Mallett Share Discussion Threads

[baner] 04/4/2013 08:16

Playful

How do you come to this number, 3m?

[playful] 03/4/2013 23:40

I would agree that we are potentially looking at a 3 million net figure here...

[baner] 03/4/2013 22:56

Rainmaker

I think you are still too cautious on the property value, assuming the directors do their job properly. The gross value could well be 7-8m from which you should deduct conversion and marketing costs and also consider time value. The net should potentially be clearly higher than the 3m.

[rainmaker] 03/4/2013 22:32

I think I may have underestimated the value of 49 Clapham High Street since the two top floor appartments appear to be penthouses with their terracing. If you check on line there is another 2 bedroom penthouae at the library building aome 50 yards away is on sale for 940k so all in all I expect Mallett to pick up circa 3mln for this property

regards

[rainmaker] 02/4/2013 21:30

I expect Mallett to collect between £2.5mln and £2.7mln for 49 Clapham High Street.That's almost 20p a share-lol, that would make a nice special dividend.

AIMHO, DYOR

regards

[rainmaker] 02/4/2013 21:01

Just checking Zoopla and applying the average selling price according to the number of bedrooms in the planning application, gives a £3.4mln value for the refurbished flats.

regards

[rainmaker] 02/4/2013 20:59

Spob-re your post 392 expect Mallett to bring Hatfields restoration "in-house" since the new address at Ely House at some 14k sq m is roughly 50% larger than the old one.

regards

[rainmaker] 02/4/2013 19:58

Another flurry of buying today although only some 19k bought but is there another announcement due soon?

regards

[orinocor] 02/4/2013 12:49

Rainmaker
11 Jan'13 - 14:51 - 4114 of 4124 0 0

I personally believe that £44mln is too rich for Masterpiece.However given the great dynamics of the business, I would value at around 4 times annual turnover to give a price tag around £30mln.

[callumross] 28/3/2013 16:10

Anad another announcement by PG. He has acquired another 280k shares, taking him over 28%!

[baner] 28/3/2013 15:01

spob#

many thanks for this info - so they will have ca 9.000 sq ft to sell - is that correct-ish?

for new and efficient space at the high street i guess they could fetch......£75/ft ? building cost (to convert into flats) maybe £25/ft leaving £50/ft as site value - ca £4.5m if they develop this themselves? and why should they not - financing is not a problem for them as they own the property freehold and unencumbered.

also they have substantial tax losses to offset the profit!

but i am sure the directors want to use the proceeds to buy more stock in order to avoid having to pay a dividend to the owners!

[callumross] 28/3/2013 13:34

Announcement just out - PG still buying - another 50k shares

[callumross] 28/3/2013 12:19

Not just the FD savings but also the New York office where the sublet income is expected to equal the total rental costs for last year. Looks like they are finally realising the importance of cost control and I suspect this is the hidden effect of the pressure PG is putting on the board and may explain the cancellation of the requisitioning meeting. PG has clearly got private assurances that things will change. All good IMHO and surprised, especially with the planning permission announcement, that we haven't seen a mark up in the share price A real slow burner, this one, but certainly not a share for selling while things unfold.

[spob] 28/3/2013 12:08

cheers RM

from the plans for clapham property

Name, No. of bedrooms, Size sq/m

Flat 1 3 273
Flat 2 2 113
Flat 3 3 166
Flat 4 1 51
Flat 5 2 104
Flat 6 2 72
Flat 7 2 73.8

[baner] 28/3/2013 12:03

rainmaker #

many thanks - most helpful!

[rainmaker] 28/3/2013 10:10

That's good news re Clapham High Street-



regards

[baner] 28/3/2013 09:40

Playful

U r absolutely right and one may wonder who agreed to these remuneration terms in the first place? That person seems to lack good judgement for sure and needs to be ousted too! This co is far too cozy - you may also wonder why the major shareholders accept this mismanagement?

[playful] 28/3/2013 09:21

"Finance Director, Michael Smyth-Osbourne will be leaving Mallett in June 2013. Michael has been an excellent Finance Director and the company will miss him. I would like to take this opportunity to thank Michael for his service and to wish him well in his next appointment. We are not planning to find a replacement at this time and his role will be undertaken by the existing Financial Controller, Iain Hutchinson"

This will save shareholders £160K so I wholeheartedly approve and do not wish to see him replaced anytime soon.

[baner] 28/3/2013 09:19

I guess towards 7000 sqft in total. There could well be a net of 4m having paid for the conversion. The property is unencumbered in practice. Market cap is ca 10m. Knock out property at 4m and ev is ca 6m vs pro forma tnav ca 12.5m. Last year directors stated there was a significant surplus value in the stock, which if true would add to this. And of course the mallett brand is worth a lot for a competent management.

[spob] 28/3/2013 08:39

Could someone dig out the planning permission from Lambeth council website

I cant find it

will these be one bedroom flats or more ?

[spob] 28/3/2013 08:31

Maybe a bit more than 3m but there will be conversion costs and relocation costs for hatfields.

[spob] 28/3/2013 08:29

Hatfields Restoration
Scholars House
49 Clapham High Street
LONDON
SW4 7TL


How much is it worth as flats? 3m..?

And Hatfields, a Mallett subsiduary, will have to relocate somewhere at a cost but where too ?

[baner] 28/3/2013 08:27

Clapham is VERY material in relation to the market cap of mallett plc. Possibly 30-40% of the market cap.