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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hercules Props. | HPS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| Top Posts |
|---|
Posted at 06/10/2004 09:51 by simon gordon The way I read it 15m options on ERG shares from HPS which roughly equals 7m HPS shares, with only 19m HPS ordinary shares!2.3m options 6.3m options 7m options |
Posted at 01/10/2004 08:22 by simon gordon Ater a mulling the p/e for 2005 which is roughly 9.5, must have added the number of years after tax it takes to pay the debt - which will be around 38m = 3. Total 12.5 at £1.13.2006 is now 6.8 plus 30m debt = 2. Total p/e 8.8 The upside and downside I see is as follows: UPSIDE London - Haywards/ISG/Hercule Manchester - ISG/Hercules - one office. Hercules HQ - costs stripped out. Cross-selling. DOWNSIDE ERG - finds skeletons in HPS accounts. Lots of exceptional items for redundancies, office closures, etc. Top Staff - leave HPS. Clients - desert HPS. Deacon - problems re-occur. |
Posted at 29/9/2004 10:07 by simon gordon DTH - I think ERG keeps the HPS divi. and we all get a divi at ERG's interims. |
Posted at 29/9/2004 09:17 by davethehorse RivaldoYes the valuation gap was a very good opportunity yesterday when HPS dipped to 280p offer - maybe because of a chunky sell order. I bought double my original ERG holding in HPS yesterday at 288p and am now happy to hold and wait for the offer to come through plus the dividend on HPS in November of 6p+. The enlarged group will be a very good investment over the next few years IMO. DTH |
Posted at 28/9/2004 19:27 by davethehorse Simon - No, you cannot take 45p from the HPS share price in the calculation - this is a fixed 45p cash offer + 2.183 ERG shares per HPS share.Therefore someone with 1000 shares in HPS gets: 45p per share = £450 + 1000 x 2.183 ERG shares = 2183 shares at 120p. At the current share price of ERG your HPS shares are worth £450 + (2183 x 120p) Value = £3069.60 based on the cash/share offer. Based on the HPS share price 1000 shares is currently worth 1000 x 287.5p = £2875. Therefore there is a difference of £194.60 which equates to about 6.5%. Hope this helps with your calculations. DTH |
Posted at 28/9/2004 08:34 by simon gordon Cheers Chris!Hercules Shares will be acquired by Erinaceous fully paid and free from all liens, equities, charges, encumbrances, rights of pre-emption and other third party interests of any nature whatsoever and together with all rights now or hereafter attaching thereto, including, without limitation, the right to receive and retain in full all dividends and other distributions declared or made since 30 June 2004, being the date to which Hercules's last annual audited accounts were prepared, including the final dividend proposed by Hercules on 15 September 2004 in its announcement of Hercules's preliminary final results. The New Erinaceous Shares will be issued credited as fully paid and will rank pari passu in all respects with the existing Erinaceous Shares, including the right to receive and retain in full all dividends and other distributions made, paid or declared after the date of this announcement, including any interim dividend which may be declared by Erinaceous in respect of the 6 month period ending 30 September 2004. |
Posted at 15/9/2004 13:35 by penpont To be honest I dont think either Rok or Erg are likely candidates.Rok really have a different business flavour as far as I can see - construction, commercial property development, facilities management etc, so I don't think HPS is a totally natural fit. I also think that the way Rok hiked the divi last results and laid out a revision of the divi policy makes it unlikely they'd go for something as big as HPS. (as far as I know rivaldo, Rok have never bid for HPS - aren't you thinking of last years abortive go at Galliford Try?) ERG are only themselves marginally bigger in market cap terms and HPS looks too big an operation for them to take on at this stage in their development. I'd have thought a reasonably big player from the real estate sector who's directly involved in property management might be likely and that leaves quite a few options. Should say I hold both Rok and Erg (and HPS!) ......probably means it will be one of them! |
Posted at 10/9/2004 18:19 by doobydave Would anyone care to celebrate the results next week with a new thread? I'm personally discontented with the lack of charts and fundamentals in the header, and RowJimmy has clearly long since fled the BB. Charts and fundamentals should be particularly interesting if the financials and dividend are as good as trailed here. In my view, HPS is a quality stock and deserves better publicity. HPS management seems disinterested in the promotional game, which I can understand, but mundane threads don't exactly captivate PI enthusiasm either. No offence to contributors to this board - it's always polite and sensible here, and something that no sane person would wish to change. If no-one else wants to, and people feel it is a good idea, I am happy to oblige, but I think the real HPS regulars should have first refusal. DD |
Posted at 10/8/2004 19:23 by rivaldo Investing is about timing and instinct Simon - you could have said the same about HPS when the share price went down to 70p or so. I bought at around 130p when the prospective P/E was only around 4, and evidently since then a number of people have warmed to HPS sufficiently to drive the price up to 285p and for institutions to subscribe for a placing at 275p.HPS have also beefed up their management - Joanathan Gooding was appointed a year ago to head up the Property Services division, and Nigel Davis (ex-Hanson) was brought in as FD in 2002. I agree that management is all-important, and a decent FD in particular should help avert any warnings such as those of 3 years ago. I see from HPS' web site that Investec have reiterated their Buy recommendation for HPS once AGAIN, dating from 2nd August. Their EPS figures remain as: Historic to 30/6/04 - 34.82p, divi 8.55p Current to 30/6/05 - 37.92p, divi 9.15p I'm hopeful, given that HPS have consistently delivered for the last couple of years, that these imminent results will start a re-rating to a P/E of 10 or 11, i.e a price of around £4. |
Posted at 10/8/2004 12:42 by simon gordon RivaldoI am not into deramping - what ever that is - I just post an opinion of why HPS is cheap. In the market a reason exists for why a stock is valued at a consensus price. HPS has a poor history of delivery and when you buy the shares this is a big factor, and that is why I will not buy them, even though they look good value -I just don't trust management. And management, for me, are the most important factor when buying a share. These are the key factors I insist on when I buy a stock: 1. A sound balance sheet. 2. Satisfactory cash flow. 3. An above average return on equity. 4. Able managemnt. 5. A satisfactory outlook for continued growth. 6. An attractive product or an attractive service. 7. A strong market in which to operate. Do you think HPS passes all these factors? A very wise nugget I learnt: 'Share performance is ultimately a reflection of past progress and expected future prospects'. When you buy HPS you are speculating that they can deliver on future prospects after having failed in the past. The past performance has created uncertainty which the market hates! |
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