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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Mwb Group | MWB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 4.875 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 4.875 | 4.875 |
| Top Posts |
|---|
Posted at 09/3/2012 09:49 by dr knowledge Indeed, but unlikely IMO. More so, is an investor who can come in, exit the non core business, re-negotiate the bank debt and focus on the core assets and turnaround the hotel business. At these levels, must offer some upside and the potential is there to turnaround what Balfour virtually destroyed (in China he'd be at best serving life). ;-) |
Posted at 14/12/2011 15:08 by markt ...looking at the voting numbers- strange to see that approx. 40% of the votes chose to abstain on a lot of items instead of voting in favour or against...seems strange (while they voted against on some items, like increasing directors pay) - directors put forward a resolution to change the articles of assoc. to allow their renumeration to be increased... AMAZING ! considering how much money they have lost investors that they put a resolution to allow to increase their own pay !! --- I don't understand why the 40% ..instead of abstaining...did not choose to vote to remove a director or 2....to try to get some changes made, if not happy.. |
Posted at 12/11/2011 16:35 by markt Background infoIf anyone is interested in info relating to one of the board members....and controller of the votes of large investor in MWB....and their investing performance over the last 20 years....you'll find all the info over on the LFI msg brd.... includes compounding etc..since 1990 ! Conclusion. LFI performance over last 20 years under the control of David Marshall (and with a son as director of subsidiary for at last 10 years) has been a disaster ! (the LFI subsidiary is the co. secretary I believe for MWB ...and I think also does the MWB accounts). (I'm keen to get some shareholder action at LFI...perhaps make some strategy and/or investment mgr changes so that next 20 years are different from the last 20 or a winding up of LFI and distribution of assetts .....but no interest from other LFI shareholders, ...so far) |
Posted at 30/10/2011 15:02 by williamgtheobald MWB: a Mess Without Bounds?By Stephen Wilmot, 28 October 2011 The boardroom saga at MWB never seems to end. The property company got in a tangle this spring when it tried to buy out the minority shareholders in its Business Exchange subsidiary. Now the storm has moved to its other subsidiary, hotels group Malmaison, due to a controversial refinancing. But the Malmaison affair also has the potential to derail the bid for Business Exchange. It's a convoluted tale, so let's start with the basics. MWB Group is a property holding company, which like many of its peers emerged from the property crash with too much debt. It used to have three subsidiaries, but sold one - the iconic Liberty department store - for £42m last year to satisfy the banks. That left it with a 72 per cent stake in Business Exchange, a listed provider of serviced offices, and an 82.5 per cent stake in the Malmaison and Hotel du Vin hotel chains. And still loads of debt. It is this messy corporate structure that has proved so problematic. We reported on its attempts to buy the rest of Business Exchange on the cheap here. The short version is that MWB was eventually forced by Pyrrho, an activist private equity fund with an 8 per cent stake in Business Exchange, to raise its offer from 50p per share to 80p per share. That seemed like a victory for small shareholders at the time, and Business Exchange's shares jumped to near 80p on the news. But MWB never actually formalised the offer, which was mainly made in stock, and its own share price has since plummeted. So the deal will have to be renegotiated yet again - if, that is, a formal offer is tabled at all. MWB has until 14 November to make clear its intentions under the new Takeover Code. Given the rumpus that has since erupted over at Malmaison, not to mention in the stock market, we wouldn't pin any hopes on it. Malmaison (including Hotel du Vin) basically consisted of a £437m portfolio of hotels and a £283m RBS loan held against it. That loan was due to expire at the end of 2011, and so on 29 September MWB announced a refinancing deal. It has agreed to pay back £100m by selling off (and leasing back) five of its most valuable hotels, in return for which the bank has agreed to extend the remaining £180m or so of the loan by three years. Richard Balfour-Lynn, MWB's chief executive, claims this puts the group on a robust financial footing, leaving it free to pursue long-term strategic ambitions such as international expansion. But Pyrrho, which owns 24 per cent of MWB as well as its stake in Business Exchange, disagrees. In a long open letter to MWB's board on 17 October, it took strident objection to just about all the terms of the refinancing. Above all, it objected to the treatment of Malmaison's minority shareholder, RBSM Investments, a private equity arm of RBS, whose annual return on its stake will more than triple from 5 per cent to 16.25 per cent. Pyrrho's director, Paul Cummins, thinks RBS used its nepotistic position as lender to extract a disproportionately generous return for RBSM. Actually, it's not just the details Pyrrho objects to it's the whole strategy. Mr Cummins, who is based in the Far East, thinks the debt should have been reduced not by a fire-sale of the best assets in a weak market, but by asking shareholders for more equity. Mr Balfour-Lynn dismisses Pyrrho's concerns as the hobby horse of a lone shareholder that "doesn't recognise how difficult the banking world has become". He points out that the deal secured the necessary vote of approval at this month's EGM and even before that he had to get irrevocable commitments of support from 51 per cent of shareholders. Against the background of this spat, it's clear that even without the refinancing problems Malmaison effectively a play on UK business and consumer spending is in a tricky spot. Occupancy fell from 79 per cent on average in 2009 to 77 per cent in the 18 months to 30 June. Cash profits were down 6.8 per cent to £25.9m for the year to 30 June. The company even resorted to blaming bad winter weather, the ash cloud and the Royal Wedding. The value of the hotel portfolio was consequently marked down 9.6 per cent. But the recent sale-and-leaseback deals suggest even those valuations may be optimistic: Malmaison received £103m for five hotels with a book value at 30 June of £151m. True, the 70-year leases MWB negotiated with the buyers hold some value, which will not be quantified in the books until the year-end. But even if the leases do make up for the apparent £48m discount to book value at which the hotels were sold, they are an intangible asset. Malmaison claims it has retained asset backing of 77 per cent of the portfolio, by number. But counting the number of hotels this is pretty disingenuous actually it has sold off 34 per cent by value (which is what counts). Little wonder RBS could still call the shots in the refinancing, despite the £100m reduction in debt. Is it coincidence that Malmaison's long-standing chief executive, Robert Cook, announced his departure a fortnight ago? Mr Balfour-Lynn vigorously denies acrimony - he even penned a denial to the stock exchange this month in response to a piece in . The two may well not have "fallen out", but the more pertinent question is whether Mr Cook would now be looking for a "fresh challenge", as Mr Balfour-Lynn puts it, if his company's strategy had not been overwhelmed by debt issues. So what are shareholders to do? Business Exchange shares are now worth 61.5p below MWB's 80p offer back in July, but still well above the 45.5p level before the initial bid. It's always tough calling takeover situations, but we would suggest shareholders get out while they still can. At MWB's current share price, the July bid is now only worth 58p, and there's a good chance it won't be made formally at all. After all, MWB's shares have lost a quarter of their value this month and 41 per cent since August. They're now trading at 26p, a level not seen since early 2009, when they bottomed out at 21.5p. That reflects both the debt mess and pretty gloomy operating figures published a week ago. MWB announced a £44.9m pre-tax loss for the 18-month period to 30 June, with shareholders' equity down 21 per cent to £81.2m, or 49.5p a share. That's almost double the share price, so the valuation discount is wide. Existing shareholders, poor souls, may want to wait for a trading bounce before selling out. But they should sell out when they can: with exposure to fairly cyclical sectors in the UK economy, and only three years until the debts are again due, MWB will struggle to turn the page. The whole sorry saga remains a vivid reminder of the foolishness of the property boom and the unfortunate link between real estate and the banking crisis. |
Posted at 22/12/2009 13:18 by scburbs OK so the bond deal isn't quite as bad as I thought as the bonds traded at 95p in £ anyway. If you have a look at the corporate bond market there are an astonishing number of bonds that now trade at a premium to face value. There has been a remarkable turn around in this sector."On 17 December 2009, the Company entered into the Loan Stock Purchase Agreements with the Audley Investors, pursuant to which the Audley Investors agreed to subscribe pursuant to the Placing, in aggregate £7.5 million for a total of 25 million New Units at the Issue Price of 30 pence per Unit. The Company has agreed to purchase for cancellation a total of £7.5 million of Loan Stock currently held by the Audley Investors. Subject to completion of the Loan Stock Amendments, the price payable for this Loan Stock will be the nominal value of the Loan Stock to be purchased together with payment of the accrued interest on the Loan Stock at the date of Admission. On the basis of the closing middle market quotation of the Loan Stock of 95.0 pence per £1 nominal of Loan Stock on the dealing day immediately prior to the date of this announcement, the purchase price for nominal value together with accrued interest on such Loan Stock on such day would be 110.0 per cent. of such closing middle market quotation of the Loan Stock." |
Posted at 11/11/2009 10:23 by explorer88 morning folksi've been researching / tracking MWB for some time i think we'll see sale of Liberty (and possibility hotels too) to Asian investor very soon. initial purchase of 20,000 good luck ! |
Posted at 22/9/2009 17:10 by staddles Real test will be tommorrow at the start of trading, then we will see if investors have the metal to hold beyond the last 68p level. |
Posted at 15/9/2009 11:55 by lbo eagle look left on the long term chart above! Pre Oct 2007.The share price rise is now up to fair value (see earlier calcs) that Pyrrho are willing to buy and Deutsche and Mercury are willing to sell. MWB need a new investor and cash injection or asset sales. Hardly the best time to be selling assets in terms of price is it? (thus falling NAV but debt is still the same) Seems everything at MWB is up for sale as they need to reduce the £366m in Debt. If they were looking to take them over surely buying via CFDs would have been less conspicous and not been picked up in the press and would make you wonder if a rights issue with the new investor is on the way to buy them more time to sell assets and reduce debt. "Traders said Pyrrho had cleared up a couple of large sell orders" |
Posted at 15/9/2009 08:32 by lbo No stock around at the moment after Pyrrho buying over 11% in a few days to add to their previous 3%. That would cause a temporary rise. Seems the credit crunch and maybe greed delayed and depreciated the plans! Its falling assets values now! And I see PCX and LFI have MBW shares that they may need to sell. LFI have 2m shares or 2.48% of MBW. Deutsche Bank and Mercury Real Estate Advisors are sellers also.MWB originally launched its asset realisation process in 2002 with a target of returning 200p a share to investors by the end of 2005. The realisation programme was extended by three years to allow shareholders to cash in on rising asset values. Mr Balfour-Lynn said that, despite the uncertainty over this year's realisation deadline created by the debt market crisis, there had been little or no impact on any of its three businesses, which continued to trade strongly. The delay is unlikely to impress Mercury Real Estate Advisors, one of MWB's biggest shareholders. Last year, it criticised Mr Balfour-Lynn for his efforts to sell its hotels, suggesting he should resign as chief executive. He dismissed Mercury's comments as "disgraceful, defamatory and inaccurate". |
Posted at 14/9/2009 15:41 by crosswire Stake building boosts MWBBy Miles Johnson and Neil Hume Published: September 10 2009 03:00 | Last updated: September 10 2009 03:00 MWB , owner of the Malmaison and Hotel du Vin hotels, rose as traders noted stake building. Talk centred on an Asian investor that had snapped up a chunk of the company last week. Late in the session, Pyrrho Investments declared a 10.2 per cent holding. Shares in MWB closed up 6.6 per cent at 48p. |
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