Share Name Share Symbol Market Type Share ISIN Share Description
Hawtin LSE:HTI London Ordinary Share GB0004156930 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.825p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 4.1 -4.5 -5.5 - 0.83

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Date Time Title Posts
31/3/201120:44HAWTIN - Something stirring322
08/1/201021:53What's Happening at Hawtin?1
03/9/200912:39HTI Chart and News52
30/4/200909:20OVERLOOKED I THINK4
18/2/200610:17Hawtin....Share BuyBack Started1

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vauch: A hefty drop in the share price. give it a few month and an RTO.
meict: Probably so but 25,000 at 4.25p is only £1,062.25! I'll give them until the end of the month and then, if nothing else has been said,I'll call them for an update. Considering they were buying something for £10+ million in Swansea going on for six months ago. It was first mentioned at the AGM, then a few details came out at the EGM (there were only two shareholders there) and a little more was said when I spoke to Bob Carlton Porter before Christmas. Whilst I was in Cardiff, I looked at the Millennium Plaza and thought it grubby and a little tired. Valued around £20 million, I hope the valuer saw what I didn't. If I could buy at around 4p, I'd take a chance and top up. Which way do you see the share price going mryesyes? It could be worse Richard Hayward bought in at around 18p! And another director lower down but more than this. By the way, the proposed share issue came to nothing but nobody has said anything. Shouldn't it be Solarno L√≥pez?
meict: What's Happening at Hawtin? It's time we had a new thread. Nobody has made a comment for almost four months! Doesn't anybody know anything? Doesn't anybody care? We all know that the share price has been coming down but why?
meict: Whilst agreeing with sharw, there are a few points I'd like to add. It may be that the interim figures have been announced early so that further good news announcements are kept separate; for this reason I suspect more good news around the time that the results are usually announced. For example, the St David's II Mall in Cardiff opens in seven weeks time bringing with it many visitors to the city. Whether any of it rubs off on Hawtin remains to be seen. There is no longer any mention of the 75% of the Aberaman site that was all but let, the Portsmouth site or the site near the Heads of Valley road at Rhymney. Are these going to be announced one-by-one as sweeteners? I think that for some reason, yet unknown, Richard Hayward is trying to keep the share price buoyant. The statement: 'Over the past few years, the Board has striven to broaden the geographical and occupational base of the portfolio.' Does this mean that our latest acquisition is some distance away from the areas in which we currently trade? Now, these figures are not as good as may be thought but lets consider some other points. If property values have 'bottomed' then, perhaps there may be a small 'bounce' by the year end. For example, if Hawtin's existing properties (i.e. those on the Balance Sheet at 31 December, 2008) were to rise by a mere 2% then this would not only improve our Loan-to-Value ratios but also produce a (paper) profit of a little over £1.25m. Ignoring the interest swaps but including the (paper) profit of £0.75m from the revaluation of Nangarw Estate would mean a total additional profit of £2m. Doubling sharw's figures (yes, I know it can't be that accurate but it's just an illustration): Gross profit 3,858 Expenses (2,058) Operating profit 1,800 Net interest (3,530) Pre-tax loss (1,730) would push us into a small, albeit paper, profit. Tax is immaterial as we have huge losses from last year and from previous years. Of course, if other properties are let and the new purchase comes on stream quickly, the profits could rise dramatically. A yield of 7% (I envisage it to be more) on our new purchase would mean rent of £760k. Similarly, yields of 8%, 9% and 10% would produce rental income of: £868k, £975k and £1.085m respectively.
meict: Gentlemen, and of course Ladies, Am I the only one placing posts on this Bulletin Board? Come on lads and lasses, why not post your opinions? What about you Sharw2, you have an in-depth knowledge of Hawtin, what's your estimate of the NAV? Please share your ideas with us. I notice that there's been a small amount of selling and because of this the share price has been, to say the least, somewhat volatile, dropping substantially on small trades. A trade of 20,000 on Friday, all of £1050, caused a drop of .25p! Somebody later bought 700 and there was another purchase of 5,000 but, alas, there was no recovery. Hawtin's shares 'bottomed' some time ago and whilst I was expecting the upward movement of a week ago to continue, I'm not disappointed that some punters have taken a small profit: 50,000 shares with a profit of 1p is £500 for a few days risk. If you can do it on ten shares a week, it's serious money and I wish them every success. (If you're reading this lads, please forward me the list of punts for next week.) Back to Hawtin. Commercial property has hit rock bottom and I'm sure that we'll see a sustained rally in the next week or two. Unfortunately, Mr Hayward has not been using the remains of the £50 million 'pull down' to enhance our portfolio. This is obviously owing to the fact that there is nothing suitable available. Nobody wants to sell and buyers, at the moment, are now looking for high yields rather than capital growth. There are few sellers, as if owners sell and cannot reinvest, their money will lie, unloved, in pathetic yield accounts. As I said in Post 205, I expect the share price recovery to be in the second half of the year. During this time, we will see many well-heeled buyers returning to the marketplace to snap up properties that are let to solid companies. Fortunately, we have Richard Hayward at the helm and I'm sure that he will steer us though to calmer waters and to decent purchases. Meict
meict: Finally, Hawtin is moving upwards! How it sojourned for so long around 4.5p I don't know. I see Hawtin as a share of two parts: the property assets, particularly the Net Asset Value (NAV) and Richard Hayward. The shares have finally started to move and I think that they'll go to around the 8p or 9p level, which I estimate at a 60-65% discount to NAV. When it reaches that point, a number of shareholders who bought around the 4p level will get out or sell half. Others who will sell are the longer term holders, who have bought some years ago and bought again to 'average' when the shares were around the 4-4.5p level. They will be glad to get their money back and see the back of Hawtin who, through no fault of its own, has disappointed them. And who can blame them? Not I. I see the real share price growth coming between the publishing of the 2008 Annual and the Interim Reports. As I've said before, the relationship between Merlin and me is somewhat tenuous so I've decided not to prophesise regarding the price that I see. "Two parts? Where's the Second Part?" I hear you say. The second part is Richard Hayward (please see posts 176, 179, 185 and 203 for my previous comments). I think that a man of the calibre of Richard Hayward is worth 20p on the share price - call it the Richard Hayward Value. Richard Hayward will take Hawtin, which was little more than a Shell three short years ago and turn it into a major player in the commercial property field. Hawtin is UNIQUE! Unlike other property companies that sell on a discount to NAV, Hawtin sells on a double discount - to NAV and to RHV (Richard Hayward Value). I estimate that Hawtin is selling on a discount to NAV of 65% to 70% and on a discount to RHV of 68%. I'm not surprised that an Institution has not swallowed up three or four per cent of Hawtin. There's no dividend but further down the road, say in two years time, there will be. I, for one, would not welcome it, there are far better ways to reward loyal shareholders than paying them a penny or two in dividends.
meict: Hawtin's website has been recently updated with some properties being revalued. Parc Nantgarw (sounds nice in Welsh) has a value of £6.2m! This was bought, at the beginning of February for £4.35 million whilst being valued at £5.35 million! The total upwards valuation is £1.75 million, almost 1.75p on the Net Asset Value! And more than 35% of the present share price. Unfortunately, there's no sign of the Holywell deal, I'm expecting that there may be a serious revaluation on some, or all, of the commercial properties at Amersham, Berkhamsted, Cheltenham, St. Albans and Tring. These were bought for £8.775 million, an average of £1.755 million and perhaps a little small for Hawtin. Undoubtedly, Richard Hayward, Hawtin's Property Guru sees considerable mileage in future property revaluations. On this I am willing to back him wholeheartedly. The houses, bought at the same time, as the above five properties, whilst appearing to be a departure from Hawtin's commercial property interests. But Richard Hayward was in flats for many years and I suspect that these properties may be of three floors or more, each floor containing one, perhaps more flats. Probably occupied by aged grannies eking out their twilight years on pensions decimated by Gordon Brown. I wish them long lives! The six residential properties were bought for a total of £807,500, or an average of £134,600 - you'll not buy much there for that sort of money! The Rent Roll is £48,900 or £8,150 per property, a lot if this was a single occupancy but they are protected tenancies, which mean peppercorn rents! So how many occupancies per building? I may be from the same tribe as Merlin but, alas, I lack his legendary power. We'll know soon enough, when the Company updates the website. We, and Hawtin, will gain when each Granny, in turn, has to move into sheltered housing or into a care home. Then the flats will be renovated and sold, the housing market will have probably returned by then to its lunatic, ever-upward spiral. I have made some calculations with the limited information (it would be handy if information about rent revisions were made available) at my disposal and have come to the conclusion each, and every, time that the Company is selling on a 75-80% discount of Net Asset Value. And I am also of the opinion that we will see further upward revaluations during the year. There is still £15 million in the 'pull down' kitty, which I am also sure that Richard Hayward will invest wisely for us throughout the coming year. Once we breach the £100 million asset barrier, sometime in 2010, the share will start to motor. mryesyes mentioned Institutional buying on 25 April (Post 190). Of the 100,339,798 shares in issue 65.02% (65,243,294) are held securely by Richard Hayward (21,500,000), Martin Warner (10,000), The Thorne Barton Discretionary Trust (10,000,000), E. Drizen (9,907,183), Tribeca Property (8,611,111) and Christopher Hazell (5,225,000). A fair amount of the remaining 34.98% (or 35,096504 shares) is possibly held by small holders like ourselves, some having invested many years ago. With the issue of 20 million new shares for part payment of the Holywell purchase, Richard Hayward, directors (excluding Martin Warner) and people mentioned above will have seen their holding percentages considerably diluted and may want to return to the status quo. They cannot yet buy and it is undoubtedly to our advantage to put some more shares into our portfolios now. There will never be a better opportunity to buy than now and if there is one thing that I can thank Gordon Brown and his cohorts for, it is for reducing Hawtin's shares to such a level that I can buy pounds for pence! I would not be at all surprised if some members of this Bulletin Board already have considerable holdings. What I cannot understand is why Hawtin used paper to fund £900,000 of the Holywell purchase. With the huge discount to net assets it is totally impractical to use paper for acquisitions or to raise capital by issuing new shares. But, as I've said before, with Richard Hayward on board Hawtin should be selling at a premium to, not at a tiny fraction of the Net Asset Value. And when again will you be able to buy a share, in Hawtin, for less than its face value?
addict: Months of inactivity on the share price but now edging up a little.Could be worth a small punt-I'm in for a few.DYOR.
meict: I agree totally with bulletin board member haydock that if commercial property falls again Hawtin could be in trouble. Hawtin's board is populated these days by professionals who know the industry that the company trades in. I don't believe in bad luck whilst I do in good luck and I think that I was lucky when I stumbled upon Hawtin. Hawtin, in my opinion, has a First Class Management Team, their Cash Flow is excellent, in fact much better than many other larger property companies and there is no likelihood of them breaching their banking covenants. Richard Hayward tends to hide his light under a bushel, it was he who was the 'Project Manager' for the Millennium Stadium (in Cardiff), he delivered it, on time, for £159 million. He wasn't involved in the rebuilding of Wembley; that cost something approaching £800 million and, perhaps, unsurprisingly, was more than a year late! Richard Hayward's success may not count for anything in England but it certainly does in Wales and, as Wales is where much of Hawtin's business is done, this has a value. I think that the presence of Richard Hayward and Robert Carlton-Porter on the board would have, in better times, boosted the share price. Not only does the publicity-shy Richard Hayward hide his light under a bushel, our company does too! Champions Business Park (our joint venture with Centaur Properties Ltd.) on the Wirral. (I think that we bought this site for an absolute song!) At a mere £1 per square foot (on the full 435,000 square feet) we'd be able to service the loan and possibly revalue the property. Unfortunately, on Hawtin's internet site the only comment is that the Occupier is 'TBA'. Alas, parts of Hawtin's site appear unobtainable but on another bulletin board (at interactive investor) I found an entry by mrsbearbull who on the 17 October 2007 stated: 'FOUR months after the purchase of the former Champions Spark Plug complex in Upton, Wirral, Hawtin Developments is reporting good progress with its refurbishment plans and letting of the scheme. 'At the newly-named Champions Business Park, Hawtin has secured a number of early successes in attracting new occupiers and approximately 40% of the site has been let. 'A number of smaller local companies have taken both industrial and office units and their latest letting sees Home and Retail secure 125,000 sq ft of warehouse accommodation, which is by far the largest warehouse letting in Merseyside this year. 'Home and Retail has taken a 10-year lease with a tenant-only break option at year five for the warehouse which is being used to distribute furniture to department stores across the UK. 'Anthony O'Keefe at agent DTZ said: "This letting is a major coup for the estate and the borough as Home and Retail has relocated its warehouse hub from south Manchester to Wirral."' Admittedly, this letting is likely to be at £1 per square foot but £125,000 per year is money. I have found three more companies that have taken space at the site: Pine & Oak Warehouse (probably at £1 per square foot), (again, at probably the same rate) and (, this is different, as they have taken office space (offices are being offered by DTZ and King Sturge at £6.50 per square foot). Yes, I can understand the directors' reluctance to list small occupiers but a statement of how much of the site is occupied and an average amount per square foot would be useful.
meict: Interesting, whilst there are no trades today the share price has been marked down .25 of a penny. I was waiting until the new year (when my postal order arrives) to increase my holding.
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