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HCP Hotel Corp

16.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hotel Corp LSE:HCP London Ordinary Share GB00B01H4N01 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 16.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 16.50 GBX

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Hotel Corp (HCP) Discussions and Chat

Hotel Corp Forums and Chat

Date Time Title Posts
26/2/201620:47Puma Hotels Collection rebrands to The Hotel Collection 1,060
24/6/201408:28The Hotel Corporation564

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Hotel Corp (HCP) Top Chat Posts

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Posted at 05/2/2016 13:20 by hedgehog 100
Hedgehog 100 30 Jan'16 - 19:19 - 1039 of 1055 0 0 edit
"... RJ,
Barcelo was managing the hotels during the share price collapse from 2007 - 2012, not Puma: ... "

Hedgehog 100 30 Jan'16 - 19:34 - 1040 of 1055 0 0 edit
"Also, RJ, note the division of responsibility here.
Puma will be responsible for executing the investment strategy and investment decisions made by the board, as distinct from actually determining the strategy itself: ... "


EDF,

RJ Allen and myself were talking about Puma, not Shore Capital.
Please refer to the following two post extracts above.

Puma is just a subsidiary of Shore Capital.

For SIP (the renamed HCP), SIP's board sets the strategy, and Puma will manage its implementation.
So Shore Capital itself won't be directly involved in those aspects.
They should be involved in fundraising, but that's different.

In any case, most of your material in post 1053 above is either about Puma, or about Shore Capital fundraising for HCP.
There's nothing explicitly about Shore Capital itself setting the strategy.

But even if there was, and even if Shore Capital was setting the new strategy for SIP, that doesn't mean that the new SIP strategy would be wrong.
The new strategy should be judged on its merits, and it looks very good to me.

Also note that HCP's strategy was initially very successful for the first two and a half years, when the share price more than trebled, before being derailed by the credit crunch.

SIP certainly looks to have that sort of upside potential to me, and without the downside of many speculative technology and resource plays.

In HCP's past the wrong strategy for the coming credit crunch was perfectly executed.
So if Puma can now perfectly execute the RIGHT (or REIT) strategy, then SIP should be a sustained success.
Posted at 04/2/2016 17:24 by hedgehog 100
Evil_doctor_facilier 3 Feb'16 - 17:16 - 1053 of 1054 5 0
"You said
'The very generous open offer allowance was a courtesy for those investors who did wish to take advantage of such a good opportunity."
Surely 'anyone' (rights holder or not) could just buy in the open market cheaper? So anyone who has not already lost 99% of their capital ,can buy in cheaper! Some generous and courteous gesture that is? ..."


EDF,

It wouldn't be possible to buy large amounts at under 1p, given the very small pre-new-money market capitalisation: which is well under half a million pounds at the current mid price of 0.825p.

The spread is 0.75p - 0.9p, as it was yesterday too, when the last market buy occurred:
Time/Date Price Volume Trade value Type
14:35:53 0.76 69,542 528.52 O
08:37:23 02-Feb-16 0.88 20,000 176.70 O


I.e. 0.88p, nearly the full offer price, for under £200 of shares.

Throw in dealing costs, and the effective price per share paid for 20,000 would probably be about 0.95p.
The exchange market size here is 50,000, so that's the maximum that you can guarantee to buy for the market offer price, and even then not necessarily online.

In addition, the new shares come with warrants attached: one for every three new shares subscribed for, and with a decent timeframe and exercise price: i.e. three years, and priced at the market price just prior to admission.

All of this clearly makes subscription a much more attractive alternative for large buys.

This was a facility there for shareholders who wished to take advantage of it: some will, some won't.

But on average existing shareholders have increased their holdings by over a quarter in the first round of the open offer, and their upside equity exposure by over a third including the warrants, and there is still the second round to come.

If there had been no open offer, and just the placing, you would probably be complaining about retail shareholders being shut out of a cushy deal for insiders, which is often the case on AIM.
Posted at 03/2/2016 17:16 by evil_doctor_facilier
You said
'The very generous open offer allowance was a courtesy for those investors who did wish to take advantage of such a good opportunity."

Surely 'anyone' (rights holder or not) could just buy in the open market cheaper? So anyone who has not already lost 99% of their capital ,can buy in cheaper! Some generous and courteous gesture that is?



Hedgehog, Shore Capital was responsible for HCP from conception to demise.
I am totality at a loss to understand how or why you seem to make Shore Capital blameless for the loss to shareholders here.

For anyone not understanding the full picture here ,i have put together a list of events that clearly show Shore capital's role in HCP from the very start in forming HCP to therm farming out the management of the hotels to barcelo.


The Hotel Corp PLC (“HCP”) was formed by Shore capital and Dawney shores Hotels (“DSH”) with an objective of being an investment company to invest directly into “DSH” acquisition of the Paramount chain of hotels (“Paramount221;) from Alchemy Partners

“DSH” was also a vehicle established by Shore Capital and “DHS” with a stated objective of acquiring a substantial chain of four star British regional hotels.

Shore Capital managed “DSH” in partnership with Dawnay, Day Hotels Limited ("DDHL") charging management fees for this service.

The consideration for the acquisition of “ParamountR21; was £215m, financed through private equity raised by Shore Capital and senior debt provided by Anglo Irish Bank.

“HCP” was listed on AIM July 2004.
Shore Capital and Corporate Limited acted as The Hotel Corporation plc's nominated adviser and broker.

Shore Capital raised £22m through the placing of 22 million ordinary shares at £1 per “HCP”
share
“HCP” then subscribed £21.7 million towards the acquisition of “ParamountR21; by “DHS”.

“HCP” through Shore Capital raised an additional £13.25 million through the placing of 13.5 million ordinary shares at £1 per “HCP2” share in in December 2014.
“HCP” also subscribed for further investment in “DSH” in December February 2005 respectively, bringing “HCP” investment in “DSH” to £33,670,000.

As a result of these subscription, the Company held 49.9 per cent of the issued share capital of Shore Capital’s managed and part owned “DSH” investment vehicle.
All of the “HCP” capital invested in “DHS ” was raised by Shore Capital.

“DSH” announced in December 2006 that it was undertake a strategic review aimed at maximising shareholder value”.
In August 2007 upon the completion of the strategic review, “DSH” entered into a lease and management agreement with regards Paramount Hotels, with with Barcelo Group ("Barcelo")
“DHS” announced that it “planned to unlock value by increasing gearing and returning capital to investors”

Howard Shore, Shore Capital's chairman and a DSH director, commented on the deal said:

"We are delighted to have concluded this value enhancing transaction after a careful review of all the options. As a result, shareholders will be able to crystallise the benefits of their investment whilst continuing to benefit from significant real estate potential."

July 2008, “DHS” informs “HCP” that the management of “DHS” has today terminated the engagement of "DDHL" under the Portfolio Management Agreement and had engaged Shore Capital Limited to provide the services
Howard Shore of shore capital was appointed chairman of ”DHS”

In September 2008 HCP announced a NAV of 239p per “HCP” share in it’s interim results along with the announcement that “DSH” had changed its name to Puma Hotels PLC. (“Puma”)

May 2009, “Puma” announced that Anglo Irish bank had reduced “Puma” senior debt facility by £20 million from £350 milion to £330 million and senior debt at “Puma” stood at £347.2 million.

June 2009 “HCP” raised £12.6 million disapplying share holders pre-emptive rights by placing 15. 2 million new “HCP” shares facilitated by Shore Capital stockbrokers Ltd, primarily to invest into Pumas £20 million equity raising to repay Anglo Irish bank.



November 2011. The board of “Puma” including Mr Howard shore inform “HCP” that ("Barcelo") are proposing revised rental and other terms for the hotels. Moreover, that unless a revision to the leases is agreed between the parties, BCE is intending to withdraw financial support from its UK hotels business, Barcelo UK.

April 2012 the directors of Puma Hotels informed “HCP” that “Puma” has signed a business transfer agreement providing for the early termination of leases with “Barcelo”;
JULY 13 "Puma" announces that it has successfully completed the extension of its GBP323 million senior debt facility with Irish Bank Resolution Corporation in Special Liquidation ("IBRC").
Following the debt purchase, “Puma” re branded itself as UK Group of Hotels plc

Aug 2014 as joint administrators appointed of UK Group of Hotels plc (formerly Puma Hotels plc),The Company's investment in UK Group of Hotels plc was fully written down to GBPNil in the accounts of the Company as at 31 December 2013.
Posted at 02/2/2016 17:52 by hedgehog 100
The mainstream care home sector has seen strong institutional investor interest recently, and HCP-SIP's more specialised focus looks to be ahead of the curve.
With good scope to build a sizeable property portfolio in this area relatively cheaply, before institutions start bidding prices up.

Moreover, unlike the shares bought by an investment trust, HCP-SIP's investments will not be buyable elsewhere.

And to buy similar investments directly would be financially onerous for most retail investors, and without the liquidity of owning shares in a listed company.

Shares are often temporarily weak at the time of a fundraising, as with HCP at 0.825p, but that can often present a good buying opportunity, as in this case.
Posted at 01/2/2016 21:14 by hedgehog 100
HCP (currently 0.825p mid) looks to have attractive potential in both the short, medium, and longer terms:

1. SHORT TERM.

• Currently looks to be returning back up the the fundraising price of 1p, and a slight premium to post-fundraising cash of circa 0.9p per share.

• Active positive February newsflow: 20:1 share price consolidation and name change to Specialist Investment Properties (both 8 February), and news re. completion of the fundraising.

2. SHORT/MEDIUM TERM.

• Strong positive newsflow as the company executes its initial property investment programme during March - June.

• Follow-up company development: larger fundraising(s), and further acquisitions.

• Dividend policy: "The Company is targeting a dividend yield of seven per cent. per annum, and your Board expects to pay the first dividend in Q1 2017."

3. MEDIUM/LONGER TERM.

• Growth in dividends.

• Capital growth: " ... these properties can offer attractive returns on equity and the prospect of medium term capital growth as the chosen specific property category grows and becomes better appreciated by mainstream property investors."

• Move to increased rating as the company grows, develops a track-record in its new sub-sector, and becomes more widely-appreciated by the market.
Posted at 01/2/2016 18:40 by hedgehog 100
EDF,

There's a difference between advising on the technical aspects of a strategy that you are asked to execute, as opposed to determining that strategy itself.

And in any case, hindsight is a wonderful thing, and many people did not see the credit crunch coming.

But the new, defensive strategy suggests that insiders here have learnt that the previous strategy was too risky. I'm glad that that lesson has already been learnt, as it decreases the chances of a similar mistake being made in the future.

With regard to the level of cash after the current fundraising (£2.3 - £2.8M. depending upon the level of subscription, but probably at or close to £2.8M.), this is just the start.

From page 15 of the Circular (section 2.3):

"2.3 Initial Programme

The Property Investment Adviser has initially identified four properties for the Company to look to acquire. ...

The Property Investment Adviser has additionally identified a pipeline of similar transactions which it will introduce to the Company for the Company to seek to execute within two to three months of the close of the Capital Raising. The Property Investment Adviser would then aim to identify further acquisitions which would be part financed through raising further equity in a larger fundraising or raisings."



Shore Capital has raised hundreds of millions of pounds, so they're well-place to deliver the desired funds here.

Especially with the resources and tech sectors being avoided by many investors at present due to global market concerns, and people seeking safer, domestic plays.

The aim will doubtless be to 'get bigger fast', to reduce the percentage of fixed costs.

And in the meantime, Puma is waiving some of its fees for 2016 (see section 2.10 of the Circular), and there will be strong positive newsflow.


Similar costs concerns were raised with respect to FFWD, but that has addressed them by 'getting bigger fast' over the last few months, and its share price performance has been strong.

Indeed FFWD's placing last week was at a premium to the market price, as is HCP's current fundraising (including from the time it was announced), which is comparatively rare for AIM.


There's an ideal size from which a company like this can become a multi-bagger: too small, and fixed costs become too burdensome; whereas too big, and there can be insufficient quality opportunities in a chosen niche.

£10 - £15M. is probably the ideal early-stage starting point, and with more fundraising HCP-SIP looks well-placed to approach or even reach that very quickly.
Posted at 28/1/2016 18:27 by hedgehog 100
15/01/2016 07:00 UKREG Hotel Corp (The) PLC Placing & Open Offer and Notice of EGM

"... Placing and Open Offer of 12,454,765 New Ordinary Shares at 20 pence per share and issue of up to 4,151,485 Warrants

Proposed change of name to Specialist Investment Properties plc

... The Company currently holds approximately GBP300,000 in cash. In order to increase the cash resources available to the Board, the Company is proposing to issue new equity through an Open Offer to Shareholders to seek to raise up to GBP2.5 million. Under the Open Offer the Company will offer up to 5 of the New Ordinary Shares to Qualifying Shareholders for every 20 Existing Ordinary Shares held on the Record Date at the Issue Price.

In light of the fact that the Open Offer represents a significant multiple of capital relative to the existing market capitalisation of the Company, the Company has conditionally placed an aggregate of 10,000,000 New Ordinary Shares with Placees at the Issue Price, thereby providing assurance that the Capital Raising will provide minimum gross proceeds of approximately GBP2.0 million for the Company. To the extent that the Open Offer is subscribed by Qualifying Shareholders by amounts in excess of the difference between the Open Offer amount (GBP2.5 million) and the Placing (GBP2.0 million) the Placing will be reduced accordingly. ...

the Board has decided to implement a share reorganisation so that:
each holding of every 20 or more Existing Ordinary Shares will be consolidated into 1 New Share and one Deferred Share. ...

As a consequence of the Capital Reorganisation, each Shareholder's holding of New Shares will (ignoring fractional entitlements) immediately following the Capital Reorganisation becoming effective be one twentieth of the number of Existing Ordinary Shares held by them on the Capital Reorganisation Record Date. However, each Shareholder's proportionate interest in the Company's issued ordinary share capital will remain unchanged as a result of the Capital Reorganisation. ...

The Issue Price represents an 8.1 per cent. premium to the adjusted closing middle market price of 18.5 pence per Existing Ordinary Share on 14 January 2016 (being the last Business Day before the announcement of the Capital Raising), after taking into account the proposed Capital Reorganisation. ... "




Post the fundraising and capital reorganisation:

Circa £300,000 pre-existing cash

2,490,952 pre-fundraising shares post-consolidation

+ Up to 12,454,765 fundraising shares issued for up to circa £2.4M. net cash

= Up to 14,945,717 shares in issue, and up to circa £2.7M. cash after fundraising costs

= Circa 18.065p per share cash assuming full subscription (equating to about 0.903p per share cash pre-consolidation equivalent)

If the open offer is not fully subscribed then the cash pre share will still be very similar, due to the fewer number of shares in issue.


HCP is currently trading at 0.75p mid (0.7 - 0.8p spread).
Posted at 16/9/2015 12:11 by evil_doctor_facilier
Yes Nick,it very much looks like a case of shareholders Stockholm syndrome.
Reading the thread it is obvious that many don't understand that it was HCP investment in Shore capitals own investment and managed Dawney Shore Hotels (later changed its name to pumma) that wiped out totally HCP 33 mill investment .

Now the shareholders have voted to let shore capital invest their money again, well What's left of the 33 million quid that is , approx 340k.
Unbelievable!!!

With the existing bod and the hapless investment history i value this at cash
circa 340k and that is going down by the day fair value 0.6p_ giving it a market cap 340k
Lord knows what price Shore will try and raise capital at, for this property investment 'ha ha ha ha ha' .That should be funny to see.

The only thing that could support the share price now if is the very person that shareholders voted against starts increasing his stake.
If he sells out the share price will get obliterated!!
Posted at 01/9/2015 09:38 by debbie_does_dallas_twice
"Anyone feel the company has made a decent case to vote against the requisition?"

What and support the management and shore capital? ( Shore Capital are the shareholder whose proposal apparently have the board baking)
The very same partnership that got HCP into this mess in the first place?

Shore capital formed HCP to invest into Shore capitals own hotel investment vehicle Dawney hotels.

Shore capital was HCP nomad and broker when HCP invested into shore capital's part owned and part managed Dawney hotels chain (HCP only investment ).

Shore capital raised via placings more money by issuing HCP shares ALL OF WHICH WAS INVESTED IN SHORE CAPITALS PART OWNED DAWNEY HOTELS.

Shore capital was instrumental in the deal with Barcelo group that took over lease and management of the Dawney hotels (PUMA)
Barclo later abruptly ended this contact sending the company into a death spiral

Shore capital had a huge part in the running up of 347 million debt in Dawney hotels (Puma) with Anglo Irish bank of which was later called in by Bank Resolution corporation and put Dawney hotels (Puma) into ADMINISTRATION wiping out all HCP assets in one swoop.

So i guess what i am trying to say is Nick.
Are you f''king Serious???

aimho
Posted at 24/6/2014 11:57 by treacle32
Takeover very likely.

Already acquired debt.

Give a few million to HCP for their big holding?

Around 4 million cash vice near 12 million holding and would still equate to 10 pence on the HCP share price.
Hotel Corp share price data is direct from the London Stock Exchange

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