Intu Properties Share Discussion Threads

[cc2014] 22/11/2018 16:39

I have to say I don't understand today's price movement.

a) The consortia wouldn't have gone down this path if they couldn't have raised finance
b) Given how bashed about the markets are at the moment who is going to turn down £2.10ish.

I dunno. It cost me money today as I was long intraday. sometimes the vagueries of the stock market do my head in.

[catcheymonkey] 22/11/2018 15:58

Can someone explain why people are selling this today?

Sure, "the market doesn't like" the idea that holders could only get 210.4p, not higher. But that's still above the current SP, so not a reason to sell in and of itself.

So the only reason to sell would be if someone thinks the deal won't go through. I can think of two reasons why the deal wouldn't: Failure to raise the finance, or failure at an EGM to vote it through.

If only 210.4, not (say) 235.4, is in view, that makes the finance easier to raise.

As CC2014 said, the prospect of shareholder discontent at the deal increases with a lower target price, but not enough to make that a likely prospect.

So what is going on?

[ph1ts] 22/11/2018 15:34

I wish CC2014, but more likely to be £2.10!

[cc2014] 22/11/2018 12:18

It sounds like it's all done at 310p with the board happy to accept the offer at that.

Just that the consortium is having to take some time to get together the best financing offer it can. I wouldn't have thought that would be a problem given Peel are buying their own shares, the Saudi's have plenty and I assume the Canadian's are something to do with Coronation who already own 20%.

The market still doesn't seem impressed though. Still 16p below the indicative offer price.

I'm happy to hold. If it goes to 200 I might sell a few but not at 194

[yump] 22/11/2018 11:30

So basically a group of existing shareholders will crystallise losses for all the other shareholders, while giving themselves a chance to improve their return. Which they can do in any way they want, as they'll be the only shareholders. Nice.

I still wonder if HMSO ever intended to acquire INTU and whether their intentions were known to any shareholders of INTU. Just because you're paranoid, doesn't mean they're not out to get you.

[catch007] 22/11/2018 10:38

Very disappointing outcome with no enhancement to offer price.

[cc2014] 21/11/2018 16:49

Either bots gone mad or a confirmed deal. The rest of the market was strong today so hard to tell.

We will know by cop tomorrow.

[loafofbread] 21/11/2018 16:27

The price action points to a confirmed deal.

See you at 7am.

[cc2014] 21/11/2018 11:41

Well the price is being walked up today by a 10k buy bot which started early on around 186 and is now at 190. Volume isn't very high so it's unlikely news has leaked.

tbh I'm struggling with the share price. The indicative offer value is 210 and we were at 185 for the last few days.

I'm struggling to see why there won't be a formal offer. 210 at worst, 240 at best and probably somewhere inbetween.

In which case the share price seemed too low to me at 185. Even at 190, the risk/reward ratio seems wrong. I would have though somewhere 195-200 to be a fair price right now.


Volume seems to be ticking up at 190 and that buy iceberg bot is still going... fingers crossed

[cc2014] 21/11/2018 08:48

news deadline is cop tomorrow.

[cc2014] 19/11/2018 10:19

The retail sales number was lousy when it came out on Thurs/Fri (I can't remember which).

I think the HOF thing is pretty irrelevant. Mike Ashley has been paying peanuts for short term rents on the HoF stores. Some of them he has been given rent free and the landlord can give almost no notice to kick them out.

Presumably the 4 INTU HoF stores that are closing, INTU think they can get more money from finding new tenants and can do so fairly quickly. Good for them.

[ph1ts] 19/11/2018 10:07

I thought it might be because of the HOF situation, closing several shops in INTU centres.

[warranty] 15/11/2018 19:54

All construction and property stocks well down today due to Brexit concerns, hopefully same again tomorrow for a buying opportunity.

[cc2014] 15/11/2018 16:42

Just a very aggressive sell program.

[2wild] 15/11/2018 13:39

Big fall in share price from 11 today. Looks like insider trading. Maybe the deal is being pulled.

[warranty] 15/11/2018 13:01

Reducing the rates for HOF would only encourage other store operators to expect to benefit too. They are right to refuse as the overall effect of losing HOF is tiny in relation to overall turnover.

[yump] 14/11/2018 17:02

Don't see why they should reduce rents. Its the rents in smaller high streets that are the problem for society and the demise of the high street, not HoF in major centres. That's just tough.

The interesting thing will be whether the replacement of failing retailers in the major centres by other leisure activities happens fast enough to compensate.

[eipgam] 14/11/2018 15:41

House of Fraser (HoF) is closing four more stores, all based in major shopping centres.

The department store chain, bought out of administration in August by Mike Ashley's Sports Direct, will shut its Lakeside, Metrocentre, Norwich and Nottingham outlets in the New Year.

Mr Ashley said the landlord, Intu Properties, had been unwilling to reduce rents for the ailing shops.

He added that there had been "multiple meetings with Intu".

[yump] 14/11/2018 09:39

I was thinking in the true tradition of stock market iffyness, that if Hammerson had in some way been encouraged to make a bid and then pull out by someone who intended to make a subsequent bid, their pulling out could have been anticipated to benefit the subsequent bidder, on the basis that a pulled out bidder after due diligence implies something not quite right about INTU and would therefore lead to the share price falling.

Allegedly.

[cc2014] 14/11/2018 09:21

Yump. John Whittacker who is the main player as CEO or Deputy CEO or whatever his title is owns 27% of INTU and is now driving the bid personally set the deal up with HMSO.

Looks to me like the two parties are working towards a position where the Board will be happy to recommend whatever the deal price is. Not sure about 240p but a bit higher than the 210p currently on offer. I will be happy with anything above 220p

[loafofbread] 14/11/2018 08:19

Looking like an agreed deal at a slightly higher price imho.

[ivancampo] 14/11/2018 08:13

'Good progress' towards 2.40

[yump] 13/11/2018 21:43

I wonder how much the current potential bidders talked with Hammerson. Because Hammerson bidding and then pulling out did them a big favour in terms of the likely offer price.

[loafofbread] 13/11/2018 17:47

Not long now.

Any chance of a slightly higher agreed offer?