BOOT family shareholding spreads far and wide through the register and looking to history they have never shown a strong desire to dilute their position |
Intriguing - i couldn't get a breakdown of BOOTs NAV A logistics development pipeline is probably the most valuable CRE asset at the moment and it's a large part of why BBOX/SGRO trade above NAV There's certainly a logic to combing BOOT with HWG and separating out the house building/land promotion and contracting businesses |
Yes BOOT owns some low-quality assets like their construction arm and some legacy onerous PFI contracts.
But if you see their Logistics pipeline (current + committed + consented) is c. 6mn sq ft
That compares to c. 9mn sq ft for HWG.
If the two were to combine, they would have a massive logistics landbank of 15mn sq ft with 1-5yrs left to completion.
That is even much bigger than the bank of the pure play industrial REITS (SEGRO + Tritax).
A combined entity could easily discontinue / dump the more trashy assets and just focus on the higher margin assets. |
Sorry gs, didn't notice that I was directed to a 2018 list when I googled Henry Boot shareholders...lol... |
Roditi owns
27.8% in Harworth via London & Amsterdam Trust, Pelham Capital, PA account
4.1% in BOOT via London & Amsterdam Trust (position built with the last 12-24 months) |
Apart from if I remember correctly BOOT has a contracting arm - horrible business; even in good times |
Would make a huge amount of sense.
I can't see any holding by Nick Roditi in BOOT |
Roditi wants to merge Harworth Group with Henry Boot (BOOT.L), that's why he's been building big positions in both.
Both have significant land bank in industrials and logistics plus resi plots.
The recent St Modwen takeover shows there's significant value in development land within these sectors |
After the ups and downs in the share price it would be cruel to have it taken away at this stage. Whittaker needs the money, Roditi doesn't and who knows how the pension fund would vote.
Low leverage has been an attraction(to me).Is this now perceived as a weakness? |
It's rare to see a REIT come out with a statement like that (I can't remember seeing one before) Looks like a a worried board doing a bit of pre-bid defence |
Still priced below NAV, decent PE and dividend whilst we wait.
What's not to like? |
Peel's forecasting 185p, and have a 175p target price.
SMP went on a 20% premium! |
I put my monies from the UANC takeout here(taken out too cheap by the way)so hope you're right.What does materially mean,10 to 20%?
"the Company now anticipates that Group EPRA NDV as at 30 June 2021 will be materially ahead of the current analyst consensus for 31 December 2021*.
*Current analyst consensus for EPRA NDV per share for 31 December 2021 is 167p, comprising three forecasts of 167p from Liberum, Peel Hunt and Goodbody. |
This has been suggested as the next PE target given their appetite for real assets - they better get a move on as I see this only continuing to rise from here. Very strong land bank and significant industrial exposure. |
Strong numbers as they should be in this logistics market, hopefully someone will have an eye on these assets and take them out! |
July 23 - Harworth Group PLC HWG.L :
* HARWORTH GROUP PLC - TRADING UPDATE
* HARWORTH GROUP PLC - ANTICIPATES THAT GROUP EPRA NDV AS AT
30
JUNE 2021 WILL BE MATERIALLY AHEAD OF CURRENT ANALYST CONSENSUS
FOR 31 DEC 2021
* HARWORTH GROUP PLC - DELIVERED A STRONG FIRST HALF
PERFORMANCE
* HARWORTH GROUP PLC - AT 30 JUNE 2021, INDUSTRIAL &
LOGISTICS
PIPELINE TOTALLED 26.2 MILLION SQ FT, OF WHICH 9.0 MILLION SQ FT
IS CONSENTED |
Harworth Group has secured planning approval for the development of up to 1.1 million sq ft of logistics and manufacturing space which could support the creation of up to 1,500 jobs. |
Ok so 15% not 29% apols I’ve been here since uk coal days and done ok as sold at the right time before it went downhill with the pension issues, also via rights issues etc weren’t they priced at 7p so 70p after share reduction from distant memory.....anyway they don’t move much and recently in the last month from 124-147 is a major move for hwg |
Sorry finkie, get up to date.
(see 483 above and page 135 of the annual report) |
Hwg definitely in play maybe the takeovers I highlighted before have finally pushed peel into making a bid (they own 29% already and have done for years) |
 So the price has broken higher on the back of those highlighted chunks above. Buyers come in (sector related activity a possibility here) and clear out the sellers at particular price points, allowing the price to breakout and move higher.
As per many out there, it looks like a gap close back to pre-covid is eventually on its way here too. Some of the laggards are playing catch up and the interesting thing is that the US sell offs aren't having as much an impact on UK small caps as in previous times.
The US has been wobbling, and it remains to be seen whether the volatility does calm down with the indices finding some form of bottom, or whether there is a further correction to come.
On the whole however, when I look around my monitors the bulk of the small caps are barely batting an eye lid to the events across the Atlantic. Clearly bigger moves in the US could change that, but the market here appears to be quite content with where prices are trading, almost sending a signal that we want to detach ourselves from their influence.
All imo
DYOR |
I'm enjoying it whatever it is...... |
Something up here possible takeover? St Mods taken over McCarthy too... |
Interesting, but not sure why though. |
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