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Medcaw Investments Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Medcaw Investments Plc LSE:MCI London Ordinary Share GB00BM8SQP62 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 4.75 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
4.00 5.50 4.75 4.75 4.75
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 4.75 GBX

Medcaw Investments (MCI) Latest News

Medcaw Investments (MCI) Discussions and Chat

Medcaw Investments Forums and Chat

Date Time Title Posts
04/4/201121:42McInerney with Charts & News109
21/5/200710:11Director deals10
04/8/200609:19Mcinnery Holdings30
23/2/200613:41MCI Star Trader-has anyone used it?9

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Medcaw Investments (MCI) Top Chat Posts

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Posted at 13/8/2010 08:08 by andrbea
mci was ca 7.5p in June
With news of new cash injector (Aug 9) looks like it's trying to edge back up;
up 12% today

no volume though and an ugly spread.

Posted at 16/4/2010 21:58 by lbo
Quinn must be perplexed at the goings-on over at McInerney

Sean Quinn says he bitterly regrets his investment in Anglo Irish Bank, but the Cavan man must be stunned by what's happening over at McInerney, the housebuilder, where his insurance company has a stake of almost 5pc.

The score card of the current management team is pretty dismal and now a key member of that management team, chief executive Barry O'Connor, is stepping aside in an attempt to buy up its Spanish operations. Shareholders are understandably pretty upset at O'Connor already, but they will be even more upset if the Spanish assets are sold without getting the maximum possible value from the transaction.

The company's balance sheet is currently insolvent to the tune of €92.5m and the company is in breach of its bank covenants. The tale of woe doesn't stop there.

Writedowns in 2009 alone came to a crippling €127m and the company only has a market value of €26.2m. The decision of the company's management team to buy land banks in the run-up to the housing bust was a catastrophic error, although the company comments this week, presumably not ironically, that at least having access to land won't be a problem "when the market returns to growth''.

A more cautious battening down the hatches approach in the pre-credit crunch period would have saved the company's shareholders, including Mr Quinn, an awful lot of pain. Now the talk is of money being raised from existing shareholders, diluting the stakes of those hapless shareholders who don't want to incinerate any more of their cash. This presumably includes Mr Quinn?

Despite the appalling performance, the remuneration of directors actually rose last year to €3m as an executive director was compensated for loss of employment to the tune of €843,208. The Spanish deal with Mr O'Connor could make sense if the price is right, but after everything that has happened, shareholders are right to be deeply sceptical and also deeply annoyed.

Posted at 12/4/2010 21:16 by lbo

Posted at 04/3/2010 21:53 by lbo
House prices in Europe remain above long-term average; Further price declines likely in Spain, Ireland

Posted at 29/1/2009 21:51 by lbo
McInerney grim results reflect house-price cuts

Posted at 12/12/2008 13:44 by lbo
Rents declining faster than house prices

One of the most interesting nuggets of information contained in yesterday's CPI report was the trend in private rents (which is reported on a quarterly basis). Although it has been clear that rental growth has been on a downward trajectory for some time, the latest evidence suggests a marked acceleration in this trend. Rents declined by 9.7% yoy in November, with the quarterly decline coming in at -7.1%, a record fall. With house prices estimated to have fallen by "only" 4% over the same time period, this implies that the residential rental yield actually declined in Q4. We estimate that it now stands at 4.0%, relative to 4.2% in Q3. Data from reveal that theren has been a threefold increase in the number of rental properties on the market since January 2007. With few properties being sold, vendors have decided to put their properties on the rental market instead. With outward migration flows increasing also, these factors are putting clear downward pressure on rents. Of course, sharply lower interest rates will help in the housing market, but the labour market environment has deteriorated further recently. Most importantly though, as our analysis of the unsold housing stock reveals, there are clear oversupply issues in the Irish housing market to be resolved if we are to call a bottom in the price downturn overall.

Posted at 30/7/2008 11:21 by lbo

HOUSE builder McInerney suffered a 9.7% dip in its share price yesterday to close at 32c.

Posted at 02/7/2008 13:15 by lbo

Price of a new home set to tumble

Posted at 11/6/2008 13:22 by lbo
Merrill Lynch reviewed the UK Housebuilding sector this morning, downgrading all the major players.

Barratt Developments, Bellway, Berkeley, Galliford Try and Redrow were moved from 'neutral' to 'underperform', while Persimmon was dropped to 'neutral' from 'buy'.

The broker has new price targets for Barratt at 90p, Bellway at 525p, Berkeley at 700p, Bovis at 300p, Galliford Try at 35p, Kier at 1,000p, Persimmon at 400p, Redrow at 170p and Taylor Wimpey at 70p.

In a note to clients, Merrill Lynch said it believes given the deteriorating market backdrop that UK housebuilders have experienced over the past three months, the early 1990s housing market recession has increasing relevance as a comparator.

The broker said it thinks unemployment levels will be of critical importance as the single most important determinant of consumer confidence and housing transactions as this was the case in the early 1990s recession.

If, as Merrill suspects, unemployment trends higher, then it thinks this will put additional pressure on housing transaction volumes and the broker advises, more than anything else, to watch this variable closely.

The broker has cut its volume and house price assumptions for 2009, with volume projections from flat to down 10% and house prices from 5% lower to a drop of 10%.

Merrill believes we have gone beyond the tipping point and are now clearly seeing a UK housing market being squeezed on opposing fronts, by a lack both of willing lenders, as well as willing purchasers.

Posted at 11/6/2008 12:52 by lbo
Housebuilder Barratt Developments saw its shares slump 29¼ to 91½p after brokers said there was no end in sight to the collapse in the housing market. In a savage note, Dresdner Kleinwort withdrew its target price on Barratt in a note titled: "Don't buy [at any price]," reports the Telegraph. Dresdner analyst Alastair Stewart said Barratt, which has debts of more than £1.7bn, would have to raise at least £1bn to survive. With a market capitalisation where it is, the company would have to embark on a rights issue of around five-for-one at a 50% discount, something it said was "possibly unfeasible"
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