Share Name Share Symbol Market Type Share ISIN Share Description
Hammerson Plc LSE:HMSO London Ordinary Share GB00BK7YQK64 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.30 -1.32% 22.35 21,415,053 16:35:06
Bid Price Offer Price High Price Low Price Open Price
22.07 22.17 23.00 21.67 23.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 190.30 -573.80 -102.10 856
Last Trade Time Trade Type Trade Size Trade Price Currency
18:00:18 O 1,500,000 21.82 GBX

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Date Time Title Posts
25/11/202016:52HMSO Charts2,384
24/7/201802:29Hammerson (HMSO) One to Watch on Tuesday -
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29/10/201707:57HMSO News and Charts35
03/10/201721:09The Hammerson Thread84

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Hammerson Daily Update: Hammerson Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker HMSO. The last closing price for Hammerson was 22.65p.
Hammerson Plc has a 4 week average price of 15.42p and a 12 week average price of 14.05p.
The 1 year high share price is 157.85p while the 1 year low share price is currently 14.05p.
There are currently 3,831,468,050 shares in issue and the average daily traded volume is 11,421,246 shares. The market capitalisation of Hammerson Plc is £856,333,109.18.
researchcentre123: Coronavirus is what it's about which seems to be going up. Panic reactions have suppressed the price although in reality that is more than priced in given the ratio of 5 or six times asset value to share price. I think we'll see some dramatic movt in share price when they start dishing out vaccines.
typo56: 1hughb, flagging a trade as a 'buy' or 'sell' is always a bit questionable, because of course there are always both sides to a trade. They are simply a judgment as to which party was the aggressive participant (in the case of SETS, the passive participant is the person who places the order on the book, waiting to be hit, the aggressive participant is the person who hits an order on the book). The 18.5m trade in HMSO at close yesterday was the auction uncrossing. This is the aggregated volume of all the buy and sell orders on the SETS book that could be filled at the uncrossing price. It's therefore not really meaningful to label it as a buy or a sell. There are always large trades at close on the last day before an index move, (e.g. ITV and DGOC yesterday). I think the point of trading in Friday's closing auction is there's good liquidity and it ensures tracking of the index, whatever the price traded. The HMSO/HMON index move has been complicated by the extreme 24x rights issue. In terms of HMSO shares it was very large (about 12% of HMSO shares in issue). However, I think this can be explained by the unwinding of the HMSO/HMON arbitrage that has been going on by traders and probably funds too. 12% in HMSO equates to an arbitrage of just 0.5% in HMON. I've seen mention of 15% shorts in HMSO. This is only 0.6% of the enlarged share capital and therefore I don't see it as being very significant. Some of it could be due to an arbitrage in HMON longs.
typo56: alexios1201, I wrote "HMON currently trades 16p-17p below HMSO". By that I didn't mean HMON were trading at 16-17p. In theory HMON should trade 15p below HMSO. With HMON trading 16-17p below HMSO, it is better to sell (short) HMSO than it is to sell HMON. You can close your HMSO short by exercising the HMON rights. There is no stamp duty or dealing fees in taking up the rights. If you are performing an arb and shorting HMSO you are probably doing this via a CFD/spread bet. In which case, no stamp duty on HMON long either. You may also be playing on the SETS book and trading 'the right side' of the spread, like catching HMON at 6.2 this morning.
typo56: Yes Robertinvestor, for every HMSO share you owned at close on 9th September you now own 1 x HMSO 24 x HMON (the nil paid rights shares) The nil paid rights shares give you the option to convert to fully paid HMSO shares, by payment of 15p per share. Because this is a discount to the HMSO share price it means the HMON shares (which are tradable) have some value. In theory that value should be the HMSO price minus 15p. In effect, about 90% of the value of the HMSO shares you held at close on 9th September is now in the HMON shares. You could sell HMON rather than take up the rights. However, the fact that HMON currently trades 16p-17p below HMSO makes this unattractive and if you want to obtain a better return you have to consider getting a bit sophisticated and look at shorting HMSO instead.
typo56: As alexios1201 points out, traders playing the HMON long/HMSO short arbitrage can net off their HMSO short by taking up the rights at 15p. Yesterday you could sell HMSO for 2p-3p more than the cost of buying HMON and taking up the rights, which seems a bit of an open goal for traders, as long as the HMSO shorts don't get called in early. As far as I can see, there are no dividends or other benefits attributable to the HMSO shares that are not attributable to the HMON rights. Sometimes this can be the reason why the rights appear to trade at a discount, but I don't think that's the case here. At the end of the month I think the HMSO shorts will probably reduce in absolute numbers as traders net off their arbs and will reduce massively in percentage terms as the rights shares become fully paid HMSO shares.
hpcg: The current shares are worthless on their own, and only have value as an expensive option to participate in the refinancing. Current shareholders have 8 choices: 1) Sell their rights. It is difficult to know where they will trade, and depends on where the market thinks the new shares will trade. 2) Take up partial rights. The 'breakeven' number requires an algorithm to calculate and even then is a function of the share price when the new shares trade which will determine where the rights trade, which even then may trade as an independent market. 3) Take up full writes and pump 1.53 times the value of my existing holding as at the close on Friday back into the company. This ratio changes as the current share price changes, though the cash value for the number of shares held is fixed. 4) Sell 60% of my shares to pay for cash to reinject. 5) Buy more rights in the open market. 6) Sell all of their shares and buy rights. 7) Sell their rights and use the money to buy new shares in the open market. 8) Sell all my shares now and buy back new shares in the open market. For anyone without the spare cash item 4) is the best choice I think. Waiting for the rights to trade is fraught with uncertainty. Put it this way, I am not going to pay 8p. So I don't think the right will trade for much. This is an unusual issue, the rights basically are the new share capital so they are disconnected from the current share price. I think the right might trade for 6p, in which case someone investing £2.35 today will end up with rights worth a market price of £1.48. That's a bad deal on a stand alone basis. This is just my guess, may be they sell for 8p or 10p, who knows. So for now I think the current share price has to go down because it makes little sense for anyone to buy shares at this price, given it adds risk, and it makes a lot of sense for some people to sell. For those that can afforded, and given you were invested in the first place so must think the company is worth something, the option 3 is the lowest risk choice. My choice, I'll likely short on Monday and then look for a dislocation in the rights price.
hpcg: The rights price is basically cramming existing shareholders. They either (partially) recapitalise the company or write off their existing stake. The incentive for holders, should they take that view, is that if we take equity as an option, then there could be a large gamma between the no fund raise situation and with an extra half billion quid. And really the current shares are an option. The current equity itself is worthless and frankly insignificant when it comes to the post reorg share count. Current share price is 47p. 5 shares at 47p = £2.35 Allows, after 1 for 5 consolidation: 24 shares at 15p = £3.60 total expenditure to get 25 new shares is £5.95 My cost per share is 23.8p Number of shares after rights issue = 3,831,468,050 (page 63 of the prospectus) So at 23.8p the market capitalisation would be £911.88m, call it £912m. To rationally buy shares at the open on Monday, assuming it is the same price both these things need to be true: 1) You value, and you think the market will value Hammerson at a market cap of greater than £912m. In other words post rights issue it will open above 23.8p. 2) You don't think the share price will go lower between now and last minutes of the session on the trading day before rights expire. For reference that market cap last occurred just a month ago when the shares briefly passed 119p (766,293,613 shares in issue today). So on that basis, as the company will have all that extra cash, there perhaps is a case to be made.
tomboyb: Share price today has allowed investors to get out - I expected the share price to fall dramatically - It did not but it will drift from here considerably - 3p RI v 47p current share price says it all - Can't understand why anyone would buy - I don't short but this is a no brainer -
tomboyb: The current share price has been a gift - Ultimatly when you get the rights shares the share price itself will probably back to those levels anyway - For me that means 1. the time taken to get those shares, 2. holding onto a falling share price 3. and share price will fall back to those levels anyway Hence today was a gift - And it still is -
alexios1201: Ok"Alexios, the net assets per share according to the current report is 458p. If you add in 72p for the rights issue, that is 530p per share - actually slightly more than I was calculating. The 72p is calculated as 1 share divided by 5 times 24 times 15p= 72p."Ok so current net value is £3.51BnAdd £552M rights and move £300m sales proceeds = £4.362BnNow divide it by 3.831bn shares in issue post consolidation and rights issue 113pThe current share price is 246p post consolidation Near 120% premium to NAVWhere's the bargain discount???Today's deal values the equity at ~£960mAnd you are calling the current share price a good buy???£960/3.831bn equals to 25p post consolidation or 125p pre consolidationThere is no bargain here at the current share price
Hammerson share price data is direct from the London Stock Exchange
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