Fletcher King Share Discussion Threads

[cockneyrebel] 06/9/2005 18:04

Can't base your investment decission on that tho WJ. Sometimes the goods outweigh the price despite the risk of a move to AIM. How many would sell their FLK if it moved to AIM? Most would switch it imo.

Would you really sell and not switch back within 30 days and lose the potential taper relief? Much like ALT and RTS - mnor effect on the share price. It affected DTG but that got relegated and missed on estimates so that was the main cause imo.

If you sell out and buy back in it makes little difference really imo.

What is most important is the PE - can only be 10 or a lot less on the current momentum imo. The cash - £2m net cash on a £2.8m market cap. And a near 5% yield excluding exceptional divi.

Of course you could always sell and hope to buy back in cheaper but how many sold before these went XD hand have missed outy on 10%+ already with the divi banked and the growth?

CR

[wjccghcc] 06/9/2005 16:16

I'd be a little cautious on the ISA bit rivaldo - how many companies with a mkt cap of sub 5mm will retain their full listing unless it's a business necessity?

[rivaldo] 06/9/2005 14:31

Funny you should say that CR....:o)) Not quite doubled, but enough to lower my average price a bit more.

It's unusual to find an ISA-ble stock which is potentially a one-bagger in a relatively short period of time. EPS almost doubled last year to 4.46p, 41% of the m/cap is covered by cash and the outlook is very positive.

Imagine if they announce an earnings-enhancing acquisition using some of the cash pile - EPS could be up at 8p or more this year with organic growth too.

[cockneyrebel] 06/9/2005 10:58

Just look at the PE, yield, cash and growth Rivaldo - and double your holding :-)

CR

[rivaldo] 05/9/2005 12:59

Nope. Mind you, FLK don't tend to issue an AGM statement form what I can see.

Two 10k buys at 51.45p today, yet the bid price drops 0.5p. Reckon the price is due a bounce at this oversold level.

[cockneyrebel] 02/9/2005 14:29

can't understand why anyone would take profits today - AGM is in 3 weeks.

CR

[bigmolly] 02/9/2005 11:32

Thanks CRebel, time for a few special e.mails to be sent then, as they were not sold to me ex div and was much bigger than NMS.

Cheers.

[cockneyrebel] 02/9/2005 11:19

took a knock of 2p on the XD date, Proquotes calls it XD on Weds too

Interim DPS Record Date: 04 February 2005
Ex-div Date: 02 February 2005 (Interim DPS = 0.5)
Payment Date: 18 February 2005
Final DPS Record Date: 02 September 2005
Ex-div Date: 31 August 2005 (Final DPS = 3)
Payment Date: 27 September 2005
Calendar Interim Announcement Date: 21 January 2005
Expected Next Interim Results: 21 February 2006
Normal Year End: 30 April 2004
Expected Next Year End: 30 April 2005
Preliminary Announcement Date: 12 July 2005
Expected Next Preliminary Results: 12 July 2006
Date of Next AR Recieved: 05 August 2004
Expected Next AR: 25 August 2005
Date of Last AGM: 23 September 2004
Expected Next AGM: 23 September 2005

CR

[bigmolly] 02/9/2005 11:16

Are you guys absoultly sure of the record date for this dividend?

I can't understand how the registry can say close of business 2nd September then actually take a day 3 trading days earlier. Also the price hasn't reflected the 3p this Wednesday which i find bizarre from a MMs point of view.

[jwe] 02/9/2005 09:54

Rivaldo-thanks for your reply.Of course i`m aware of the company statement,however most commentators expect the housing market to weaken including the spread betting indicies(and so do i).The commercial rental market i`m not so sure about,but if the housing market slows both in terms of price and demand(one is a function of the other)how is this likely to affect FLK.
p.s-I`m not thinking of selling what i`ve got just not sure about buying further.With fundamentals like the co has got if it were in any other market i`d be building a stake.

[rivaldo] 02/9/2005 08:31

Jwe, I'm no expert, but surely this excerpt from the FLK results out only a month and a half ago is good enough evidence from the horse's mouth?


"Commercial Property Market

During 2004/5, the commercial property market has continued the trend we
reported last year. The letting market has generally been positive throughout
the country with offices in Mayfair and the West End seeing the greatest level
of activity, and with mid-town and docklands showing some positive movement.

Offices in the Thames Valley and western approaches have also seen more
interest, although the volume of vacant space overhanging the market shows no
significant decrease. The industrial market in the regions remains active and,
continuing the trend of last year, interest is mainly from owner occupiers who
continue to outnumber those seeking to lease space.

Out of town retail is very buoyant and despite reports of reduced levels of
trading, the prime high street locations continue to attract tenants.

The investment market remains extremely strong, with ever increasing volumes of
capital competing for a limited supply of stock. This has resulted in a further
contraction in yields giving rise to exceptional performance in the sector.
Rental growth is coming through and this has further added to performance.

Property continues to be a sector to which a majority of funds wish to commit
further capital and, with a fall in the medium term interest rates, debt driven
purchasers are also active. The potential advent of REITS, details of which are
promised by HM Treasury in 2006, will give added stimulus to the investment
market.

As reported at the interim stage, the first Stratton House Investment Property
Syndicate is fully invested and our second Syndicate closed in January 2005
after raising £10 million of equity. The second fund has, to date, acquired
properties to the value of £15 million and, with gearing, has a further £20
million available to invest.

The Outlook for 2005/2006

I remain optimistic about both the letting and the property investment markets
for the coming year. Whilst the letting market will remain difficult, well
presented and correctly priced space will generally find tenants. As previously
mentioned, some areas have a difficulty with oversupply and owner/occupiers are
likely to be dominant in the industrial market.

Given the potential for further substantial amounts of capital entering the
investment market, we do not agree with many commentators who feel prices have
peaked. Although the rate of capital growth has cooled, and will continue to do
so, we predict a further contraction in yields over the coming year making
property a strong performer yet again."

[jwe] 02/9/2005 08:16

I have a small holding in this co. and am thinking of doubling up,however the property sector looks set for a slowdown imo(i`m a landlord)and this is putting me off.Can anybody put a decent buy case specifically in relation to the property sector?

[rivaldo] 01/9/2005 15:52

Looks like the slow climb has resumed. Earlier I could sell quite a few on-line, but not buy many - and for that I'd have had to pay the full 54p offer. Could be that there's not much stock around for the first time in a while.

[lee99] 01/9/2005 13:38

Thanks for your responses everyone....it makes sense now.

[vs] 31/8/2005 23:48

The ex-div date is always Wednesdays and it is the important one as far as shareholders are concerned.

The date mentioned in the results is an admin date ("the record date") and its when the registrars will check their records. Tends to be Fridays. However they will check who was holding the shares on the Tuesday night preceeding the record date.

[teapreacher] 31/8/2005 23:41

stocks go ex-div on Wednesdays.....confusing i know.

[lee99] 31/8/2005 23:05

I though the ex-div date was 2nd Sept - from FLK Finals on 12/07/05 :-

"Turnover for the year was £6.1m (2004: £5.6m) with profits before tax of
£546,000 (2004: £332,000). The Board is proposing an Ordinary Final Dividend of
2p per share (2004: 1p per share) together with a Special Final Dividend of 1p
per share (2004: 1p per share) to reflect the one-off profit of £105,000 on the
sale of our minority interest in Fletcher King Manchester, which we reported in
the first half of the year. These dividends are subject to shareholder approval
at the Annual General Meeting and will be paid on 27 September 2005 to
Shareholders on the register at the close of business on 2 September 2005."

Any ideas anyone ?

[rossco] 31/8/2005 18:51

Well another FLK ex-div day has come and gone.

The increase in the trading dividend to 2.5p maintains the rising trend to previous years payouts of 4p. I am confident that rising profits will allow further increases.

An extra for shareholders during the past two years has been the payment of special dividends of 1p. With the market value of the company's listed investments still standing at £226000, a partial sale could make way for another special dividend.

I have invested in FLK for several years and have been well rewarded. The future looks just as good.

[rivaldo] 31/8/2005 08:09

Too late I'm afraid chester. Interesting that the price has only fallen by 1.5p today when the total divi was 3p - if it holds that's a 1.5p gain on the day!

[chester] 31/8/2005 07:33

Can I buy today and still get the Divi ?

[cockneyrebel] 30/8/2005 17:52

Cheers Tole

[tole] 30/8/2005 17:38

Small companies make big gains in share league: Erinaceous and Fletcher King top Property Share Performance League for f

Friday, August 19, 2005 10:24:53 AM ET
LexisNexis


Property WeekERINACEOUS AND FLETCHER KING, TWO property services firms, have the best-performing property shares this year amid a run of success for smaller companies. Property Week's Property Share Performance League for the first half of 2005 shows that Fletcher King's share price increased by 53%--from 32p to 49p--and that Erinaceous shares improved by 50%, from 185.5p to 278.5p. Fletcher King, a company with a market capitalisation of just 4.3m [pounds sterling], said last month that its annual results to 30 April would be 'significantly ahead of market expectations'. In January it announced a 155% rise in half-year pretax profits from 95,000 [pounds sterling] to 242,000 [pounds sterling]. In April it reached its 10m [pounds sterling] equity target for its second private investor fund.Dover, Molly

[soggy] 30/8/2005 16:04

Good news all round then! thanks for the tip. Cheers!

[cockneyrebel] 30/8/2005 15:43

ISAable to - my ISA picks up a big divi payment tomorrow.

CR

[cockneyrebel] 30/8/2005 15:42

Well if you get the divi your net buy price was 51p. Take the £2m net cash off and the forward PE must be about 5?

Hideously cheap. Might have to sit on them till they get a tip or post a bullish AGM statement in a few weeks time but the punters will be awakened somehow and I reckon there will be 20+% swift in these imo - especially when they break out.

CR