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
  -0.935 -5.62% 15.70 22,408,289 14:53:26
Bid Price Offer Price High Price Low Price Open Price
15.70 15.74 17.01 14.05 16.125
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 190.30 -573.80 -102.10 577
Last Trade Time Trade Type Trade Size Trade Price Currency
14:53:22 AT 3,046 15.70 GBX

Hammerson (HMSO) Latest News (10)

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Date Time Title Posts
25/9/202014:53HMSO Charts2,212
24/7/201803:29Hammerson (HMSO) One to Watch on Tuesday -
19/3/201809:14HMSO or INTU-
29/10/201707:57HMSO News and Charts35
03/10/201722:09The 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 16.64p.
Hammerson Plc has a 4 week average price of 14.05p and a 12 week average price of 14.05p.
The 1 year high share price is 162.65p while the 1 year low share price is currently 14.05p.
There are currently 3,678,209,328 shares in issue and the average daily traded volume is 22,105,218 shares. The market capitalisation of Hammerson Plc is £571,961,550.50.
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.
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: 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
researchcentre123: I think Bolador that the sentiment of the market governs this more than anything else at the moment. While people are scared of coronavirus, they are scared of this stock. They look at this and see it as a loss-making share in the past but don't see that that is really because of an accounting anomaly - as it is a REIT, it keeps revaluing the property. Much more real is to look instead at the rent coming in, and perhaps actual disposals compared with purchase prices which you or I would do if we were doing our personal accounts. You can compare the graph to say Carnival and it is very similar, going up and down with people's moods. I suppose that after some euphoria then people started worrying Covid was coming back, and as always overreact. There is also the aspect that if you are a value investor, by its nature you are seeing value where others don't currently, and then it is a question of when others do. In this case, Lighthouse saw value. Others will too eventually then the share price will catch up again. But with the uncertainly, many people are standing back for the moment. Of course, logically that makes it a time to buy, when others are fearful, but most people don't work on logic (I think you probably do Bolador as from what I remember you were buying some when it was down to 40p and everyone was crying....)This stock is really one for the patient rather than the day trader - for example it dropped 10% on the news of John Lewis closing a store, and yet I doubt they paid 2 percent of Hamerrson's total rent roll, and will no doubt be replaced. So a logical reduction in price might be 0.25 pence at most or less, but sentiment of people who don't look at the accounts is "OMG that's it, the end of retail....." I suppose though that is where the opportunity is at the moment. If you really think the world is doomed and Covid will never go, then buy gold. If you think that we will overcome it in the next 12 months, then at this price shares are a steal and those who wait until Covid is gone will be too late. I agree with you though, logic now dicates a far higher share price as the risk element of hammerson is now gone. I suppose people are still nervous about those earlier share price swings.
hpcg: That's what I said. The share is now priced as an option. In some circumstances it is a zero, in others worth double. Or whatever, depends on what you feed in to Black-Scholes not least the risk free rate and time horizon. R.e selling, there is such a thing as forced selling. In the case of houses as unemployment rolls through there will be many that have to sell, in addition to the continuous drip of estate sells. Rents will plummet as household size collapses. Similar themes in retail property though there is an even bigger imbalance in distressed sellers to an absence of buyers. As you say, the HMSO share price does discount a lot of bad things, but not all bad things.
hugepants: "Klépierre — which made a £5bn takeover approach last month — has increased the value of its offer to 635p a Hammerson share, to be paid half in new Klépierre shares and half in cash. " I don't really understand why the HMSO share price has dropped back so much. The Klepierre share price is down about 10% since April but that still values the offer at about 600p per share, an offer which Hammerson described as "wholly inadequate".
cc2014: The move in INTU share price today suggests the deal will go through else the INTU share price would be floundering now. Peel took this line about a month ago and continue to stick to it. I'm not sure the market view is as negative as Peel suggest either. HMSO share price before the announcement was 545p. Now 470p but 20p dividend paid. Overlaying the performance of LAND shows the sector overall has fallen. Klepierre down about 10% this year too. GLA
cc2014: I'm guessing INTU rising is simply to do with the maths. If K doesn't go ahead, HMSO share price will fall to say 480p. 0.475x480 = 228p for INTU. HMSO would have to fall to 442p to give INTU a share price of 210p which is where it is now (ignoring dividends). So, INTU looks value on this measure. If K really wants this it will have to bid for both HMSO and INTU. I don't know if they have the capital to do that (or the desire). I'm kind of in agreement. what the market is saying is we're not interested at 635p. If you come back at 700-750p we might think about it.
Hammerson share price data is direct from the London Stock Exchange
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