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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Kennedy Wilson | KWE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,117.2234 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,117.2234 |
| Top Posts |
|---|
Posted at 13/6/2017 11:16 by djderry I should also note that they're getting it at a knock-down price,I would not be surprised if some other group see the value on offer here,notwithstanding the same DNA that links the two companies.( KW is Big Brother).The increased offer means that any investor,depending on their circumstances,will be getting much less under the old offer if they elect to take it (for tax considerations) and also there is still no real premium on offer here.Yes,the share price has gone up,but only because it had gone down as investors realised the deal could not pass muster in its then current form. |
Posted at 10/5/2017 10:13 by mad foetus Here's what I just sent to ir@kennedywilson.euDear Juliana, I am an investor in Kennedy Wilson Europe, and through a number of structures own around xxxxx shares in KWE for my family. Like most investors, and no doubt the board of KWE and the investment manager, I have been disappointed at the stubborn discount to NAV at which KWE shares have traded, particularly over the last 12 months. I have appreciated the attempts that the company has made to reduce the discount, such as the buybacks last autumn. However, they have not been successful. In the meantime, the underlying activity of the company has been, from all the published news, very successful. Property has been refurbished, new leases have been entered into on much improved terms and the company's exposure to the Eurozone looks to have been a very well timed investment. Along with, I believe, the majority of investors, my feeling has been that at some point the value of KWE will become apparent to the wider market and in the meantime I am happy to continue collecting a very healthy and sustainable dividend. The proposed scheme of arrangement with KW. is therefore, from my perspective, unwelcome. There is the practical issue of how to hold US shares, and I understand many smaller investors are concerned that such shares may not be eligible within a SIPP or ISA. There is the additional currency exposure that is unwelcome to sterling investors. But above all, as a European, I have an understanding of the UK and European property market and want exposure to the type of assets KWE invest in. I do not have the same feeling or desire to be exposed to US property. Were the scheme of arrangement to take place at a price close to the NAV of KWE, I would accept it, sell the shares in KWE and move on. However, since the announcement the sharp decline in KW. stock means that the transaction would take place at something like a 20% discount to the NAV of KWE. I would sooner stay invested in KWE and pick up the dividends until the market sees the value in the underlying assets. Failing that, a sale of underlying assets over, say, a 24 month period and a return of capital to shareholders would, from my perspective, be better than the scheme of arrangement, which strikes me as selling KWE cheaply into a merged entity that I do not want to hold. I would grateful if you put my thoughts forward to the board and the investment manager and encouraged them to continue with the good work that KWE has done to date. The market will, at some point, recognise the value in the underlying assets. |
Posted at 08/5/2017 20:25 by mad foetus Write to the board to make your views known. KWE pays the board extremely well, and they may be fearful that if they try to block the deal it could be seen as trying to protect their salaries. Shareholder letters of support might help them understand what investors feel. I don't think it is difficult to find the chairwomans email in the internet. |
Posted at 08/5/2017 19:22 by topvest Yes, I think the deal is rubbish for U.K. Investors. An obvious issue for me is that I can't accept shares in a US company as consideration under a direct Crest account and so I am a forced seller if the deal goes through. No cash or shares option is just rubbish if there is no UK listing. On top of that I suspect many investors are happy to hold and pick up the regular dividends. |
Posted at 02/5/2017 10:19 by jeff h I think this is what MF refers to:- |
Posted at 02/5/2017 09:22 by mad foetus Thanks Charlie. I think something that returns 3-5% below a fair NAV would be acceptable, but any less than that really won't fly. Most investors here are happy to take the dividend, which should actually increase as properties are renovated and new leases agreed. I saw in the Irish Times an article saying that the US investors are not happy as they think KW (US) is already trading at a big discount to NAV and don't want discounted shares being given away. |
Posted at 26/4/2017 11:26 by mad foetus I only just realised the AGM was today, might have been worth turning up. I'm not sure it is a fait accompli. I know a few of the board personally and may try to bump into them to discuss. The discount to NAV is intolerable but ultimately the solution is to sell properties and return the proceeds to investors. As it is, the 1170 that was the strike price on Monday has already dropped by £1. The trading update next week may be interesting, but I am not sure KW are committed to the scheme of arrangement, I suspect they just want to see the market recognise the value in the company. |
Posted at 27/2/2016 14:23 by skyship Citymohawk - if you see this, pls could you add the NEWS to the HEADERI admit KWE revealed a pretty impressive set of numbers yesterday: |
Posted at 18/2/2016 09:44 by skyship Mick – perhaps a bit of learning to be done; but IMO you have discovered one of the very best sectors for profitable plays over the long-term, medium-term and short-term – perhaps second only to Private Equity – see the PE thread for that sector.In the property sector long-term is not a “Buy & Forget” strategy. IMO you have to treat the Cycle between Boom & Bust as the long-term play. The sector as a whole has frequent cycles, usually mirroring the interest rate cycle. The best property players (Nick Landau, Daniel O’Neill etcetcetc) manage to catch the cycle, selling into strength before a downturn, then emerge cashed up for the next rise. For a picture of the cycles, look at the long-term chart of blue-chip bellwether British Land (BLND). I am not a property man per se, though I regret mightily that I never worked in the sector. I am however a listed propco investor who has had a modicum of success buying mainly the tertiary players when trading on absurdly high discounts. My fatal weakness however has been to inevitably sell too soon! The key stats and factors to monitor with individual companies are: # Loan-to-Value (LTV) rate, ie level of gearing # Financing costs & swaps liabilities (most propcos historically hedged their debt) # Net Asset Value (NAV) Discount or Premium # Portfolio Geographical spread # Portfolio Sector spread – Offices, Retail, Industrial, Leisure # Tenant quality # Weighted Average Unexpired Lease Term (WAULT) # Yield & Dividend cover # Management Happily all these facets are described in considerable detail in the usual corporate announcements. Have fun; and when you have queries, post on most propco sites or on the Commercial Property thread (link below). You will find there are many helpful and far more knowledgeable investors than I. |
Posted at 13/2/2016 14:34 by skyship hpcg/mick. KWE just playing catch up after the sector blue chip / bellwether stock BLND had fallen 20%+ to a 25% NAV discount! Same happened to NRR last week - extremely predictable that one. KWE could perhaps now at 998p be trading on a 15% discount; so still by no means cheap, especially as they've been buying plenty at the top of the cycle.==================== UK property trusts suffer steepest fall in five years. Judith Evans, FT Property Correspondent Investment in UK commercial property declined 19 per cent in the second half of 2015 from a year earlier, according to new data that confirm suspicions of a slowdown in the market. Some £32.7bn was invested into the sector in the six months to the end of December, down from £40.5bn in the same period of the previous year, figures from the information provider CoStar Group show. The commercial property gold rush might be over, said Richard Yorke, director of market analytics at CoStar, adding that investment was especially slow in the fourth quarter. The year as a whole was the second strongest on record, with £67.5bn of investment, 5 per cent down from the previous year's high. But a changed atmosphere among investors became evident when the sale of Heron Tower, in the City of London, to the Chinese insurer Anbang fell through in September, while another major asset, Devonshire Square, was put up for sale but then removed from the market. A series of other properties on the market for about £100m were subsequently withdrawn. There were a few deals that did not happen late last year because investors were unrealistic about pricing, which in general was quite racy, said Mr Yorke. “ (£32.7bn Invested in commercial property in the six months to end Dec'15) But he said volatility in China, falling oil prices affecting levels of Middle Eastern investment, and jitters about a potential UK exit from the EU had also cut into investment levels. Investors may pause ahead of the referendum on the UK's membership of the EU, which is expected this year, as they did ahead of the 2014 referendum on Scottish independence from the UK, he added. Sir George Iacobescu, chairman of Canary Wharf group, said investors were also wary of the currency risk posed by the EU vote. (£40.5bn Invested in commercial property in the six months to end Dec'14) The hiatus that you see today is in part because of Brexit, he said. People are thinking twice because if the currency goes down you will suddenly see your investment fall in value. The impact of falling oil prices was seen last year in the levels of Middle Eastern money flowing into the market. The Qatar Investment Authority bought Canary Wharf with Canadian investors Brookfield in a £2.6bn deal in January 2015, but with that deal excluded, Middle Eastern investment dropped to £1.6bn, its lowest level since 2012. Investors shifted their focus to the regions: some £3.2bn flowed into the big six UK cities outside London, the highest level since the 2008 financial crisis. We may have reached the top in terms of pricing" - Richard Yorke, director of market analytics at CoStar They are now turning to the question of what will happen in the market if pricing has indeed passed its peak. Mr Yorke said the UK property market's size and liquidity would continue to attract investors. Most observers expect yields have bottomed out and probably will start to drift up at the beginning of 2017, but don't expect a big correction, Mr Yorke said. |
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