would be a further 3,371,700 shares removed from free float.

If my maths haven't gone awry, that only leaves a tiny 1,343,657 shares in free float, which might explain the movements on very thin volumes.

Comments and corrections welcome!

EDIT: Can't possibly be right, free float that tiny would be ludicrous. Surely the 36.61% is somehow part of the collective shareholding of the 4 major holders, but the sums don't give an obvious answer.

Even a resulting approx 4.7 million free float would still be small though, so no wonder the quick movements on any trading.

[bluemango] 13/7/2017 17:51

7% yield on today's closing offer price.

[bluemango] 13/7/2017 14:09

Ignoring the Alliance News headline, luckily the market recognises this is actually not a bad final dividend, total 4p (final div 3p due early October) is only lower than last year because of the special div of 8p; otherwise this is the highest annual dividend for at least the last 5 years:

Total div for 2016 = 2p (+ 8p special div)
for 2015 = 2.25p
for 2014 = 3p
for 2013 = 1.5p
for 2012 = 1.5p

So in context, this year's 4p total dividend looks fine. Quite a decent outlook statement also.

"In particular, our second half turned out better than we expected largely due to a higher volume of sales post Brexit than anticipated. All departments performed well during the year ... Valuations were steady and asset management enjoyed a better than average year.

We have again started the year with a significant volume of potential sales and are hopeful that at least one of our current SHIPS schemes will be let and sold, most likely in the second half."

[norbert colon] 12/12/2016 12:45

Billy Yes we should get interim results either this week or next week. These will include an update on the divi.

[billy5] 12/12/2016 12:41

Last year we had an announcement of Dividend on the 16th December.

I can't find any reference to this year anywhere. Does anybody have any info?

Thanks.

[norbert colon] 06/12/2016 11:48

Savills predictions: Commercial returns: up 5.6% per year between 2017 and 2021

[norbert colon] 18/11/2016 08:08

"The election of Donald Trump could be good news for property as foreign money flees USA in favour of London:" Alex Michelin, of Finchatton.

[norbert colon] 28/10/2016 09:16

AXA given go-ahead by investors to build 22 Bishopsgate, a 1.4 million sqft office development. Major, major boost for the City post-brexit.

[bluemango] 18/10/2016 15:26

Many thanks NC.

[norbert colon] 18/10/2016 14:01

Blue. Nothing specific to report really and your understanding is correct. They are a little cautious given Brexit but it's business as usual. Dividend policy is unchanged. Ongoing frustration that they do not make better use of their cash or listing. Looking to move HQ over next 18 months which they anticipate will achieve a decent cost saving as they need less space than they currently occupy. All in all expect more of the same and hopefully ongoing SHIPS growth.I all honesty they are too small to be listed and it would be nice to see some action here.

[bluemango] 18/10/2016 11:34

Hi Norbert, anything you can report from the AGM a couple of weeks ago? Any comments on dividend for example?

My impression is that they see some uncertainty ahead but feel they are generally well placed to ride out any waves.

[norbert colon] 18/10/2016 10:06

Knight Frank: demand for London office space "well above" long-term average of 7.9m sq. ft in Q3. Active searches" exceeded 9.5m sq ft.

[norbert colon] 07/10/2016 12:27

Savills say overseas buyers acquired £2.19 bn of commercial property in central London in Q3: 78% of the total transaction volume of £2.8bn

[profdoc] 02/9/2016 09:03

I'll try to make it from Leicestershire
Glen

[norbert colon] 01/9/2016 21:50

AGM will be on 28th September at their normal HQ location and the normal early time of 9am (unhelpful to shareholders who live outside of London area).Hope to see (even) more shareholders attend this year.

[deadly] 30/8/2016 22:28

Looking perky recently; hope it continues. Goes xd in 10 days for 1p.

[norbert colon] 18/7/2016 23:00

Encouraging news of Wells Fargo buying office block in City of Londonhttp://www.bbc.co.uk/news/business-36826974

[norbert colon] 12/7/2016 12:49

I was encouraged by "the year well and have completed the sale of over £50m of office and industrial investments" in the outlook statement. David Fletcher has not come across to me as someone who guilds the lily and hence the very presence of anything positive looking forward into 2016-17 is good to hear. Clearly uncertainty is not in the businesses favour but property assets will still need to be managed and transactions will pick up once there is more clarity re: Brexit.They remain a long term hold for me.

[longinthetooth] 12/7/2016 11:43

Solid set of results largely as expected.I suspect FY 2016-17 will be challenging to say the least.Market sentiment towards commercial property significantly weakened since board made further substantial investments into its SHIPS vehicles.Diminution in value of these investments seems more likely than any further gains.Must be considered high risk given all of the uncertainties.

[deadly] 12/7/2016 10:41

Very quiet here, but excellent results today:

Basic and diluted earnings per share of 11.51p (2015: 3.90p)

The underlying business continued to perform well with all departments performing much in line with last year. Valuation instructions increased significantly, reflecting increased bank lending to the commercial property sector. The Valuation Office has again slowed down settlement of Rating Appeals which affected turnover, but we still settled some significant assessments.

[churchill2] 22/12/2015 14:52

Well done longinthetooth

Hit the nail right on the head.

[longinthetooth] 22/12/2015 10:12

The main problem here is that the board are not at all interested in building long term value.In good years they will reward themselves handsomely and pay a decent dividend no doubt but in more challenging times it will be the dividend that gets cut not their basic remuneration packages.I have followed this stock as closely as anyone over the past 15 years and the board have had ample opportunity to build a much stronger balance sheet than presently exists but time and time again taken out the lions share of the pot.DF could have significantly increased his stake in the business at prices well below 30p on many occasions but has declined to do so.Share purchases by DF in the past 15 years-zero.Share buy backs,although I am not a great fan, in the past 15 years-none that I am aware of.This one should have been taken private many years ago.

[bisiboy] 19/12/2015 18:21

you are of course correct
perhaps i should bank a profit and move on