Helical Share Discussion Threads

[edwardt] 24/9/2019 16:09

perhaps but unlikely.

[cordwainer] 24/9/2019 14:59

...maybe the shareholding jumped from e.g. 2.99% to 5.03%, as it becomes notifiable at 3% and each extra 1% thereafter.

[edwardt] 24/9/2019 09:28

lets hope so - surely the other side should have reported their sale though?

[cordwainer] 19/9/2019 17:26

Prudential spotting a good investment ?

[essentialinvestor] 05/8/2019 13:16

Recent bid speculation means HLCL has held up rather well re the sector,
might it drift back down towards £3?.

[essentialinvestor] 22/7/2019 13:38

That's effectively what I said, Slade still owns a good chunk of this.
They won't get it cheaply, so a deal is an outside possibility.

[llef] 22/7/2019 12:50

real estate article in FT had this snippet about helical

As for Helical, it has so far repelled takeover approaches which it said came in below the book value of its assets. One was reportedly from an affiliate of Connecticut-based Starwood Capital. Mr Prew said it “remains an attractive, digestible vehicle to take private for institutional capital”, though he added that price was likely to remain a stumbling block.

[essentialinvestor] 22/7/2019 11:35

If someone thinks they are going to waltz in here and pick up assets
for a chunky NAV discount they are solely mistaken - not going to happen.

If there is any deal, it will be on a 10% or less discount to NAV imv.

[cordwainer] 05/7/2019 16:21

yes focuses on offices

[apollocreed1] 05/7/2019 15:00

@Cordwainer - What type of property does CLI hold? Offices?

[cordwainer] 05/7/2019 14:48

Holders of HLCL should also take a look at CLI (CLS Holdings) if they havent already.
-Half of revenue from UK and the rest from Germany and France,
-Lower avg cost of debt (~2.5% vs 4%),
-About the same discount to NAV,
-About the same rental yield.
Maybe the lower debt cost is partly explained by local financing and/or that CLI tends to refurbish rather than build outright.

[cordwainer] 21/6/2019 17:23

i should've gone to specsavers. also wondering why not converted ?
edit: had quick glance at the old RNS etc and share price hasnt moved much in five years and conversion was supposed to be at 35% premium to share price of 10 June 2014 (i.e. £4.9694) so.. no conversion. I guess there's been a referendum and a refocused strategy since then.

[edwardt] 21/6/2019 16:56

fair point. suppose they could have refinanced it but i was wrong.

[llef] 21/6/2019 09:31

i don't think they were in a rush to pay off the bond, becasue as I understand it, it was a 5 year bond issued in june 2014 and so it matured naturally?

"Helical has confirmed that its five year £100m Convertible Bond with a 4.0% coupon, originally issued in June 2014, has been repaid out of existing cash resources. "

[edwardt] 21/6/2019 08:58

ask yourself why management would be in a rush to pay off the convertible bond?

[badtime] 20/6/2019 13:24

All gone quiet on the bid front

[edwardt] 18/6/2019 09:03

sensible move indeed - housekeeping by the board. the fact it can be called by the board pays testament to their mindset.

[cordwainer] 18/6/2019 07:37

"Helical has confirmed that its five year GBP100m Convertible Bond with a 4.0% coupon, originally issued in June 2014, has been repaid out of existing cash resources. The repayment of this listed unsecured debt instrument will reduce the Company's gross annual finance costs by GBP4.0m."

If I'm not mistaken, a conservative but sensible move which also averts future shareholder dilution.

Maybe the market still dismisses this as a diversified non-REIT property company instead of the office-only growth-postcodes defensive assets which deserve a narrower discount. Even after an international bid approach and a modest uptick, I'd say the market's asleep on this.

[edwardt] 13/6/2019 08:47

i would take £5 and walk away with a wee smile.

[cordwainer] 10/6/2019 19:14

Hopefully another bid this week otherwise I'm afraid share price might revert to it's more pessimistic discount along with the rest of the sector.

[edwardt] 10/6/2019 08:52

looks like all we are arguing about now is price - seems to me that the share price is a bit slow to reflect this...

[llef] 10/6/2019 07:18

Good news that more than 1 party interested in helical...

We can confirm that the Company has in the recent past been in receipt of more than one unsolicited approach from different parties. To date all proposals made have been at a significant discount to the Company's EPRA NAV and therefore in the Board's view did not reflect the fair value of the Company.

[edwardt] 09/6/2019 15:00

Indeed- let's hope we get near Nav for it- especially as they have been selling kit at premiums to nav...