London Town Share Discussion Threads

[petersmith6] 09/4/2003 22:44

AND STILL IT FALLS DOWN

[wholden] 05/4/2003 00:27

pathetic nms!

[bumpy dog [new]] 05/4/2003 00:18

LONDON (AFX) - Shares in London Town came under pressure after the residential property advice and management group revealed a slump into the red in the year ended December 2002, omitted the dividend and raised 1 mln stg of working capital from a major shareholder.

London Town shares were 25 pence lower at 47-1/2 by 8.17 am - the 34.48 pct
decline propelling the stock to the top of worst-performing small-cap issues.

[energyi] 27/12/2002 13:08

Big drop today... accounting worries.

[theophilus] 18/7/2001 11:16

I have been looking at this company "London Town" with a view to investing in it.

However the term of this loan seem rather generous to the lender.

20% per annum plus an additional sweeterner which could be anywhere between £550,000 and £700,000, plus an option to purchase the penthouse at £6.5m. plus an options package.

The firms nominated adviser has OKed. the loan.

I include below the full press released dated 04/06/01.

London Town plc ("London Town" or the "Company") is pleased to announce that
its wholly owned subsidiary, Bankside Developments Limited ("Bankside"), has
completed the purchase of a site adjacent to the Tate Modern Gallery in
London's Bankside district, for #7.65 million cash. Situated off Hopton
Street, London SE1, it is one of the last remaining development sites between
Southwark and London Bridge.



To fund the purchase of this property, the Company has received a loan of #9
million (the "Loan") from Jutsum International Inc., a subsidiary of The
McCrickard Charitable Trust ("The Trust") and whose fellow subsidiary, Burac
Investment and Trade Corporation, owns 52.2 per cent. of the issued share
capital of the Company. Don McCrickard, Chairman of the Company is a trustee
of the Trust but neither a settlor nor a beneficiary of the Trust. Under the
AIM rules, the loan from Jutsum International Inc. is deemed a related party
transaction.



The Loan is for a fixed term of 364 days with an annual interest rate of 20
per cent., payable when the Loan is repaid. The Loan will have the benefit of
a second charge over the Hopton Street property and there is provision to
provide substitute security in the form of a #9 million cash deposit. The
lender will also receive a payment relating to the number of square feet (net
internal) for which planning permission is obtained for private residential
use, the payment being #10 per square foot (and such payment is expected to be
in the range of #550,000 to #700,000). The directors consider it likely that
planning permission will be obtained in the first quarter of 2002. The lender
has been granted an option to purchase the penthouse duplex unit at an
exercise price of #6.5 million (subject to variation when the size of the flat
is known). The option is to be exercised no later than three months prior to
the estimated date of practical completion of the flat. The lender has also,
subject to the necessary consents of the shareholders of London Town, been
granted an option to subscribe for 2,638,421 ordinary shares in London Town
plc, at a subscription price of 190 pence per share in cash (such price being
the mid market price ruling at the date when the loan arrangements were agreed
in principle, subject to contract), such option to be exercisable during a
period of 364 days from the date at which the necessary shareholder consents
are given (but not exercisable before 1st January 2002). If shareholder
consents are not forthcoming, then the sum of #250,000 will be added as a
redemption fee when the loan is repaid.



The directors of London Town (other than Don McCrickard due to his interest in
the loan arrangements), having consulted with the Company's nominated adviser,
are of the opinion that the terms of the loan agreement are fair and
reasonable insofar as the shareholders of London Town are concerned.

[energyi] 23/4/2001 00:24

LOOKED AT THIS before I became a Bear on Property in London. /
Pity I didnt short at the top which came weeks after the thread started:



Corporate Overview: .................... (photo: "The Bridge" Development)
Shares in Issue: 8.68mn, Held by insiders?:
Market Cap.....: £2.99mn at recent 34.5P
Net Debt.......: £17 mn : 195.9P /share
N.A.V. ........: £3.66mn: 42.18P
Cash...........: £0.50mn:. 5.78P


London Town plc's shares are quoted on the London Stock Exchange's Alternative Investment Market. Its origins go back to 1987 when Jonathan Alexander Ltd. began specialising in the project management and design of prestigious residential property developments within central London.

Projects, past & present?:
Westbourne Grove (08'02)"The Corner".. : 32 Priv.Apts.&MewsHses+6oth
Wandsworth SW18* (?????)"Riverside Qtr": 315 private res.units+107oth
Brighton,England (?????)"Richmond Terr": 48 Priv.Apts.+24oth
Battersea,London (2002 )"TheBridge"334Qn 98 Priv.Apts.+9000sqft Coml
138 Grosvenor Rd (?????)Along Thames.. : Existing Buildings
No.RiverThamesSW1(?????)"Eagle House". : House with latest technology
*Note: JV's market by asterisk

Jonathan Alexander Ltd. is London Town's design and project management arm and has managed in excess of 100 residential projects including the award winning "Bridge" development overlooking Battersea Park, and the acclaimed "138 Grosvenor Road" development on the Thames in Westminster. Other projects include the "Icon Apartments" also on Grosvenor Road, and "Restoration Square", Battersea. London Town now has total responsibility for the development, project management and design of a residential portfolio with an estimated completed value of more than £400m.

London Town also acts as advisers to two investment funds, The Opal London Town Property Fund Ltd and The Baring Houston Saunders Residential Property Fund, having responsibility for both design and project management for these funds. As a developer, London Town is unusual in that not only does it commit significant capital to its own projects but it also manages for clients the process of site acquisition, planning, architectural design and the project management of the building works, together with onward sales. This high level of control at every stage ensures a top quality product of which it is justly proud.

NEWS ARTICLE... from Heyday
The origins of London Town Group, now one of the UK's leading project managers of residential property developments, go back to 1987 when Jonathan and Sally Buchanan set up Jonathan Alexander Ltd. London Town - established in 1988 under the now-defunct Business Expansion Scheme - is a residential property investment business.

It was in November 1995 that the company was transformed into London Town Group, when Jonathan Alexander 'reversed' into London Town plc, simultaneously joining AIM. Jonathan Buchanan took over the reins of the enlarged group as chief executive. The move coincided with a fundamental change of business model.

"In the mid 1990s we could see many opportunities that we couldn't finance off our own balance sheet," says London Town's finance director John Dodwell. "So we started forming joint ventures. That approach paid off. Our focus now is as a residential property project development manager, and we manage joint ventures and earn fees which provide a more stable source of income than pure property development profits."

This approach has seen the company expand rapidly. With a little under 50 employees, mostly in the head office just off Trafalgar Square, London Town has built up a development portfolio worth an estimated completed value of some 355 million. In June 2001, the company struck one of its most high-profile deals to date when 7.65 million was paid by a joint venture company for a site in Hopton Street, SE1 near the Tate Modern.

Mr Dodwell says the quotation on AIM has brought many benefits. "It has enabled us to bring in an employee share option scheme to motivate staff," he says. "The fact that we are quoted on the Exchange also engenders confidence among our clients. And it also heightens our profile in the media."

The company remains highly committed to the London market. While it does have one project in Brighton, the rest are within London, enabling sites to be monitored on a daily basis. "The London market is enormous and very diverse," says Mr Dodwell. "So far we have seen little reason to look much further afield."

A few facts about London Town Group:

London Town's property at 44 Hopton Street, SE1 is one of the last remaining development sites between Southwark and London Bridge.
At 355 million, its development portfolio has rocketed in estimated completed value from 120 million a year ago. It enjoys the financial support of a range of financial institutions and pension funds.

WESTBOURNE GROVE... the Corner

London Town has secured the development of Westbourne Grove Estate in W2, close to Notting Hill and the Portobello Road. The site is located on the north side of Westbourne Grove and comprises of an island site bordered by Botts Mews, Hereford Road, Westbourne Grove and Chepstow Road.
This will be a major regeneration project providing 32 private apartments and mews houses, 2 live/work units and 4 affordable apartments, underground car spaces plus 40,000 square feet of commercial units. Grade II listed facades will be retained with a complete new build behind. LT are due to launch this development in Autumn 2002.
Site's site:

There are others like this.

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LINKS:
LTW website: