Intu Properties Share Discussion Threads

[catsick] 18/4/2018 07:20

I guess yes we will just have to suffer with 7pct divs

[brwo349] 18/4/2018 07:17

For me it's good news and it was what I was assuming when I bought INTU shares. I don't want to hold shares in Hammerson.

[catsick] 18/4/2018 07:09

Oh dear bid pulled !

[eipgam] 17/4/2018 13:58

re: interest from high quality retailers....

[cc2014] 17/4/2018 11:59

Best to not watch the share price and come back in a months time.

I am confident given the nature of the similar shareholders on both registers that some of the larger shareholders (John Whittaker!) will buy enough additional shares in the market to swing the vote their way.

Any other outcome really doesn't make alot of sense. The merger will reduce INTU's cost of debt considerably and there will a raft of economies of scale.

[brwo349] 17/4/2018 11:25

Whoever is selling down is not even interested in the 9.2p dividend that goes ex on Thursday.

[brwo349] 17/4/2018 11:23

It's crazy when you think about it. We know these shares are chronically undervalued because of the offer HMSO turned down. They turned down an offer that valued their shares at and 18% discount to NAV. The INTU share price would be well over 300p at an 18% discount.

[cc2014] 17/4/2018 08:37

I think this could be a turning point as the company has now stated in this update and in the last one that whilst trading conditions aren't great out there for some retailers it isn't affecting the ability of HMSO to put rents up and replace the tenants. OK, they have some churn and vacant space but even allowing for that the overall revenue is going up.

I see both HMSO and INTU share price have responded positively this morning suggesting the deal now seems a little more likely to go through. Only a little more likely though as there is a considerable gap if you do the maths for the merger premia.

Someone continues to sell INTU off this morning. Yesterday the fall was driven by one large player selling stock throughout the day. Today again we have one large party selling although the trades are being placed in a different style. Hard to say yet whether it will go on all day or whether it is just someone flipping for a point or two from shares they bought yesterday afternoon.

[brwo349] 17/4/2018 07:14

LOL that's what I call a trading update. Going from strength to strength. I thought this sector was supposed to be on it's knees and shopping centres would be boarded up by now with tumbleweed blowing down walkways.


"Our prime shopping centres produced a strong first quarter with lettings at increased rents, high occupancy and footfall exceeding the comparable period* last year, with footfall significantly and consistently outperforming the ShopperTrak national retail benchmark over the last five years.

It was a record three months for retailer demand as we signed 60 new leases, with high quality names increasing their presence with intu and great new brands coming to our shopping centres for the first time. This includes flagship retailers Zara and River Island trebling and doubling their space respectively at intu Lakeside and Abercrombie & Fitch choosing intu Trafford Centre for its first UK store outside London.

Our prime centres continue to outperform as retailers and shoppers gravitate towards the best locations. We have a very concentrated portfolio. Over 80% of our UK gross asset value is comprised of 10 centres, all PMA ranked top-25 UK centres and some of the largest and most popular retail and leisure destinations in the country.

[brwo349] 16/4/2018 14:30

The shares are down because the 2nd biggest shareholder in Hammerson with 7% is going to vote against the takeover. It's complicated because most of the other big shareholders in Hammerson are also big shareholders in Intu.

[brwo349] 11/4/2018 11:21

9.4p goes ex-dividend next thursday and is paid a month later

[cc2014] 11/4/2018 08:10

Higher bid for HMSO at 635p

[brwo349] 11/4/2018 07:50

This is seriously undervalued

[cc2014] 05/4/2018 17:44

HMSO trading update today. HMSO up a decent amount and has broken the short term downtrend.

Someone was selling huge amounts of INTU today on a computerised sell program, which I was on the wrong side of. Who knows why.

I think you'll be ok. I'm holding

[chiragmahe] 05/4/2018 17:16

probably wrong trade intu has fallen

[chiragmahe] 05/4/2018 15:18

dunno bought some intu today.....

[boystown] 05/4/2018 10:06

FT today...

Hammerson, the shopping mall owner, seems to believe in the proverb “more haste less speed”. Just not in that exact order. It was somewhat less than speedy in telling shareholders about a proposed offer from mall rival Klépierre. But it has shown great haste in arranging a first quarter trading update amid its own bid for rival Intu.

In fact, Hammerson took 11 days to tell investors of last month’s takeover proposal from Klépierre at 615p a share - a premium of 40 per cent to its undisturbed share price, which it had already rejected. But it appears to have given only a few days’ notice of today’s suddenly-arranged first quarter update - an announcement it has never before felt a need to make.

Could it be that Hammerson now feels a need to tell shareholders a bit more about its reasons for pressing on with the Intu deal and ignoring Klépierre? Because it knows Klépierre has wasted no time in telling those same shareholders why it shouldn’t?

Judging by this morning’s update, yes and no.

Hammerson has made almost no explicit reference to either its Intu deal or the Klépierre approach - they are mentioned only three times - but it has gone out of its way to emphasise the strength and value of its own business. 

In particular, without mentioning Klépierre, it has highlighted the difference between the French group’s possible 615p offer and its own latest net asset per value per share, of 790p at 31 March 2018 - a 1.8 per cent increase in that quarter alone.

Hammerson has also noted “strong leasing momentum” across UK, France and Ireland following record activity in 2017. Some £7m of group leases were signed in the period, significantly up on Q1 2017, despite widely reported problems at retailers such as Toys R Us and New Look. Growth in rental values was achieved across all segments of the portfolio.

Net debt of £3.4bn also meant the loan to value ratio fell by 100 basis points to 35 per cent.

And shareholders were reassured that Hammerson remains on track to deliver £500m of property disposals this year, allowing it to recycle capital. It had completed £92m of those disposals in the quarter.

So the ball is now very much in KlépierreR17;s (sixth floor food) court. Hammerson suggests it should either go shopping - or shut up shop. Pointedly, the UK group said:

“While Klépierre's position remains unclear, the board of Hammerson does not intend to finalise shareholder documents in relation to the proposed acquisition of intu. The “put up or shut up” deadline for Klépierre is 16 April 2018.” 

Klepierre, however, suggests its offer is about diversification and asset quality. It argues that if the Hammerson-Intu deal is allowed to go ahead, then the overall Hammerson property portfolio becomes lower quality, and goes from 57 per cent UK based to 75 per cent. That, it suggests makes a route back to a 615p share price much more difficult, irrespective of portfolio net asset value.

[cc2014] 26/3/2018 09:37

I read it like this.

If the Klepierre bid is successful, INTU is left floundering. The current share price of HMSO would seem to indicate an offer is far from certain. If the bid is successful and I think it would require 680p, it puts support under the sector and I'm not sure how much upside there is in INTU but I don't think it would fall in this scenario from the current share price.



If the Klepierre bid is unsuccessful I agree HMSO would fall back, I think to more like 480p, giving HMSO a value of 228p. However, INTU was trading at about a 10p discount to the HMSO share price before the Klepierre bid so 218p. (no idea how the HMSO dividend affects this which has happened in the meantime). There appears to a remote possibility stated in the press HMSO shareholders would not vote for the INTU/HMSO merger but I think this is the press trying to make news out of nothing. It's probably enough thought to reduce the 218p above to where we are now.


So, in summary I'd agree, possibly a 5% downside vs. a much higher upside and collect a 7% dividend in the meantime.

[boystown] 25/3/2018 21:37

Am I missing something - or is this a win-win from here?

If Hammerson successfully fight off Klépierre then INTU holders get somewhere around £2.38 worth of Hammerson shares (presuming Hammerson shares fall to c.£5). If they don't, then INTU is independent again, yielding 7% and at an almost 50% discount to NTAV?

[cc2014] 19/3/2018 11:04

INTU is excluded from Klepierre bid for HMSO.

[catsick] 19/3/2018 10:20

This is nuts hammerson +23pct and intu unchanged, I am sure the deal would still get done, crazy and a killer for all the arb funds short ham vs intu !!

[cc2014] 22/2/2018 07:39

Results out and look good to me in comparison with what I think the market is expecting.

My interpretation is the directors are fairly fed up with the share price and have written the annual report in such a way to point out that things are going fine.

[eipgam] 10/1/2018 18:07

seems like it all done and dusted here... only changes will be down to the HMSO sp

[cc2014] 21/12/2017 13:55

It could just be the Santa rally but it is beginning to feel like Mister Market has decided that the bottom is in in this sector and the start of uptrend is taking place.