Hawtin Share Discussion Threads

[rbf] 14/6/2004 22:31

Thanks for the info Sharw

I shall be interested to see what if anything develops after today's rally

[sharw] 14/6/2004 20:04

RBF - I can only go on what is said in the annual report, viz:

"Assets are now predominantly property based, being the premises in Portsmouth, Bridgend, Bordeaux and Bodmin that were occupied by our one time subsidiary companies, and 19 acres of development land at Hawtin Park, Blackwood. The development status of the land at Hawtin Park has been revised to expand the area for development and to include an area designated for ‘housing’;. After taking professional advice, the value of the land included in the accounts at 31 December 2003 has been increased by £4 million to reflect its now enhanced market value".

Since the operating premises would have been valued at the time they were split from the subsidiary companies which were sold, then I think that we can assume that all the valuations are within the last 18 if not 12 months.

[rbf] 14/6/2004 17:46

Sharw

Yes the PEP / ISA problem is annoying, but easily resolved by transferring out.

As for the Balance Sheet, do you know when the property assets were last revalued?

[sharw] 14/6/2004 17:14

Up again today - someone has bought at 11.5p. If something is stirring this is extremely frustrating because those of us who have holdings within PEPs/ISAs have until close of market on Thursday to decide what to do (either sell or transfer out).

RBF - the £11.4m balance sheet at 31/12/03 is valid (£10.85m attributable to ordinary shareholders) - there are no intangibles, and most is in property. Hawtin is now effectively a property shell.

[addict] 11/6/2004 11:22

Moving higher,slowly but surely.

[rbf] 03/6/2004 17:59

And further stakebuilding today me thinks.....it looks as if someone has just acquired 1.3m shares or 1.8% of the company............

[rbf] 02/6/2004 18:04

So does anyone know anything about the stakebuilders.....the Fernback family (9.1%) and TWG Charlton (4.18%?

Also how valid is the £11.4m Group net asset figure as at 31 December 2003.... against a market cap of under £7m?

[david beckhame] 02/6/2004 15:36

On the move at last (like me to Chelsea, but they haven't asked yet.) Victoria likes it round there.

[addict] 21/4/2004 09:20

langland,
Hmmm-missed that-thanks for pointing it out.

[langland] 21/4/2004 08:21

Laxey no longer hold--- rns dated 4 dec

[addict] 21/4/2004 07:57

IMHO the Laxey Partners holding is the interesting one.I also think there are now very good opportunities to realise shareholder value through property trading.Looks distinctly undervalued to me,and a definite bid target,DYOR.

[sharw] 20/4/2004 22:09

There are 548,750 preference shares of £1 each carrying a cumulative dividend of 6.5% p.a. There may not be a lot of them but they can be a pain - a couple of years ago when the shares were trading way below NAV the company proposed a scheme to repurchase and cancel ordinary shares, but the Preference shareholders rebelled and blocked it.

The tangible NAV per ordinary share is now 15.13p by my calculations.

The bad news is that the company is still loss-making and cannot even pay the preference dividends. Rental income is less than central overheads plus interest. It either has to expand rapidly or be taken over. It does not have sufficient management for the former, so it really needs the latter. Should we send a letter to Peter Gyllenhammer?

[hugepants] 20/4/2004 17:01

Whats the position re: preference shares? ie. How many are there! Is the annual report downloadable from anywhere?

[arthur_lame_stocks] 20/4/2004 16:41

Results are out today. Any comments anywhere from anyone?

NAV now up to 11m (for ord holders). I'm still not sure what I think.

Arthur

[cockneyrebel] 18/2/2004 11:55

Yes, I can't even begin to work out the asset value - need the next results.

What does interest me is the chart - there was very high volume in Dec and since then the stock has been on the rise. In the past too there has been what i call 'straight line movements' up, down and horizontal but in recent weeks the stock is moving in tiny little steps. When I've seen this in shares in the past it has often been when news was leaked. Just seemed to me something might be going positive here - a 200K trade a few days ago too - looks a buy.

CR

[arthur_lame_stocks] 18/2/2004 11:45

CR

I have been looking at these. I think net assets may now be approx 12m which is roughly double the current share price. It's hard to be sure how the recent diposals affect the group due to the inter company balances.

I recently sent an e-mail to the company and asked when the groups properties were last revalued and on what basis (since some of their properties appear to be on a pretty high yield although this may also reflect the quality of the tenants), whether there was any potential for residential development in their properties (bearing in mind that they are mainly old industrial sites), how they would be affected by one of their tenants going broke (as Powersport appears to have done) and whether they had any liabilities from defined benefit pension schemes (since they have owned a multitude of businesses over the years and have been around since Victorian times).

The answer I got didn't answer any questions specifically but did say that I appeared to understand the issues currently facing the group so you can read into that what you will.

I think when they said that they would return to profit they were talking about going forward rather than in the current year. I think the group should be pretty much debt free and despite Powersport going broke they should still have income of 650K or so which ought to be more than enough to cover the costs of collecting the rents.

Interesting one anyway.

Arthur

[cockneyrebel] 18/2/2004 10:11

Seems a quite thread. What do investors make of these?

I notice in their interims the chairman said:

"The Group has significantly lower borrowings and a more compact financial base
dominated by property assets. The restructured Board has proven expertise in
property matters and is set to expand its property interests as opportunities
arise. I look forward to a return to profitability in the near future."

I don't know what the near future is but if they were near to earnings positive this year after losing 5p in H1 that would be some turnaround in H2. He might just mean profitble in H2 perhaps but either way they look like they could well have bottomed in december after some very high volume.

Had a small punterooney this morning, only £2K worth but it seems a risk worth taking with results just a couple of months off.

CR

[arthur_lame_stocks] 21/1/2004 17:16

It's hard to know what the net assets might be after the recent disposal because some of the 4m was to pay off an intercompany loan and some of it was to pay off an overdraft.

Arthur

[addict] 21/1/2004 12:44

Still listed under 'Household goods and textiles'-that's a laugh.This is a PROPERTY company...and a cheap one at that-check out the net assets after the £4million disposal-CHEAP CHEAP!Methinks a certain shareholder activist is waiting to spring into action on this one.DYOR.

[addict] 13/1/2004 12:26

Nice juicy buy just appeared.DYOR.

[addict] 07/1/2004 16:03

Time to re-visit this one!Decks cleared...debt dramatically reduced...and now set for renewed growth.Market seems to have missed it.DYOR.

[philjeans] 08/7/2003 21:36

Price up 45% in a month - selling off all the rubbish for cash and it'll be a nice clean shell with massive tax losses.

Buy for further price recovery - 15p on the cards.

[addict] 05/11/2002 17:15

You have to laugh-pouring on the agony about how bad trading is,and then add,almost as an afterthought, that there's a bid approach.WATCH THIS SPACE!