Inland Homes Share Discussion Threads

[spob] 29/11/2018 04:08

Not overly concerned about the political situation

I'm sure a deal will be agreed

A no-deal brexit would not just affect the UK, it would trigger another global financial crisis, 2008 all over.

Which is why a deal will be agreed. There is no alternative

[p1966] 28/11/2018 23:47

Likewise, many thanks, Cerrito.

[sleepy] 28/11/2018 23:38

Thanks Cerrito

[cerrito] 28/11/2018 23:10

My thoughts on the AGM and corrections welcome.
A pretty good turnout-roughly 15/20 private shareholders. Board available both before and after the meeting. Meeting took just over an hour but questions curtailed. Board seemed comfortable in their own skins.
All resolutions easily passed; to me most noteworthy was that only 29 m shares voted or a voter turnout of 14 pc. I guess this low turnout can be read that there are no major issues shareholders have- and remember the big problems 6 years ago approx on management renumeration; that said, for me it is not very healthy and reflects the lack of institutions in the shareholder base. Remember that the only institution with a plus 3pc shareholding is Henderson with 4.95pc.
Quite alot of discussion on sharebuybacks and why more not being done. Chairman made a comment that if it went down to 30 p they would reassess and did recognize there are loose shareholders.I do not see any more in the near future as they want to keep their powder dry and I personally am OK with that.
Quite a bit of comment if they were over diversifying but as can be expected we were assured that there was sufficient management depth. Also told that alot of it was a natural evolution of their core business. Their Social Provider Rosewood will be concentrating on their smaller sites and said shared housing was a particular interest. One shareholder expressed concern that they were taking their eye off the ball of their key skill in getting things through planning.

Wilton Park as can be expected was the main topic ; in neither the formal meeting or discussions outside did I get any steer as to when they thought they would get agreement with the South Bucks District Council Officers on what I gather is the remaining issue- the level of affordable housing. As mentioned in the AR the local authority policy is for 40 pc which seems very high in this current climate. Of course getting agreement with Officers is just the first step and then they need to get it through the Committee. They said they are prepared to tough it out and the rent that they are earning covers the finance charges...but of course this is a massive distraction. Wickes said more than once that no way we're they going to knock down buildings which provide security to the Bank to build the new road, noting that Bucks CC are putting in £10.5m for a new road. Not clear what will break this impasse unless Inland go to appeal. Having had a close involvement in the planning process in recent years I find it very strange that SouthBucks have rejected the second report commissioned by them; all seems very peculiar. Asked how much this was valued on the books and the CFO said of the top of his head £55m...compared to total group assets of £300 m although of course we do not know the level of borrowings against it I see nothing in the local rag-South Bucks-since September and no reason for there to have been anything.
Wickes very confident that Cheshunt will get through planning. I think I heard him say that Committee will be January 30th. Given that I have been unable to find any evidence of local opposition, I have no reason to disagree with that view.
Question asked if zeros were efficient given that the implied interest cannot be offset for tax purposes. The reply was a very firm yes; given lack of covenants, security etcetera zeros provide an invaluable amount of financial flexibility ref funding land without planning consent ,which is a real pain, and jv's. This would have been the principal reason they extended the zeros and increased the amount- for me INL has a good deal.

They have just done their first PRS deal on Southampton.
No discussion on Brexit either on availability of labour or of market demand.

No questions on Hugg Homes- not sure how much this will move the dial on the p&l and I would have thought getting utilities installed would be a real pain; also nothing on their housebuilding which they appeared upbeat in the AGM statement.
They seem to have scored a bullseye with the £7m Aston Clinton fee which will be taken into income this year and has negligible costs associated with it. I am surprised that this did not move the sp, given that in 2017/8 pre-tax profit for the whole year was £7m
A couple of questions for next time. One is what are the assets in Development properties ?and why are they clarified thus rather than inventory?.. The second is their level of concern about the increase in fixed costs.
What will the next RNS say? There will be hopefully one at end of January for Cheshunt planning permission. I see from the Going Concern Statement that they are in discussions to extend loans that mature on December for twelve months but I do not see this as triggering a RNS.
All in all seem in good shape bearing in mind a sub 50p share price. I do not see myself as buying more at this stage not because of any issue I have with them but more because I am in a funk on the political situation-which is why I am not buying more of my other housebuilder TEF who produced good results this morning and also have a deflated share price

[salchow] 27/11/2018 10:30

The spread shown is a bit meaningless this morning at 50.4 - 52.0. I bought at 50.6. All transactions shown by ADVFN should be recorded as "buys" although there is obviously someone on the other side selling.

[spud] 27/11/2018 09:21

All seems very positive. Now if we could just exhaust this seller...spud

[cheshire man] 27/11/2018 08:14

Indeed SKYSHIP very reassuring update happy with my top-ups down here :-)

[skyship] 27/11/2018 08:03

That looks like a perfectly solid Update / AGM Statement; so maybe, just maybe, it will provide the impetus to turn the share price back up...and may provide ST with a good reason to re-visit.

[cheshire man] 23/11/2018 15:20

Excellent price to buy IMO I'm amazed it dropped to this level !

[gleach23] 23/11/2018 10:37

Over a month before ex div date spud - lots could happen in that time!

[skyship] 23/11/2018 10:32

Or anticipation of a Simon Thompson update perhaps...

[spud] 23/11/2018 10:04

Pre ex div buying imo.spud

[skyship] 23/11/2018 09:59

An interesting build up in volume today - plenty of trades...sp now at 49.5p...

[cheshire man] 19/11/2018 15:04

Thinking the same myself so took a few more today, ex divi end of month so will benefit from that too :-)

[spud] 18/11/2018 21:51

As HP says : 4% div & little downside. What's not to like!spud

[p1966] 18/11/2018 20:23

Indeed - at the current share price and EPRA discount, I would have thought the buy back would make even more sense.I suppose 1 million shares vs 207 million in issue is only 0.5%, so I wouldn't expect a huge impact (though would it help establish a floor?), but every little helps. I'd be happy if the buy back was five times the size!The sector seems a little unloved right now, so things are out of their hands somewhat.However, AGM soon, so hopefully there will be some positive updates. Good luck all

[spud] 18/11/2018 20:15

Supporting the 50p level imo. spud

[spot1034] 18/11/2018 19:33

It's a bit of a mystery to me as to why the buyback started in earnest and was then abruptly halted. It might not have done much for the share price in the present market, but surely it would still make sense when we're down at these levels.

[hugepants] 18/11/2018 18:45

I hope they managed to buy back last week. They are still allowed 800,000 shares in the preset buyback.
Managed to pick up some at 50p given yield is now over 4% now and trading at a 50% discount to undiluted EPRA NAV. Final dividend of 1.55p doesn't go ex until end of next month.

[skyship] 01/11/2018 17:27

For once I didn't average down...was just too nervous! Still, very pleased to see them recovering...

[spud] 01/11/2018 17:25

Price moving up nicely now. Rerating or news coming I wonder....spud

[skyship] 31/10/2018 14:26

Would have expected a better performance post the supportive budget. Still, we're off the bottom; though still don't understand why so low!

[arthur_lame_stocks] 31/10/2018 09:08

Maybe the price is falling because house prices are falling in the South East?

[p1966] 30/10/2018 18:56

Hargreaves Lansdown market report for 30th October (extract):In terms of sectors, housebuilders were the best of the bunch, with Taylor Wimpey, Persimmon, Barratt Developments, Berkeley Group and Crest Nicholson all higher after the Chancellor extended the Help to Buy scheme, which had been due to end in March 2021, through to March 2023, with more restrictive terms not coming until 2021.Canaccord Genuity said: "This extension to Help to Buy should be welcome news as it removes the uncertainty and looks supportive; particularly given the ongoing macro uncertainty around Brexit. The extension provides more visibility out to 2023, avoids a cliff edge removal and the non-first time buyer use of HtoB should be able to be comfortably managed by industry and the mortgage market."

[p1966] 26/10/2018 17:58

Does anyone have any views on the Special Resolutions 10-12 for the AGM?I realise, apart from the 2013 plan, they largely provide the company with additional firepower/scope without the commitment to act.Perhaps my best option would be to attend on 27th November, when the directors can put them in context.Regards and thanksPhil