OK that'll do for me. I reckon that 8 quid will be as hard to crack as 7 was.
Short from yesterday target 50% retacement to c. 750p |
Britvic price announced- seems pretty healthy. |
Are we looking at some cash back here, with the possible float of Britvic? |
is that including the ones they manage but dont own? |
They still own hunreds of hotels all over the world.
I think I read 875,000 rooms.
Thats none too shabby |
up almost as much as HG on HG disposal news. hasn't IHG sold most of its hotels? is this rise justified? |
Hotel valuations in sharp focus now thanks to Hilton.
Very nice trickle down effect for these as a consequence. |
This share has been making new highs nearly every day recently.
IHG announced yet another disposal today. It is selling its Holiday Inn, at Dublin Airport, for £23.3m. The group has now sold well over 100 hotels for a figure now approaching £2bn. |
I see that ADVFN has picked up on the New IHG, and has the correct price shown.
There is an RNS out today with details of the next few steps in the capital reorganisation. |
Not too sure that you are any better off.
Same as M&B when they returned cash, overall you were no better off, even now.
These were sister companies with the same advisors, and following the same approach.
Any views? |
The Circular to Shareholders (64 pages as a PDF file) can be viewed from
They don't let you download it direct. |
Will short at a close below 617p |
any targets to buy? |
Barclays have downgraded to neutral today |
Anyone know why there is such a drop in the share price over the last two days. |
Good run on Friday - getting ready to test 700p resistance again |
 The Independent Online
The Investment Column: It's check-out time for hotel shares
Edited by Stephen Foley 02 February 2005
Is it time to check out of hotel company shares?
We ask because we have been broadly in favour of holding them through 2004, as the industry snapped back from the effects of recession, terrorism, war and epidemic. But now, CSFB, which boasts the City's most respected leisure sector analysts, is advising clients to "underweight" the hotels sector.
The share prices of Hilton, InterContinental Hotels, De Vere and Whitbread have been at five-year highs now that the high-spending business traveller is re-emerging and hotels are getting booked up again for corporate conferences.
At the same time, the debt-fuelled Western consumer spending splurge continues, with holidays back at the top of the shopping list.
CSFB's caution is based on valuation measures including the ratios of market capitalisation to stated asset values and sales. These are close to all-time highs, relative to the market. Only Millennium & Copthorne, heavily exposed to the Asian market, got a kind word from CSFB yesterday. Asian hotels are seeing more visitors now than their historical average. Elsewhere, occupancy rates are still below average, despite improvements since the trough and the leap in profits this caused in 2004. A consumer slowdown will be a drag from here.
Investors could be disappointed if they believe hotels will easily be able to raise prices this year, outside major centres such as London and New York. Hilton is at particular risk of disappointing, CSFB says.
The bull case would be that valuations are justified because of the industry restructuring which is seeing many operators, notably InterContinental and Whitbread, selling their hotel assets to concentrate on running, rather than owning, them. This makes them more fleet of foot, better able to expand, and frees up billions to return to shareholders.
These financial restructurings, though, are not new, and their fruits can be overestimated. Now seems a good time to follow CSFB and take profits. |
Correct, whilst they went ex on Monday the divi doesn't get paid until Friday (or probably sometime later if you have a comdirect account). If you used a CFD or spread bet and held a position before Monday then the dividend adjustment will probably have been made on Monday. |
Typo
I noticed that my broker did the share consolidation on Monday but the Div doesn't get paid until Friday, However whichever way the maths is done, you pulled a nice profit from the brokers who were asleep.
I'm a long-term holder of these, since the days of Bass, I think the share buy back will support the share plus any profits from further sell offs. |
I think you should take the dividend off first, then apply the consolidation. The dividend of 72p per share is based on the number of shares in issue pre-consolidation. Thus if you held through through the consolidation you would be receiving a dividend of 80.64p for every share now held. So you can either do the maths your way, deducting 80.64 instead of 72, or:-
(660-72)*28/25= 658.56 |
Well done Typo, I hadn't paid much attention to it until just. According to my maths the share price shouldn't have moved as (660(28/25))-72= 667, well near enough. |
I give in!!!!
LOL
STORMY |
I love these confusions. It creates some nice trading opportunities. eg AWG going ex redeemable on a Monday was great.
The 72p dividend went ex today ie you needed to have bought before today, which is what I said. I don't see that we differ on that point.
The 25 for 28 consolidation took effect this morning. The whole point of the consolidation was to stabilise the nominal price. Therefore it would hadly make sense to go ex 72p dividend on 8th December (as you might expect with a simple dividend) and consolidate on 13th December.
I managed to pick up some IHG this morning at 636p, but not nearly as many as I would have liked. Hopefully better luck on the next dividend/consolidation opportunity. |
 TYPO56 - Normally you would be correct but as this is a speacial divi/conolidation the record date preceeds the ex- divi date therefore as I see it you had to hold on the 10/12 to be eligable!
PS - I might be wrong!!! DYOR
Intercontinental Hotels Group
The following information relates to the basic terms of the Special Dividend and Consolidation in Intercontinental Hotels Group. You will find more information in our letter sent to you on 23 November 2004.
Please note that the above is subject to shareholder approval at the Intercontinental Hotel Group Extraordinary General Meeting to be held on 10 December 2004.
If you want to attend or vote at the EGM please call our corporate action enquiry team on 0845 941 2222* before 3pm on 3 December 2004. They can arrange this for you over the telephone.
If you continue to hold your Intercontinental Hotels Group shares until close of business on 10 December you will receive the following-:
72p in cash for each share held.
Following the special dividend your shares will be consolidated using the calculation-:
Every 28 ordinary £1 shares currently held will be consolidated into 25 new ordinary shares of 112p.
If you do not want to attend or vote at the EGM you do not need to take any action and we will automatically update your account with your cash dividend and new Intercontinental Hotels Group shares should the special dividend and consolidation go ahead.
Intercontinental Hotels Group expect the new shares to be dispatched on 13 December 2004 and the cash dividend to be paid on 17 December 2004. We will credit your chosen account with these proceeds shortly after these dates.
STORMY |
Buy before 13 Dec to qualify for the 72p divi. When they go ex you will have qualified for the 72p div and you will have 25 new shares for every 28 old shares you bought.
I can't see why you would be interested in scalping the dividend. You are effectively taking income in exchange for a capital loss. Certainly not something to be considered by anyone who is below their annual CGT allowance I'd have thought. Or have I got it wrong? |
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